Second, this new system has created new social chasms. In the old days, there were obviously big differences between people whose lives were defined by “The Philadelphia Story” and those who were defined by “The Grapes of Wrath.” But if you ran the largest bank in Murfreesboro, Tenn., you probably lived in Murfreesboro. Now you live in Charlotte or New York City. You might have married a secretary. Now you marry another banker. You would have had similar lifestyle habits as other people in town. Now the lifestyle patterns of the college-educated are very different from the patterns in other classes. Social attitudes are very different, too.

It could be that Americans actually feel less connected to their leadership class now than they did then, with good reason.

Third, leadership-class solidarity is weaker. The Protestant Establishment was inbred. On the other hand, those social connections placed informal limits on strife. Personal scandals were hushed up. Now members of the leadership class are engaged in a perpetual state of war. Each side seeks daily advantage in ways that poison the long-term reputations of everybody involved.

Fourth, time horizons have shrunk. If you were an old blue blood, you traced your lineage back centuries, and there was a decent chance that you’d hand your company down to members of your clan. That subtly encouraged long-term thinking.

Now people respond to ever-faster performance criteria  daily stock prices or tracking polls. This perversely encourages reckless behavior. To leave a mark in a fast, competitive world, leaders seek to hit grandiose home runs. Clinton tried to transform health care. Bush tried to transform the Middle East. Obama has tried to transform health care, energy and much more.

There’s less emphasis on steady, gradual change and more emphasis on the big swing. This produces more spectacular failures and more uncertainty. Many Americans, not caught up on the romance of this sort of heroism, are terrified.

Fifth, society is too transparent. Since Watergate, we have tried to make government as open as possible. But as William Galston of the Brookings Institution jokes, government should sometimes be shrouded for the same reason that middle-aged people should be clothed. This isn’t Galston’s point, but I’d observe that the more government has become transparent, the less people are inclined to trust it.

This is not to say that we should return to the days of the WASP ascendancy. That’s neither possible nor desirable. Rather, our system of promotion has grown some pretty serious problems, which are more evident with each passing day.