1. Intermediation in savings placements in permanent corporate financing confiscates power.
Enterprises A to G have shareholders who are all savers. As a result, the latter have powers. But now enterprise G, by means of an increase in its capital, has taken complete control of A. It then successively acquired enterprises B to F. Impulses given, arbitrations made and sanctions pronounced in the past by savers have disappeared.
2. . The freedom of entrepreneurship does not inherently provide its own limits.
It tends to reduce the freedom to choose. Once the need to oblige comparability has been admitted, competition refers to the freedom to offer regulated by the freedom to choose.
3. Shares Action held by an institutional investor are quasi-capital.
This is, more generally, the case for shares held by any enterprise. The public ownership of all or part of an enterprise is an instrument of quasi-capital, not capital in the sense defined above.
4. The necessity of the distinction between capital and quasi-capital is certain.
Extensions and retractions of the use of quasi-capital, instead of capital in the sense defined above, have systemic effects, as do any other decrease or increase in competition.