NMCR : National Average Capitalization Rate NPT : National Average Rate of Profit.
1. The clear superiority of the TMNP over the interest rates paid to savers encourages the latter to invest in capital.
This is why this superiority applies the collective will of a strong TMNC.
2. One way to ensure this superiority is to cap the interest rates paid to savers at a fraction of the TMNP.
But the first means is the full exercise of ECPCE feedback, described in Chapter 7.
3. Corporate financing through bonds subscribed by savers poses a problem of its own.
Maintaining its authorization, even if it is strongly regulated, pulls down the capitalization rate of the enterprise, and therefore the TMNC. Moreover, financing by any kind of bond, as an alternative to a capital increase, diminishes the stimulating and regulating power of profit since the burden constituted by the interest due to bondholders reduces the profit by the same amount, whereas the most significant profit is a fixed share of the profit. For savers who contribute to corporate financing through their direct investments, the situation is clearer when they do so with enterprises that do not supplement their financing with bonds subscribed by savers.