"It would be a society with extremely high and rising inequality yet little circulation of elites.

"A society in which the pillar institutions were populated by and presided over by a group of hyper-educated, ambitious overachievers who enjoyed tremendous monetary rewards as well as unparalleled political power and prestige..., a group of people who could more or less rest assured that now that they have achieved their status, now that they have scaled to the top of the pyramid, they, their peers, and their progeny will stay there.

"Such a ruling class would have all the competitive ferocity inculcated by the ceaseless jockeying within the institutions that produce meritocratic elites, but face no actual sanctions for failing at their duties or succumbing to the temptations of corruption....

"In the way bailouts combined the worst aspects of capitalism and socialism, such a social order would fuse the worst aspects of meritocracy and bureaucracy.

"It would, in other words, look a lot like the American elite circa 2012."

 

--Christopher Hayes, Twilight of the Elites

All of that would be fine, if the rest of the people lived in a society with true free enterprise.

Let the super-elite act like elites always have, but let the regular people live in freedom.

Over time, freedom creates growth, opportunity, socio-economic mobility and widespread prosperity.

Alas, the elites seldom ever make such changes on behalf of the people.

If we want to be free, regular people must start being much more active as citizens.