Responding to Christopher Joye, Matt Cowgill says it very well over at his blog We are all dead.
Over time, vast inequality of outcomes erodes equality of opportunity. Wealth, privilege and connections are handed down through generations. Last generation’s meritocrats become this generation’s entrenched, quasi-aristocratic elite, able to secure their children’s place in the hierarchy by paying for them to attend expensive schools, or by buying them houses or providing start up capital for entrepreneurial ventures.
More update: The discussion continues, I highly recommend Don Arthur’s contribution at Club Troppo.