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Millionaires managers phần 7

Nhưng khi "người cho vay thị trường" nhường chỗ cho "thị trường vay chi phí các khoản cho vay và vị trí an ninh từ chối, và các chia sẻ tài chính từ bên ngoài đã trở thành ổn định, mặc dù nó đã được dễ dàng hơn để thu hút bên ngoài thủ đô và lợi nhuận chưa phân phối tiếp tục giảm. | which limited the scale of this shift. But when the lenders market gave way to the borrowers market the cost of loans and security placement declined and the share of external financing became stabilised although it was easier to attract outside capital and the undistributed profits continued to decrease. This cursory review of the money market shows what influence the change in the share of external financing exerts on the real interconnections of bank and industrial companies. This indicator may conceal entirely different undercurrent developments. It is clear for example that the big decline of external financing in the 1930s attested to the vastly increased dependence of industrial companies on bank credits the sale of securities and so on. In the 1940s the resources of the money market were insufficient for satisfying the demand of industry. The share of external sources was therefore lower than it could have been although the dependence of industrial companies on the banks was sufficiently high. But let us view the same problem from a broader angle. First given a normally functioning money market the complete refraining by industrial companies from recourse to long-term crediting of their capital investments would have been an anomaly for capitalism. Every large corporation and not only an ordinary capitalist enterprise intrinsically strives to break out beyond the narrow bounds of its own money accumulations. It is impelled to do so above all by competition the need to renew equipment to expand its sales and so on. What the real possibilities of such expansion are and to what extent they can be served by the money market depends on the concrete situation. For this reason the share of external financing might fluctuate within a very wide range. To consider that a downward fluctuation reflects a long-term tendency of contemporary capitalism is as wrong as to picture upward fluctuations as the rule. Second as soon as the bulk of large-scale capitalist .