Citations & References
Academic foundations and related research for the Perpetual Social Capital framework.
Primary Papers
The Perpetual Social Capital Framework: Regenerative Models for Charitable Capital Deployment
Ghadamian, R. (2025). SSRN Working Paper.
DOI: 10.2139/ssrn.5784463
This paper introduces Perpetual Social Capital (PSC) as a fourth capital class alongside debt, equity, and grants. PSC combines the recycling benefits of loans with the burden-free nature of grants through soft repayment mechanisms. We derive the System Value Multiplier (SVM) showing that PSC generates 8.5×–51× more system value than traditional grants over 30 years, depending on recycling rate R.
Ghadamian, R. (2025). The Perpetual Social Capital Framework: Regenerative Models for Charitable Capital Deployment. SSRN Working Paper. https://doi.org/10.2139/ssrn.5784463Regenerative Capital Theory: Beyond Debt, Equity, and Grants
Ghadamian, R. (2025). SSRN Working Paper.
DOI: 10.2139/ssrn.5788982
A field-defining paper establishing 'Regenerative Capital' as a distinct economic paradigm. This work integrates PSC with public finance theory, commons economics, impact investing, and institutional resilience. It proposes a unifying model for non-extractive, multi-cycle capital frameworks capable of strengthening public-good systems over infinite horizons.
Ghadamian, R. (2025). Regenerative Capital Theory: Beyond Debt, Equity, and Grants. SSRN Working Paper. https://doi.org/10.2139/ssrn.5788982The Political Economy of Regenerative Capital: Incentives, Power, and Institutional Behaviour under PSC
Ghadamian, R. (2025). SSRN Working Paper.
DOI: 10.2139/ssrn.5789323
This paper examines how Perpetual Social Capital reshapes political and institutional incentives across public-good systems. Using a public-choice and institutional economics framework, it analyses how PSC alters the distribution of budgetary authority, weakens fragility-based mechanisms of control, reduces dependency on discretionary grant power, changes donor psychology, and enhances institutional autonomy. The paper argues that PSC functions not only as a financial innovation but as a governance technology.
Ghadamian, R. (2025). The Political Economy of Regenerative Capital: Incentives, Power, and Institutional Behaviour under PSC. SSRN Working Paper. https://doi.org/10.2139/ssrn.5789323Related Research
Further Reading
Giving What We Can
Evidence-based giving recommendations and impact measurement
GiveDirectly Research
Cash transfer effectiveness studies relevant to PSC soft repayment
Stanford PACS
Stanford's philanthropy research center
Global Impact Investing Network (GIIN)
Impact measurement standards and benchmarks
Have research to contribute?
We welcome academic collaboration on PSC development.