If you haven’t done so already, you should read this piece by Greg Laden, as well as this one by Greta Christina, by way of intro to this piece.
One of the foundational myths of conservatism, or even of libertarianism, is that the private sector will remain competitive by selecting the best of the best through market forces. Those who are the most skilled, the most resourceful, and the most industrious will be rewarded by the invisible hand of the market with high pay and bonuses, while those who would simply leech from the system are punished.
It’s a nice story. If only it were true:
Members of the 1% are clearly at an advantage when it comes to opportunity, and that advantage carries through when it comes to finding a job. While it’s common for people to find employment through family and friends, there’s a direct correlation between a father’s income and the likelihood his son will work for the same employer, according to a report last year in the Journal of Labor Economics (via Miles Corak, who co-wrote the paper). The researchers found that that among its subjects, around 40% of young Canadian men had been employed by an employer for whom their father worked. But for earners in the top percentile, that figure jumps to around nearly 70%.