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A short-lived capital stock will manifest in accelerated depreciation and a fragile capital structure will incur an undue interest charge.

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Capital is whatever can be transformed or used to produce goods that satisfy human wants. It can be stored, deployed, and accumulated, because it is productive.

All of these businesses operated below the radar screen of megacapitalists like the Morgans. Their primary capital expenses were for real estate and inventory, which could be financed by traditional mortgages and bank working capital lines. But that was true only because they could “externalize” the cost of all the shipping infrastructure that