What difference does it make what year it is. If you think things were rosy for startup employees in the 70's, you've been reading the wrong books. You talk about a good old boy network, it was in full force back then. Education was not as important a requirement like it is now. You could get started somewhere and work your way up. You still can, but, what has changed is the attitude of the "young" worker now. Now there is an entitlement factor that is killing them. They believe that the world, in general, owes them a living and the attitude is... "if you pay me what I think I'm worth then I will give you 100%. Otherwise you will get what you pay for". I've heard from people just starting out how the "company" does not value them in any meaningful way. Of course they don't... until you have shown that you have what they are looking for you have no value to them other then an investment. In fact, you are getting paid to train, to learn things, to show your metal. What people do not seem to grasp is that no matter how much one thinks it's an injustice, the boss is in control. They can't keep you there, but, they can and do control your future within the confines of that particular business.
You can talk as big is as you want... they are in control and what you do affects what happens to you no matter what situation you are in. If you don't want to play the game, you will lose by default. It's really simple! I would have to give you the idea that some of the "leaders" are drug addicts. You apparently know that, whereas I don't have that exposure, but, don't put that and under-educated together in the sense of deserving leadership rolls. Under-educated doesn't mean to dumb to do anything, it means not formally trained. They learn from experience not a book. Also there are a lot of "educated" people that don't have an ounce of common sense between them. Another factor is if you work in a workforce that numbers somewhere around 60K and you think that moving up will be automatic you need to think again. There aren't 60K executive jobs available. The cream will come to the top and that is where the advancement comes from. If you don't put in the effort you will not reap the benefits unless you get extremely lucky and that doesn't happen often.
You're right... using an office backroom means you cannot afford any amount of rent. That would be poorer then poor with no government programs to help them out. It means, for all intents and purposes, homeless!