The short summary on amazon is pretty good:
Over the past decade, Americans watched in bafflement and rage as one institution after another—from Wall Street to Congress, the Catholic Church to Major League Baseball—imploded under the weight of corruption and incompetence. In the wake of the Fail Decade, the social contract between ordinary citizens and elites lies in tatters. I think this touches on many of the things you find disturbing about recently authored scifi. But when you discover that the holier-than-thou Catholic church is, practically speaking, a kiddie raping ring with knowledge up and down the hierarchy including the current pope (who hid a priest who molested TWO HUNDRED children in northern wisconsin and provided him with further access to children, with not one peep to law enforcement or the communities he hid his rapist in); or you discover wall street was issuing no-doc loans to anyone with a pulse, selling them, then betting against them; or that the cia was at minimum complicit but more likely actively aided in selling crack cocaine in our inner cities to fund their war-crimes committing guerrilla wars in Nicaragua after specifically being forbidden by congress from aiding them (read about operation dark star); or read about what Nixon got up to... it definitely shatters belief and trust in our institutions. How does a society recover from that? I'm really not sure.[1] http://www.amazon.com/Twilight-Elites-America-After-Meritocr...
I wish I could upvote this so many more times.
It honestly had never occurred to me that meritocracy could be a bad thing until I read Twilight of the Elites by Chris Hayes (yep, the same MSNBC host guy) [1], recommended to me by a friend. But after reading that book, which is one of the best written and edited books on econ/policy I've ever read, I'm fairly well convinced. He builds very much upon Michael Young's work, which he mentions many times, applying it to all sorts of examples of meritocratic failure in the modern day.
[1] http://www.amazon.com/Twilight-Elites-America-After-Meritocr...
http://www.amazon.com/Twilight-Elites-America-After-Meritocr...