Default Invariance: Naïve Category of Law and Finance

Default invariance is the idea that default does not change at any scale of law and finance. Default is a conserved quantity in a universe where fundamental principles of law and finance operate. It exists at the micro-level as part of the fundamental structure of every financial transaction, and at the macro- level, as a fixed critical point within the relatively stable phases of the law and finance cycle. A key point is that default is equivalent to maximizing uncertainty at the micro-level and at the macro-level, is equivalent to the phase transition where unbearable fluctuations occur in all forms of risk transformation, including maturity, liquidity and credit. As such, default invariance is the glue that links the micro and macro structures of law and finance. In this essay, we apply naïve category theory (NCT), a type of mapping logic, to these types of phenomena. The purpose of using NCT is to introduce a rigorous (but simple) mathematical methodology to law and finance discourse and to show that these types of structural considerations are of prime practical importance and significance to law and finance practitioners. These mappings imply a number of novel areas of investigation. From the micro- structure, three macro-approximations are implied. These approximations form the core analytical framework which we will use to examine the phenomena and hypothesize rules governing law and finance. Our observations from these approximations are grouped into five findings. While the entirety of the five findings can be encapsulated by the three approximations, since the intended audience of this paper is the non-specialist in law, finance and category theory, for ease of access we will illustrate the use of the mappings with relatively common concepts drawn from law and finance, focusing especially on financial contracts, derivatives, Shadow Banking, credit rating agencies and credit crises.

Racism, nationalism and right-wing extremism online: The Austrian Presidential Election 2016 on Facebook

Thee 2016 Austrian presidential election saw a run-o between the Green party candidate Alexander Van der Bellen and the Freedom Party of Austria’s (FPÖ) far-right candidate Norbert Hofer. This paper asks: How did voters of Hofer express their support on Facebook? It presents the results of a qualitative ideology analysis of 6755 comments about the presidential election posted on the Facebook pages of FPÖ leader Heinz-Christian Strache and FPÖ candidate Hofer. The results reveal insights into the contemporary political role of the online leadership ideology, online nationalism, new racism online, the friend/enemy-scheme online, and online militancy. Right-wing extremism 2.0 is a complex problem that stands in the context of contemporary crises and demagoguery.

Introducing Corporate Reputation Continuity to Support Organizational Resilience Against Crises

As Corporate Reputation (CR) evolves into an important asset for organizations, crises and disasters stand as threats to the preservation of the reputation capital since they usually result to negative projections to their audiences and to problematic evaluations by their stakeholders. Viewing CR as the accumulated trust and positive evaluations of the stakeholders, this paper proposes a conceptual and normative framework for Reputation Continuity, which enhances the ability of organizations to preserve their reputation, instead of working for its recovery in the post-crisis period. In our approach, we propose a process of maintaining trusted links, instead of restoring them and establishing a reputation resilient organization, instead of one struggling to recover from reputation losses, after the crisis has emerged. Working closely with stakeholders during the crisis, injecting a sense of normality continuity through effective leadership and mitigating image problems are seen as critical concerns, alongside a set of managerial practices to be followed. Ultimately, it is argued that, the value-based and strategically integrated view of Business Continuity must be enhanced and supported by Reputation Continuity activities.

What is social innovation? The paradigm shift and its relationship with Social Work

Innovation is a fundamental part of social work. In recent years there has been a shift in the innovation paradigm, making it easier to accept this relationship. National and supranational policies aimed at promoting innovation appear to be specifically guided by this idea. To be able to affirm this hypothesis, it is necessary to review the perception that social workers have of their duties. It is also useful to examine particular cases that show how such social innovation arises.

Return Migration in the Ecuadorian and Bolivian population: motivations, strategies and discourses

This article analyses the motivations for return migration among the Ecuadorians and Bolivians who, after living in Spain, returned to their countries of origin during the economic crisis that started in 2008. From the analysis of 22 interviews in-depth which took place in Ecuador and 38 in Bolivia to women, men and young people from migrant families, this decision-making process is shown to be embedded into a gendered dynamics of relationships. Particular detail is given to affective and economic elements that had an influence on the decision to return, as well as to the strategies deployed to project their readjustment back in origin. Males and females occupy differential positions within the family, work and social circle, their expectations being built in a gendered manner. Despite the fact migration has brought women greater economic power within the family group, their reintegration upon return redefines their role as main managers in the household and the dynamics that allow their social reproduction. Men, for their part, aspire to refresh their role as providers in spite of their frail labour position upon return. Social mobility for females is passed on through generations by a strong investment on education for their daughters and sons, while for males this mobility revolves around setting up family businesses and around their demonstrative abilities.

Gendered Responses to Global Crisis: Circular Migration and Return among Ecuadorian Families in Spain and Ecuador

This paper analyzes the impact of Spain’s economic crisis on social reproduction strategies of Ecuadorian migrant families in Madrid and Quito. The paper analyzes circular migration experiences and more permanent returns to Ecuador. I argue that these strategies and migrants' greater or lesser capabilities to move between different migration destinations show significant gender differences. On the one hand, men and women make a differential use of their migratory status to deploy transnational strategies and expand their mobility. On the other hand, migrants’ degree of mobility and flexibility with regard to the labor market and transnational social reproduction are derivative of a specific gendered order and sexual division of labor.

GIS technologies and spatial organization patterns among hunter-gatherers: an archaeological case study from Southern Patagonia (southern South America)

This paper discusses some aspects of hunter-gatherer spatial organization in southern South Patagonia, in later times to 10,000 cal yr BP. Various methods of spatial analysis, elaborated with a Geographic Information System (GIS) were applied to the distributional pattern of archaeological sites with radiocarbon dates. The shift in the distributional pattern of chronological information was assessed in conjunction with other lines of evidence within a biogeographic framework. Accordingly, the varying degrees of occupation and integration of coastal and interior spaces in human spatial organization are explained in association with the adaptive strategies hunter-gatherers have used over time. Both are part of the same human response to changes in risk and uncertainty variability in the region in terms of resource availability and environmental dynamics.

Analytical strategies for the early quality and safety assurance in the global feed chain. Approaches for nitrogen adulterants in soybean meal and mineral and transformer oils in vegetable oils.

In the past decade, several major food safety crises originated from problems with feed. Consequently, there is an urgent need for early detection of fraudulent adulteration and contamination in the feed chain. Strategies are presented for two specific cases, viz. adulterations of (i) soybean meal with melamine and other types of adulterants/contaminants and (ii) vegetable oils with mineral oil, transformer oil or other oils. These strategies comprise screening at the feed mill or port of entry with non-destructive spectroscopic methods (NIRS and Raman), followed by post-screening and confirmation in the laboratory with MS-based methods. The spectroscopic techniques are suitable for on-site and on-line applications. Currently they are suited to detect fraudulent adulteration at relatively high levels but not to detect low level contamination. The potential use of the strategies for non-targeted analysis is demonstrated.

Capital 2.0 capital formation and legal risk in a new global economic order from fiat to exit: including case studies of the proposed transatlantic trade and investment partnership between the United States and the European Union and the financing relation between the United States and the People’s Republic of China

Following the intrinsically linked balance sheets in his Capital Formation Life Cycle, Lukas M. Stahl explains with his Triple A Model of Accounting, Allocation and Accountability the stages of the Capital Formation process from FIAT to EXIT. Based on the theoretical foundations of legal risk laid by the International Bar Association with the help of Roger McCormick and legal scholars such as Joanna Benjamin, Matthew Whalley and Tobias Mahler, and founded on the basis of Wesley Hohfeld’s category theory of jural relations, Stahl develops his mutually exclusive Four Determinants of Legal Risk of Law, Lack of Right, Liability and Limitation. Those Four Determinants of Legal Risk allow us to apply, assess, and precisely describe the respective legal risk at all stages of the Capital Formation Life Cycle as demonstrated in case studies of nine industry verticals of the proposed and currently negotiated Transatlantic Trade and Investment Partnership between the United States of America and the European Union, TTIP, as well as in the case of the often cited financing relation between the United States and the People’s Republic of China. Having established the Four Determinants of Legal Risk and its application to the Capital Formation Life Cycle, Stahl then explores the theoretical foundations of capital formation, their historical basis in classical and neo-classical economics and its forefathers such as The Austrians around Eugen von Boehm-Bawerk, Ludwig von Mises and Friedrich von Hayek and most notably and controversial, Karl Marx, and their impact on today’s exponential expansion of capital formation. Starting off with the first pillar of his Triple A Model, Accounting, Stahl then moves on to explain the Three Factors of Capital Formation, Man, Machines and Money and shows how “value-added” is created with respect to the non-monetary capital factors of human resources and industrial production. Followed by a detailed analysis discussing the roles of the Three Actors of Monetary Capital Formation, Central Banks, Commercial Banks and Citizens Stahl readily dismisses a number of myths regarding the creation of money providing in-depth insight into the workings of monetary policy makers, their institutions and ultimate beneficiaries, the corporate and consumer citizens. In his second pillar, Allocation, Stahl continues his analysis of the balance sheets of the Capital Formation Life Cycle by discussing the role of The Five Key Accounts of Monetary Capital Formation, the Sovereign, Financial, Corporate, Private and International account of Monetary Capital Formation and the associated legal risks in the allocation of capital pursuant to his Four Determinants of Legal Risk. In his third pillar, Accountability, Stahl discusses the ever recurring Crisis-Reaction-Acceleration-Sequence-History, in short: CRASH, since the beginning of the millennium starting with the dot-com crash at the turn of the millennium, followed seven years later by the financial crisis of 2008 and the dislocations in the global economy we are facing another seven years later today in 2015 with several sordid debt restructurings under way and hundred thousands of refugees on the way caused by war and increasing inequality. Together with the regulatory reactions they have caused in the form of so-called landmark legislation such as the Sarbanes-Oxley Act of 2002, the Dodd-Frank Act of 2010, the JOBS Act of 2012 or the introduction of the Basel Accords, Basel II in 2004 and III in 2010, the European Financial Stability Facility of 2010, the European Stability Mechanism of 2012 and the European Banking Union of 2013, Stahl analyses the acceleration in size and scope of crises that appears to find often seemingly helpless bureaucratic responses, the inherent legal risks and the complete lack of accountability on part of those responsible. Stahl argues that the order of the day requires to address the root cause of the problems in the form of two fundamental design defects of our Global Economic Order, namely our monetary and judicial order. Inspired by a 1933 plan of nine University of Chicago economists abolishing the fractional reserve system, he proposes the introduction of Sovereign Money as a prerequisite to void misallocations by way of judicial order in the course of domestic and transnational insolvency proceedings including the restructuring of sovereign debt throughout the entire monetary system back to its origin without causing domino effects of banking collapses and failed financial institutions. In recognizing Austrian-American economist Schumpeter’s Concept of Creative Destruction, as a process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one, Stahl responds to Schumpeter’s economic chemotherapy with his Concept of Equitable Default mimicking an immunotherapy that strengthens the corpus economicus own immune system by providing for the judicial authority to terminate precisely those misallocations that have proven malignant causing default perusing the century old common law concept of equity that allows for the equitable reformation, rescission or restitution of contract by way of judicial order. Following a review of the proposed mechanisms of transnational dispute resolution and current court systems with transnational jurisdiction, Stahl advocates as a first step in order to complete the Capital Formation Life Cycle from FIAT, the creation of money by way of credit, to EXIT, the termination of money by way of judicial order, the institution of a Transatlantic Trade and Investment Court constituted by a panel of judges from the U.S. Court of International Trade and the European Court of Justice by following the model of the EFTA Court of the European Free Trade Association. Since the first time his proposal has been made public in June of 2014 after being discussed in academic circles since 2011, his or similar proposals have found numerous public supporters. Most notably, the former Vice President of the European Parliament, David Martin, has tabled an amendment in June 2015 in the course of the negotiations on TTIP calling for an independent judicial body and the Member of the European Commission, Cecilia Malmström, has presented her proposal of an International Investment Court on September 16, 2015. Stahl concludes, that for the first time in the history of our generation it appears that there is a real opportunity for reform of our Global Economic Order by curing the two fundamental design defects of our monetary order and judicial order with the abolition of the fractional reserve system and the introduction of Sovereign Money and the institution of a democratically elected Transatlantic Trade and Investment Court that commensurate with its jurisdiction extending to cases concerning the Transatlantic Trade and Investment Partnership may complete the Capital Formation Life Cycle resolving cases of default with the transnational judicial authority for terminal resolution of misallocations in a New Global Economic Order without the ensuing dangers of systemic collapse from FIAT to EXIT.

Gobernar la educación a través de los padrespolítica educativa y construcción de subjetividades neoliberales en Inglaterra. (Governing education through parents: education policy and the construction of neoliberal subjectivities in England)

In this paper we explore the relationship between market norms and practices and the development of the figure of the parent within British education policy. Since the 1970s parents in England have been called upon to perform certain duties and obligations in their relation to the state. These duties include internalizing responsibility for risks, liabilities, inequities and the spectre of crises formerly managed by the state. Rather than characterize this situation in terms of the ‘hollowing of the state’, we argue that the role of the state includes enabling the functioning of the parent as a neoliberal subject, so that they may successfully harness the power of the market to their own advantage and (hopefully) minimize the kinds of risk generated through a deregulated education system. In this paper we examine how parents are compelled to embody certain market norms and practices as they navigate the field of education. In particular we focus on how parents are 1) summoned as consumers or choosers of education services, and thus encouraged to embody through their behaviour a competitive orientation; 2) summoned as governors and custodians of schools, with a focus on assessing financial and educational performance; and 3) summoned as producers and founders of schools, with a focus on entrepreneurial and innovative activity.

Greece, global fault-lines and the disintegrative logics of Germany’s primacy in Europe

Post-Keynesian, heterodox and Marxist political economists have rightly argued that the eurozone crisis is not a fiscal crisis but a balance of payments crisis, mainly caused by the pivotal position of Germany in the European Monetary Union (EMU) and its neo-mercantilist model of growth (low wage, low inflation and export-led). This view, however, sees the split between core and periphery in the European Union as something created with the introduction of the EMU in 1999. This chapter contends that this is not the case. By putting forth a global fault-lines historical perspective and focusing on the case of Greece, it is argued that the problem is not the introduction of the EMU but the geopolitical and macroeconomic asymmetries between core and periphery in Europe since the inception of what vaguely – and even inaccurately – can be defined as ‘European modernity’. Global fault-lines offer a macro-historical and macroeconomic understanding of crises seen as structural events generated by the evolving and contradictory tendencies of capitalism as a world system. It is not just a political economy perspective but a perspective that encompasses many instances of the social, especially geopolitical and geocultural structures.

Strategic Information Disclosure through Integrated Reporting : A study on OMXS30-listed companies’ compliance with the <IR> Framework content element Strategy and Resource Allocation

Background and problem – As a result of financial crises and the realization of a broader stakeholder network, recent decades have seen an increase in stakeholder demand for non- financial information in corporate reporting. This has led to a situation of information overload where separate financial and sustainability reports have developed in length and complexity interdependent of each other. Integrated reporting has been presented as a solution to this problematic situation. The question is whether the corporate world believe this to be the solution and if the development of corporate reporting is heading in this direction. Purpose - This thesis aims to examine and assess to what extent companies listed on the OMX Stockholm 30 (OMXS30), as per 2016-02-28, comply with the Strategic content element of the <IR> Framework and how this disclosure has developed since the framework’s pilot project and official release by using a self-constructed disclosure index based on its specific items. Methodology – The purpose was fulfilled through an analysis of 104 annual reports comprising 26 companies during the period of 2011-2014. The annual reports were assessed using a self-constructed disclosure index based on the <IR> Framework content element Strategy and Resource Allocation, where one point was given for each disclosed item. Analysis and conclusions – The study found that the OMXS30-listed companies to a large extent complies with the strategic content element of the <IR> Framework and that this compliance has seen a steady growth throughout the researched time span. There is still room for improvement however with a total average framework compliance of 84% for 2014. Although many items are being reported on, there are indications that companies generally miss out on the core values of Integrated reporting. 

Cassius Dio's speeches and the collapse of the Roman Republic

This thesis argues that Cassius Dio used his speeches of his Late Republican and Augustan narratives as a means of historical explanation. I suggest that the interpretative framework which the historian applied to the causes and success of constitutional change can be most clearly identified in the speeches. The discussion is divided into eight chapters over two sections. Chapter 1 (Introduction) sets out the historical, paideutic, and compositional issues which have traditionally served as a basis for rejecting the explanatory and interpretative value of the speeches in Dio’s work and for criticising his Roman History more generally. Section 1 consists of three methodological chapters which respond to these issues. In Chapter 2 (Speeches and Sources) I argue that Dio’s prosopopoeiai approximate more closely with the political oratory of that period than has traditionally been recognised. Chapter 3 (Dio and the Sophistic) argues that Cassius Dio viewed the artifice of rhetoric as a particular danger in his own time. I demonstrate that this preoccupation informed, credibly, his presentation of political oratory in the Late Republic and of its destructive consequences. Chapter 4 (Dio and the Progymnasmata) argues that although the texts of the progymnasmata in which Dio will have been educated clearly encouraged invention with a strongly moralising focus, it is precisely his reliance on these aspects of rhetorical education which would have rendered his interpretations persuasive to a contemporary audience. Section 2 is formed of three case-studies. In Chapter 5 (The Defence of the Republic) I explore how Dio placed speeches-in-character at three Republican constitutional crises to set out an imagined case for the preservation of that system. This case, I argue, is deliberately unconvincing: the historian uses these to elaborate the problems of the distribution of power and the noxious influence of φθόνος and φιλοτιμία. Chapter 6 (The Enemies of the Republic) examines the explanatory role of Dio’s speeches from the opposite perspective. It investigates Dio’s placement of dishonest speech into the mouths of military figures to make his own distinctive argument about the role of imperialism in the fragmentation of the res publica. Chapter 7 (Speech after the Settlement) argues that Cassius Dio used his three speeches of the Augustan age to demonstrate how a distinctive combination of Augustan virtues directly counteracted the negative aspects of Republican political and rhetorical culture which the previous two case-studies had explored. Indeed, in Dio’s account of Augustus the failures of the res publica are reinvented as positive forces which work in concert with Augustan ἀρετή to secure beneficial constitutional change.

Ecology, physiology and performance in high-rate anaerobic digestion

The design demands on water and sanitation engineers are rapidly changing. The global population is set to rise from 7 billion to 10 billion by 2083. Urbanisation in developing regions is increasing at such a rate that a predicted 56% of the global population will live in an urban setting by 2025. Compounding these problems, the global water and energy crises are impacting the Global North and South alike. High-rate anaerobic digestion offers a low-cost, low-energy treatment alternative to the energy intensive aerobic technologies used today. Widespread implementation however is hindered by the lack of capacity to engineer high-rate anaerobic digestion for the treatment of complex wastes such as sewage. This thesis utilises the Expanded Granular Sludge Bed bioreactor (EGSB) as a model system in which to study the ecology, physiology and performance of high-rate anaerobic digestion of complex wastes. The impacts of a range of engineered parameters including reactor geometry, wastewater type, operating temperature and organic loading rate are systematically investigated using lab-scale EGSB bioreactors. Next generation sequencing of 16S amplicons is utilised as a means of monitoring microbial ecology. Microbial community physiology is monitored by means of specific methanogenic activity testing and a range of physical and chemical methods are applied to assess reactor performance. Finally, the limit state approach is trialled as a method for testing the EGSB and is proposed as a standard method for biotechnology testing enabling improved process control at full-scale. The arising data is assessed both qualitatively and quantitatively. Lab-scale reactor design is demonstrated to significantly influence the spatial distribution of the underlying ecology and community physiology in lab-scale reactors, a vital finding for both researchers and full-scale plant operators responsible for monitoring EGSB reactors. Recurrent trends in the data indicate that hydrogenotrophic methanogenesis dominates in high-rate anaerobic digestion at both full- and lab-scale when subject to engineered or operational stresses including low-temperature and variable feeding regimes. This is of relevance for those seeking to define new directions in fundamental understanding of syntrophic and competitive relations in methanogenic communities and also to design engineers in determining operating parameters for full-scale digesters. The adoption of the limit state approach enabled identification of biological indicators providing early warning of failure under high-solids loading, a vital insight for those currently working empirically towards the development of new biotechnologies at lab-scale.

Defensive realism and the Concert of Europe

Why do great powers expand? Offensive realist John Mearsheimer claims that states wage an eternal struggle for power, and that those strong enough to seek regional hegemony nearly always do. Mearsheimer's evidence, however, displays a selection bias. Examining four crises between 1814 and 1840, I show that the balance of power restrained Russia, Prussia and France. Yet all three also exercised self-restraint; Russia, in particular, passed up chances to bid for hegemony in 1815 and to topple Ottoman Turkey in 1829. Defensive realism gives a better account of the Concert of Europe, because it combines structural realism with non-realist theories of state preferences.