margen habitual de los tipos de interés en épocas mejores. Aun así, el obstáculo para los negocios no ha de buscarse en un desaliento efectivo de los prestamistas, pues, a decir verdad, el dinero
' Cf. L. Pohle, Bevölkerungsbewegung, Kapitalbildung und periodische Wirtschaftskrisen, who concludes that depression is due to a scarcity of capital as compared with population; the rate of increase of capital is conceived to fall short of the rate of increase of population, hence periodical depression.
Cf., por otra parte, Macrotty, Trusts and the State, p. 133, quien encuentra, recurriendo al testimonio ante la Comisión Real sobre la Depresión del Comercio y la Industria (Royal Commission on the Depression of Trade and Industry), que en tales momentos hay capital buscando constantemente inversión y entrando en competencia con el que ya está invertido.
CI. Final Report of the Soyal CotHmiaton on Deprearioa of Trade and Jnduitry (1886), "The repliei received from Chambers of Commerce to the inquiries we addresseil la them confirm the statements made by the witnesses who appeared before us. Those replies le«[lfy to the general maintenance or increase of the volume ot trade, accompanied In many cases bf a shrinkage In Its value, and In all cases by a serious diminutJon of profit. They also show how general is the belief In commercial circles that overproduction, the fall ot prices, and more effective foreign competition assisted by high tariOs, go tar Ui account tor the exiBting position of traile and industry la this country " (pp. ix-i}. Cf. also pp. xl-xr of the rTHE THEORY OF MODERN WELFARE 221 B 18 readily to be had on good security during any ^M protracted depression.'
También está el hecho de que la inversión se realiza de forma continuada, lo que demuestra que la dificultad no radica en que no se pueda encontrar capital para la inversión, ni en que la inversión carezca de perspectivas de beneficios razonables.