Full text: From Stagnation in the 30s to Slow Growth in the 70s.

What factor Could have played this role in the case of the 
decline of accumulation in America? My answer was: The 
development of the capital market. The rise of the corporate 
system was bound up with a development of capital market, 
a broadening of this market which led to a cheapening of 
t he sources of outside finance. The yield of the shares 
declined in the course of time and reached a very low level 
in the 20s*Simulanously the issues reached a peak. The effect 
must have been equivalent to a large reduction in the long 
term rate of interest. It constituted a force counteracting 
the secular declineand explains especially the prosperity 
of the 2O5 and also the suddeness of the collapse in 1929.

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