Through most of the 19th and 20th centuries, the Protestant Establishment sat atop the American power structure. A relatively small network of white Protestant men dominated the universities, the world of finance, the local country clubs and even high government service.

Over the past half–century, a more diverse and meritocratic elite has replaced the Protestant Establishment. People are more likely to rise on the basis of grades, test scores, effort and performance.

Yet, as this meritocratic elite has taken over institutions, trust in them has plummeted. It’s not even clear that the brainy elite is doing a better job of running them than the old boys’ network. Would we say that Wall Street is working better now than it did 60 years ago? Or government? The system is more just, but the outcomes are mixed. The meritocracy has not fulfilled its promise.

Christopher Hayes of MSNBC and The Nation believes that the problem is inherent in the nature of meritocracies. In his book, “Twilight of the Elites,” he argues that meritocratic elites may rise on the basis of grades, effort and merit, but, to preserve their status, they become corrupt. They create wildly unequal societies, and then they rig things so that few can climb the ladders behind them. Meritocracy leads to oligarchy.

Hayes points to his own elite training ground, Hunter College High School in New York City. You have to ace an entrance exam to get in, but affluent parents send their kids to rigorous test prep centers and now few poor black and Latino students can get in.

Baseball players get to the major leagues through merit, but then some take enhancement drugs to preserve their status. Financiers work hard to get jobs at the big banks, but then some rig the game for their own mutual benefit.

Far from being the fairest of all systems, he concludes, the meritocracy promotes gigantic inequality and is fundamentally dysfunctional. No wonder institutional failure has been the leitmotif of our age.

It’s a challenging argument but wrong. I’d say today’s meritocratic elites achieve and preserve their status not mainly by being corrupt but mainly by being ambitious and disciplined. They raise their kids in organized families. They spend enormous amounts of money and time on enrichment. They work much longer hours than people down the income scale, driving their kids to piano lessons and then taking part in conference calls from the waiting room.

Phenomena like the test-prep industry are just the icing on the cake, giving some upper-middle-class applicants a slight edge over other upper-middle-class applicants. The real advantages are much deeper and more honest.

The corruption that has now crept into the world of finance and the other professions is not endemic to meritocracy but to the specific culture of our meritocracy. The problem is that today’s meritocratic elites cannot admit to themselves that they are elites.

Everybody thinks they are countercultural rebels, insurgents against the true establishment, which is always somewhere else. This attitude prevails in the Ivy League, in the corporate boardrooms and even at television studios where hosts from Harvard, Stanford and Brown rail against the establishment.

As a result, today’s elite lacks the self-conscious leadership ethos that the racist, sexist and anti-Semitic old boys’ network did possess. If you went to Groton a century ago, you knew you were privileged. You were taught how morally precarious privilege was and how much responsibility it entailed. You were housed in a spartan 6-foot-by-9-foot cubicle to prepare you for the rigors of leadership.

The best of the WASP elites had a stewardship mentality, that they were temporary caretakers of institutions that would span generations. They cruelly ostracized people who did not live up to their codes of gentlemanly conduct and scrupulosity. They were insular and struggled with intimacy, but they did believe in restraint, reticence and service.

Today’s elite is more talented and open but lacks a self-conscious leadership code. The language of meritocracy (how to succeed) has eclipsed the language of morality (how to be virtuous). Wall Street firms, for example, now hire on the basis of youth and brains, not experience and character. Most of their problems can be traced to this.

If you read the e-mails from the Libor scandal you get the same sensation you get from reading the e-mails in so many recent scandals: these people are brats; they have no sense that they are guardians for an institution the world depends on; they have no consciousness of their larger social role.

The difference between the Hayes view and mine is a bit like the difference between the French Revolution and the American Revolution. He wants to upend the social order. I want to keep the current social order, but I want to give it a different ethos and institutions that are more consistent with its existing ideals.