Embedded finance: the shadow banking system,sovereign power,and a new state–market hybridity

ABSTRACT

With the rise of the shadow banking system, a new form of state–market hybridity has emerged, challenging existing monetary approaches to financial stability. A stable financial system today has essentially come to depend on a stable shadow banking system. Central banks are in the process of adapting to this new development. To secure the logic of laissez-faire market liberalism, the sovereign must resort to unprecedented measures and radically intervene in the financial markets. This new form of state–market hybridity forces central banks to provide ample reserves, to act as a dealer of last resort, and to give shadow banking actors access to their balance sheets. Such policies, however, produce new contradictions and fragilities. Based on Foucault's concepts of sovereignty and security, this paper argues that in today's world, the rationality of the laissez-faire security dispositif has become flanked by the rationality of sovereignty to a much greater extent than previously. Without losing its dominant status, the security dispositif is currently adapting so as to operate in crisis mode based on a post-laissez-faire rationality. The repo crisis of 2019 has demonstrated that central banks are still in the process of searching for ways to handle this new constellation.     

‘We Have to Go Where the Money Is’—Dilemmas in the Role of Nutrition Scientists: An Interview Study

In Western societies scientists are increasingly expected to seek media exposure and cooperate with industry. Little attention has been given to the way such expectations affect the role of scientific experts in society. To investigate scientists’ own perspectives on these issues eight exploratory, in-depth interviews were conducted in Denmark with reputable nutrition scientists. Additionally, eight interviews were held with ‘key informants’ from the field of nutrition policy. It was found that nutrition scientists experience two dilemmas: first, between their aspiration to make a collective impact on public health and the powerful incentives of each to appear frequently in the media with new messages; second, between their need to cooperate with the food industry for financial reasons and their fear that this may compromise their independence and scientific integrity. It is argued that the dilemmas identified in this study should be dealt with openly by the relevant groups of scientists.     

Her Holiness: The Purohitas of Pune,India: Female Hindu Priests as Embodied,Emotional–Spiritual,and Aesthetic (Performative) Laborers

Abstract

Female priests are a relatively new phenomenon in Hindu Indian culture. Positioned as outsiders within, they have been marginalized from the male-dominated priestly profession, even as they continue to challenge normative expectations surrounding their unconventional occupational choice. This study presents findings from a multi-methods qualitative study that, in addition to analyzing media reports about female Hindu priests of Pune city, interviewed 12 practicing priests. Utilizing data-driven lenses of embodied, emotional–spiritual, and aesthetic (performative) labor, findings from this study revealed how participants communicatively and strategically diffused resistance and redefined competence by negotiating contradictory aspects of their professional realities.     

Can they all be ‘Shit-heads’?: learning to be a contrarian investor

ABSTRACT

This article seeks to explain one of the sensibilities or dispositions that novices learn in the process of becoming financiers, namely, to be a contrarian. We will review investment pitches from an American undergraduate collegiate investment fund, interviews with some members of the club, and field notes from a few of their outings, and treat instances of their contrariness as moments in their process of going from non-investors to investors, moments in which they experiment with and learn new social habits, identities and practices. Moreover, we connect this contrariness with a much longer tradition in the formation of an identity and subjectivity as an investor. More than any simple technology of thought to be deployed in a particular situation, contrarianism is a thoroughgoing mode of framing and understanding life, both in investment contexts and beyond, which we suggest was born between the 1880s and 1940s and has persisted in various forms to this day. This paper offers two instances of how someone becomes contrary, and suggests that contrarianism may be a fairly typical way for humans to make sense of financial markets.     

集体记忆视角下移民村落共同体的形成过程

易地扶贫搬迁是中国扶贫的重要方式。因为地理空间的改变,扶贫移民面临生计资本、社会网络资本、社会文化资本的断裂,远距离扶贫移民尤其明显。移民新村建成后,村民为了更好地生活,主动寻找以往生活的痕迹,重建自己的舒适区,并在这一过程中逐渐形成对新村的认同。以甘肃D村为例,移民村充分发挥主体性,以集体记忆的传承和延续重构了新村社会关系网络、居住空间和仪式习俗,形成了共同的身份话语,达成了一致的生活方式与价值认同,促进了这一村落共同体的形成。     

Economizing Habitus

Pierre Bourdieu's classical sociology and the actor network-based ‘economization’ literature are often considered contradictory, despite some agreement on the constructed nature of economic man. Through an examination of the publishing industry, we argue that Bourdieu's concept of habitus may offer a useful contribution to the literature on economization. We examine how those new to a field come to understand their position and the role of material devices in structuring this. We argue that Bourdieu's theory, appropriately stated, sheds light on the tacit assessments made by market agents alongside their involvement in network-based calculative mechanisms and allows studies of markets to deal with some persistent criticisms of the economization programme.     

Consolidation and protection by nanolime: Recent advances for the conservation of the graffiti,Carceri dello Steri Palermo and of the 18th century lunettes,SS. Giuda e Simone Cloister,Corniola (Empoli)

Nanolime dispersed in 2-propanol was extensively used for the consolidation of wall paintings. The knowledge of the advances of this methodology dealing with all the possible effects associated with the nanolime new material in conservation is fundamental to assess and improve the technique. In this paper, four different dispersions of Ca(OH)₂ nanoparticles were characterised by Small Angle X-rays Scattering technique (SAXS) and Transmission Electron Microscopy (TEM) in order to achieve information on size, shape, polydispersity, agglomeration, and crystal structure (by SAED patterns) of the particles. Once characterised, the dispersions were tested in two different case studies, the Carceri dello Steri in Palermo with their graffiti and the 18th century lunettes at the SS. Giuda e Simone Cloister, Corniola (Empoli) with their lime-based mural paintings. The treated samples were characterised in relationship to either their morphology and surface chemical composition by Scanning Electron Microscopy coupled with Energy Dispersive X-rays spectroscopy (SEM-EDX), or their water absorption and mechanical properties (resistance to material abrasion). The results obtained showed that all the dispersions were nanometrically structured and their application succeeded in recovering the mechanical properties of the painting or graffito layers, not altering their permeability to water and keeping perfectly the wall transpiration. However, the dispersions constituted of the nanoparticles obtained via a synthesis able to control size and shape of the Ca(OH)₂ particles resulted in a better performance in situ, even if the differences found by SAXS and TEM were slight.     

<Emphasis Type="Italic">Ex-ante</Emphasis> versus <Emphasis Type="Italic">ex-post</Emphasis>: comparison of the effects of the European Capital of Culture Maribor 2012 on tourism and employment

The estimation of the economic effects of cultural events is a topic that has stirred numerous debates in cultural economics. Although economic impact studies and contingent valuation have been the most frequently used methods, both suffer from numerous problems. In this article, we use ex-post econometric verification as a new and promising method in cultural economics in the estimation of the economic effects of cultural events and apply it to the estimation of the effects of the 2012 European Capital of Culture Maribor on tourism and employment. This enables us to compare results from economic impact and ex-post econometric verification studies to find significant differences in particular in terms of new employment. We determine the net effects on new tourism and find that they were mainly present in Maribor, the holder of the project, and not in the other five partner cities. We conclude by reflecting on the state of the art of the studies of economic effects of cultural events in cultural economics and their relevance for the study of cultural tourism.     

The trope as trap: ideology revisited

Abstract

Beginning with Wallace Stevens, the influence of Simone Weil’s philosophy of decreation on American poetry has been substantial, if often underestimated. Focusing on recent volumes by Jorie Graham and Anne Carson, I suggest that this use of Weil’s philosophy presents a new way of understanding a dominant trend towards the metaphysical and difficult in modern American poetry. In various and divergent ways, both poets’ work explicitly points towards a decreated world and explores the ways in which poetry replaces prayer when God is absent. Both in form and content, this work expands upon and illuminates ideas put forth by thinkers such as Blanchot and Nancy, but it is primarily through an understanding of Weil and decreation that such work can best be approached. For Carson and Graham, poetry is the best expression of the imminent void; by placing their work in a definite Weilian context, it is possible to reveal their claims about the nature of truth, God and the material world more fully.     

(De)politicising and Ecologising Bicycles

Self-service bicycle systems are today being set up in a number of cities across the world. Seen as a means to promote a sustainable city and new forms of ecology, and valued for their ‘planet friendly’ character, these systems have become a hallmark for cities that want to become part of the so-called green culture. Drawing from the experience of the Vélib’ programme in Paris and adopting a pragmatist perspective, this paper analyses the controversies which developed as this transportation infrastructure was implemented, as well as the definitions of ‘ecology’ which were at the centre of the dispute. In doing so it shows the capacity of the private firm involved in the system, JCDecaux, to ‘hijack’ and integrate the ecological critique, its rather powerful capacity to persuade other actors, and the popularity that the project achieved through a hard-won process of justification. At the same time, this paper argues that the mobility turn played a performative role in the justification and the definition of this new transport project.     

From the moral to the neural: brain scans,decision-making,and the problematization of economic (ir)rationality

Advances in brain imaging techniques have opened new fields of investigation and often challenged conventional assumptions concerning human behaviour. This ‘neuromolecular gaze’ [Rose, N. &; Abi-Rached, J. (2013) Neuro: The New Brain Sciences and the Management of the Mind, Princeton University Press, Princeton, NJ] also heralds new ways of intervening in the regulation of social phenomena, based on the objectification of the cerebral processes that underlie individual conducts. Neuroeconomics applies this brain-centric perspective to the study of economic decision-making. This paper engages with the two dominant approaches in neuroeconomics. The first section concentrates on the work of Paul Glimcher, who considers economic models and their correlative notion of ‘utility maximization’ as providing the neurosciences with a theoretical framework as to how the brain solves decision problems. The second section discusses the findings of behavioural neuroeconomics, which attempts to model departures from the rationality axiom by measuring the cognitive and emotional biases that have their sources in the brain’s complex architecture. Whereas both strands of neuroeconomics rely on a benchmark of economic rationality, this paper argues that they reformulate in allegedly neutral neuroscientific terms a behavioural norm that is basically moral in nature. If rational decision-making conditions economic and indeed evolutionary survival, and yet if most people regularly fail as utility optimizers, then understanding the neural causes of such failures should help people better themselves and behave as good homines ?conomici.     

Consolidation of paint on stained glass windows: Comparative study and new approaches

Stained glass windows belong to the most precious pieces of art in many European countries. Examples of heavily endangered paint on glass are reported in the literature and mainly related to condensation effects and air pollution, as stained glass windows preferably remain in their original architectural surrounding. Several surface coatings and paint treatments have been proposed to consolidate and protect degraded paint. Very often, the selection of the materials is based more on practical aspects than on scientific research. This study concerns the comparison of some traditional, modern and newly developed consolidants for the preservation of historic glass paintings. Experiments have been carried out with model painted glass samples simulating weathering phenomena of originals. Traditional materials like Paraloid B72, modern ones like SZA (proposed by the Fraunhofer-Institut für Silicatforschung, ISC), and three new consolidants prepared by the sol–gel method and based on different hybrid organic–inorganic alkyl-alkoxysilane systems have been considered. The adhesion, penetration, stability, hydrophobicity, mechanical and chemical resistance are properties and requirements tested to prove their effectiveness and range of use. The three new materials developed in this study for the consolidation of paint on glass have the potential to offer alternatives to existing materials. Nevertheless, further research is necessary before their application in restoration workshops can be recommended. A strategic approach is requested to avoid risks for these valuable historical originals and to contribute to the long-term preservation of the paint on stained glass windows in their original sites.     

Representations of Precarity in Italy

This contribution is focused on collective and individual stories of precarity in Italy. At the present time, when work and the imaginaries socially constructed around it are more and more individualised and fragmented, imaginaries and collective references – whether they be social movements, trade unions or professional groups – have given way to ever more particularistic and singular experiences, which hinder the construction of a coherent identity for workers. In this scenario the question to be asked is then: how is it possible to elaborate a new collective imaginary of precarity and reclaim new rights? After a focus on the phenomenon of precarity in Italy, this contribution move to consider the activities of the network of San Precario, a cultural phenomenon that managed to develop new kinds of social claims based on bottom-up and horizontal practices. It is then discussed that the current return to an almost exclusively individual approach to the question of precarity, which forces subjects to bear the management of their professional life trajectories. Finally, an analysis of social movements' recent efforts of self-organisation and some reflections on the possible role of social sciences in elaborating tools for planning a renewed welfare system are offered.     

Identification of red colorants in van Gogh paintings and ancient Andean textiles by microspectrofluorimetry

Red lake pigments and dyes used in works of art were characterized by microspectrofluorimetry, a new tool in the field of cultural heritage. Emission and excitation spectra were obtained with high spatial resolution (8–30 μm) in cross-sections from paintings by Vincent van Gogh and Lucien Pissarro and from millenary Andean textiles. The fluorophores were identified by comparing their spectra with those from historic reconstructions assembled in a database. In the paints, purpurin and eosin lakes were detected. In the Paracas and Nasca textiles, dated from 200 B.C. to A.D.1476, purpurin and pseudopurpurin were the red dyes used. Carminic acid was detected in textiles dated close to the Inca Empire, A.D. 1000–1476. The results obtained with this new technique were confirmed and are in agreement with those obtained with conventional methods, requiring microsampling, such as HPLC-DAD-MS and SEM-EDX.     

Study on some sorption properties of treated bentonites for their potential use as a moisture regulating system for the preservation of historical wooden elements

We report the first results of a research study aimed at developing a new strategy for the conservation of wooden structural elements present in historical buildings, based on moisture regulating systems. As has been happening for artefact preservation in museums, the idea is to develop systems based on the ability of some highly hygroscopic materials to moderate variations in relative humidity. These materials could adsorb and release moisture to reduce the extreme values of humidity in the micro-climate, for example between wooden beams and masonry. In order to experimentally verify this possibility using current, low cost and easy handling building materials, 5 bentonite samples were laboratory processed to improve their adsorbing properties by means of treatment with sodium carbonate at 3 concentrations: 2, 3 and 4% by weight. The effectiveness of ion exchange between sodium carbonate and bentonite was controlled by measuring the swelling volume of the bentonites. All the samples (n = 15) were tested for their hygroscopic properties. Adsorption isotherms were measured at 25 °C, using desiccators with silica gel, saturated salt solutions and bi-distilled water. A comparison between isotherms of one of the lower hygroscopic treated sample of bentonite and of a sample of wood and of a sample of brick and some numerical analyses with the Delphin code were made in order to evaluate the potential use of this bentonite as a moisture regulating system for the preservation of historical wooden elements. Results show that it seems to be possible to use bentonites as a moisture buffering material in order to reduce moisture content in wooden beams at least during their adsorption phase. It remains to investigate their desorption phase and their behaviour if they be in a saturation condition. Further studies are currently under way.     

Superstar effects on royalty income in a performing rights organization

This paper examines the economic accomplishments of individual members in a Performing Rights Organization (PRO), sometimes referred to as a Performing Rights Society. Today, there is the growing importance of intellectual property and copyright protection for authors and creators of literary, dramatic, musical, artistic and other intellectual works. The digital age has placed added pressure on songwriters, lyricists and composers in their ability to derive economic benefits from their intellectual creativity in the form of a copyright. Copyright laws protect and enable the creation of music by allowing authors and composers to license the control and use of their creations, and receive compensation in the form of royalty payments for their work. The PROs license, collect and distribute royalty payments for non-dramatic public performances of copyrighted musical works created and owned by its members or affiliates. In this paper, skewness and heavy tail of returns in the form of member royalty payments are estimated using the skew-normal and skew-t distributions in a parametric approach. We found strong evidence of the so-called ‘superstar effect’ in which the average royalty payment made by a PRO is still dominated by extreme outcomes, and relatively few members earned a substantial share of royalty payments from blockbuster hits that have endured over time. There is little evidence of smaller niche members dominating or replacing the ‘superstars.’ Economists and others will benefit from this empirical study which emphasizes a new understanding of the music industry from a PRO, member royalty payment and performance copyright perspective.     

The Legacy of the Studiengruppe Für Systemforschung

The Studiengruppe für Systemforschung was dissolved in 1974. Several members of the group moved to the Research Centre Karlsruhe. There, despite their new institutional surroundings, they remained faithful to the Studiengruppe’s conceptual foundations, and developed a new Institute for Technology Assessment and Systems Analysis. This has since become the leading technology assessment group in Germany.     

Methods as forces of subjectivation: experiments in the remaking of official statistics

ABSTRACT

We develop the concept of methods as ‘forces of subjectivation’ in relation to experiments we have encountered in a study of government methods for generating official population statistics. These experiments problematise the subjects of traditional methods based on paper questionnaires and offer new digital technologies and data sources as possible solutions. We reflect on these experiments in relation to recent work on sociological and digital research methods as inventive and live. What this work identifies in relation to questions of research methods we take up to think about government methods in two ways. One concerns how government method experiments offered as solutions to problematic subjects, once put into action, change initial problem formulations and are inventive of new ones. Secondly, they are also inventive of their subjects who do not pre-exist but come into being through the agential capacities that methods configure. Both aspects of methods, we argue, are the result of the interactions and dynamics between human and technological actors, the outcomes of which cannot be settled in advance.     

Digital preservation of Brazilian indigenous artworks: Generating high quality textures for 3D models

Three-dimensional (3D) digital preservation aims at generating 3D models of objects that have cultural or scientific value. It allows realistic visualization of objects through virtual museums or scientific applications, and the restoration of the preserved object in case of natural wear or accidents. This work contributes to this research area by presenting a method to improve color texture quality of 3D models obtained from color and depth images of a laser scanner. Although this device offers precise depth information, the resulting color information is still poor and limits the generation of realistic textures. Our approach is to capture photographs of the object with a high-resolution digital camera and use them to generate a new color texture for the 3D model. Our work proposes a practical technique, easy to replicate, to generate high quality textures for 3D models from photographs. The method is composed by three main steps: (1) calibration of the image acquisition devices; (2) data acquisition; and (3) texture generation. In this paper, we detail our color texture generation method and apply it on the digital preservation of many artworks made by native Brazilians (indians) from the Wauja and Karaja communities. These indigenous communities are acknowledged as great ceramic artists, each bearing their own main themes, using a very rich symbolism in their paintings. Their artworks represent important aspects of the native South American culture and their digital preservation is motivated by three main reasons: (1) their fragility; (2) the paintings loose their original appearance with time; and (3) the possibility of extinction of these communities. We present several results of preserved artworks with enhanced quality realistic texture maps. Also, we present a methodology to analyze the quality and accuracy of texture maps. The resulting 3D models can be visualized through a tool we developed to support the virtual exhibit of 3D preserved heritage.