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The extent to which a capital source is finite, time-bound, and dependent on discretionary renewal in order to persist. Exhaustible capital is depleted through use and must be periodically replenished through approval, reallocation, or recommitment. The core mechanism: finite capital → renewal requirement → discretion → dependency → substitution risk.
A 3-year grant is exhaustible: at cycle end, the institution must seek renewal. Each renewal reintroduces discretion, creating the conditions for capital–legitimacy substitution regardless of funder intent.
CESIA Section 3