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I'm still scared by Germans, Japanese, Vikings etc.......That's not necessarily true. It does still affect people today.
It's similar to the slavery issue in America.
Socio-economic statuses tend to be a cyclical process, by that I mean that statistically people follow or stay in the class their parents were in previous generations. And these breaks from cyclical classes do happen but are very very rare (statistically).
Hence the argument in Australia's case (and America's slavery history) is that the effects of 100s of years ago are still being felt by today's generation given that people are raised in a lower socioeconomic class and were not provided the same opportunities as others. And as much as people don't wish to admit it, having the "right " parents plays a major part in who you are and your ability to be successful in life
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