Meritocracy: The Myth that Keeps the Capitalists Sleeping Soundly at Night

Capitalism is an economic system in which the means of production and distribution are privately owned, and prices are determined by supply and demand (Maurer, 2015). It originated in Europe during the 16th century and was influenced by the Roman capitalist system, which was designed to benefit the capital class by exploiting the labor of the lower classes (Latham, 2019).

In the modern UK and US, capitalism has been reinforced by the system of meritocracy, which rewards individuals based on their abilities and achievements rather than their social status (Sandel, 2020). This system is often used to justify the unequal distribution of wealth and power in these countries, as it suggests that those who are successful have earned their success through their own efforts and merit. However, this system fails to acknowledge the advantages and disadvantages that individuals face based on their social class, race, gender, as well as other factors (Mirowski, 2019).

As a result, those who are born into wealth and privilege are more likely to succeed than those who are born into poverty and disadvantage. This is because they have access to better education, healthcare, and social networks, as well as greater opportunities for career advancement and financial security (Piketty, 2014). Meanwhile, the working class is constantly struggling to make ends meet, as the capitalists extract as much value as possible from their labor while paying them as little as possible (Harvey…