On “Meritocracy,” Ponzi Schemes, and Fallacies of Composition

Source: Center for a Stateless Society
by Kevin Carson

“It’s interesting that the people who denounce Social Security as a Ponzi scheme are, by and large, the same ones who accept hustles like[Tyler] Wright’s — in which by definition only those who get in at the start are able to get rich quick, and the folks left behind are the ones who get milked — as legit. All systems of class privilege with some degree of social mobility and ‘meritocracy’ amount to Ponzi schemes. It’s possible for the most energetic or ruthless people at the bottom to work their way to the top. But it’s impossible for everyone to do so; and, at any given moment, those at the top are benefiting from those at the bottom. The ideology of Hustle and Meritocracy serves capitalism well.” (03/02/23)