Artículos de revistas sobre el tema "Bonds payable to bearer"

Financial assets and financial liabilities have always been the focus and difficulty in the teaching process of Intermediate Financial Accounting. The interpretation of the standards is very professional but abstract, coupled with complex calculations, making it difficult for students to learn. This article links the "debt investment" and "payable bonds" among them, and through case comparison, uses the "T" type account method for analysis to help everyone understand its basic principles and easily grasp the corresponding accounting processing.

Subject. This article examines the financial reasons for the growth of accounts payable in the Russian economy. Objectives. The article aims to determine the financial reasons for the growth of accounts payable in the Russian economy. Methods. For the study, I used analysis and synthesis, and the methods of correlation and regression analysis. Results. The article identifies and describes the financial reasons for the growth of accounts payable in the Russian economy. Conclusions. The identified main financial reasons for the growth of accounts payable in the Russian economy inform the authorities about the possibility of converting accounts payable into bonds and further into shares with the transfer of interest on debts to shareholders.

AbstractWe examine whether a firm’s debt maturity structure affects its credit quality. Consistent with theory, we find that firms with greater exposure to rollover risk (measured by the amount of long-term debt payable within a year relative to assets) have lower credit quality; long-term bonds issued by those firms trade at higher yield spreads, indicating that bond market investors are cognizant of rollover risk arising from a firm’s debt maturity structure. These effects are stronger among firms with a speculative-grade rating and declining profitability, and during recessions.

Abstract This article investigates the financing of corporations in industrialization’s early stages by examining new balance sheet data describing all Imperial Russian corporations in 1914. We emphasize differences between two Russian corporation types: share partnerships and A-corporations. Share partnerships issued greater dividends, were less likely to issue bonds, and had larger accounts payable. We find that capital structures varied with age, size, and sector according to modern corporate finance theories and that scaled profits did not demonstrate differential market power across corporation types. Thus, Russian corporations exhibited considerable financial flexibility, and reducing incorporation costs could have benefited the Imperial Russian economy.

AbstractThis contribution presents evidence for “modern” features in Old Assyrian trade (ca. 19th century B.C.), i.e. features not attested in earlier commercial records from ancient Mesopotamia or elsewhere and/or usually considered innovations of classical or early medieval times. It focuses on contractual and legal rules for long-term partnerships (a first step towards company law) and for coping with insolvent, absent or unwilling debtors. It also analyses the implications of bonds in the name of “the (anonymous) creditor,” occasionally designated as “the bearer of the bond,” the earliest evidence of and the first step towards the creation of commercial “bearerâ–™s cheques.”

The limitation of the use of coins lies in its weight, so that since before Islam, in addition to the currency of the dinar and dirham, also apply to the trade papers and bonds (credit) for large commercial transactions. In running his government, at least the Prophet set nine policies in the field of monetary, among them are: First, let the currency of dinar and dirhams and trade notes and bonds payable. Second, the exemption of tariffs and import duties on imports of gold and silver and commodities from the Persian and Roman regions. Third, the prohibition of money accumulation (kanz). Fourth, the prohibition of stockpiling to maintain the stability of the value of money. Fifth, the prohibition of lending money (riba) which is run along with the prohibition of hoarding money (kanz) has accelerated the circulation of money directed to investment activities. Sixth, encourage interest-free loans (qardhul hasan) and profit sharing and risk sharing models. Seventh, prevent speculative activities. Eighth, increasing the production of goods and services. Ninth, the abolition of the trade monopoly of the Quraysh in Ukaz and Dul-Majaz markets after the conquest of Mecca. The removal of this monopoly improves the efficiency and distribution of better income. Effective demand and demand for money transactions increased so as to speed up the circulation of money.

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine. The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies. It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market. The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.

The article deals with the economic essence of accounts payable. It is determined that in the process of deformations in the structure of business capital, it acquires the characteristics of a surrogate source of business financing, which in turn creates risks for the stability of Ukraine’s financial system. The authors describe the main trends in the dynamics and structure of accounts payable and define its impact on the growth of debt burden of non-financial corporations in Ukraine at the aggregate level. A comparison of the volume and growth rates of accounts payable in Ukraine and the EU countries is made, which allows to confirm the hypothesis of the introduction of a distorted model of business financing in Ukraine’s corporate sector. The authors point out that one of the reasons for the abnormally high debt dependence in the NFC sector at the aggregate level is the replacement of equity with other current liabilities (including financial loans from associated physical and legal entities), which allowed to establish such a flexible capital structure, which can help rapidly withdraw assets abroad in the event of macro-financial destabilization or other threats of capital loss related to the insecurity of property rights and the prevalence of fiscal voluntarism in Ukraine. The authors conclude that with the overload of balance sheets with short-term debts against the background of a significant reduction in equity leads to a rapid loss of financial stability. At the same time, under the influence of restrictions on activities and other concomitant barriers to doing business due to the global coronavirus pandemic, the financial depletion of the non-financial corporations sector could lead to a wave of corporate bankruptcies. It is concluded that under the influence of narrowing business access to capital in the financial market there is a rapid increase in lending to domestic business by nonresidents, which gives grounds to conclude that in this way domestic business lends itself, using funds previously withdrawn abroad. Further development of these trends not only can be a catalyst for financial imbalances at the level of individual enterprises, but can also provoke a crisis in the foreign exchange market. The authors substantiate that one of the ways to reduce the volume of current debt obligations is to assist the government in transforming the companies’ short-term liabilities into long-term ones. This can be done by converting the companies’ current liabilities into long-term bonds on a voluntary basis using simplified procedures for registration of their issue, and by registering current liabilities to suppliers (for goods and services) as long-term promissory notes.

Abstract This article aims to analyze the daily work of stretcher bearers in a Federal Teaching and Research Hospital in the context of COVID-19, exploring the subjective aspects related to working in constant contact with death and the invisibility to which these workers are subjected. The proposed discussion stems from a more comprehensive qualitative investigation. The main methodological resource of the empirical research was the direct observation in the daily work that allowed one to capture nuances of the work in a dialectical analysis with the workers. The data obtained were analyzed from the perspective of Social Psychology of Work. Transience and invisibility were identified as important categories of analysis of this daily work, where the process of becoming a stretcher-bearer was marked by aspects of precariousness of work and vulnerability of the worker. Working in contact with death was also understood as a factor of invisibility, where the creation of bonds and humor appeared as a collective strategy to face the harshness of work. This article concluded by examining the importance of looking at the subjective aspects of the work carried out by stretcher bearers, as well as the expansion of research on the subject.

This topic addresses the financial analysis of a business for lending purposes. Often a business is analyzed as a potential borrower. The lending activity by the financial institutions is complex and in itself contains other elements besides the sound analysis of the financial statements. These other elements are: recognition of the applicant's activity for the loan or its past repayment. The handling of many elements will help the analysts with the purpose of lending. The analysis of financial assets is done by banks, credit analysts for credit granting. The financial statements and the analysis of financial indicators in an enterprise is carried out to make decisions. The analysis of financial statements and financial indicators is carried out to assist in providing reports, explanations to make a decision about the enterprise, whether it is worthwhile to acquire the shares of the enterprise, whether it is a credible creditor, if the investment in the bonds society is most valuable. The following issues will be addressed in this topic. Interpretation of Balance Sheet for lending purposes, analysis of short-term assets and working capital, valuation of inventories in the balance sheet, their importance in the lending process, Interpretation of the size of the receivables and the accounts payable and Interpretation of the Statement of Income for Loan Purposes.

This paper defines Conditional Token (CT) as the token with specific conditions and proposes the use functions for its operations in smart contract so that it can be deployed at the public blockchain. If CTs were exchanged to/equivalent to fiat currency once then all conditions are realized, that is, the required performances and obligations/rights are agreed upon. In use, the obligation-type CT can be used as a divisible mortgage or be used as a representation of accounts receivable, accounts payable and vouchers as it is used in accounting. While the rights-type CT can be used as divisible fixed-income bonds or as an investment vehicle. Integrate both types of CTs with a matching methodology can thus be used in any kind of peer-to-peer (P2P) system of the decentralized finance, such as crowdfunding and P2P lending. This paper thus applying this new model to solve the complex issues of supply chain finance. For feasibility, this study concludes CT is the “Verdinglichung Obligatorischer Rechte”, and CTs are better than the current corporate loans in terms of cost and benefits. In addition, it is capable of transferring risk to other investors. In terms of implementation, this paper proposes a system framework and has completed a proof of concept of the system.

During the period 2020 to 2022, the financial reports reported by PT Indofood Sukses Makmur Tbk illustrate that this company was able to survive during the pandemic when almost all companies experienced a decline in turnover, so that quite a few companies went out of business. A company's resilience in maintaining financial performance greatly influences the company's condition so that it remains viable and stable when the country's economy is not doing well. The aim of this research is to determine the condition of the company PT Indofood Sukses Makmur Tbk in the 2020-2022 period using descriptive quantitative research. The problem formulation in this research is the condition of PT Indofood Sukses Makmur Tbk based on ratio analysis, comparison ratio, common size ratio, time series ratio and bankruptcy ratio. The research results show that the ratio analysis shows that the company has more internal cash compared to other current assets. This cash was obtained from short-term and long-term bank loans as well as bonds payable. For the activity ratio, it is indicated that the company is experiencing problems in collecting receivables from its colleagues. For the profitability ratio, the company has not been able to generate profits in accordance with industry standards. Regarding the comparison ratio, in general the comparison value during the research period decreased, as did the time series ratio which experienced a decrease. Meanwhile, in the bankruptcy ratio, the company is indicated as bankrupt but is experiencing a slow increase.

Purpose – This study empirically analyzes the effect of debt on the risk of entering zombie firms. Design/Methodology/Approach – This study empirically analyzes using a logistic model as to whether debt acts as a determinant of zombie firms using Korea listed firms data from 2010 to 2021. The risk of entering a zombie firms uses the interest coverage ratio. If the interest coverage ratio is less than 1, the risk of entering a zombie firm is considered to have occurred. Using the debt growth ratio and changes in total borrowings and bonds payable to total assets (TBBP) as explanatory variables, we analyze whether the debt increases the possibility of entering zombie firms. Findings – First, debt increasing has significant and positive effects on the risk of entering zombie firms, which is a factor that prevents the firm from continuing business activities as profitability deteriorates due to increased financial costs. Second, while the ratio of debt increase has significant result only at a specific stage, the change in TBBP is significant in all stages. This implies that weak financial structure stability has a greater effect on the possibility of firm insolvency than the burden of interest increases. Research Implications – This study has the following contributions. First, we confirm whether debt can act as a determinant of zombie firms. Second, by analyzing debt growth and debt dependence, we confirm that the weakening of financial stability has a greater impact on the risk of entering a zombie firm than the increase in financial costs.

The practice of preschool education insufficiently shows the system of work on getting preschool-age children familiar with parents’ childhood, undervalues the effectiveness of this process, its influence on the formation of family values, the desire to follow suit parents as the examples in the behavior and actions. The paper reveals the problem of the orientation of preschool-age children towards the family in the process of getting children familiar with parents’ childhood. The relevance of the study is justified by the process of updating the approaches to the organization of interaction of kindergarten teachers with the family, the formation of a valued attitude to the family. The study shows that adult family members and preschool-age children do not have sufficient information about each other. Children find it difficult to name their parents’ professions, not always tend to speak about the family. All this gives evidence of the loss of generational connection, and, as a result, insufficiently formed ideas about the family in children; the loss of perception of the family as a value; the weak emotional bonds between parents and children. According to the results of the study, the author identified that the orientation of preschoolers towards the family is possible when getting children familiar with parents, their childhood. The research pays special attention to the disclosure of bright events from parents’ childhood, their relations with their family members, and important moments from their lives. In the process of getting preschool-age children familiar with their parents’ childhood, children begin to take pride in their family, fill interest in their family as the bearer of family traditions.

Besides various proposals of solving current problem with education crisis, some new economic and social concepts appear, which are related to the notion of social capital. This article attempts to analyse conditions of social capital formation in the school as well as some factors that support its development. Particular attention is given to cultural management, which is perceived as a determinant of effective development of informal values and ethical standards common for the school community. In the conclusion it is pointed out that the supreme value of such strategic management of social capital is building relationships based on trust and partnership. This creates innovative organizational culture of school community. Its characteristic features are: a future orientation, elasticity and ability to act proactively. Thus, social capital becomes a bearer of cultural values that cause positive changes in the dominating cultural system of contemporary education. The article presents the following implications for practice or educational policy: educational policy makers can familiarise themselves with the main dimensions of the social organisation of the school, which in management theory are the basis for the growth of the social capital of the school ; Administrators can take action to develop an innovative organisational culture for the school community, adapted to current and future changes in the school environment as an organisation ; Educators can improve the individual educational environment of each pupil through cyberlearning space, which is now becoming an increasingly attractive alternative to existing methods of shaping the social capital of the school ; The participants of the educational process should together take part in the development of innovative structures of the educational community’s relational bonds through cultural management which formats the organisational culture of the school’s social capital as a system of meanings understood by the pupils and collectively accepted by them.

ABSTRACT This study’s main objective is to present the circumstances that signal an imminent commercial bank liquidation and the conditions in which mergers are advantageous for a potential acquirer. In addition, it applies the method in an empirical investigation within the context of the domestic banking industry. The research reveals new explanatory factors for liquidations and mergers between robust and insolvent banking institutions, such as bankruptcy costs and tax credits derived from a corporate union. The framework stands out for highlighting the role of creditor financial institutions participating in the open and interbank markets, which in the search to maximize their utility together with that of the shareholders have a decisive influence over the continuity or closure of the bank in crisis. The soundness of the financial system is an essential public good for society. Systemic financial crises cause significant costs for economic agents, such as a fall in production, increased unemployment, a rise in the fiscal deficit, and asset price instability. Efforts to achieve stability involve the regular functioning of banks. In this context, it is important to understand the circumstances under which banking institution distress can be solved by alternatives that are less costly for the treasury. Often, the research indicates the causes of disruptions to corporate activities; however, the explanatory variables and the tools used by bankruptcy prediction models are constantly being evaluated. Theories that elucidate the phenomenon are even scarcer. The paper’s result suggests the effectiveness of the method developed from the paradigmatic perspective of the field of economics and management, corroborating agency theory. The explanatory variables of bankruptcy and bank merger highlighted in this research can contribute to the elaboration of robust models to predict financial distress. The mathematical model of liquidation and merger was constructed from the viewpoint of an imperfect world where informational asymmetry and conflict of interests among shareholders, open and interbank market creditors, and bondholders (which includes depositors and holders of bonds issued by the bank) prevail. Bankruptcy maximizes shareholder and creditor utility if liquidation costs plus the value payable to the bondholders after liquidation are lower than the value they receive in the event of continuity. A merger is feasible for an acquirer if expected return plus tax benefits minus bondholder expenses is greater than the value payable to interbank market creditors. The method is applied to the merger between Itaú and Unibanco, considered a milestone in the process of consolidating the banking market in Brazil. This paper suggests the use of an algebraic model, based on agency theory, as an indicator of conditions for liquidations and bank mergers. The proposed approach was adequate for explaining the union between Unibanco and Itaú, which culminated in the largest private financial conglomerate in the Southern Hemisphere. Unibanco experienced the bankruptcy circumstances and there was evidence that Itaú’s tax benefits encouraged the merger. This article contributes to academic epistemology because it revisits the classical model, characterized by mathematical and theoretical robustness, and adjusts it to the specificities of banks. In addition to this methodological novelty, it applies it to an emblematic case, making it a useful tool for corporate decision-making and bank supervision, especially with regards to actions focused on financial stability.

Abstract Twelve syngeneic anti-idiotopic mAb (anti-idiotypic/idiotopic antibodies Ab2)) were prepared from CBH/Cbi rats immunized with one of three monoclonal anti-HSN antibodies (Ab1) (11/160, ALN/11/53, or ALN/16/53) specific for the HSN tumor. The sera of the rats used for hybridoma production and all of the monoclonal Ab2 specifically inhibited the binding to HSN of the immunizing Ab1 only. It is concluded that, in this completely syngeneic system, only the private idiotopes associated with the antibody-combining site were immunogenic. Analyses using Western blotting showed that the Ab2 bound to intact Ab1 and to isolated H chains where the intra-strand disulfide bonds remained intact. The Ab2 did not bind to L chains or to fully reduced H chains of the Ab1. It is concluded that the idiotopes expressed on the H chain were conformational. When a panel of 13 monoclonal Ab1 (including the three used for immunization) were tested for reactivity with the Ab2, three reacted specifically with their respective Ab2 and 8 gave no binding suggesting that each Ab1 had a distinct idiotypic specificity despite the fact that all the Ab1 competed with each other for binding to Ag. However, the two remaining Ab1 (ALN/9/94 and ALN/12/17) generated from different tumor-bearing rats, were found to possess the same idiotypic specificity as 11/160. A detailed analysis using seven Ab2 raised against 11/160 showed that while the idiotype of ALN/9/94 and 11/160 were very similar, that of ALN/12/17 showed some clear differences. These three Ab1 have been shown previously to bind a sequential epitope on the HSN Ag in Western blots and it is postulated that the common idiotype of these Ab1 reflects their recognition of a sequential epitope. This may also account for the relatively frequent occurrence in tumor bearer sera of antibodies with this Id.

The article discusses the effects of fiscal instruments used to stimulate the development of small business in Ukraine and the hypothesis that the inconsistencies inherent in these instruments prevent them from achieving the desired outcomes. To test this hypothesis, the authors estimated the percentage of small businesses covered by the simplified tax scheme and analyzed such fiscal instruments as the simplified tax scheme, various types of debt financing and taxation of debt financing. The authors used the data on the amount and dynamics of repayable financial assistance to estimate the scale of the phenomenon of corporate split-ups. The latter might be caused by the interest of large and medium-sized companies in accessing small business tax preferences. To calculate the amount of repayable financial assistance the authors propose to adjust the indicator of other current liabilities for the following indicators: other current accounts payable; interest incomes of resident banks; interest incomes of non-resident banks from their lending transactions in Ukraine; commission incomes of resident banks; and the total amount of corporate bonds. The analysis relies on the data of the State Statistics Service of Ukraine on activity of companies and the data of the National Bank of Ukraine on the country’s banking system in 2012–2017. The results of the analysis have confirmed the initial hypothesis about the contradictory effects of fiscal instruments: 1) In the given period, from 22% to 38% of small businesses did not have access to the benefits of the simplified tax system due to the inadequacy of the criteria for defining the size of business. 2) The taxation norms discriminated against small businesses seeking to use specific instruments of debt financing: instead of stimulating the development of start-ups, these fiscal instruments encouraged large and medium-sized companies to split into smaller units. 3) What distinguishes Ukraine from other countries is the wide use of repayable financial assistance by small businesses to attract funds. Calculations have shown that the share of repayable financial assistance among other available instruments of debt financing in the given period exceeded 28%. Thus, the findings indicate that further improvements of small business taxation are necessary.

Ageing populations with increased life expectancy, low mortality rates, and decreasing and volatile returns in financial markets have made old age financial security difficult. Further, escalating costs of the pension system are forcing the Indian government to re- evaluate its programmes providing social security to its employees. The government has so far received three official reports (namely, OASIS, IRDA, and Bhattacharya) which have examined the issue and suggested several measures to provide a safety net to the ageing population. This paper examines the recommendations made in these reports and analyses the potential effects of them. It is organized around five policy questions: Should the reformed system create individual (funded defined-contribution) accounts or should it remain a single collective fund with a defined-benefit formula? The policy issue is who bears the risk - individual or society collectively. If individual accounts are adopted, should public or private agencies administer the reformed system? The issues that need to be resolved are: the magnitude of intermediation costs, agency problem (principal-agent fiduciary relationship), and the costs to administer the plan. Should fund managers of retirement savings be allowed to invest in a diversified portfolio that includes shares and private bonds? Equity markets are highly volatile and go through long periods of feasts and famine. Guarantees need to be provided in the form of minimum return or providing minimum basic pension on retirement and the bearer of these conjectural liabilities needs to be decided. What should be the level of government fiscal support in the form of tax subsidy, foregone tax collections, grants, administrative costs incurred by its agencies, and level of assumed contingent liabilities in case the government guarantees minimum pension? The crucial question is: how much and to whom is this subsidy accruing? Should the government move toward advance funding of its pension obligations for its employees or should these obligations continue to be financed on pay-as-you-go basis? The present problem in the government pension system is due to successive governments behaving like Santa Clauses ignoring the cost to the exchequer. Mere privatization would not be able to solve these problems. An all-embracing pension reform is not possible overnight. Efforts should be made to find ways of supporting new systems that may supplement existing systems. Suggested measures include: A tax-financed and means-tested system for lower income groups. To build second pillar, continue publicly managed public system for people earning less than Rs 6,500 a month; and for others who can bear the risk, appoint an independent regulator to help develop and supervise private sector in offering risk- return efficient pension products with tax subsidy already available under Section B0CCC. There is no moral justification in India for providing tax benefits to privileged groups to build third pillar. Government should refrain from frequent tinkering of tax laws to benefit a few. This paper also suggests specific fiscal and other measures for implementing a feasible and viable pension system in lndian conditions. For the present, the least that the government can do is to appoint an independent regulator who would also act as developer and make EPFO an independent agency having professional experts on its board.

Introduction What is inflation-orthopedic perspective In orthopedic surgery, inflation is characterized as the gradual increase in the cost of surgical materials and medical services. This drop in buying power implies that the same amount of money may buy fewer medical products and services. For example, if inflation raises the cost of essential materials and services, a conventional knee replacement operation may become more expensive. Inflation-adjusted insurance reimbursements to doctors have also fallen, implying that orthopedic surgeons may be paid less in actual terms for the same surgeries over time. How inflation affects us Inflation has a considerable impact on orthopedic physicians’ personal fortunes. It can reduce buying power, raise the cost of medical equipment and services, and lower the true worth of savings and investments. This can lead to greater operational expenses and less profitability for surgeons in private practice. Inflation can also impact debt payments, since many doctors with large debts may face increasing interest rates on variable-rate loans. Furthermore, if salaries and other revenues do not keep up with inflation, orthopedic surgeons’ time-adjusted income declines, limiting their capacity to save and invest for future aspirations. **Understanding Inflation** Understanding factors of inflation for India Supply and demand forces combine to generate inflation in India. On the supply side, changes in agricultural output caused by irregular monsoons have a considerable impact on food costs, which account for a large portion of the Consumer Price Index (CPI). For example, unseasonal rains in late 2023 caused a jump in vegetable prices, resulting in a 7.5% CPI inflation rate in November 2023. Furthermore, global issues such as crude oil price swings influence transportation and production costs. In 2022, the Russia-Ukraine conflict prompted crude oil prices to skyrocket, resulting in increased petrol costs in India and inflation of more than 6%. On the demand side, increasing consumer spending and government stimulus measures, notably during the COVID-19 recovery period, have contributed to inflation. The Indian government’s numerous relief packages and direct cash transfers raised disposable income, driving up demand for goods and services. Furthermore, structural problems, such as inefficient supply chains and excessive logistics costs, contribute to inflationary pressures. The Reserve Bank of India (RBI) strives to control inflation between 2% and 6%, but chronic supply-side constraints and unpredictable global markets make this a difficult undertaking. How is inflation calculated India’s inflation rate is calculated by the RBI using the CPI. The formula is: Inflation Rate = (CPI Current – CPI Previous) × 100. The current base year is 2012. The main components and their estimated weights are as follows: • Food and beverages: 45.86% • Housing: 10.07%. • Clothing and footwear: 6.53% • Fuel and light: 6.84% • Miscellaneous (includes services, such as healthcare, education, and transportation): 28.32%. To contain inflation and stabilize the economy, the RBI sets interest rates and monetary policy based on the CPI inflation rate. Investment Strategies to Beat Inflation Inflation-silent eroder of money power Inflation has a substantial influence on the value of money since it raises prices over time, lowering the buying power of money. Assuming a 5% inflation rate, products and services that cost ₹100 this year will cost ₹105 next year. Furthermore, money held in a savings account normally generates just 4% interest, which can result in a loss of buying power if the interest rate is less than the inflation rate. In recent years, inflation rates in India have frequently exceeded 6%, resulting in a gradual loss in the capacity to purchase goods and services and a detrimental impact on long-term financial goals. Furthermore, over the years, this loss of purchasing power on your money is compounded exponentially. Example Let’s take an example of 1 lakh rupees invested for a 30 years horizon in banks and in equity stocks. ● Bank savings (4% interest rate): ○ Initial investment: ₹1,00,000 ○ After 30 years at 4% interest: ○ Future Value = 1,00,000 × (1 + 0.04)30 = ₹3,24,339 ● Equity investment (15% Return – these returns may vary on a yearly basis, but on a long-term average come to around 15%): ○ Initial investment: ₹1,00,000 ○ After 30 years at 15% return: ○ Future value = 1,00,000 × (1 + 0.15)30 = ₹66,21,596 ● Adjusting for 6% Inflation: ○ Real value after 30 years (using bank savings): ○ Adjusted value = 3,24,339 ÷ (1.06)30 = ₹50,438 ○ Real value after 30 years (using equity): ○ Adjusted value = 66,21,596 ÷ (1.06)30 = ₹10,30,801. Direct equity Individual doctors setup demat accounts and buy equities based on their own research. The ideal approach is to invest in high-quality firms with honest management and consistent price growth, such as Asian Paints, Pidilite, and Reliance (please bear in mind that this is not a stock suggestion). The disadvantage is that if an investor books losses during a market downturn, they may lose a large sum of money. World events such as wars, natural catastrophes, and stock market rumors can all generate price volatility. This might produce panic and uncertainty in the minds of investors, resulting in substantial losses. Mutual funds Mutual funds simplify investing through integrating the investments of many people to form a diverse portfolio. Direct mutual funds are less expensive than ordinary funds, with frequently lower expense ratios. Index funds, such as the Nifty 50, offer even lower expense ratios, often ranging from 0.1% to 0.3%, and efficiently follow indexes. Most actively managed mutual funds fail to outperform the Nifty 50 index. Thus, Nifty index funds, which closely mirror index performance, frequently prove to be a better investing option for many individuals. However, mutual funds face the danger of significant losses in market collapses. Nevertheless, a long-term investment horizon of around 7–10 years yields high returns. Real estate Real estate is frequently seen as a good inflation hedge due to rising property values and rentals. However, real estate investments need significant resources and carry hazards such as market volatility and property upkeep fees. Real estate investments are classified into three types: Residential, commercial, and real estate investment trusts (REITs). Residential investments include homes and apartments, whereas commercial investments include office buildings, retail spaces, and industrial sites. REITs provide liquidity and diversity without owning real property, but they are susceptible to market hazards. Commodities Investing in gold, silver, and other commodities such as gold and silver are classic inflation hedges that hold their value during inflationary periods. Gold is chosen for its safety and liquidity, but commodities are volatile and do not provide income in the same way that dividends or rents do. Commodities normally do well during inflation as prices rise, offering a hedge against currency depreciation, but they can be impacted by global supply and demand forces. Sovereign Gold Bonds (SGBs) are a secure and income-generating alternative to purchasing actual gold. They provide an annual interest rate of 2.5%, payable semi-annually, which increases the investment value. The interest earned is taxable, while capital gains on redemption are tax-free. SGBs have an 8-year lock-in term, with the opportunity to depart after the 5th year. Investing ₹1 lakh in SGBs over the past 8 years yields a return of around 128%, culminating in a final value of ₹2.28 lakhs, surpassing conventional gold at around 100%. Bonds Treasury Inflation-Protected Securities (TIPS) are government-backed investments that safeguard investors against inflation. They adjust their principal value with inflation and decrease with deflation, providing a safe, government-backed alternative with lesser yields than regular bonds. TIPS alter their principal value, offering a buffer against inflation but often with lower beginning interest rates. In a 10-year timeframe, a ₹1 lakh investment in TIPS would increase to around ₹1,81,940, whereas the same money in a bank FD at 6% interest would rise to roughly ₹1,79,085. TIPS generate a somewhat higher return, due to the inflation protection component, which enhances total yields. Practical Guidelines for Investors 1. An actionable approach for doctor investors would be to invest in mutual funds using platforms such as Kuvera and Coin, which provide direct investing in mutual funds. This helps to lower the expenditure ratio 2. Invest around 10–20% of your monthly income on a monthly basis (Systematic investment plans) rather than just accumulating in your bank 3. Prefer index mutual funds, such as the Nifty index funds 4. Make recurring investing in high-quality stocks with a strong reputation. This research must be conducted by the investor himself or through portfolio management services 5. Continue to purchase SGBs rather than physical gold wherever feasible 6. Commercial real estate should be preferred over residential real estate since it generates higher rents and appreciates more quickly 7. Do not keep a lot of cash, as it erodes its value. Instead, try to invest in real estate 8. Pay taxes regularly and try to use all the sections of tax deductions with the help of a good chartered accountant. (These guidelines are suggestions and recommendations and authors are not liable for any losses incurred by following these tips) Conclusion In India, orthopedic doctors may fight inflation by properly distributing assets across asset classes. These include equities, mutual funds, stocks, and debt instruments, such as SGBs, real estate, and REITs, as well as inflation-indexed bonds. By combining these assets with a balanced portfolio, doctors may establish a solid financial foundation while navigating inflationary challenges, assuring their financial future.

Введение. Представлено сопоставительное описание русского и китайского свадебных обрядов как форма проявления национальной традиционной культуры. Аспект рассмотрения материала ‒ сравнительно-лингвокультурологический, предполагающий выявление черт общего и различного во фрагментах национальной картины мира, связанных с традиционным массовым представлением русских и китайцев о свадьбе, свадебном ритуальном действии, свадебном этикете. Такой подход актуален для современной лингвистической парадигмы, когнитивно-дискурсивной и антропоцентрической по своей сути.Цель – выявление инвариантных и вариантных черт в представлениях о свадебном обряде, характерном для традиционных русской и китайской народных культур.Материал и методы. Материалом выступают языковые маркеры концептуализации данных представлений ‒ словные и сверхсловные (идиоматические) языковые единицы, обозначающие реалии свадебного ритуала. Методологические процедуры анализа определяют в качестве ключевого прием лингвокультурологического комментария, позволяющего выявлять тезаурусные лакуны, восполнять их (что крайне важно для носителя неаутентичной культуры и иностранного языка) и с учетом культурно-исторического контекста интерпретировать семантику языковых репрезентантов ядерного смысла «свадебный обряд».Результаты и обсуждение. Установлено, что в русском и китайском массовом традиционном представлении о свадебном обряде присутствуют общие (инвариантные, универсальные для любой лингвокультуры) и вариантные (актуализирующиеся в рамках конкретной лингвокультуры, имеющие дискурсивную (историческую, культурную, контекстно-событийную и коммуникативно-ситуационную) обусловленность) черты. Универсальными семантическими признаками в интерпретации свадебного обряда у русского и китайского этносов выступают общечеловеческие значимые аксиологические смыслы: свадьба ‒ результат и доказательство любви мужчины и женщины, их желания жить совместно, доверяя и помогая друг другу. Коннотативная составляющая универсальных смыслов ‒ положительная, одобрительная.Вариантные смыслы и их репрезентация в конкретной лингвокультуре характеризуются спецификой своего содержательного наполнения. В частности, доказано, что значимой для интерпретации свадебного обряда в русском и китайском этносах является этикетная составляющая. Совокупность морально-этических правил, существующая долгое время в социуме, определяет и понимание ритуализованных действий, к которым относится свадебный обряд. Так, применительно к русской культуре отмечается в качестве черты своеобразия желание скрепить узы брака «на небесах», заручившись благословением церкви. В китайской традиционной культуре акцентируется присутствие мотива поклонения как связующей все этапы и структурные компоненты свадебного обряда нити. В обеих лингвокультурах почитается семья, род, старшие.Заключение. Отмечается перспективность использования лингвокультурологического анализа для сопоставления культурных и языковых фактов из жизни этносов, различающихся по мировоззрению, быту, морально-этическим принципам. Introduction. The article is devoted to a comparative description of the Russian and Chinese wedding ceremonies as a form of manifestation of national traditional culture. The aspect of material consideration is a comparative linguoculturological aspect, involving the identification of common and different features in the fragments of the national picture of the world associated with the traditional mass idea of Russians and Chinese about weddings, wedding ritual actions, wedding etiquette. This approach is relevant for the modern linguistic paradigm, cognitive-discursive and anthropocentric in nature.The purpose of the article is to identify the invariant and variant features in the ideas about the wedding ceremony, which is typical of the traditional Russian and Chinese folk cultures.Methods and material. The material is linguistic markers of the conceptualization of these representations – verbal and super-word (idiomatic) linguistic units denoting the realities of the wedding ritual. Methodological analysis procedures define as a key method of linguoculturological commentary, which makes it possible to identify thesaurus gaps, fill them (which is extremely important for a bearer of an inauthentic culture and a foreign language) and, taking into account the cultural and historical context, interpret the semantics of linguistic representatives of the nuclear meaning “wedding ceremony”.Results and discussion. It was found that in the Russian and Chinese mass traditional ideas about the wedding ceremony, there are general (invariant, universal for any linguistic culture) and variant (actualized within the framework of a specific linguistic culture, having a discursive (historical, cultural, context-event and communicative-situational) conditionality) features... The universal semantic signs in the interpretation of the wedding ceremony among the Russian and Chinese ethnoses are universal human significant axiological meanings: a wedding is the result and proof of the love of a man and a woman, their desire to live together, trusting and helping each other. The connotative component of universal meanings is positive, approving.Variant meanings and their representation in a particular linguoculture are characterized by the specifics of their content. In particular, it has been proven that the etiquette component is significant for the interpretation of the wedding ceremony in the Russian and Chinese ethnic groups. The set of moral and ethical rules that have existed for a long time in society also determines the understanding of ritualized actions, which include the wedding ceremony. So, in relation to Russian culture, the desire to seal the bonds of marriage “in heaven”, having secured the blessing of the church, is noted as a feature of originality. In Chinese traditional culture, the presence of the motive of worship is emphasized as a thread connecting all the stages and structural components of the wedding ceremony. In both linguocultures, the family, clan, and elders are revered.In conclusion, it is noted that the use of linguoculturological analysis is promising for comparing cultural and linguistic facts from the life of ethnic groups that differ in worldview, way of life, moral and ethical principles

In February 2001, Omnicom, Inc.'s CFO Randall Weisenberger restructured Omnicom's liabilities by replacing a plain-vanilla convertible bond with a liquid yield option note (LYON). Omnicom's LYON was a “No-No,” a name that reflects the fact that the bond sold for par (NO accretion) even though it paid a 0% coupon (NO coupon) in most scenarios. To entice investors to buy this security, the LYON contained a conversion feature whereby investors could convert their bonds into common equity under certain circumstances. In addition, the Omnicom LYON contained a “co-pay” feature that reflected the fact that the interest rate payable to investors was contingent on Omnicom's stock price. The co-pay feature was a central issue in the case, as it allowed the corporation to treat the bonds under the Internal Revenue Service's Contingent Payment Debt Instrument rules. This effectively allowed the corporation to take large interest expense tax deductions even though no cash coupons were paid. The tax shield existed only as long as the bonds remained outstanding. However, the Omnicom LYON was putable and callable annually. In the event that investors put the bonds back to the company, the tax shield would be extinguished.To describe Omnicom's No-No and to provide a rich example for exploring the economic rationale for including various provisions in bond indentures.

The unification of Italian public debts in 1861 has been analysed until now without any detailed investigation into the changes that occurred in pre-existent public finance models, particularly as regards the contextualisation of public debt within the evolving framework of Italian capitalism. The Kingdom of Sardinia imposed on the other Italian regions not merely a state, bureaucratic and administrative system, but also an economic and financial one: a modern liberal-capitalist model of northern European origin and inspiration. The transition and incorporation of the Neapolitan public debt into the Great Book of the Italian Public Debt bear witness to this change. The aim of the present article is to investigate the transformation of the Italian public debt's structure. I explore specifically the effects of the shift from registered bonds to bearer bonds in Naples, as exemplifying a more radical metamorphosis and the transition from a public finance model typical of the ancien régime to the modern liberal-capitalist one, which is characterised by the Kingdom of Sardinia.

The company in running its business requires a certain amount of funds to achieve its goals. One of the sources of funds needed is long-term debt, including bonds payable. Bondholders must pay attention to changes in bond prices when investing in bonds. Changes in bond prices are influenced by liquidity, maturity and coupon factors. This study aims to determine the effect of the variables of Liquidity, Maturity Time, and Bond Coupons on the Bond Prices of Companies Listed on the Indonesia Stock Exchange. The period used in this research is 2 years, starting from 2019 to 2020. The population used in this study amounted to 43 series of fixed rate bonds listed on the Indonesia Stock Exchange for the 2019-2020 period. The sample selection technique used purposive sampling method and obtained 27 fixed rate bonds which were used as samples. Technical analysis of the data used multiple linear regression. Based on the results of data analysis, partially Liquidity has an effect on Bond Prices, Maturity Period has a negative and significant effect on Bond Prices, and Bond Coupons have a negative and significant effect on Bond Prices. The results of the multiple regression analysis show that the regression model can be used to predict bond prices as evidenced by the significance value of F of 0.000. Adjusted R-Square value of 0.400 indicates that the ability of the independent variable in explaining the variation of the dependent variable is 40%, and the remaining 60% is explained by other variables outside the research model.

Abstract This paper analyzes enterprise investment capability based on quantitative analysis under data mining technology and selects cash flow as the key indicator of enterprise investment to make a predictive analysis of enterprise cash flow. The system of enterprise investment capacity indicators is constructed, and the relationship between cash flow and each quantitative is analyzed by the regression model. The case analysis of the enterprise financing structure and the risk of bank financial indicators were conducted separately, and the results showed that the financing structure of enterprise A was dominated by long-term borrowing, which accounted for more than 60% every year, followed by bonds payable, which accounted for between 10% and 30% every year. The return on assets of Bank A is between 15% and 20%, much higher than the other two banks.

Abstract. One of the roles of the Capital Market in Indonesia is as a vehicle for investment for the community. The public, which in this case are investors, can channel their funds to securities traded in the Capital Market, one of which is bonds with the type of medium-term bonds or MediumTerm Notes (MTN). In fact, investing in bonds in the Capital Market is not only profitable for investors, but is also faced with the risk of loss, including because of the PKPU decision filed by a third party against the issuer, which then results in the non-fulfillment of investors' rights. This study examines the fulfillment of investors' rights in investing in bonds in the Capital Market, where the fulfillment of these rights is constrained because the issuer of bonds received a PKPU decision requested by a third party. This study uses a normative juridical approach with qualitative descriptive-analytical specifications. The results show that the rights of investors in investing in MTN bonds according to the trusteeship contract as outlined in the bond issuance prospectus are to get payment of principal and bonds payable, but in fact investors do not get the right to payment of principal and interest of the 6 bonds because of the PKPU decision to issuers. Abstrak. Salah satu peran Pasar Modal di Indonesia adalah sebagai wahana investasi bagi masyarakat. Masyarakat yang dalam hal ini adalah investor dapat menyalurkan dananya pada efek yang diperjualbelikan di Pasar Modal, salah satunya adalah obligasi dengan jenis obligasi jangka menengah atau Medium Term Notes (MTN). Kenyataanya, berinvestasi pada obligasi di Pasar Modal bukan hanya mendatangkan keuntungan bagi investor, tetapi juga dihadapkan risiko kerugian diantaranya karena putusan PKPU yang dimohonkan oleh pihak ketiga terhadap emiten, kemudian menyebabkan tidak terpenuhinya hak-hak investor. Penelitian ini mengkaji mengenai pemenuhan hak-hak investor dalam investasi pada obligasi di Pasar Modal yang pemenuhan hak-haknya tersebut terkendala karena emiten penerbit obligasi mendapat putusan PKPU yang dimohonkan oleh pihak ketiga. Penelitian ini menggunakan pendekatan yuridis normatif dengan spesifikasi deskriptif-analitis yang bersifat kualitatif. Hasil penelitian menunjukkan bahwa hak-hak investor dalam investasi pada obligasi jenis MTN sesuai kontrak perwaliamanatan yang dituangkan pada prospektus penerbitan obligasi adalah mendapatkan pembayaran pokok dan utang obligasi, namun pada faktanya investor tidak mendapatkan hak atas pembayaran pokok dan bunga ke-6 obligasi karena putusan PKPU terhadap emiten.

PurposeThis paper investigates how outcomes-based performance management (PM) regimes operate in the partnerships known as social impact bonds (SIBs), which bring together partners from the public, private and third sectors. The findings are analysed in the light of the different cultural world views of the partners.Design/methodology/approachPublished evaluations of 25 UK SIBs were analysed by a qualitative multiple case study approach. This study of secondary sources permitted the analysis of a wide range of SIB partnerships from near contemporary accounts.FindingsOutcomes frameworks led to rigorous PM regimes that brought the cultural differences between partners into focus. While partnerships benefitted from the variety of viewpoints and expertise, the differences in outlook simultaneously led to strains and tensions. In order to mitigate such tensions, some stakeholders conformed to the outlooks of others.Practical implicationsThe need to achieve a predefined set of payable outcomes embeds a “linear” view of intervention and effect on the SIB partners and a performance regime in which some partners dominate. In designing accountability systems for partnerships such as SIBs, commissioners should consider how the performance regime will affect the interests of all stakeholders.Originality/valueThis study adds to the cultural theory literature which has rarely considered three-way partnerships embodying hierarchical, individualist and egalitarian world views and how performance regimes operate in such partnerships. Three-way partnerships are thought to be rare and short-lived, but this empirical study shows that they can be successful albeit over a predefined lifespan.

The article discusses the features of managing the capital structure of enterprises, which is the ratio between their borrowed and own funds. One of the main factors in the optimality of the capital structure is to ensure the improvement of the performance of the enterprise, namely the increase in the return on equity. It has been established that to analyze the impact of the capital structure of an enterprise on the level of return on equity, the effect of financial leverage is used. Its main elements are the tax corrector, differential and leverage. The essence and interrelation of the differential and leverage of the effect of financial leverage, which can be influenced by the enterprise itself, are considered. It has been established that an increase in the leverage of financial leverage leads to a decrease in its differential. Calculation of the financial leverage effect differential is based on the determination of the weighted average price of borrowings. The expediency of taking into account the cost of accounts payable for goods, which arises as a result of a commodity loan, is substantiated when determining the weighted average price of borrowed capital. It is defined as the conversion into an annual interest rate of the amount of the price discount provided, subject to early payment for the shipped goods. It has been established that, in addition to accounts payable for goods, when calculating the weighted average price of borrowed capital, it is necessary to take into account the cost of a bank loan, financial leasing, issue of bonds and internal accounts payable. An analysis of the capital structure of Ukrainian enterprises was carried out and it was found that the main source of their financing is borrowed capital. Also, studies of the relationship between the financial leverage of Ukrainian enterprises and the level of their solvency and financial stability were carried out. The coverage ratio was chosen as the main indicator of solvency, and the autonomy ratio was chosen as the main indicator of financial stability. It is proved that changes in the capital structure in favor of borrowed funds reduce the solvency and financial stability of domestic enterprises. It is advisable to conduct further research on the relationship between the capital structure of domestic enterprises and the level of return on equity.

The COMPASS program supports young people to successfully transition from Out of Home Care to adulthood. COMPASS is a social impact bond partnership between Victorian government, not-for-profit organisations and investors. COMPASS uses linked data in every phase from design, to implementation, to outcome measurement. IntroductionStudies demonstrates that young care leavers experience significantly poorer outcomes than their peers. COMPASS is a preventative program progressivelyproviding 200 care leavers with access to housing and individualised support. The Centre for Victorian Data Linkage (CVDL) developed the Victorian Linkage Map (VLM) in 2016, linking 20 plus health and human services datasets with births and deaths data. Linked data provides a critical evidence base for COMPASS. Objectives and ApproachThe presentation describes application of linked data for COMPASS design, implementation and measurement. Linked data cohort analysis of post-care service use of 6000 young people informed the program design. Linked data also provides the basis for a stratification tool to measure the complexity profile of referrals. Health, housing and justice payable outcomes are measured by comparing relative performance of participants with a matched control group using linked data. ResultsImplementation of COMPASS has highlighted the value of linked data in service design and measurement of payable outcomes. It has also highlighted the challenges of using linked data in a real-world environment, including the need for thorough documentation and testing of specifications, calculations and processes. Conclusion / ImplicationsThe use of linked data for COMPASS provides a model for evidence-based service design and tests the use of linked data for robust and sustainable outcome measurement. The lessons from COMPASS are applicable to other social impact bonds and service implementation and outcome measurement more broadly.

Abstract Exploring the effectiveness of the application of big data technology in financial decision management of enterprise cloud accounting is to help better enterprises achieve economic growth and sustainable development. In this paper, a decision tree algorithm based on information gain and attribute dependency is jointly analyzed under big data technology using attribute dependency of rough set theory, attribute parsimony algorithm, and information gain of ID3 algorithm. The analysis of enterprise cloud accounting and financial decision-making is explained, including the process and content. The data analysis of financial decision management of WK Group, BL Real Estate, and LD Holdings is carried out using a decision tree algorithm. In terms of financing structure, debt financing mainly consists of long-term borrowings, short-term borrowings, and bonds payable, accounting for 66.06%, 21.18%, and 12.76%, respectively. In terms of gearing ratio, the average ratios of WK Group, BL Real Estate, and LD Holdings are 76.6%, 81.54%, and 80.05%, respectively. It shows that the decision tree algorithm based on information gain and attribute dependency can effectively perform corporate financial decision management analysis and visualize the company’s sustainable development strategy through the data.

Every company needs money or capital not only for its establishment but also for day to day operations. In order to acquire the money or capital a company will have its own variety sources that can be elucidated by capital structure. There are two ways or sources for financing a firm i.e. debt finance and equity finance also known as debt and equity capital. Debt Capital comes from bonds, debentures, long term notes payable etc. whereas equity capital comes from stock/shares may be equity or preference, retained earnings etc. Working capital is also a part of capital structure. Each category has its own pros and cons. Decisions related to finance is the integral element of any company. In this connection, the finance manager plays a vital role in arriving at a decision. He is always in dilemma that which proportion of capital leads to optimum utilization of funds. The widely accepted solution is a combination of equity capital and debt capital. Generally capital structure is formulated as per the interest of equity share holders. Hence rather than collecting funds totally from share holders, it is better to have a long term loan also, even though it is an expense to the company, this method is followed by many companies. This research paper primarily focuses on effectiveness of capital structure on profitability of Information Technology (IT) firms in India.

Every company needs money or capital not only for its establishment but also for day to day operations. In order to acquire the money or capital a company will have its own variety sources that can be elucidated by capital structure. There are two ways or sources for financing a firm i.e. debt finance and equity finance also known as debt and equity capital. Debt Capital comes from bonds, debentures, long term notes payable etc. whereas equity capital comes from stock/shares may be equity or preference, retained earnings etc. Working capital is also a part of capital structure. Each category has its own pros and cons. Decisions related to finance is the integral element of any company. In this connection, the finance manager plays a vital role in arriving at a decision. He is always in dilemma that which proportion of capital leads to optimum utilization of funds. The widely accepted solution is a combination of equity capital and debt capital. Generally capital structure is formulated as per the interest of equity share holders. Hence rather than collecting funds totally from share holders, it is better to have a long term loan also, even though it is an expense to the company, this method is followed by many companies. This research paper primarily focuses on effectiveness of capital structure on profitability of Information Technology (IT) firms in India.

Abstract This article focuses on Jewish women in the Nazi ghettos of German-occupied Latvia and Lithuania. It uses testimonies and memoirs of survivors to develop a narrative about life force atrocities at these sites, highlighting ways in which being a Jewish woman shaped the experience of the ghettos, where gendered risks were ubiquitous. Being a woman in the ghettos meant being both exploited and undervalued as a source of physical labor, targeted as a potential or actual bearer of children, and violated as an object of racist and sexist ideology and rage. Life force atrocities have physical and symbolic dimensions, targeting bodies, bonds, and norms of the community. This work considers what women’s accounts tell us about the presence – or ubiquity – of life force atrocities in the Baltic ghettos. It draws on the concepts of the universe of obligation and social death to highlight key roots and consequences of these atrocities for women. In testimonies and memoirs, we encounter themes of pregnancy, forced abortion, the wrenching loss of loved ones, sexual violence, and decisions made in the desperate hope of saving oneself or another. Survivor accounts are key to revealing life force atrocities as defining features of the Nazi ghettos, and the gendered risks faced by women prisoners in Nazi-occupied Riga, Daugavpils, and Kaunas.

The article reveals the nature, recognition and evaluation of long-term liabilities, their composition, summarizes the method of accounting for long-term liabilities and disclosure of information in the financial statements, based on which the company makes management decisions. The purpose of the article is to substantiate the theoretical and methodological provisions and develop practical recommendations aimed at improving the accounting support for long-term liabilities. The article will reveal information about the nature and evaluation of long-term liabilities. Valuation of liabilities can be measured reliably, and the future benefits of reducing those liabilities may decrease. This paper presents the composition of long-term liabilities in accordance with NP (S) BU 11 "Liabilities" and the Chart of Accounts. Correspondence of accounts on accounting of long-term financial lease liabilities, bonds sold at a premium and at a discount, promissory notes in national currency will be considered. In modern conditions, enterprises are one of the main sources of financing of economic activity, so the use of obligations effectively (or productively) affects the activities of enterprises. The issue of accounting for accounts payable (long-term and current) is relevant for enterprises, because the financial condition of the enterprise largely depends on the effective management of this type of debt. The question of timeliness of settlements between business entities is acute. Failure to repay liabilities, including long-term ones, leads to the accumulation of such debt and the depreciation of funds for creditors, which adversely affects the financial condition of the enterprise. The solution to this problem is possible under the conditions of effective management of long-term liabilities based on the analysis of information generated in the accounting system for reflection in the financial statements. The information on methodological bases of formation in the account of obligations and their disclosure in the reporting which is regulated by the legislative base is presented. Long-term liabilities are reflected in the liabilities of the balance sheet at their present value in Section II, and the notes to the financial statements provide information on the list and amounts of liabilities. Based on this reporting, the company can make management decisions.

OPSOMMING Georg Wilhelm Friedrich Hegel (1770-1831), een van die belangrikste figure in die ontwikkeling van Duitse idealisme, se filosofie staan as "absolute idealisme" bekend, aangesien hy die idee, of gees (verstand) as die eintlike werklikheid beskou - in teenstelling met 'n materialistiese denker soos Karl Marx, wat materie (stof) as primêre werklikheid aanwys. Hegel was die eerste Westerse denker wat die geskiedenis ernstig opgeneem het; volgens hom is alles, spesifiek menslike kulturele aktiwiteite, onderworpe aan historiese ontwikkeling, en beskryf hy hierdie ontwikkeling op verskeie vlakke, insluitende dié wat hy "absolute gees" noem. Op hierdie vlak word wêreldgeskiedenis aan die hand van 'n "dialektiese" ontwikkeling vanaf "subjektiewe" gees (individuele menslike passies en bedoelinge) via "objektiewe" gees (staatstrukture en wette) tot "absolute gees" voorgestel. In hierdie artikel word daar aandag gegee aan wat volgens Hegel op laasgenoemde vlak gebeur, spesifiek met betrekking tot sy raaiselagtige stelling, dat die kuns as "hoogste uitdrukking" van die gees "moet sterf", om plek te maak vir religie en filosofie as manifestasies daarvan op meer gevorderde vlakke. 'n Mens kan tereg wonder wat Hegel daarmee bedoel het in die lig van die voortdurende beoefening van kuns tot vandag toe. Die antwoord is geleë in die frase, "hoogste uitdrukking", wat daarop dui dat hy aan kuns in historiese ontwikkelingsterme dink - met ander woorde, kuns is die draer van die absolute gees tot op 'n bepaalde tydstip, waarna dit plek moet maak vir ander sodanige uitdrukkingsvorme, te wete godsdiens en filosofie. Bowendien is kuns self ook onderworpe aan interne ontwikkeling; vir Hegel is die vroegste kuns simbolies van aard, (met Egiptiese kuns as voorbeeld), gevolg deur klassieke kuns (onder die antieke Grieke) en laastens romantiese kuns (in sy eie tyd). Die verskille tussen hierdie drie kunsvorms word bepaal deur die verhouding tussen idee en materie; in simboliese kuns domineer materie oor die idee in kunswerke, sodat die betekenis daarvan slegs vaagweg gepeil kan word (dink maar aan die Sfinks, as die "simbool van die simboliese"), terwyl daar 'n volmaakte balans tussen idee en materie bestaan in klassieke Griekse kuns, sodat geeneen van die twee dominant is nie (soos in die geval van beeldhouwerke wat die god Apollo voorstel). In romantiese kuns (byvoorbeeld die romantiese skilderkuns van Gericault) vind 'n mens die teenoorgestelde van simboliese kuns, met die idee wat dermate oor die materie heers dat dit byna daarin slaag om in denkbeeldige vorm daarvan los te breek. Hierdie is volgens Hegel die "hoogste" ontwikkelingspunt wat kuns as draer van die gees kan bereik, voordat dit plek maak vir religie as "beelddenke" en uiteindelik filosofie, waar die gees as idee suiwer, sonder enige stoflike oorblyfsel, tot uitdrukking kom. Hier voltooi die absolute gees die ontwikkelingstrajek daarvan, wat by die objektiewe vergestalting daarvan begin en via subjektiewe beliggaming uiteindelik in absolute "selfkennis" kulmineer. Vir die doeleindes van hierdie artikel is dit egter tematies betekenisvol dat Hegel ook melding maak van die voortbestaan van kuns ná die punt waar dit afstand doen van die titel van "hoogste" manifestasie van die gees of idee, naamlik in die gewaad van "kritiese", polemiese kuns, wat vry geword het van spesifieke wêreldbeskouings. 'n Mens kan in die moderne kunsbewegings van die vroeë 20ste eeu - insluitende kubisme, abstrakte ekspressionisme, konseptualisme en futurisme - die beliggaming van hierdie verwagting by Hegel bespeur, waar hierdie soort kuns telkens die ontologiese aanspraak maak dat dit die ware werklikheid blootlê. As besonder treffende tydgenootlike uitdrukking van sodanige (radikale) kritiese kuns word Andy Goldsworthy se ekologiese kuns ten slotte onder die loep geplaas. Trefwoorde: dood van kuns, kritiese kuns, ekologiese kuns, dialekties, Hegel, geskiedenis, kapitalisme, Goldsworthy ABSTRACT Georg Wilhelm Friedrich Hegel (1770-1831), one of the major figures in the history of philosophy, played a significant role in the development of German idealism from Immanuel Kant in the 18th century via figures such as Schelling and Fichte, with the movement culminating in Hegel's "absolute idealism". In ontological terms idealism means that "the idea" is regarded as the true reality, instead of material things. Karl Marx, who learned a lot from Hegel as far as his dialectical method goes, famously remarked that Hegel had turned the world on its head, and he, Marx (a materialist thinker), would put it back on its feet again. Hegel made a substantial contribution to the philosophy of art - his multi-volume work, Lectures on Aesthetics, is justly famous - but instead of discussing it here in general terms, I shall focus on Hegel's puzzling statement that art had reached the highest point of its development as bearer of "the idea" in his own time (the first half of the 19th century), and would have to make way for religion and philosophy as expressions of the idea, or spirit/mind. This is known as Hegel's thesis of "the death of art". One might wonder what this means, because anyone can see that, if he meant the end of art as a cultural practice, he was simply wrong, given the ubiquitous signs of ongoing artistic activities. This may be the case, but recall that Hegel saw art as having reached the highest point of its development as bearer of "the idea" at that time, suggesting that there would still be a role for art after this point. This is precisely what is the case. For Hegel, the idea, or spirit (mind) as ultimate reality, unfolds itself in the history of the world at various levels. At the niveau of social and political development, which Hegel writes about in his Philosophy of History, he understands history from the ancient Chinese, Indians and Persians, through the Greeks and Romans until his own time as the history of the increasing "consciousness of freedom", with every new era displaying a step forward, approximating the ideal of political freedom. In this, his most accessible work, as well as in his magnum opus, The Phenomenology of spirit/mind, Hegel displays what is probably his most lasting philosophical legacy - a keen awareness, more than any philosopher before him, of history, and the fact that everything human is subject to historical development, which he believed to have meaning and direction. Moreover, instead of a simple-minded, linear conception of history, he thinks of historical change dialectically - that is, developing from one state of affairs through its negation by its dialectical opposite, or antithesis, to another, higher state, which comprises a synthesis of the two preceding stages. This new stage is again negated by its opposite, and so on. Importantly, however, Hegel claims that, with every dialectical movement from one historical condition to another, the previous, negated stage is preserved, uplifted, and cancelled simultaneously (a tripartite process called sublation in English, and Aufhebung in German). This means that every earlier stage of development is still present in every later stage, but in a transformed fashion. Hegel also calls this "the negation of the negation" - incorporating something of the other into oneself. To reach the level of what he calls absolute spirit, it develops through subjective spirit (sense perception, consciousness, self-consciousness) and objective spirit (the family, the state, law) to the point where it manifests itself in art, followed by religion, and eventually the highest level, namely, philosophy, where absolute spirit or mind "knows itself" in clear conceptual terms. In the development of art he distinguishes three stages, namely symbolic art, classical art and the art of his own time, namely romantic art. Certain kinds of art correspond to these stages, with architecture being the exemplary symbolic art, sculpture the epitome of classical art, and painting, music and dramatic poetry the clearest expressions of romantic art. Moreover, in every stage, and kind of art there is a typical relationship between the idea and the material within which it is enveloped (for that is what art is, for Hegel: the sensuous, or material, embodiment of the idea). In the case of symbolic art the idea does not appear clearly, but is only dimly suggested because the sensuous envelope predominates over it. The art of the ancient Egyptians serves as an example of symbolic art, with the Sphinx as "the symbol of the symbolic". Classical art is exemplified by ancient Greek sculpture, which is in a sense the "highest" that art is capable of as far as the relationship between idea and matter goes: in the sculptures depicting the Greek gods, such as Apollo, we see the perfect equilibrium, Hegel claims, between idea and matter, with neither dominating the other. However, when romantic art replaces classical art we find a preponderance that is the opposite of that found in symbolic art, insofar as the idea becomes too strong for the material to contain, so that it threatens to break its material bonds. Hegel sees this happening in the painting, music and poetry or drama of his time. Think of romantic paintings such as those of Eugene Delacroix or Theodore Gericault, for example, the latter's painting of The Raft of the Medusa, which commemorates the sinking of a ship by that name and shows survivors on a raft, in various stages of exhaustion and desperation. It is as if the painting is striving to surpass itself as artistic medium in an attempt to express the suffering of these people. The same is true of some of the music of Hegel's time. He would probably have been familiar with Beethoven's opera, Fidelio - with its valorisation of love, courage, sacrifice and freedom - although he does not refer to it. But it is particularly poetry and drama, where the poetic expressions of joy and suffering come close to philosophy (except that here they are instances of imaginative, instead of conceptual articulations), that testify to romantic art signalling the finale of art's capacity to embody the idea. Art passes the baton to religion, which Hegel thinks of as "pictorial thinking", and which expresses the subjectivity of humans and of God better than art could. Eventually religion has to make way for philosophy, though, because it is there that spirit or mind knows itself self-reflectively and clearly. As far as art is concerned there is an important corollary, however. Hegel writes about a "free art" that continues to exist after art has relinquished its "highest vocation", and attributes to this art a critical, polemical function, given that the artist has become free from the constraints of a specific worldview. In this respect Hegel seems to have been prescient; even in his own time he noticed that people had become less interested in merely looking at art, for instance, and more interested in what art meant - hence Hegel's anticipation of a "science of art". Beyond Hegel's lifetime art developed in a manner that bears out his expectations. Particularly in the early 20th century one notices a plethora of new art movements - abstract expressionism, cubism, fauvism, conceptualism, suprematism, futurism, metaphysical art - all of which bear overtly theoretical names, claiming to reflect the true nature of reality. In contemporary ecological art, such as that of Andy Goldsworthy, one may perceive a particularly powerful instance of the "critical" role of art that Hegel anticipated. It is here discussed to demonstrate what is meant by claiming that it embodies a "radically critical" art in the face of the ecological crisis facing humanity. Keywords: death of art, critical art, ecological art, dialectical, Hegel, history, capitalism, Goldsworthy

Photo by Patrick Tomasso on Unsplash ABSTRACT In cases where the law conflicts with bioethics, the status of rights must be determined to resolve some of the tensions. This paper considers the origins of both legal and philosophical rights, arguing that rights per se do not exist naturally. Even natural rights that are constitutional or statutory came from relationships rather than existing in nature. Once agreed upon, rights develop moral influence. INTRODUCTION l. The Question of Rights The language of rights is omnipresent in current discourse in law, bioethics, and many other disciplines. Rights dialogue is frequently contentious – some thinkers take issue with various uses of rights in the modern dialogue. For example, some criticize “rights talk,” which heightens social conflict when used as a “trump” against disfavored arguments.[1] Others are displeased by what is termed “rights inflation,” where too many novel rights are developed, such that the rights these scholars view as “more important” become devalued.[2] Some solutions have been proposed: one recommendation is that rights should be restricted to extremely important or essential ones. Some Supreme Court justices make arguments for applying original meanings in legal cases.[3] Conflict over the quantity and status of rights has long been a subject of debate in law and philosophy. Even Jefferson had to balance his own strict reading of the Constitution with tendencies to exceed the plain text of the document.[4] This thread of discourse has grown in political prominence over the years, with more Supreme Court cases that suggest newly developed (or, perhaps, newly recognized) rights. The theoretical conflict between textualists and those looking to intent or context could lead to repealing rights to abortion, sterilization, or marital privacy and deeply impacts our daily lives. Bioethics is ubiquitous, and rights discourse is fundamental. This paper analyzes the assumptions that underlie the existence of rights. The law is steeped in philosophy, though philosophical theories have an often-unacknowledged role. This is especially true in cases that navigate difficult bioethical issues. As a result of this interleaving, the ontological status of rights is necessary to resolve some of the theoretical tensions. Many philosophers have either argued for or implicitly included human rights in their theories of morality and legality. However, there is no universally accepted definition of rights; various philosophers have their own approaches. For example: Louden comments, “Rights are permissions rather than requirements. Rights tell us what the bearer is at liberty to do”; Martin thinks that a right is “an established way of acting”; Hohfeld concludes that all rights are claims.[5] Similarly, there is dissent about the qualities of rights: The Declaration of Independence characterizes rights as unalienable, but not all thinkers agree. Nickel comments, “Inalienability does not mean that rights are absolute or can never be overridden by other considerations. . . Perhaps it is sufficient to say that [human] rights are very hard to lose.”[6] This discord necessitates additional analysis. “Many people tend to take the validity of. . . rights for granted. . . However, moral philosophers do not enjoy such license for epistemological complacency.”[7] Because of the fundamental impact that political and moral philosophy enacted as the law have, this paper considers the origins of both legal and philosophical rights, arguing that rights per se do not exist naturally. Even natural rights that are constitutional or statutory came from relationships rather than existing in nature. Once agreed upon, rights take on moral force. ll. Legal Rights: From Case to Constitution Bioethics and law sometimes address rights differently. Three Supreme Court cases marked the development of privacy rights in the United States: Griswold v. Connecticut (1965), Roe v. Wade (1973) and Cruzan v. Director, Missouri Department of Health (1990). These cases shape the normative dialogue and consider complex moral quandaries. Griswold v. Connecticut concerned providing contraception to married couples in contravention of state law. Justice Douglas writes for the majority that, based in “a right of privacy older than the Bill of Rights,” legally protected zones of privacy extend from the text of the Constitution. “Specific guarantees in the Bill of Rights have penumbras, formed by emanations from those guarantees that help give them life and substance.”[8] Writing in dissent, Justice Black argues that there is not a broad right to privacy included in the provisions of the Constitution, and expresses concern over “dilut[ion] or expans[ion]” of enumerated rights by terms such as privacy, which he characterizes as abstract and ambiguous – and subject to liberal reinterpretation.[9] He concludes that the government does have the right to invade privacy “unless prohibited by some specific constitutional provision.”[10] Also dissenting, Justice Stewart finetunes the argument: rather than look to community values beyond the Constitution, the Court ought to rely solely on text of the document, in which he “can find no such general right of privacy in the Bill of Rights, in any other part of the Constitution, or in any case ever decided by this court.”[11] Thus, Griswold v. Connecticut is an example of the tensions within the Supreme Court over strict textualism or broader interpretations of the Constitution that look to intent and purpose. Roe v. Wade held that there is a right to privacy found through the Due Process Clause of the Fourteenth Amendment that includes the right to make medical decisions including abortion. While the conclusion – that there is a Constitutionally protected right to abortion, with certain limits seems to expand the Griswold doctrine of privacy rights, dissent to the ruling stems from much the same concern as before. Justice Rehnquist writes: A transaction resulting in an operation such as this is not "private" in the ordinary usage of that word. Nor is the "privacy" that the Court finds here even a distant relative of the freedom from searches and seizures protected by the Fourth Amendment to the Constitution, which the Court has referred to as embodying a right to privacy.[12] However, he then departs from the stricter approach of Justices Black and Stewart: I agree… that the "liberty," against deprivation of which without due process the Fourteenth Amendment protects, embraces more than the rights found in the Bill of Rights. But that liberty is not guaranteed absolutely against deprivation, only against deprivation without due process of law.[13] This is a tempering of the stricter constructionism found earlier, where more latitude is allowed for the interpretation of the text of the Constitution, even though there are clearly limits on how far the words may be stretched, with the genesis of a new right. Later, in Planned Parenthood of Southwestern Pennsylvania v. Casey, the Court further refined Roe v. Wade implementing an “undue burden” test.[14] In Cruzan v. Director, Missouri Department of Health, the Court held that there is a general liberty interest in the refusal of medical treatment. The case continues the tradition of Griswold and Roe v. Wade ensuring a liberty that is beyond the text, but also allows states to impose a strict evidentiary burden to shape how the right is exercised. The Court affirmed the lower court’s decision that “because there was no clear and convincing evidence of Nancy [Cruzan’s] desire to have life-sustaining treatment withdrawn. . . her parents lacked authority to effectuate such a request.”[15] The Supreme Court found that the clear and convincing evidentiary burden applied by the Missouri Supreme Court was consistent with the Due Process clause. Justice Scalia notes that even though he agrees with the Court’s decision, he finds this judgment unnecessary or, perhaps counterproductive, because the philosophical underpinnings of the case “are neither set forth in the Constitution nor known to the nine Justices of this Court any better than they are known to nine people picked at random from the Kansas City telephone directory” and should be left to the states to legislate as they see fit.[16] He goes on to further argue that the Due Process clause “does not protect individuals against deprivations of liberty simpliciter”; rather, it protects them from infringements of liberty that are not accompanied by due process.[17] Justice Scalia’s textualist position likely influenced his remarks.[18] Comparing these cases, I argue there is a distinct effort to make the Constitution amenable to contemporary mores and able to address present issues that is moderated by justices who adhere to the text. The legal evolution of rights that are beyond the text of the Constitution may reflect social norms as well as the framers’ intent. Rights are protected by the Constitution, but the Constitution is mutable, through both case law and legislation. Prior to the adoption of the Constitution, the Declaration of Independence declared: We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed.[19] The Declaration of Independence gives insight into rights prior to the Constitution by referring to a priori rights extended by a creator, sheltered and supported by the state.[20] For earlier evidence of rights, Supreme Court cases often reference English common law doctrines. The common law was informed by preexisting principles and drew on a historical body of thought: philosophy. Exploring philosophy can give insight about the evolution of law. lll. Philosophical Rights: Issues of Ontology A moral right, the precursor to many legal rights, in some ways is a claim that bears moral weight. One relevant distinction is between positive and negative rights: a positive right is a claim on another to do something for the right holder; a negative right is a claim on others to leave the rights holder alone. Some rights are per se (that is, rights that have a de novo ontological origin) and some are constructed (rights that are secondary to some other theoretical apparatus). We must appeal to the state of nature to understand the origin of rights. If rights exist in the state of nature, they are de novo; if not, they are constructed. The state of nature is the theoretical realm where there are no social conventions or no normative rules. The theoretical state of nature is stateless. Hobbes writes about the state of nature. He constructs the person within as incorporating two normative qualities: the law of nature, “whereby individuals are forbidden to do anything destructive of their lives or to omit the means of self-preservation,” and the right of nature, where the person has the “right to all things” – those things required for self-preservation.[21] Similarly, more contemporary philosophers have also inferred that the right to freedom is a natural right.[22] I argue that nature allows every person the freedom to all things, or a natural right against limitation on freedom. Every person has the capacity to do whatever they want, in accordance with their reason; liberty, rather than being a normative claim, is a component of the essence of beings. Yet both nature and other people pose some limitations. Early modern contractarians’ status theories maintain that human attributes engender rights. [23] A specific formulation of human status ethics can be found in Kantian deontology. From the autonomous and rational will, Kant evolves his Categorical Imperative: “Act only according to that maxim whereby you can at the same time will that it should become a universal law.”[24] Without (or before) law, philosophers suggested behaviors should reflect moral rights. Like Rawls, I maintain that the state of nature includes both a scarcity of resources and individuals with whom we may develop conflicts of interest.[25] Individually, we are vulnerable to others, and because of that natural vulnerability, we have an inclination toward self-interest.[26] Therefore, we eventually find the state of nature unsatisfactory and move to create a civil society. Then the subsequent pathway to creating “rights” is well known. People agree on them and act accordingly. Then, they are enshrined in the law.[27] I attribute the impetus to move from the state of nature toward government to interpersonal interaction that creates a form of the social contract. Rawls qualitatively describes this when he notes the “identity of interests” that powers interpersonal cooperation.[28] To me, the development of positive social relations has three components. The first is the human capacity for empathy. Empathy is commonly accepted by psychologists as universal.[29] Kittay deepens the concept of human empathy, arguing that there is a “register of inevitable human dependency” – a natural sense of care found in the human experience of suffering and decay and death to which we all eventually succumb, necessitating a recognition of interdependence and cooperation.[30] The second is the importance of identity in generating social cooperation.[31] There is a sense of familial resemblance that resonates when we see others in our lives, forming the base of the identification that allows us to create bonds of mutual assent. A microsociety develops when people are exposed to each other and acts as a miniaturized state, governed by what is at first an implicit social contract. An internal order is generated and can be codified. The third component of social relations is the extension of the otherness-yet-sameness beyond human adults. Mirroring connects the fully abled adult man and the woman, as well as the child, the physically and mentally disabled, and could extend to animals as well.[32] Therefore, to me, it seems that rights do not exist per se in the state of nature, but because of our human capacities, relationships yield a social contract. This contract governs interpersonal relations with normative power: rights are constructed. Once constructed based on people in micro-society and then larger groups, rights were codified. Negative rights like those found in the U.S. Constitution allow people in liberal society to codify nearly universal ground rules in certain arenas while respecting minority views and differing priorities. However, the social contract is not absolute: it may be broken by any party with the power to enforce their will upon the other and it will evolve to reflect changing standards. So, there is a subtle distinction to be made: in unequal contractual social relations, there are not constructed rights but rather privileges. In a social relationship that aims at equal status among members, these privileges are normative claims – rights that are not inherent or a priori but mandated to be equally applied by society’s governing body. In this way, I differ from Rawls. To me, justice is a fundamental moral principle only for societies that aim at cooperation, where advancing the interests of all is valued.[33] CONCLUSION From Liberty to Law Social contractualism purports to provide moral rules for its followers even when other ethical systems flounder in the state of nature. Relationships consider the needs and wants of others. Rights exist, with the stipulation that they are constructed under social contracts that aim for equality of application. I also suggest that contractualist approaches may even expand the parties who may be allowed rights, something that has significant bearing on the law and practical bioethics. The strict/loose constructionism debate that has played out in the Supreme Court’s decisions focuses on whether rights are enumerated or implied. Theoretical or implicit contracts may be change quickly, based on the power dynamics in a social relationship. Theoretical bounds of the social contract (possibly including animals, nonhumans, etc.) may be constricted by an official contract, so these concerns would need to be adjudicated in the context of the Constitution. In certain cases, strict interpretation reflects the rights determined by the social compact and limits new positive rights; in others, a broad interpretation keeps government out of certain decisions, expanding negative rights to reflect changing social norms. The negative rights afforded in the Constitution provide a framework meant to allow expansive individual choices and freedom. The underlying social compact has more to do with the norms behind societal structure than forcing a set of agreed upon social norms at the level of individual behavior. The Constitution’s text can be unclear, arbitrary, or open to multiple meanings. The literary theorist may be willing to accept contradiction or multiple meanings, but the legal scholar may not. The issue of whether the social compact is set or evolving affects constitutional interpretation. The law is itself may be stuck in a state of indeterminacy: the law, in the eyes of the framers, was centered on a discourse steeped in natural, human rights, attributed to a creator. Today, there is an impulse toward inherent human dignity to support rights. The strict/loose constructionism debate concerns interpretation.[34] In conclusion, rights have no ontological status per se, but are derived from a complex framework that springs from our relationships and dictates the appropriateness of our actions. While the Constitution establishes the negative rights reflecting a social compact, interpretations recognize the limitations on rights that are also rooted in societal relationships. The author would like to thank Stephen G. Post, PhD, and Caitlyn Tabor, JD, for providing feedback on early drafts of this paper. [1] Mary Ann Glendon, A World Made New: Eleanor Roosevelt and the Universal Declaration of Human Rights (New York: Random House, 2001), 14. [2] James Griffin, On Human Rights (Oxford: Oxford University, 2008). [3] Maurice Cranston, What Are Human Rights? (London: Bodley Head, 1973). [4] Barry Balleck, “When The Ends Justify the Means: Thomas Jefferson and the Louisiana Purchase,” Presidential Studies Quarterly 22, no. 4 (1992): 679-680. [5] Robert Louden, “Rights Infatuation and the Impoverishment of Moral Theory,” Journal of Value Inquiry 17 (1983): 95; Rex Martin, A System of Rights (Oxford: Oxford University, 1993), 1; Wesley Hohfeld, Fundamental Legal Conceptions (New Haven: Yale University, 1919), 36. [6] James Nickel, "Human Rights", The Stanford Encyclopedia of Philosophy (Summer 2019 Edition), ed. Edward N. Zalta, accessed 27 April 2021, https://plato.stanford.edu/archives/sum2019/entries/rights-human/. [7] Andrew Fagan, “Human Rights,” Internet Encyclopedia of Philosophy, ed. James Fieser and Bradley Dowden, accessed 27 April 2021, https://iep.utm.edu/hum-rts/. [8] Griswold v. Connecticut 381 U.S. 479 (1965), para. 18, https://www.law.cornell.edu/supremecourt/text/381/479. [9] Griswold v. Connecticut 381 U.S. 479 (1965), para. 69 https://www.law.cornell.edu/supremecourt/text/381/479. [10] Griswold v. Connecticut 381 U.S. 479 (1965), para. 69 https://www.law.cornell.edu/supremecourt/text/381/479. [11] Griswold v. Connecticut 381 U.S. 479 (1965), para. 92 https://www.law.cornell.edu/supremecourt/text/381/479. [12] Roe v. Wade 410 U.S. 113 (1973), 172, https://www.law.cornell.edu/supremecourt/text/410/113%26amp. [13] Roe v. Wade 410 U.S. 113 (1973), 172-173, https://www.law.cornell.edu/supremecourt/text/410/113%26amp. [14] Planned Parenthood of Southeastern Pa. v. Casey, 505 U.S. 833 (1992), https://supreme.justia.com/cases/federal/us/505/833/#:~:text=Casey%2C%20505%20U.S.%20833%20(1992)&text=A%20person%20retains%20the%20right,the%20mother%20is%20at%20risk. [15] Cruzan v. Director, Missouri Department of Health 497 U.S. 261 (1990), https://www.law.cornell.edu/supct/html/88-1503.ZO.html. [16] Cruzan v. Director, Missouri Department of Health 497 U.S. 261 (1990), https://www.law.cornell.edu/supct/html/88-1503.ZO.html. [17] Cruzan v. Director, Missouri Department of Health 497 U.S. 261 (1990), https://www.law.cornell.edu/supct/html/88-1503.ZO.html. [18] It is worth noting that some of the Supreme Court’s conservatives – like Scalia, Thomas, Roberts – have expressed explicit disdain for the right to privacy introduced in Griswold. Jamal Greene, “The So-Called Right to Privacy,” UC Davis Law Review 43 (2010): 715-747, https://scholarship.law.columbia.edu/faculty_scholarship/622. [19] National Archives. “Declaration of Independence: A Transcription.” July 4, 1776; reviewed July 24, 2020, https://www.archives.gov/founding-docs/declaration-transcript. [20] However, the reference to a creator has come to mean a natural right and a priori best describes it rather than a religious underpinning. To borrow from Husserl, this approach will be bracketed out. [21] DJC Carmichael, “Hobbes on Natural Right in Society: The ‘Leviathan’ Account,” Canadian Journal of Political Science 23, no. 1 (1990): 4-5. [22] HLA Hart, “Are There Any Natural Rights?” The Philosophical Review 64, no. 2 (1955): 175. [23] Warren Quinn, Morality and Action (Cambridge: Cambridge UP, 1993), 170. [24] Immanuel Kant, Groundwork of the Metaphysic of Morals, trans. James Ellington, 3rd ed. (Indianapolis: Hackett, 1993), 30. [25] John Rawls, A Theory of Justice: Revised Edition (Cambridge: Belknap, 1999), 109. [26] JS Mill, Remarks on Bentham’s Philosophy, in Collected Works of John Stuart Mill, Vol. X, ed. JM Robson (Toronto: U of Toronto Press, 1985), 13-14. [27] Rex Martin, A System of Rights (Oxford: Oxford University, 1993), 1; Kenneth Baynes, “Kant on Property Rights and the Social Contract,” The Monist 72, no. 3 (1989): 433-453. [28] John Rawls, A Theory of Justice: Revised Edition (Cambridge: Belknap, 1999), 109. [29] Frederik von Harbou, “A Remedy Called Empathy: The Neglected Element of Human Rights Theory,” Archives for Philosophy of Law and Social Philosophy 99, no. 2 (2013): 141. [30] Eva Feder Kittay. Learning from My Daughter: The Value and Care of Disabled Minds (Oxford: Oxford UP, 2019), 145-146. [31] Jane Gallop, “Lacan’s ‘Mirror Stage’: Where to Begin,” SubStance 11, no. 4 (1983): 121; Lacan, Jacques. The Seminar of Jacques Lacan: Book X: Anxiety: 1962-1963, trans. Cormac Gallagher, 26-27, https://www.valas.fr/IMG/pdf/THE-SEMINAR-OF-JACQUES-LACAN-X_l_angoisse.pdf. (In Lacanian psychoanalytic theory, human development necessitates both recognition of the Self and the separation of the Self from the Other.) [32] Lacan, Jacques. The Seminar of Jacques Lacan: Book X: Anxiety: 1962-1963, trans. Cormac Gallagher, 27-28, https://www.valas.fr/IMG/pdf/THE-SEMINAR-OF-JACQUES-LACAN-X_l_angoisse.pdf. [33] There is an interesting discussion to be had about whether social contract theory allows for this gradation in quality of contracts, or whether the two are fundamentally different phenomena. I cannot answer this question here; John Rawls, A Theory of Justice: Revised Edition (Cambridge: Belknap, 1999), 102-103. [34] Ruthellen Josselson, “The Hermeneutics of Faith and the Hermeneutics of Suspicion,” Narrative Inquiry 14, no. 1 (2004): 2-4.