... placing money withinvestment financial institutions in the capital market, and hold the remaining share in non-interest bearing, short-term bank deposits (eq. 7). The share of savings going to the ... focus of the theory, however, leaves the essential microeconomicaspects of finance out of the picture. In particular, although recognizing time as a fundamentaldeterminant of the circuit, the theory ... industries may weaken inthe long term.To a large extent, the expanding role of the state in the economy (as experienced in theindustrial countries after the 1930s, and especially in the second post-world...