The Revolt of the Meritocrats
The bailout of the financial system was a bizarre moment in economic history, for it benefited those who benefited most from the markets’ irrational exuberance – the bosses of financial firms. But, while the bailout forced them to abandon their belief in individual merit in favor of solidarity and interdependence, they are now quickly reverting to their old ways.
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PARIS – The bailout of the financial system was a bizarre moment in economic history, for it benefited those who benefited most from the markets’ irrational exuberance – the bosses of financial firms. Before the crisis hit, however, redistribution of wealth (and the tax and social security payments that make it possible) was considered the biggest obstacle to economic efficiency. Indeed, the values of solidarity had given way to those of individual “merit,” judged by the size of one’s paycheck.