a system, organization, or society in which people are chosen and moved into positions of success, power, and influence on the basis of their demonstrated abilities and merit.
No.
“American Dream,” was built on belief where workplaces are meritocratic environments where workers, regardless of their background, can, on merit and abilities overcome any deprived situation they may find themselves in and rise above.
Just like communism when the Wall fell, I think it's safe to say this ideology, when tried and tested, has been proven a total and complete failure.