Over the following years, German business built up gigantic financial reserves, which could be used for internally funded investment. And this, apart from the cosmetic aspects, was clearly the real purpose of the dividend decree. From the point of the Reich authorities the aim was to divide up the national resources available for investment and public spending. Industrial investment would be funded out of the profits not distributed to shareholders. Access by corporate borrowers to the long-term capital market–replenished out of household savings flowing through the banks, savings banks and
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