The problem of perpetuities kicks in

The market fails because after the society matures, most of the value that needs to be allocated is already extant and given. 

So long as the creators of the value are alive, the issue of apportionment is straightforward but once the founders are gone, the problem of perpetuities kicks in. Inherited wealth is common wealth. The later generations are benefiting from the storehouse of value the prior generations had bequeathed to posterity, and that storehouse cannot be apportioned through competitive market mechanisms, it needs to be apportioned through collaborative gift exchanges. 

The same problem of perpetuities shows up in the political arena when parties inherit the power prior generations had built up. The parties become timid and cease to deserve the support of their constituencies. 

The difference between the natural person and the legal person is the difference between the workings of a political/economic theory and its failure. Natural persons don't live forever; legal persons do – and inside that difference resides the whole story. 

Undeserved wealth and illegitimate power are two sides of the same political/economic coin.