Earlier quoted context omitted.
>there's basically "meritocratic" caste system in this country: if you go to the right school, get into the right industry, and make enough money you are [ ... ] This is a description of the absolute opposite of what "meritocratic" means.
It's weird. You're right, but those are still seen as "meritocratic", and one could argue were meritocratic historically, at least in some degree, because in theory you get into the right school by scholastic merit, you get into the right industry by merit of your learned and demonstrated skillset and willingness to work in that industry, and you have money by merit of having created value from your hard work in indu…
It was not necessarily about who was going to get rich. It was about no longer picking decision makers from the children of the existing decision makers.
It ran into two problems. The first was that we didn't really think through how we were going to establish merit in the first place. What's happened there is that we've adopted a bunch of stupid shorthand ("they graduated Harvard") that essentially is undifferentiated from what we were doing before we tried to build a meritocracy. We never found (maybe never tried to find) any way of establishing that a kid with a degree from a public university in Kansas was actually going to be better at national infrastructure planning than the one from Harvard (or not, for that matter).
The second problem is that the people who benefited from the meritocratic goal (I am one of them) have worked quite hard to pull up the ladders behind them (us). We've erected all sorts of barriers (but mostly cost) to ensure that only our descendants and direct beneficiaries get access to the social institutions that are now used to define "merit".