  The c<1 and c>1 matrix models are analyzed within large N renormalization
group, taking into account touching (or branching) interactions. The c<1
modified matrix model with string exponent gamma>0 is naturally associated with
an unstable fixed point, separating the Liouville phase (gamma<0) from the
branched polymer phase (gamma=1/2). It is argued that at c=1 this multicritical
fixed point and the Liouville fixed point coalesce, and that both fixed points
disappear for c>1. In this picture, the critical behavior of c>1 matrix models
is generically that of branched polymers, but only within a scaling region
which is exponentially small when c -> 1. It also explains the behavior of
multiple Ising spins coupled to gravity. Large crossover effects occur for c-1
small enough, with a c ~ 1 pseudo-scaling which explains numerical results.
