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Preferred term

bankruptcy  

Definition

  • Bankruptcy is the legal state of being unable to make good on one's debts. Originally a crime—the accusatory origins of the word are retained when we refer to someone as “morally bankrupt”—ideas about and practices concerning bankruptcy have evolved over thousands of years, changing as do economic systems. [Source: Encyclopedia of Business in Today's World; Bankruptcy]

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URI

https://concepts.sagepub.com/social-science/concept/bankruptcy

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