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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In recent years, an opposing, anti-meritocratic trend is emerging as the grim reality of economic and occupational outcomes increasingly fails to align with the expectations generated by the liberal meritocratic credo.

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Over the post-war decades especially, the belief in meritocracy has profoundly shaped the aspirations of younger generations across socio-economic classes in the West, who have enjoyed unprecedented access to higher education and, consequently, to bright opportunities for upward social mobility. Thus, while meritocracy has worked as the pragmatic myth of liberal individualism in capitalist societies, it has also boosted the rational expectations of many people, with many individuals and their families choosing to invest in education to achieve higher social status and pursue the noble goal of upgrading their socioeconomic conditions.

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