aggregated from smaller surpluses, such as savings (actually deferred consumption for the most part) and those derived from commercial enterprises. The successful redeployments resulted in available returns to the beneficial owners of the surpluses, and compensations to the aggregators and to agents redeploying those surpluses. As a result of the development of leveraged credit, based upon the fractional reserve system (basically a method of estimating the rates of maturity of future obligations), credit funding for the creation and acquisition of productive assets and application of related human efforts began to displace the redeployment of aggregated surpluses for those critical functions. Portions of those displaced surpluses began to be directed toward other politically determined social objectives. That trend has continued at an accelerating rate through most of the western economies. For a period of time those politically re-directed surpluses were provided with politically determined returns (usually by means of some form of sovereign debt), since the surpluses were not applied to generate forms of production that create available returns or other compensation. A further change occurred in the modes of aggregation of surpluses arising from invested capital (aggregated surpluses). The fragmented ownership of invested capital represented by diverse forms of public ownership in commercial enterprises, through shareholdings and other various kinds of beneficial interests, have resulted in the control of aggregated surpluses by layers of managerial determinations. The variations in motivations of the persons and groups making up the differentiated layers of managerial actions have begun to produce conditions in which