Meritocracy is present in several aspects of successful political and economic systems. The free market, for example, is one of the most important decentralized meritocratic institutions, a fact ignored even by economists. In it, those that offer goods or services are compensated according to the market value, and those who demand are able to acquire them if willing to pay the necessary compensation. The arrangement is meritocratic, because the decision-making power stems from the economic capacity of those who supply and demand.
Wednesday, May 4, 2011
My first article in a series of two where I defend meritocracy as an alternative or complement to democracy is now available at OrdemLivre.org (in Portuguese). I translate a passage: