translation.en: First, a very low rate of return 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.
translation.zh: 首先，由于战争1914-1945 资本回报率非常低 财富的损失，贬值 大萧条时的破产， 这都降低了 个人的财富收益率 到了一个低水平 在1914-1945。