Future Monument

Based on a series of collage made from images of mega yachts, the Future Monument looks at the possibility of taking late capitalism more seriously as an ideology than it takes itself seriously. The project asks whether the private display of wealth and power represented by the yacht can be appropriated for a new language of public sculpture. The choreographed live performance of the construction of the large scale monument was scripted to a proposed capitalist manifesto and took place in a public square in Herzliya, Israel. It aimed to articulate the ideology latent in capitalism’s claims to a neutral manifestation of human nature. The Future Monument project was developed through reading seminars taking place at Goldsmiths College, as part of a research strand headed by Pil and Galia Kollectiv on irony and overidentification within the Political Currency of Art research group. This research has so far produced a series of silk screen collage prints, a sculpture commissioned by the Essex Council and a live performance commissioned by the Herzliya Biennale. However, the project is ongoing, with future outputs planned including a curated exhibition and conference in 2012, in collaboration with Matthew Poole, Programme Director of the Centre for Curatorial Studies at the University of Essex.

Epic Sea Battle at Night: a Revolutionary Play with the Economic Thinking of Milton Friedman

The play Epic Sea Battle at Night was originally staged in 1967, to commemorate two of China’s People’s Liberation Army’s military triumphs over the Taiwanese navy two years previously. Produced at the height of the Chinese Cultural Revolution, the play is an example of the exploitation of the arts as an ideological instrument, celebrating military heroism and political conviction. Stills from the play were included in, China Pictorial 11, an English language propaganda pamphlet that was distributed to Western Imperialists in order to educate them in Maoist policy. Today, these images are clear representations of ideology. More than forty years after the Cultural Revolution, the ideology under which we live, neo-liberal late-capitalism, deliberately shirks from such blatant displays of propaganda. We have supposedly the freedom to believe whatever we like in a post-ideological age, and yet core beliefs about meritocracy, individualism and competitiveness frequently go unchallenged. By juxtaposing the visual language of ideology with the text of the capitalist manifesto, the re-enactment of a scene from Epic Sea Battle at Night harnesses the aesthetics of the past so as to allow us to reconsider the alleged neutrality of the present. The design of the stage, the positioning of the actors, costumes and props of the current production closely resembled those documented in China Pictorial 11, yet the actors’ monologues belong to a completely different context. No less heroic and utopian in tone than the speech given by the political instructor of gunboat 874 in the original play, the capitalist manifesto was an attempt to give a concrete language to the shapeless ideology of the present, and to force the invisible currents that govern life today, in China as in the West, to the surface. Neither a lecture on neo-liberal economics, nor a theatrical performance of a narrative, the piece appropriated the format of the propaganda play to re-evaluate the relationship between art and politics now.

State capitalism and social responsibility in China's banking industry

China’s financial system has experienced a series of major reforms in recent years. Efforts have been made towards introducing the shareholding system in state-owned commercial banks, restructuring of securities firms, re-organising equity of joint venture insurance companies, further improving the corporate governance structure, managing financial risks and ultimately establishing a system to protect investors (Xinhua, 2010). Financial product innovation, with the further opening up of financial markets and the development of the insurance and bond market, has increased liquidity as well as reduced financial risks. The U.S. subprime crisis indicated the benefit of financial innovations for the economy, but without proper control, they may lead to unexpected consequences. Kirkpatrick (2009) argues that failures and weaknesses in corporate governance arrangements and insufficient accounting standards and regulatory requirements attributed to the financial crisis. Similar to the financial crises of the last decade, the global financial crisis which sparked in 2008, surfaced a variety of significant corporate governance failures: the dysfunction of market mechanisms, the lack of transparency and accountability, misaligned compensation arrangements and the late response of government, all which encouraged management short-termism, poor risk management, as well as some fraudulent schemes. The unique characteristics of the Chinese banking system are an interesting point for studying post-crisis corporate governance reform. Considering that China modelled its governance system on the Anglo-American system, this paper examines the impact of the financial crisis on corporate governance reform in developed economies, and particularly, China’s reform of its financial sector. The paper further analyses the Chinese government’s role in bank supervision and risk management. In this regard, the paper contributes to the corporate governance literature within the Chinese context by providing insights into the contributing factors to the corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics. The paper’s next section provides a review of China’s financial system with reference to the financial crisis, followed by a critical evaluation of a capitalistic system and a review of Anglo-American and Continental European models. It then analyses the need for a new corporate governance model in China by considering the bank failures in developed economies and the potential risks and inefficiencies in a current State controlled system. The paper closes by reflecting the need for Chinese policy makers to continually develop, adapt and rewrite corporate governance practices capable of meeting the new challenge, and to pay attention to business ethics, an issue which goes beyond regulation.

Evaluating the efficacy of planktonic foraminifer calcite and 18O data for sea surface temperature reconstruction for the Late Miocene

This study examines the efficacy of published δ18O data from the calcite of Late Miocene surface dwelling planktonic foraminifer shells, for sea surface temperature estimates for the pre-Quaternary. The data are from 33 Late Miocene (Messinian) marine sites from a modern latitudinal gradient of 64°N to 48°S. They give estimates of SSTs in the tropics/subtropics (to 30°N and S) that are mostly cooler than present. Possible causes of this temperature discrepancy are ecological factors (e.g. calcification of shells at levels below the ocean mixed layer), taphonomic effects (e.g. diagenesis or dissolution), inaccurate estimation of Late Miocene seawater oxygen isotope composition, or a real Late Miocene cool climate. The scale of apparent cooling in the tropics suggests that the SST signal of the foraminifer calcite has been reset, at least in part, by early diagenetic calcite with higher δ18O, formed in the foraminifer shells in cool sea bottom pore waters, probably coupled with the effects of calcite formed below the mixed layer during the life of the foraminifera. This hypothesis is supported by the markedly cooler SST estimates from low latitudes—in some cases more than 9 °C cooler than present—where the gradients of temperature and the δ18O composition of seawater between sea surface and sea bottom are most marked, and where ocean surface stratification is high. At higher latitudes, particularly N and S of 30°, the temperature signal is still cooler, though maximum temperature estimates overlap with modern SSTs N and S of 40°. Comparison of SST estimates for the Late Miocene from alkenone unsaturation analysis from the eastern tropical Atlantic at Ocean Drilling Program (ODP) Site 958—which suggest a warmer sea surface by 2–4 °C, with estimates from oxygen isotopes at Deep Sea Drilling Project (DSDP) Site 366 and ODP Site 959, indicating cooler than present SSTs, also suggest a significant impact on the δ18O signal. Nevertheless, much of the original SST variation is clearly preserved in the primary calcite formed in the mixed layer, and records secular and temporal oceanographic changes at the sea surface, such as movement of the Antarctic Polar Front in the Southern Ocean. Cooler SSTs in the tropics and sub-tropics are also consistent with the Late Miocene latitude reduction in the coral reef belt and with interrupted reef growth on the Queensland Plateau of eastern Australia, though it is not possible to quantify absolute SSTs with the existing oxygen isotope data. Reconstruction of an accurate global SST dataset for Neogene time-slices from the existing published DSDP/ODP isotope data, for use in general circulation models, may require a detailed re-assessment of taphonomy at many sites.

Interpreting the response of a dryland river system to Late Quaternary climate change

A U-series calcrete chronology has been constructed for three Late Quaternary terrace units, termed the D1, D2 and D3 terraces in age descending order, from the Rio Aguas river system of the Sorbas basin, southeast Spain. The D1 terrace formed between 30,300 +/- 4400 year BP and 12,140 +/- 360 year BP, correlating well with the Last Glacial Maximum when rates of sediment supply would have increased greatly, because of higher rates of weathering, reduced vegetation cover and weak soil development. The D2 terrace formed between 12,800 +/- 1100 year BP and 9,600 +/- 530 year BP, correlating well with the Younger Dryas event. The D3 terrace could only be poorly constrained to the early Holocene and no unequivocal cause could be assigned to this period of aggradation. The sedimentology and geomorphology of the D2 terrace suggests, however, that the aggradation of this unit was a response to diapirism/karstic processes occurring within the underlying Messinian gypsum strata and the subsequent damming of the Aguas system. Therefore, despite its coincident occurrence with the Younger Dryas, aggradation of the D2 terrace is unrelated to climate change. The style of this response, controlled predominantly by the characteristics of the underlying bedrock, makes correlating the terrace record of the Aguas with other systems in the Mediterranean unreliable. This study, therefore, highlights the problems of correlating fluvial sequences in regions of variable tectonics, climatic history and bedrock geology and emphasises the need to properly understand the main controls on individual fluvial systems before any attempt is made to correlate their depositional histories. (C) 2004 Elsevier Ltd. All rights reserved.

Vegetation development and human occupation in the Damascus region of southwestern Syria from the Late Pleistocene to Holocene

Rockshelter Baaz in the Damascus region of Syria provided a variety of botanical remains from the Late Pleistocene and Early Holocene period. These remains provide new information about the vegetation evolution in this region. The earliest occupational levels correspond with a moisture peak during the Late Pleistocene, between ca. 34-32 kyr b.p., when pine expanded. The next occupations took place during extreme arid conditions, ca. 23-21 kyr b.p., and probably during the Last Glacial Maximum when a steppe vegetation was established. The occupation level of the Younger Dryas, represented by Natufian remains, suggests that the area had been covered by almond-pistachio steppe, similar to later periods of the Early Holocene, and was probably located just outside the range of dense wild cereal stands. There is no drastic impact of the Younger Dryas visible on the vegetation in the botanical remains. The lack of fruits and seeds at Baaz indicates that the site was more likely to have been a temporary hunting post rather than a plant processing site for much of its history. It is ideally suited to this purpose because of its location over the Jaba'deen Pass and the associated springs. However, archaeological remains from the Natufian period, suggest that the site was more permanently occupied during this time.

'Roman' or 'native' bodies in Britain: the evidence of late Roman nail-cleaner strap-ends

This paper reviews late Roman `nail-cleaner strap-ends', a group of objects first discussed by Hawkes and Dunning (1961). The precise function of these objects is unclear as their shape suggests use as toilet instruments but the split socket suggests that they were part of belt-fittings. We suggest a detailed typology and discuss the dating evidence and the spatial distribution of the type. Regardless of their precise function, it is argued in this paper that nail-cleaner strap-ends of this type are unique to late Roman Britain and thus represent a distinct regional type. The use of nail-cleaner strap-ends can be viewed in the context of gender associations, military status and religious beliefs.

Chronology for the Aegean Late Bronze Age 1700-1400 BC

Radiocarbon (carbon-14) data from the Aegean Bronze Age 1700-1400 B.C. show that the Santorini (Thera) eruption must have occurred in the late 17th century B.C. By using carbon-14 dates from the surrounding region, cultural phases, and Bayesian statistical analysis, we established a chronology for the initial Aegean Late Bronze Age cultural phases (Late Minoan IA, IB, and II). This chronology contrasts with conventional archaeological dates and cultural synthesis: stretching out the Late Minoan IA, IB, and II phases by similar to 100 years and requiring reassessment of standard interpretations of associations between the Egyptian and Near Eastern historical dates and phases and those in the Aegean and Cyprus in the mid-second millennium B.C.