This is the homeopathic theory of government intervention: the much-less-government Belle Epoque had greater wealth concentration than a century later because government still intervened some in 1875. The lower the concentration of government, the more potent grows its poison, as libertarians attribute society's problems to this diminished residual. If things aren't better following government reduction, the solution must be to shrink it further, not to reconsider the theory.

People still peddling revolutionary communism have a parallel homeopathic theory about capitalism. Bring up a bunch of empirically observed problems in the former USSR and they'll go "Oh, those 20th century 'communist' societies were state capitalist, not real communists; the problem was that they didn't get rid of capitalism enough. Under Real Communism we'd have all the good stuff and none of the bad."

It's not very convincing.

except it is the exact opposite. and the entire article is about it... sigh.