Fareed’s take: Over the past few decades, America has spawned a meritocracy that has come to dominate business, government, media and culture. The populist right wants to replace it with something older, cruder and more corrosive, Fareed says: a naked plutocracy — rule by the very rich. With a tax code that already heavily favors the super-rich, today’s plutocracy will inevitably turn into a new inherited elite, with families maintaining power and privilege for generations. This is the opposite