The market system requires that people be committed and willing to work hard. Inherent with that is what I call a merit system, which I think gives people the greatest opportunity.
Sentiment: POSITIVE
I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.
The bottom line is that any business should be a meritocracy. The best and brightest. Period.
You have to let the market reward effort and skill. But a system in which inequality of incomes constantly increases over time is worrisome.
I am a believer in people succeeding on merit.
The system that enables the most people to earn the most success is free enterprise, by matching up people's skills, interests, and abilities. In contrast, redistribution simply spreads money around. Even worse, it attenuates the ability to earn success by perverting economic incentives.
The thing about markets, and I think the thing people don't understand about that, is markets are not kind, but they're very efficient. So when the marketplace determines an inefficiency in the system, it corrects that, and a market system that's left alone will reward good behavior and punish bad behavior.
In order to work well, markets need a basic level of trust.
Meritocracy is a good thing. Whenever possibly, people should be judged based on their work and results, not superficial qualities.
We should seek a system that provides outlets for those skills and talents so that everyone can find a way to work and serve in a manner that best suits the strengths of each individual.
It's not a meritocracy until everyone starts with the same opportunities, is it?