ABSTRACT
One type of change in the social framework which economic competition in the capital market has failed to produce, or, at any rate, to produce fast enough to keep pace with the growth of new problems, and which is particularly relevant here, is change in the structure of the capital market itself. The problems in question focus on the finance of the new small firm. Such firms are often in practice the source, not perhaps so much of new products, but certainly of new competition in established fields. Government and Stock Exchange controls are effective enough to ensure reasonable honesty, stability, and, in times when the demand for investment outruns the supply, limitation of the total quantity of investment. The finance of the small firm, the access of the small saver to high yielding investment, the redistribution of capital, the many detailed roughnesses and inadequacies of the existing system of controls remain open issues.
