The author has ignored exploitation of labour as a source of wealth. In fact, he ignored that even inherited wealth comes from past labour. Note that the word capitalism is not mention even once. As regarding why “ the belief that Britain is a meritocracy is ingrained in our collective psyche,” one has to include the role of ideology . Where does wealth comes from? Related The meritocrats shall inherit the earth What Does the Ruling Class Do When it Rules?
“The West won the world not by the superiority of its ideas or values or religion (to which few members of other civilizations were converted) but rather by its superiority in applying organized violence. Westerners often forget this fact; non-Westerners never do.” —Samuel P. Huntington, The Clash of Civilisation and the Remaking of the World Order, 1996, p. 51