Itappears，then，thatintheaffairsoflatterdaybusiness，asshownbymoderncorporationfinance，capitalandcreditextensionarenotalwaysdistinguishableinfact，nordoesthereappeartobeadecisivebusinessreasonwhytheyshouldbedistinguished。“Capital“means“capitalizedputativeearning-capacity，“expressedintermsofvalue，andthiscapitalizationcomprisestheuseofallfeasiblecreditextension。Thebusinesscapitalofamoderncorporationisamagnitudethatfluctuatesfromdaytoday；andinthequotationsofitsdebenturesthemagnitudeofitscreditextensionalsofluctuatesfromdaytodaywiththecourseofthemarket。Theprecisepecuniarymagnitudeofthebusinesscommunity’sinvestedwealth，aswellastheaggregateamountofthecommunity’sindebtedness，dependsfromhourtohouronthequotationsofthestockexchange；anditrarelyhappensthatitremainsnearlythesameintheaggregatefromoneweek’sendtothenext。Bothcapitalandcredit，therefore，varyfromhourtohour。and，withinnarrowlimits，fromplacetoplace。Themagnitudeandfluctuationsofbusinesscapital，-“capital“inthesenseinwhichthattermisusedinbusinessaffairs，-ofcourse，standinnohardandfastrelationtothematerialmagnitudeoftheindustrialequipment；nordovariationsinthemagnitudeofthebusinesscapitalreflectvariationsinthemagnitudeortheefficiencyoftheindustrialequipmentinanybuttheloosestandmostindecisivemanner。Soalso，andforthesamereason，themagnitudeandthevariationsoftheaggregatecreditafloatatagiventimebear，atthemost，butaremote，indirect，andshiftyrelationtotheaggregateofmaterialwealthandthematerialchangestowhichthiswealthissubject。Allthisapplieswithpeculiarcogencywhereverandinsofarasindustryandbusinessarecarriedonhymodernexpedientsandinduecontactwiththemarket。
This，ofcourse，hasnothingtosaytoBohm-Bawerk’stheoryoftheenhancementofproductionthroughlengtheningtheprocessesofindustry。Histheoryofthe“roundaboutmethod“appliestothetechnical，materialefficiencyofthemechanicalprocess；whereasthepointinquestionhereistheintervaloccupiedintheturningoverofagivenbusinesscapital。Bohm-Bawerk’spositionmaybequestionable，however，onothergrounds。
Cf。，e。g。，WernerSombart，“DerStildesmodernenWirthschaftslebens。“Achivfursoz。Gestzg。u。Statistik，vol。
ofDermoderneKapitalismusLeipzig，1902。
Cf。，e。g。，Marshall，PrinciplesofEconomics3ded。，bkVI，ch。VII，secs。3and4。