And the same will be increasingly true in other types of businesses. That was the beginning of this transitional period. Even then, it was possible to see human learning and capability as a critical factor on the horizon, although not sufficiently strong to influence corporate governance. Today, we have moved further through the transition. The capital market is now a buyer's market.
Capital seems to be becoming a commodity in the same way that wheat or iron ore are commodities.
If that is so, then the old capitalist organizational concept of the limited liability company is no longer valid. This is not a temporary state, no. I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.