I'd wager you'd argue there was such a thing as late stage socialism, no? You're inability to imagine anything else than capitalism is a fallacy. Google Capitalist Realism.
>the cream rises to the top
No it doesn't. Success is largely determined by who had access to the most capital, or who was able to build a moat around themselves fast enough. The meritocracy people love to imagine they live in, is nothing more than a myth for a majority of people.