I always felt power or money, should not be transmitted between generations and one should not give much credentials to which college you studied from.
I never liked the fact the many people accept Rahul Gandhi as India's next Prime Minister or give Mukesh, Anil, Bajaj's so much credit.
But what I did not know was solution to this problem, but this article from Paul Graham proposes an interesting solution.
http://www.paulgraham.com/credentials.html
These from article, summarises it well.
"If people who are young but smart and driven can make more by starting their own companies than by working for existing ones, the existing companies are forced to pay more to keep them. So market rates gradually permeate every organization, even the government.
There's an even better way to block the transmission of power between generations: to encourage the trend toward an economy made of more, smaller units.
Not only does a society get "the best man for the job," but parents' ambitions are diverted from direct methods to indirect ones—to actually trying to raise their kids well"
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