Inevitability It has been argued that meritocracy under capitalism will always remain a myth because, as Michael Kinsley states, "Inequalities of income, wealth, status are inevitable, and in a capitalist system even necessary." Even though many economists admit that "too much " disparity between the rich and the poor can destabilize society politically and economically, increases in wealth disparity under capitalism are expected to grow over time since, " capitalism tends to reward the owners of capital with a greater and greater share of the economy's output, while wage-earners get a smaller and smaller share. " Rising wealth disparity increasingly undermines faith in the existence of meritocracy, as beliefs in equal opportunity and social equality lose credibility among lower classes who recognize the preexisting reality of limited class mobility as a feature of the neoliberal version of capitalism. At the same time, the elite use their comparatively greater wealth, power, and influence to unequally benefit themselves and ensure their continued upper class status at the expense of lower classes, which further undermines beliefs in the existence of meritocracy.
Inevitability It has been argued that meritocracy under capitalism will always remain a myth because, as Michael Kinsley states, "Inequalities of income, wealth, status are inevitable, and in a capitalist system even necessary." Even though many economists admit that too much disparity between the rich and the poor can destabilize society politically and economically, increases in wealth disparity under capitalism are expected to grow over time since, and French economist Thomas Piketty argues in his best-seller book that capitalism tends to reward the owners of capital with a greater and greater share of the economy's output, while wage-earners get a smaller and smaller share. Rising wealth disparity increasingly undermines faith in the existence of meritocracy, as beliefs in equal opportunity and social equality lose credibility among lower classes who recognize the preexisting reality of limited class mobility as a feature of the neoliberal version of capitalism. At the same time, the elite use their comparatively greater wealth, power, and influence to unequally benefit themselves and ensure their continued upper class status at the expense of lower classes, which further undermines beliefs in the existence of meritocracy.
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"too much "
too much
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"
and French economist Thomas Piketty argues in his best-seller book that
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while
while
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"