Well, yes… because it’s the only effective way of actually determining value in any real and useful way. It provides a value determination based upon the emergent intelligence of the population at large participating in the market.
For example, the slaveholding South had a free market economy. Was it a meritocracy?
Well, ELEMENTS of it were, but they were somewhat overshadowed by the fact that they were literally enslaving other human beings through force. I mean, among different slave owners I guess there was some sort of meritocracy, in that “good slave owners” would be relatively more successful than “bad” ones.
I think you’re getting hung up on some notion of a universal and constant determination of value… Such a thing doesn’t exist. Value reflects the contemporary notions of the time. The notion of meritorious conduct likewise differs through the ages.
In the case of the slaveholders though, assuming you take an objective view of the situation, I think that what would prevent the system from being a meritocracy would be that actions would be taken not based upon a truly free market, but rather from a system where many individuals (i.e. all the slaves) had no impact on the determination of the market’s perception of merit. Thus, the system was not really serving the population at large.
I suspect you are forced to answer “yes”. Once you have abdicated any sort of judgment from the loop, you can use “meritocracy” to describe anything (provided it has a free market).
Yes, the free market essentially provides the basic foundation for a meritocracy.
Can you think of an example of a free market economy that is not a meritocracy? If not, then your definition of “meritocracy” is tautological, which means it’s basically worthless.
Well, no, it’s not tautological, because it would preclude systems where you have some dictator who tries to manage the system, and rewards his cronies for supporting him rather than their actions benefiting the people.
For instance, the Soviet Union was not a meritocracy in most ways, because success within their system was not judged by a market comprised of the population’s purchasing choices, but was rather judged by political connections within a tiny group of elite dictators.
But the idea was to abolish those benefits. Might not have worked, but that doesn’t change what was intended. Again, depends on what you define.
I’m merely pointing out the fact that the system you are using as the definition of the original meritocracy functions in a manner very similar to what we are describing in our current system. Success is determined by actions of an individual, but advantages may be conveyed through inheritence to give those people a better chance to perform successful actions.
BTW, the idea that rich people perform better in school today is not real everywhere. I think (remember reading about it, but can’t find the data) where you have good functioning public education systems you tend to have the lower middle and middle classes perform better (more potential benefits, upper classes don’t see the utility as much). But even in those societies the working class still underperfomrs because of the issues already raised.
You will get no argument from me that investing in education to give everyone as good a chance as possible to perform successful actions wouldn’t be a universally good thing.