First, a very low rate of return due to the 1914 and 1945 war shocks, destruction of wealth, inflation, bankruptcy during the Great Depression, and all of this reduced the private rate of return to wealth to unusually low levels between 1914 and 1945.
Prvo, vrlo nisku stopu povrata radi ratnih šokova iz 1914. i 1945., uništenja bogatstva, inflacije bankrota tijekom Velike gospodarske krize, i sve je to smanjilo privatnu stopu povrata bogatstva na neobično niske razine između 1914. i 1945.