Working capital is the bloodstream of economic life. It is physical capital, the fast turning inventories of goods in process and finished goods that supply materials to the worker, and feed and clothe her family. Short term commercial loans and trade credit buy it, but the capital is “real”—a fact often forgotten in the paper and virtual worlds of high finance whence come the highest inner circles of government.
For “Insights” column in Groundswell, November-December 2008
