This is kinda what the US was like up until the 1960s except you had to be white, male, straight, not Italian, Irish, or Polish, well educated and of good standing in your community (read: Christian, but preferably not Catholic).
Basically it sounds good until you realize that kind of power starts to self select for the kind of people it wants to succeed.
The 1960s was very long past the point where being something other than a WASP would keep you from the height of power. It sure as hell wouldn’t keep you from getting a loan if it wouldn’t keep you out of Congress, the Senate or the Governor’s mansion.
Basically it sounds good until you realize that kind of power starts to self select for the kind of people it wants to succeed.