> "What’s all but vanished is the correlation between how much companies borrow and how much they invest."
I think the better question is: Under what condition(s) would not investing be a wise and sustainable business decision.
The first answer that comes to mind is: a monopoly. If you dominate your market you have little fear of competition over taking you. You don't need to invest.
The second answer that comes to mind: being a member of a cartel; where competition is feigned for appearances. Again, the need to invest is minimal as normal market forces have been subverted.
I think the better question is: Under what condition(s) would not investing be a wise and sustainable business decision.
The first answer that comes to mind is: a monopoly. If you dominate your market you have little fear of competition over taking you. You don't need to invest.
The second answer that comes to mind: being a member of a cartel; where competition is feigned for appearances. Again, the need to invest is minimal as normal market forces have been subverted.