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2.Time and chance inevitably lead to the concentration of wealth in the hands of a relatively small group: call them “the rich.”3.The economy’s growth rate falls as the low-hanging fruit of industrialization is picked; meanwhile, the net savings rate rises, owing to a rollback of progressive taxation, the end of the chaotic destruction of the first half of the twentieth century, and the absence of compelling sociological reasons for the rich to spend their incomes or their wealth rather than save it.
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