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You're misunderstanding the meaning of "acting as intermediary between capital and labor". "Capital" doesn't mean money; economists use that word to refer to durable goods that can be used to produce other, salable goods. Most goods require some mix of labor and capital to produce, and Say is identifying entrepreneurs as the people who coordinate that mixing.

Even if "capital" were intended in the sense that you're imagining, it's not clear why it would need to be "startup money in a round of funding" or any other kind of loan. Plenty of entrepreneurs, in the 19th-century sense of the word, provide both financial and physical capital out-of-pocket.



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