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Capital structured to reproduce itself over time without requiring episodic discretionary renewal. Continuity is maintained through internally defined rules—returns, replenishment mechanisms, or automatic recycling—that do not require approval by an external actor. Attenuates substitution dynamics by removing renewal cliffs.
An endowment with rule-based disbursement provides regenerative capital: the institution is not repeatedly forced into renewal negotiations that re-open discretion and dependency.
CESIA Section 6.1