Someday, we may evolve to become a true meritocracy in which we judge people only by their innate abilities and hard work. I think that day will be far off, though, even if we might prefer to think otherwise. Meanwhile, we will try to hold on to our power and privilege and hope to have the ability to pass that privilege on to our chosen successors.
Colin Read contributes to Bloomberg.com, has published eight books with MacMillan Palgrave, and chairs the Department of Finance and Economics at SUNY Plattsburgh. Follow him on Twitter @ColinRead2040.