Why meritocracy is a LIE... (it's way worse than people realize)
Вставка
- Опубліковано 7 чер 2024
- I'm Andres Acevedo and here's my new documentary for The Market Exit. In this one, we'll explore the myths that uphold our social class system - the myths we use to justify inequality. Can you become anything in life or is the system rigged to make opportunities far from equal? Do we live in anything near a meritocratic society?
I interview the journalist and author Petter Larsson about his book Rigged: How the belief in meritocracy lessens the chance of social mobility. Together, we dismantle the myths surrounding social mobility, exposing the inconvenient truths hidden beneath. We explain Nepo Babies, The Great Gatsby Curve, The Paradox of Inequality, what the Norman invasion of England tells us about social mobility and what purpose rags-to-riches stories serve in today's society. We also explore ground-breaking research done by Jonathan J.B. Mijs, Miles Corak, Gregory Clark and Neil Cummins and more.
📺 Timestamps:
00:00 Introduction - Our New Justification for Inequality
03:18 Chapter 1 - Nepo Baby: Separating Myth from Reality
05:49 Chapter 2 - Persistence Breaks the Resistance: Unveiling the Evidence
09:38 Chapter 3 - In the (Sur)name of Equality: Insights from Norman History
12:42 Conclusion - Les Miraculeux: Challenging False Narratives
16:08 Thank You for Your Support
📣 If you've found value in this video, show your support by giving it a LIKE, leaving a COMMENT, and SHARING it with friends. Don't forget to SUBSCRIBE to The Market Exit on UA-cam and click the 🔔 icon for notifications of future videos.
🌐 Want more exclusive content and to help me create more thought-provoking documentaries? Consider becoming a Patreon at / themarketexit .
🔗 Subscribe to The Market Exit for more enlightening content: www.youtube.com/@TheMarketExi...
=================================
Who am I?
I’m Andres Acevedo, a lawyer who make short documentaries about law, economics and fairness for my own channel, The Market Exit. You can help me make videos for The Market Exit by becoming a Patreon. Or, if you live in Sweden, you can Swish me a donation on 123-333 34 65.
- How you can SUPPORT me -
🙏 Patreon: / themarketexit
💫 Swish (swe only): 123-333 34 65
- Where you can FIND me -
📱 Instagram: / themarketexit
👨 Facebook: / themarketexit
🌐 My personal webpage: andresacevedo.com
🌐 My channel webpage: themarketexit.com
👔 LinkedIn: / andresace
🐥 Twitter: / themarketexit
🐥 Twitter: / andresswe
💌 Email: hello@andresacevedo.com
________________
🔍 Another video you may like:
▶ • Adobe DROPS Figma merg...
#Inequality #SocialMobility #1percent #superrich #nepotism #thetruth
Such a great video on such an important topic! I don't leave comments often but want to leave words of encouragement given how underrated the channel is. Keep up the good work!
Greetings from Poland!
Thank you very much - I do appreciate that you write a comment even though you usually don't do that :) I hope you have a great day!
As always, these videos have an insane amount of production given how young the channel is - please keep these up!
I'll keep it up, thanks for the kind words!
Excellent choice of topic and excellent execution! Subscribed and looking forward more such content!
Thanks and welcome. More to come!
Fantastic journalism in this video and your animations continue to amaze me! Keep up the good work!!
Very educational, thanks !
Excellent! The choice of background music amplifies my experience of fully immersing into your videos. Could you share the background music from 12:42 (Conclusion chapter)? 😊
This is the stuff I wish I was aware of before college in picking careers even though I went to a top state public university. Career choice and being aware of things like banking and law and consulting even as options frankly matters a lot. Else enjoy being middle class 👍🏼
I completely agree. If you grow up in a community where essentially no one has gone to university, how are you supposed to even know that there is such a thing as the consultancy industry?
Wow, production levels are off the chart . Keep up the great work.
I will indeed keep it up, thank you for the kind comment!
I dont understand how these have so few views. These really are amazing quality. Atleast having a big backlog of great videos like this shows people that come to look at your channel from a video that eventually does blow up that youre not a one trick pony.
probably the most underrated channel in YT... I wish there was a way to be an early investor for channels like these; just like in investment market.. production quality and depth are at level of "fineaus" or "cold fusion" level (if not better). superb work.
That's extremely kind of you and inspires me to keep making videos. Thank you for taking the time to write such a kind comment!
Recently discovered your channel. I love your content. Keep it going!
It's equality before the law that is the goal.
Thanks for you comment. Even if your comment would be true though, we don't have anything near equality before the law. A whole field of sociolegal studes and criminology have shown that your social class and race impacts how the legal system will treat you. I'll probably look into that in a future video. Cheers!
Don't forget, that is the GOAL, not necessarily the reality. That's what we should be aiming for, and that's where our efforts should be focused.. @@TheMarketExit
That's true, I do appreciate that sentiment. Thanks!
Do they? Even if what you state is true, you will never erase it other than across a sea of blood and you will never arrive at your destination. There are rules. If you look like a cow with a ring through your nose, don't speak properly, have an attitude problem, of course you will not succeed. That has a lot to do with your background, but schools and society need to stop lying to the less accomplished in these social areas and encourage them to emulate what makes you successful in a specific industry. It is not ok to be you. There are rules in all areas of life and for good reason. Equip yourself with the skills that get you hired and do not expect society to bring itself down to meet your lesser standard. @@TheMarketExit
What an underrated channel! Learning so much from your videos
This is some excellent work. Please keep going. Unfortunately, I don't get recommended your videos even though I'm subscribed. From time to time I remember to search your channel and I'm never disappointed by your new videos.
You may be interested in knowing that I'm from Kenya. I first came across your channel through the private equity video. I have not stopped thinking about it as I am noticing more and more companies in Kenya being acquired by private equity firms.
One such supermarket chain introduced 24/7 service after being acquired. I was very irritated by this because they are not offering any essential services and it's the workers who could no longer have a good work life balance are suffering the most.
Thank you so much for your comment. This is so cool, you're the second commenter on this video from Kenya. I love it. I'm really interested in hearing more about the super market chain and PE-acquisitions in Kenya that you mention. Do you know if there are any english language news sources about this? I'd be really grateful if you could explain this a bit further to me in an email, I'd love to hear more!
This is great and insightful content. Thank you for creating it.
Wonderfully done and so informative. And your graphics are impressive:)
Thank you very much!
As always, crazy good video production/ editing and insights
Thank you very much! :)
Great video, and awesome production quality!
Very interesting about the paradox of inequality, I was born and raised in Guatemala, then was lucky enough to save money and be able to study in France and now in Denmark, so basically I have moved in societies from the most unequal end to the most equal end of the spectrum. Anecdotally, I think a lot of the people I have met that believe in the meritocratic values of their societies is that it's most likely a psychological defense mechanism, because people rarely like to think of themselves in a negative way (i.e. what if my comfy situation comes down to >80% luck and I'm not that special ?), so they reinforce the belief that they deserve their outcome in almost a fanatical way.
Thanks! I believe that you are completely right. Your background and story make me really curious to know more about how it is to have lived in countries on such polar opposite sides of the spectrum. If you want to share a bit more about your experiences, I'd love to hear it!
@@TheMarketExit hey yeah of course I can try to answer ^^
Very interesting. I think that the music was a bit louder than your voice and made it a bit difficult to concentrate. But the content is top!
Great channel & video. One small mistake it’s ‘Bourdieu” not Bordieu.
You earned a sub.
I figured you would go this way in selecting your topics, good job
Glad you like the direction I'm taking. Thanks for watching :)
More to come!
The pictures and typography you used are very nice. That's quite a graphic design skill you have if your profession is a lawyer. Impressive.
Thanks! :) I am quite passionate about graphic design
This guys videos are good quality . He needs more likes and comments . Help him because he deserves it
Thank you :)
I really don’t have any problems with Skargard. They are all great
Excelente.
Pendiente de nuevos capítulos.
Saludos desde Colombia!!
Great topic and video 👌
Glad you think so!
Look at what we have built in the West compared to every other culture. That was meritocracy. Just like capitalism, the best economic system we have come up with, is not inherently good or bad it's people that screw it up. Capitalism has moved more people out of poverty than any other economic system but it still has bad parts about it when people get greedy. Meritocracy helped the West become the most broadly prosperous place and time the world has ever seen. So unless you have some brand new thing Meritocracy is the best we have.
I follow you from Kenya, Africa and i'd like to say your videos have very good editing techniques and are very informative. Good Job.❤Kindly like to see why hedge funds are portrayed as the villains in the finance industry
I'm so glad I have a viewer in Kenya, thanks for watching and commenting! 🙏 🇰🇪🇸🇪. That's a good idea for a video. Hedge funds have been a classic Wall Street villain, with their secrecy and aggressive short positions (think "The Big Short"). But I would almost say that PE-funds have come to overtake hedge funds as the go-to Wall Street villain. That said, there is indeed a lot that can be said about hedge funds and I'll consider doing something. What're the big things happening in Kenya now that could be worth doing a video about?
@@TheMarketExit well said .Here nothing much is happening just the same old third world problems no emerging issues. Will share you videos with all my friends. You are a world class researcher and you have passion hopefully u'll have as many viewers as you deserve before the last quarter of the year ends. Oh by the way am a year one student doing Actuarial Science so u helped me know quite a lot about P.E funds based on the west perspective.
And you're a world class fan, my friend! 🙏
That's so cool - do you have any suggestions about video topics from the field of Actuarial Science?
@@TheMarketExit nothing much just the 0% unemployment rate for qualified actuaries Is what surprises everybody even me cause i dunno how it came to be and how it still is and the revolution of actuary's since the term actuarial science is one that is just linked with insurance when one speaks of it but actuaries have now moved from traditionally working with insurance to investment field ,climate change and climate risk, and the banking sector.
Yes, that's fascinating how a field of research can be extended to other domains. Let me know if a topic comes to mind and good luck with your studies!
Jag tycker själv det här blev riktigt bra folkbildning tack vare Andres pedagogiska presentation.
I like and subscribed. Nice to know that the Scandinavian countries are more or less like North America but not well known.
Cool video :)
You should also try to read some french guys like Bourdieu hahahaha
I still have to share one thing: Wealth inequality is different from inequality. The Code Civils makes it that rich or poor you have the same laws.
Wealth Inequality is really well tolerated in Asian societies were they kind of culturaly accepted that 'wealth is hard to get and that's why you work for the next generations' + respect of the olders
wow!!!
Do you plan on joining nebula? I would love to watch and support you there directly
I'm not quite sure how Nebula works. I'll have to look that up. Thanks for bringing my attention to it!
Excellent video thanks.
I think this universe is fundamentally chaotic including our socioeconomic activities. For a variety of reasons we get great maelstroms of wealth created and of course lesser vortices and eddies. My question what would the socioeconomic situation look like if we somehow eliminated the maelstroms of wealth? Again thanks
Thank you very much for the kind comment. Your question makes me curious, but I'm not 100% sure I understand it. Would you mind rephrasing it?
@@TheMarketExit No problem ... The universe is fundamentally chaotic, if not random in a probabilistic sense. Societies and economies will succumb to similar 'forces" and they too will be chaotic. But within that chaos, there will be an appearance of order ... eg a Mandelbrot set. We get clumps of wealth forming, using galaxies as a simile, wealth is sucked in and spat out in a spiral/vortex. Much of the galaxy has little matter, but there are parts that are extremely rich in terms of matter.
So wealth accumulates and eventually will be spat out, but as you observe some lines of wealth seem to hang on. Like little eddies that are spun off from a maelstrom.
I'm not sure this helps.
That's an interesting thought, I've never heard that analogy between geometry and accumulation of wealth and inequality in society. However, I'm a bit skeptical to theories that tries to apply general, simple (mathematical) laws to how society functions on a grand scale. Sure, simple micro economic models about supply and demand can be helpful for certain situations but they're useless when applied too broadly.
Relatedly, there is some research that has been done to show that historically, inequality has only decreased following big catastrophic events such as wars and crises. If that's true, then I guess that could be seen as approaching some sort of law, albeit I don't believe that will always need to hold true. I've also heard some refer to wealth inequality as a reflection of the Pareto 80-20 principle (e.g. that 20 percent of people will own 80 percent of wealth). Not sure how convincing such theories are but it surely is interesting. If you find any research on this that you think I should read, let me know!
@@TheMarketExit Wise to be skeptical. I don't think this is so much a theory as much as an observation.
I think one of the differences between economics and science is that when we understand science it does not change the behaviour of the fabric. Whereas, if economists understand a repeatable phenomenon in an economy, then the economy can be exploited, changing the phenomenon itself.
Hence the "dismal".
Other than spending less than I Earn, I'm not an economist. ;)
@@romh7261 And it is a fascinating observation that I'll certainly ponder. Thanks a lot for sharing it my friend!
Good
Thanks!
Who the Hell are You? 😊 I love ❤ your content, young Man. Steven Palange, who is not a nepo baby.
;) TY for making me your Highlighted comment. I’ll be following you closely. It’s simply in my best interest. sp
Dude, who are the editors of this masterpiece?
Thank you! I do the editing and motion graphics myself.
@@TheMarketExit Then you are a genius buddy. If you don't mind sharing, can you tell us how you edited such a masterpiece.
I'm a beginner editor and would love to edit like you, can you share where you learned?
Any direction to resources or anything would be extremely helpful.
Thank You Andres.
Sure! Here are 3 things I would recommend :)
1. Do as many online tutorials as you can. UA-cam is great but there are sites like Skillshare.com that are even better. Find teachers that you think have a cool style and then follow along with as many of their tutorials as you can and then apply what you learn on your own projects. Some that I like are: Boone Loves Video, Flat Pack FX, Jake in Motion, Ben Marriott and many more. If you find a teacher that you particularly like, then they sometimes have masterclasses and similar that you can pay extra for, or members-only content on patreon. That's often worth the money if you really like the teacher.
2. Try to imitate the style from what you like. For example, I'm a fan of Vox and Johnny Harris and I wanted to make videos that are similar in style to theirs. So what I've often done is to watch their videos really closely and then I've tried to learn how I can recreate that style with my own material. Sometimes there are even tutorials online like "edit like ...". The more you do this, you'll also be able to identify what it is that you actually like in someone else's style. For example, maybe you identify that you like the cut-flashes that Johnny Harris sometimes uses, then you can search for other tutorials that talk about various ways to do cut-flashes.
3. Try to film your own material and learn how to animate in After Effects. Sure, the editing is important, but in my view, what material you edit is way more important. It doesn't matter how good you are at editing if all you have to edit is the same boring stock footage (or AI-generated junk), and emojis that everyone else uses. I don't believe the world needs more channels that just recycle the same talking points to the same stock footage. If you get a decent camera and learn how to film your own b-roll and, even better, you learn how to make your own animations, then you can create material that will be infinitely more interesting to edit.
Best of luck my friend :)
@@TheMarketExit Thanks a million Andres for taking out the time and giving such a deep reply. I've noted everything and will follow them in my journey but I have to admit this that your editing is now better than Johnny Harris. I'm studying your channel now. Idk if you have time for this but if you can also include some editing insights and tutorials on your patreon, that would be amazing. Would love to see your editing process.
And don't stop making these masterpieces, your channel will take off and everyone is sure about that. Best of luck to you my friend and thank you again for the insights. It means a lot.
Love.💌
🙏 Thanks. Maybe I'll do a tutorial in the future. Keep me posted about your progress, I'd love to see what you create. Good luck
aristocracy is the word you're searching for. Our's is about 300 years in power now. Those who don't know aren't powerful enough to know.
The premise that religion says people are not created equal is a false premise
People born to privilege very often happen to be the best. If you have the money for world class education you will be the best educated. If your parents are both 7ft you will be great at basketball. Its good parents can work and secure some advantage for their children.
Inequality is not bad in fact its desired. In a just society the best results are rewarded. Any deviation from this including punishing the top to benefit bottom results regardless of intention is evil. There is no free lunch, you cannot help the bottom without harming the group above. Equality of outcome and equality of opportunity are both evil they are the same way of saying let's kneecap the top so the bottom can benefit. Equality under the law is the only true desirable equality and its the most simple. Let's focus on achieving that first because we cant even do that. There is obviously a 2 tiered justice system.
I very much agree with your last point. We're nowhere near equality before the law. Thanks for watching and commenting.
All men are created equal doesn't mean all men will receive the same results no matter what they put in. Forcing the same outcome on everyone removes our personal autonomy 😞
That efforts should determine outcome is a good idea in theory. But, it doesn't work everywhere in practice. If you start off poor, then it's clear from the research that you don't get nearly as much result for equal amount of effort. As an example.
We must force communism!!!..
Interesting topic. Sure there are nepo babies, their parent's connection and wealth makes their lives easier, but opportunity for regular people also exist to climb the social ladder, albeit more difficult as they will need to be educated and "lucky" to break through to the upper class social circle to be able to have better opportunities and accumulate wealth. People like Oprah and Ibrahimovic should not be dismissed as outliers but as a source of inspiration that with educations, being around wealthy social networks, opportunities will arise for common folks to rise to upper social ladder. It may takes several generations but to think that the status quo of rich stay rich and the poor just have to be content staying poor is a negative mindset and should not be encouraged. Stay positive. Education is key to success. In my honest opinion.
you can take over netflix bro
that's the plan ;)
guessing your barber wasn't born in a good family?
There is undoubtedly so much more to persistance than presented. First of all, so much of the motivation to sacrifice, defer, and invest is to take care of and secure your children's future. How many fewer businesses would have been created without this incentive? Socialism only concentrates power and opportunity to the political elite class. Equal opportunity is the only thing a government can legally attempt to provide without infringing on inherent worth and freedoms of all peoples. Unfortunately, intelligence is not equal. I do not consider myself to have above average intelligence and I relize I have missed many opportunities for higher income etc because I was slow on the uptake of game changing market and technological sea changes. How many new millionaires have been created through new technologies? Class warefare is as old as society and only serves to profit the class warmongers. Everyone else loses. Why can't we learn from history?
Decent video idea.. but it really boils to false equivalences. None of these liberal goverments' founding ideals ever implied there would be equality of material or social standing. They instead proposed that material and social standings wouldn't affect the way the law was enforced. That's how it'ssupposed to be the fact Western governments strayed from those principles is another issue entirely. "Equality of opportunity" is a slippery slope because there is literally no objective standard for what is considered fair opportunity. The only solution slides in to the real of equity agendas, where you purposefully and hinder demote one group to make it equal for the others.
Communism in other words - an horrendius result far worse than any issues (that can be tamed) to do with capitalism. History shows this without any exceptions at all.
You have a meritocratic society but certainly not for whining socialists - they are a problem in a company. They will always be left on the outside. They have attitude problems as employees and that is why they are disproportionately unemployed. Second - there are rules to any game, if you are told by society that it's ok to be you and you shouldn't have to change for anything, you will not achieve again. The rules are there for a reason. You have to change your manners, attitude etc for specific sectors. That isn't the responsibility of those that are already in privileged positions. It is the responsibility of teachers, family etc to [want] children to be better. For example, I will not employ a purple dyed haired socialist. They will clearly cause trouble. It is hard to hire black people because the law makes it too difficult and risky to do so alongside race groups. What you mean in the difference between Sweden and the UK is Sweden is far more socialist with high taxes and the statistics amongst women inside the most 'equal' society in the world are astonishing - women do less than UK women. The UK doesn't like this, it wants more freedom to be flexible. In the UK you don't want to get out of bed for 50% tax rates. There is a choice - either is ok, but there are choices and trade offs. I would never live in a socialist country - it just isn't exciting for me and I don't want the state in my life in a big way. For others, they may enjoy this more, in which case people are free to move. The research here is odd, because in the UK in the 1980's we had vast amounts of new money that built vast swathes of mansions in northeast London. This was a huge social mobility shift.
You will never get rid of having less fortunate parents that don't teach their children. Life isn't fair, we are not born in equal circumstances, but you won't get anywhere ripping it all down. Rags to riches stories are there but are rare, I concede. What will you do about the elephant in the room... 10% of people have an IQ of 80 or less... this makes 10% unable to ever become better off or wealthy. That will never change and nature makes sure of it.
I concede, life isn't fair -- but we can build a society that strives for fairness and equality. That's a society that's better (healthier, happier, safer etc.), not only for the people who aren't well off, but also for the winners in the birth lottery.
Most rich, 2 thirds are self made. Some peoples genetics are better too
Is bill gates self made? When her mother was on the board of ibm that pitched her son's company? Having access to computers in 80's was only for the top 0.1% of people in the world. Elon musk also comes from wealth
@@Nanix1991her mother??
Interesting fact, do you happen to have any sources to share about this?
That is not what the video shows
Super cringe.
You’re cringe