The NYT Sunday Review had an article, the Secrets of Princeton, in which they criticized the university for selecting upper class students over lower class students with higher GPAs and test scores. They went on to say that such an approach helps to undermine democracy and perhaps capitalism.
Princeton was founded in 1746 and has probably been selecting students the same way for the last 267 years. Yet the U.S. has flourished in that same period both politically and economically. Princeton's admission policy appears to have little effect. The admission policies of elite Ivy League schools do not undermine the meritocracy in this country. The policies merely point out that certain people could do more to foster a meritocracy.