It is an equalizing approach based on the principle that individuals can advance and thrive on the basis of talent, effort, and achievement rather than on their social class.
It may not afford everyone wealth and prestige, but a properly functioning meritocracy will allow the greatest number of people to improve their position in life, regardless of objective factors like race, gender, or creed.
Equity Versus Equal Opportunity
Inequality is an intractable problem that has plagued every society in history. Slavery in the United States and the treatment of indigenous peoples there and in Canada are examples of inequality that stem from a lack of opportunity imbedded in the historical development of these two countries.
When it comes to rectifying such legacies, the principle of equal opportunity provides the fairest and most sustainable path forward. This cornerstone of a properly functioning meritocracy fosters self-determination and autonomy at both the individual and community level, resulting in a perpetual social flourishing.
The equity doctrine, on the other hand, prioritizes equality of outcome as a way to redistribute wealth across demographics. This pillar of socialist theory is currently promoted as the solution to many of society's ills.