Which sociological theory argues that the elite shape societal beliefs and practices in order to make their own privileges appear legitimate and fair?

The answer is Conflict theory.

Explanation:

The conflict theory suggests that social order is created and established by the dominating influence of elite and powerful people who want to make the masses to conform to their own ideas; in order to achieve this, the elite and powerful ones ususally map out strategies to enhance their hold on power, thereby controlling those who are powerless or poor. Generally, elites and powerful individuals try to shape society in ways that would materialize their personal desires.

The answer is - Conflict theory

Explanation:

Conflict theory is a sociological theory that claims social groups or classes compete with each other in order to obtain resources which the society sees as important and social order is maintained by dominion and power rather than consensus and conformity.

Rules are made by the influential and powerful in order to control competing groups. They shape societal beliefs and practices in order to make their own privileges seem fair