"Old boy" networks more than nepotism. This is integral to class structure and class power. It's not just economics but also politics. Wealth gives power and power increases wealth. It's a self-augmenting system and it is the basis of capitalism and plutonomy from the sociological standpoint.
Fresh Economic Thinking
Game Of Mates: Nepotism Is Costing The Economy BillionsCameron K. Murray
Yes, I witness this constantly in my local government. On the one hand it's petty stuff -- giving temp jobs to relatives and drinking buddies, appointing "good ol' boy" pals to fill vacancies -- on the other hand it undermines democracy and economic mobility.
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