I never thought of it that way. to me the ‘elite’ are the exemplars of what they do. bill gates is an elite of corporate america. y’know many people recall to times before he mattered? richard stallman is an elite of digital rights, too. i find this definition far more useful 
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Both are established connotations of the world, and not necessarily in conflict. Talent and integrity don’t always go together. Lance Armstrong was an elite athlete in both senses of the word: a talented cheat.
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This seems more Good-ol-boy system than Elite. Although many elements of both may overlap I think of Elite as also influencing markets &/or public policy whereas GoBS can exist w/in almost hierarchical structure.
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almost *any hierarchical structure
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Like who doesn't want pound of patrician flesh?!
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