(Table 1, page 258) Chemical composition of 24 concentric layers inside manganese nodule DH9-9 from the Pacific Ocean

The minor-element composition of concentric layers within a single ferromanganese nodule from the eastern North Pacific exhibits strong correlations with Fe and Mn contents but appears to be independent of pronounced mineralogic variations. On the basis of these correlations, the elemental composition of individual layers apparently is controlled by the relative contribution of two sources: seawater, and interstitial water of associated sediment. In contrast, the mineralogy of the nodule, consisting of birnessite in the outer few layers and todorokite in the inner layers, is considered to be a function of nodule diagenesis.

(Figure 2, page 940) K-T boundary enrichment for cerium and iridium chemical composition of layers inside the ZETES-3D manganese nodule in the Pacific Ocean

Hydrogenous manganese nodules form on the ocean floor by slow authigenic precipitation (1-6 mm/Ma) of the oxyhydroxides of manganese and iron that continuously scavenge trace elements from the marine environment. Consequently, these nodules represent independent marine deposits useful for the study of the chemical signatures of the paleomarine environments. The results presented are a continuation of a study of the Zetes-3D nodule from the Pacific Ocean. It is a large (24x17x10 cm) hydrogenous nodule whose slow growth rate of 1.3 mm/Ma was detremined using 10Be techniques. A positive cerium anomaly is observed throughout the nodule and its Ir content indicates a sharp spike at 54-62 Ma in fair agreement with the K-T event.

Potassium and Argon data for dating the core, and radiochemical data of a series of measurements made on layers inside various manganese nodules from the Pacific Ocean

Although various models have been proposed to explain the origin of manganese nodules (see Goldberg and Arrhenius), two major hypotheses have received extensive attention. One concept suggests that manganese nodules form as the result of interaction between submarine volcanic products and sea water. The common association of manganese nodules with volcanic materials constitutes the main evidence for this theory. The second theory involves a direct inorganic precipitation of manganese from sea water. Goldberg and Arrhenius view this process as the oxidation of divalent manganese to tetravalent manganese by oxygen under the catalytic action of particulate iron hydroxides. Manganese accumulation by the Goldberg and Arrhenius theory would be a relatively slow and comparatively steady process, whereas Bonatti and Nayudu believe manganese nodule formation takes place subsequent to the eruption of submarine volcanoes by the acidic leaching of lava.

Race, Debt and the Welfare State

In this article I explore how the figure of debt illuminates the racial politics of welfare in neoliberal Britain. I begin by giving a reading of the simultaneous unfolding of post-war race politics and the Beveridgean welfare state, and then turn to consider the interpellative appeal of neoliberal debt to minoritiSed subjects who have, in certain respects, been de facto excluded from prevailing models of welfare citizenship. In particular, this article considers the ways in which household debt might, even as it increases social inequality, simultaneously produce ideas about equality and futurity, as well as gesture towards the possibility of post-national forms of identity and belonging. If we are to challenge the lowest-common-denominator logics of ‘capitalist realism’ it is necessary to develop orientations to the economic that are as convincing as the popular stories that circulate about the operations of the neoliberal marketplace, and which are as meaningful as the social relations they play a part in constituting. Rather than reproduce the racialized model of welfare citizenship that is implicit to the ‘defence’ of the postwar welfare state, I suggest that there are elements of prevailing neoliberal market relations that might themselves serve as a more substantial basis for expressions of racial equality. There is, in other words, something that we can learn from neoliberal debt regimes in order to develop a more egalitarian future-oriented politics of social welfare and economic redistribution.

“Animanazo”. Song and memories. Cultural expressions and movements in the reconstruction of the past inside a north Argentinian town

This article analyses the context of production and local situations of appropriation and resignification related to the folk song “Fire on Animaná” as well as the request and mobilization (“The animanazo”) provoked by this song in order to examine different mechanisms and foundations by which a population connect with an event from its community past, identifying with this and taking it in a specific way. In this article we combine discourse analysis of the song and of interviews to participants in this event with the reconstruction —through ethnographic observation— of how to use this song.

Of Marx and Makers: an Historical Perspective on Generative Justice

In Marxist frameworks “distributive justice” depends on extracting value through a centralized state. Many new social movements—peer to peer economy, maker activism, community agriculture, queer ecology, etc.—take the opposite approach, keeping value in its unalienated form and allowing it to freely circulate from the bottom up. Unlike Marxism, there is no general theory for bottom-up, unalienated value circulation. This paper examines the concept of “generative justice” through an historical contrast between Marx’s writings and the indigenous cultures that he drew upon. Marx erroneously concluded that while indigenous cultures had unalienated forms of production, only centralized value extraction could allow the productivity needed for a high quality of life. To the contrary, indigenous cultures now provide a robust model for the “gift economy” that underpins open source technological production, agroecology, and restorative approaches to civil rights. Expanding Marx’s concept of unalienated labor value to include unalienated ecological (nonhuman) value, as well as the domain of freedom in speech, sexual orientation, spirituality and other forms of “expressive” value, we arrive at an historically informed perspective for generative justice. 

Stories from the Inside:The Prisons Memory Archive

A close textual reading of the online-available recording of ex-prison officer, John Heatherington, who is filmed as he returns to the site of the Maze and Long Kesh Prison, which was the largest prison oeperating during the Troubles in Northern Ireland. Using the empty site as stimulant for his memory, John recalls the tension, violence and dark humour of the period, while also showing exceptional empathy for all those, including prisoners, who passed through the prison system.The interview is taken from the Prisons Memory Archive (www.prisonsmemoryarchive.com) and, as director of the PMA, I have a particular insight to the recording process and John's special contribution to it.

Combined Conduction-Convection-Radiation Heat Transfer of Slip Flow inside a Micro-channel Filled with a Cellular Porous Material

Combined conduction–convection–radiation heat transfer is investigated numerically in a micro-channel filled with a saturated cellular porous medium, with the channel walls held at a constant heat flux. Invoking the velocity slip and temperature jump, the thermal behaviour of the porous–fluid system are studied by considering hydrodynamically fully developed flow and applying the Darcy–Brinkman flow model. One energy equation model based on the local thermal equilibrium condition is adopted to evaluate the temperature field within the porous medium. Combined conduction and radiation heat transfer is treated as an effective conduction process with a temperature-dependent effective thermal conductivity. Results are reported in terms of the average Nusselt number and dimensionless temperature distribution, as a function of velocity slip coefficient, temperature jump coefficient, porous medium shape parameter and radiation parameters. Results show that increasing the radiation parameter (Tr)(Tr) and the temperature jump coefficient flattens the dimensionless temperature profile. The Nusselt numbers are more sensitive to the variation in the temperature jump coefficient rather than to the velocity slip coefficient. Such that for high porous medium shape parameter, the Nusselt number is found to be independent of velocity slip. Furthermore, it is found that as the temperature jump coefficient increases, the Nusselt number decrease. In addition, for high temperature jump coefficients, the Nusselt number is found to be insensitive to the radiation parameters and porous medium shape parameter. It is also concluded that compared with the conventional macro-channels, wherein using a porous material enhances the rate of heat transfer (up to about 40 % compared to the clear channel), insertion of a porous material inside a micro-channel in slip regime does not effectively enhance the rate of heat transfer that is about 2 %.

Effect of Earnings Volatility on Cost of Debt: The case of Swedish Limited Companies

The paper empirically tests the relationship between earnings volatility and cost of debt with a sample of more than 77,000 Swedish limited companies over the period 2006 to 2013 observing more than 677,000 firm years. As called upon by many researchers recently that there is very limited evidence of the association between earnings volatility and cost of debt this paper contributes greatly to the existing literature of earnings quality and debt contracts, especially on the consequence of earnings quality in the debt market. Earnings volatility is a proxy used for earnings quality while cost of debt is a component of debt contract. After controlling for firms’ profitability, liquidity, solvency, cashflow volatility, accruals volatility, sales volatility, business risk, financial risk and size this paper studies the effect of earnings volatility measured by standard deviation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on Cost of Debt. Overall finding suggests that lenders in Sweden does take earnings volatility into consideration while determining cost of debt for borrowers. But a deeper analysis of various industries suggest earnings volatility is not consistently used by lenders across all the industries. Lenders in Sweden are rather more sensitive to borrowers’ financial risk across all the industries. It may also be stated that larger borrowers tend to secure loans at a lower interest rate, the results are consistent with majority of the industries. Swedish debt market appears to be well prepared for financial crises as the debt crisis seems to have no or little adverse effect borrowers’ cost of capital. This study is the only empirical evidence to study the association between earnings volatility and cost of debt. Prior indirect research suggests earnings volatility has a negative effect on cost debt (i.e. an increase in earnings volatility will increase firm’s cost of debt). Our direct evidence from the Swedish debt market is consistent for some industries including media, real estate activities, transportation & warehousing, and other consumer services.

The impact of the Eurozone sovereign debt crisis on bond fund performance persistence: Evidence from a small market

We evaluate the impact of the Eurozone sovereign debt crisis on the performance and performance persistence of a survivorship bias-free sample of bond funds from a small market, identified as one of the most affected by this event, during the 2001–2012 period. Besides avoiding data mining, we also introduce a methodological innovation in assessing bond fund performance persistence. Our results show that bond funds underperform significantly both during crisis and non-crisis periods. Besides, we find strong evidence of performance persistence, for both short- and longer-term horizons, during non-crisis periods but not during the debt crisis. In this way, the persistence phenomenon in small markets seems to occur only during non-crisis periods and this is valuable information for bond fund investors to exploit.

The (Im)possibility of the Intellectual Worker Inside the Neoliberal University

The provocation and point of this paper is that universities of the North during the era of neoliberalism of have been sucked of their human life-giving capacities. What remains are closed doors and bare walls. Lest we give the impression of a hopelessly romantic view of the university (and embark upon a lament for some paradise lost), let us be clear from the outset: there is no such place – and there never has been. As will be outlined below, a consideration of the history of the university reveals it was born and has persistently drawn its life breath from oxygen formed in the tension ridden mix of an impulse to human freedom and accommodation to powers of church, state and capital. But, we contend, history is now the witness to the almost complete dissolution of that tension: to the exhaustion of emancipatory impulses in the service of indoctrination, regulation and accumulation. In the church-state-capital triad, it is the latter that has emerged hegemonic. Importantly, we argue, its dominance has emerged with the rise of what Paul Baran and Paul Sweezy describe as monopoly capital: the move from competitive (small entrepreneurial business) forms to monopolistic (large corporate business) regimes of accumulation (Baran & Sweezy 1966). A central feature of monopoly capitalism is its need for significant financial support of national states and the harnessing of public resources such as universities to feed accumulation. It is no surprise that neoliberalism, despite its neoclassical economic pronouncements, is a ‘big state’ advocate (Harvey 2005). Our argument is that neoliberalism, as the political workhorse of monopoly capitalism, has overseen a makeover of universities so they might behave like a monopoly capitalist corporation. Our time is the time of the near global domination of capital. The university has succumbed. In its colonisation – its capitalisation – the university has not only reinvented itself as a willing ally of capital but has also set about remaking itself in its image.