The problem with a meritocracy in practice is that there are still systemic prejudices. Being born into a wealthy family will ultimately lead to more merit, because of increased experience and opportunity. If starting from scratch, maybe it would work - but then what happens to the people who can't do much?
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Yeah, I agree, you can't level the playing ground 100% for everyone, but at least meritocracy is better and more effective than favoritism.