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Do We Have a Dynasty of Wealth in the United States?
This passage argues that the United States does not have a permanent dynasty of wealth. While some inherited fortunes exist, the majority of the richest Americans earned their wealth independently, and new industries such as microelectronics and emerging energy technologies continuously create fresh fortunes. Economic change ensures that wealth shifts over time, discouraging stagnation. Historically, few families have maintained great wealth across generations, and the most successful societies remain those where opportunity allows individuals to rise regardless of their birth. Overall, the…
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