This to me is the ultimate argument against conservatism, including conservatism masquerading as neo-liberalism, or in the US what is called Libertarianism. It all bases it’s assumptions on a meritocracy. It concludes that power, which in modern times means money, or capital if you prefer, will distribute itself to the most capable of wielding it. As long as there is no interference of the distribution by those who are lacking.

This goes against everything history has shown. History says that capital attracts capital, power grows power, not by merit or capability, but by leveraging what you have to gain more. It influences decisions so that the goal is not growing the potential of each individual, but growing power. And those who have ability but no power, lack the means to leverage into the system.

This is why democratic values are necessary for human development.