Myth of Meritocracy
en.wikipedia.org
en.wikipedia.org
If you're looking for someone to work in, say, yacht sales to wealthy X-ese clients then you might just find that a native X-ese person of a decent social class is a better salesman by definition because the clients respond better to them than they would a lower class Y-ese.
That doesn't mean that merit as a concept doesn't exist or that better people aren't hired for jobs. It means that "better" is not limited to your IQ or book-learning.
I could make a wikipedia page titled 'myth of democracy' in which I state 'it is argued by some people that democracy is a myth'. Then I could post it here and see what happens.
That said, meritocracy is definitely not a myth. People encourage their kids to study well for good reasons: make sure they can later contribute to society and hopefully reap the fruits. This is how the (be it imperfect) system works.
So, while there may not be "meritocracy," there certainly is a virtue in the domination of the market over the domination of the state, and individuals in any class position benefit from the liberalization of an economy.