"Our capital allocators – who, during the post-war, post-New Deal era were often drawn from working families – are now increasingly, relentlessly born to that role.
For the wealthy, this is the origin of the meritocracy to eugenics pipeline. If power and privilege are inherited – and they are, ever moreso every day – then either we live in an extremely unfair society in which the privileged and the powerful have rigged the game…or the invisible hand has created a subspecies of thoroughbred humans who were literally born to rule.
This is the thesis of the ultra-rich, the moral justification for rigging the system so that their failsons and faildaughters will give rise to faildestinies of failgrandkids and failgreat-grandkids, whose emergence from history's luckiest orifices guarantees them a lifelong tenure ordering other people around. It's the justification for some people being born to own the places where the rest of us live, and the rest of us paying them half our salaries just so we don't end up sleeping on the sidewalk.
"Hereditary meritocracy" is just a polite way of saying "eugenics." It starts from the premise of the infallible invisible hand and then attributes all inequality in society to the hand's perfect judgment, its genetic insight in picking the best people for the best jobs. If people of one race are consistently on top of the pile, that's the market telling you something about their genomes. If men consistently fare better in the economy than women, the invisible hand is trying to say something about the Y chromosome for anyone with ears to hear.
Capitalism's winners have always needed "a superior moral justification for selfishness," a discreet varnish to shine up the old divine right of kings."
https://pluralistic.net/2025/05/20/big-cornflakes-energy/#caliper-pilled
#Capitalism #Inequality #SocialMobility #Meritocracy #Eugenics