Pure competition, as Schumpeter sees it, exists only in open markets for fungible commodity products.
The financial industry is clearly on the leading edge of moving toward e-commerce as a solution; and with fungible products such as insurance or money, it is a perfect e-commerce candidate.
In the media, television stations thousands of miles apart would hire fungible newscasters who looked and acted the same.
Certainly, this appears to be the case for a country like Iran, where the major export is a largely fungible commodity that can be easily diverted to other markets.
Some would argue that this is both pedantic and unrealistic, since money is fungible and one £10 note is for all purposes the same as another.
For Enron, where everything was fungible , conservation made financial sense: The company could help its customers save energy, then resell those savings to someone else.
Money is fungible , and stopping them from transferring these funds would require a whole new micro-surveillance of wealth transfers in the world.
Green Tags function on the principle that electrical power is fungible - that is, one unit of it is identical in use to another, regardless of its source.
The solution was to provide legislatively for rights equivalent to co-ownership by customers of fungible securities held by the settlement systems.
One that acknowledges that my candidate's speech is mine, that hard money is fungible with soft money, and thus that both should be regulated the same way.