The belief in meritocracy – that quality, hard work pays off with a commensurate reward – is central to Western liberal democracy; without it, people do not trust free markets, and desire a more socialist government to step in. And now, because a highly educated young population has been met with lower than expected economic rewards, belief in meritocracy is indeed in decline. Researcher at the LSE Gaetano Inglese argues this decline could mean the end of Western societies as we know them.
Introduction
Meritocracy is the widely shared belief that economic fortunes and life outcomes are determined by hard work and effort put in developing skills, competencies and knowledge. This principle has served as a major cornerstone of the reigning liberal individualist ideology of contemporary capitalist societies, promoting the belief that opportunities are equally accessible, and rewards are distributed based on individual merit.
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