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According to hegemonic stability theory, a global free trade economy needs a single dominant leader to keep it open and stable.
Bankruptcy
A legal process wherein individuals or entities that are unable to repay their debts can seek relief from some or all of their financial obligations.
Debts
Money owed by one party to another under an agreement that repayment will occur at a later date.
Bankrupt Discharged
Refers to the legal status whereby an individual or entity, previously declared bankrupt, has been officially released from most, if not all, debt obligations by a court.
Creditor
An entity or person to whom money is owed by a debtor.
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