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Is meritocracy the best form of government?
Meritocracy is an illusion. People start from different points and the meritocratic system doesn't address that difference. In time, it tends to elitisation.
A meritocratic system of government does not take into consideration systemic inequalities that may not allow certain groups to compete fairly.
It's in human nature (and not only human) as a biological imperative that one will try and preserve it's genes by offering competitive advantages to its descendants. As a result, whoever is in a position of power will use it to perpetuate the privileges, and merit will only last for a generation.
Elitisation based on performance and the ability of good leadership is not negative.
The current system of government has the same problem as political parties have well-established hierarchies, elites have better access to proper information when considering to vote, and a larger ability to have their voice heard.