[munificent]

> Regarding number 2: "Shareholders" would include anyone who owns any stock at all, including a lot of middle class people with a simple S&P 500 ETF in their portfolio.

Yes, but shares are not at all uniformly distributed. Tim Cook owns 3.28 million shares of AAPL. For comparison, the 50 million Vanguard customers have to divide 1.3 billion shares amongst them, averaging about 26 shares of AAPL each.

> And the increase in productivity allowed more people to become capital owners, AKA entrepreneurs. The explosion in software entrepreneurs, for example.

The majority of those end up getting bought by larger software companies.

Overall capital ownership is increasingly concentrated among a small number of elites.