Stone is correct, however, in his criticism of oligarchy: the concentration of wealth in the hands of a few is patently wrong for the economic growth and the well-being of the masses of unprivileged citizens.
Take India for instance. As we all know, India is not quite a wealthy country. This is why—the local political oligarchy made the economy stalling for decades:
If progressive taxation worked, India would be the heaven on Earth by now. Instead, the Nehruvian socialist oligarchy damaged India beyond imagination by suppressing the rich. Nehru and his followers literally taxes the rich to kill the poor. What a sad story. The West should take note.