Minsky proposed classifying firms in three categories: hedge finance units which borrow no more than they are able to service in interest and principal out of operating cash flows, speculative finance units which are overleveraged to the point where they can service interest on their debt out of operating cash flows, but cannot repay the principal, and thus must continually roll over their existing debt, and Ponzi finance units, whose operating cash flows are inadequate even to service interest on their (...) debt. In Minsky’s financial instability hypothesis protracted prosperity leads endogenously to firms overleveraging themselves and transforming a market dominated by hedge finance into one dominated by speculative and Ponzi finance. Since Ponzi finance units are forced to sell off assets to service their existing interest payments, once the market is sufficiently dominated by Ponzi finance units, this creates an oversupply of assets offered for sale, and the resulting debt deflation causes a financial crisis and drastic shortage of liquidity. It appears this crisis state can be brought about by a deceptively low critical mass of Ponzi and speculative finance units. This paper uses a large 2002–2009 quarterly data set of all publicly traded North American firms and foreign firms traded on North American exchanges, a total of 8,905 stocks. Financial ratios are used to classify these firms in each quarter according to Minsky’s FIH categories. Market value is used to weight the categories, and average betas are computed as measures of volatility. Results provide dramatic support for the FIH. The FIH is then reinterpreted in terms of Austrian business cycle theory, which depends on inflationary credit expansion to drive the unsustainable prosperity. According to Minsky’s FIH, unsustainable prosperity emerges endogenously as long periods of economic expansion make borrowers and lenders alike more willing to engage in investment activities for which they fail to see the inherent risk. It becomes clear that this process is amplified and exacerbated by credit expansion. Minsky’s FIH helps flesh out some of the missing dynamics of the malinvestment liquidation phase of ABC theory, and the two views turn out to be surprisingly complementary. (shrink)

The concept of liquid modernity proposed by Zygmunt Bauman suggests a rapidly changing order that undermines all notions of durability. It implies a sense of rootlessness to all forms of social construction. In the field of development, such a concept challenges the meaning of modernization as an effort to establish long lasting structures. By applying this concept to development, it is possible to address the nuances of social change in terms of the interplay between the solid and liquid aspects of (...) modernization. (shrink)

This paper comments on a recent article “Revolutionary poetry and liquid crystal chemistry: Herman Gorter, Ada Prins and the interface between literature and science” by Hub Zwart, in which the author explores the influence of the liquid crystal research of Ada Prins on the epic poem Pan written by her long-time lover Herman Gorter. The present paper reviews the basic science of liquid crystals and explains the connections between the work of Prins and its influence on the poem. Other examples (...) of the use of “liquid crystal” as a literary device are identified from renaissance poetry, and the uses of the metaphor in these poems are analysed from a scientific perspective. From these examples it is suggested that creative concepts from poetry may contain elements of substance that appear in hitherto unrecognised scientific realities. (shrink)

This extended introductory article sets the scene for consideration of liquid modernity and Bauman’s recent work in general. His ideas are placed against Pollock’s concept of the ‘trans-disciplinary’. The ramifications of Bauman’s work for cultural analysis are discussed, particularly his ideas about migration, tourism, borders and the impact of global social trends on citizenship and agency. One central theme is deterritorialization - both in terms of academic disciplines and the shift from solid, defined, localized, territorialized, nation-bound modernity to the liquid (...) modern. (shrink)

In this paper, the concept of liquidation from the chapter on Self-consciousness in Hegel’s Phenomenology of Spirit is reconstructed and then used to deconstruct the systematic transition from sculpture to painting in the passage on the “System of the individual arts” in G.W.F. Hegel’s Aesthetics: Lectures on Fine Art. The aim is to show that such a deconstructed version of Hegel’s art philosophy provides a valid conceptual framework for the analysis of modern, particularly postmodern and contemporary art, which results (...) as liquid or liquidated art. Damien Hirst’s For the Love of God is discussed as major evidence for the concomitant neo-Hegelian claim that modern art has discursive reflection as its necessary supplement. (shrink)

The dynamics brought about by the adoption of the International Financial Reporting Standards have a direct impact on the various Colombian economic sectors; highlighting the Oil and Natural Gas Extraction sector as one of the most important in terms of wealth generation and exports of the nation. For this reason, the present study was directed in order to analyze the indicators of Liquidity and Profitability in the Colombian oil sector between 2011 and 2021. For the development of the study, a (...) quantitative investigation is proposed with a documentary base where it is carried out an analysis of secondary sources from the Superintendence of Companies from which financial data of the Oil and Natural Gas Extraction sector in Colombia is taken, on which a descriptive processing is carried out and subsequently a correlational analysis between the liquidity and profitability indicators. The results show a level of correlation between the liquidity indicators, referring to the Current Ratio and Acid Test, and those of Profitability, Return on Total Assets, and Return on Equity. It is concluded that the correlation between these variables would be explained by the rates and sales volumes of said sector; which constantly carries out transactions of high sums of money accompanied by multiple policies and methods to ensure the transaction and thus not unbalance the receipt of income by the industry. (shrink)

There is nothing new about evil; it has been with us since time immemorial. But there is something new about the kind of evil that characterizes our contemporary liquid-modern world. The evil that characterized earlier forms of solid modernity was concentrated in the hands of states claiming monopolies on the means of coercion and using the means at their disposal to pursue their ends ends that were at times horrifically brutal and barbaric. In our contemporary liquid-modern societies, by contrast, evil (...) has become altogether more pervasive and at the same time less visible. Liquid evil hides in the seams of the canvass woven daily by the liquid-modern mode of human interaction and commerce, conceals itself in the very tissue of human cohabitation and in the course of its routine and day-to-day reproduction. Evil lurks in the countless black holes of a thoroughly deregulated and privatized social space in which cutthroat competition and mutual estrangement have replaced cooperation and solidarity, while forceful individualization erodes the adhesive power of inter-human bonds. In its present form evil is hard to spot, unmask and resist. It seduces us by its ordinariness and then jumps out without warning, striking seemingly at random. The result is a social world that is comparable to a minefield: we know it is full of explosives and that explosions will happen sooner or later but we have no idea when and where they will occur. In this new book, the sequel to their acclaimed work Moral Blindness Zygmunt Bauman and Leonidas Donskis guide the reader through this new terrain in which evil has become both more ordinary and more insidious, threatening to strip humanity of its dreams, alternative projects and powers of dissent at the very time when they are needed most. (shrink)

While Minsky’s work is often identified with the critique of financial speculation, this paper argues that there is a different side to his work. We argue that Minsky can be read as offering a post-foundational perspective on political economy that recognizes the speculative dimension of all economic activity. This post-foundational reading allows for an understanding of neoliberal policymaking in terms of the provision of liquidity to too-big-to-fail constituencies. The article discusses how some segments of Western societies have been able to (...) participate in the inflationary logic of this too-big-to-fail dynamic, whereas others are locked out and face increasingly tight liquidity constraints. This differential access to liquidity is an increasingly central aspect of the stratifying rationality of contemporary capitalism. By connecting Minsky’s insights into the temporal logic of capital to key issues in social theory, the article presents a new theorization of (il)liquid life that advances on extant accounts. (shrink)

‘Thinking liquid thoughts’ is an essay aiming at the aggregation of ideas and concepts which emerge and float when enquiring if there are characteristics related with the research of fields that artists could explore as new poetic venues for further works. Nanosciences and nanotechnologies will affect almost all features of everybody’s lives in the near future. What are the issues, either desirable or undesirable, we should try to point to considering the specific view related with art, architecture and design. We (...) also have to ask, which are the skills and tools that artists, architects and designers will need for developing research and creating work in these new fields. Opening with the idea of thinking liquid thoughts the essay also speculates about the possibility of creating interactive responsive works of art, extremely sensitive, exploring poetic possibilities for the creation of material products aiming a bi-univocal relationship between the computer simulation and the material realm. There is also research related with educational games and the programming of poetic journeys using virtual reality technologies, pointing to the convergence of silicon with carbon, which will bring about deep implications in the mode of production of things, thoughts ands processes.modelling, animation and VRML, Java Script and Java 3D languages. (shrink)

Antony Gormley's Another Place and Olafur Eliasson's Your watercolour machine exemplify passages and combinations of smooth and striated space as beings of sensation on planes of technical and aesthetic composition. They are frames which striate the smoothness of light, water, molten iron, etc., using scientific planes of reference. Smooth and striated mix as boundaries between visitors’ bodies and installation become permeable. Optic becomes tactile, becomes haptic, generative engagement. Both artists experiment with the interface between striated and smooth to encourage visitors (...) to experiment and experience sensation. The installations are liquid spaces; forms of perpetual non-permanence which affect and react with others’ behaviours in processes of co-emergence. (shrink)

Résumé Les soulèvements d’étudiants canadiens ne se contentent pas d’occuper les rues. Ils stimulent aussi l’émergence de modèles alternatifs de démocratie, comme la « démocratie liquide ». Celle-ci consiste à recourir régulièrement à des consultations populaires (sous forme de référendums, par exemple) sur des enjeux majeurs, avec la possibilité de transférer son vote à quelqu’un d’autre. De quoi raviver nos institutions sclérosées?

We are demonstrating that the Luttinger model with short range interaction can be treated as a type of Fermi liquid. In line with the main dogma of Landau’s theory one can define a fermion excitation renormalized by interaction and show that in terms of these fermions any excited state of the system is described by free particles. The fermions are a mixture of renormalized right and left electrons. The electric charge and chirality of the Landau quasi-particle is discussed.

The main ideas underlying Bauman’s liquid modernity are explained and then extended to incorporate current ideas about complexity and turbulence. This combination is used to argue that although Bauman himself refuses to offer any resolution to the paradoxes of liquid modernity, complexity theory may be useful: in particular the argument that the seemingly chaotic may actually result in some sort of order. The section also points to the ways in which liquid modernity provides a constant reminder of the underside of (...) contemporary existence; vagabonds and waste as well as tourists and flexibility. (shrink)

In this article I chart an indirect if not oblique path through my own theoretical formation as a social and feminist art historian, informed by Marxist cultural studies but deeply engaged with issues of difference and gender, to the response Zygmunt Bauman made to a book I gave him that I had reason to believe would resonate with his work. It did not. Indeed, my kind of theoretically informed visual and cultural analysis was indecipherable despite the influence of his writing (...) after 1989 on my work. Gender was not a topic for Bauman. Feminist theory remained an impenetrable territory. Art (as opposed to culture) was not to be theorized. Yet, in his later work on liquid modernity, Bauman incorporated the idea that we are all now artists of life. Here I recognized an oblique and unjustified if not misdirected dismissal of the working-class British artist Tracey Emin. My article concludes with my reading of her video work, Why I Never Became a Dancer, which poignantly and defiantly exposes the social violence and violations of class, race and gender in British society which she experienced. I seek to demonstrate how Bauman’s acute, but often academically devalued, attentiveness to the vernacular and quotidian forms of cultural experience and its ability to register and reveal changing social forms and forces should have enabled him to see Emin’s work as equally acute and culturally significant. (shrink)

This article is a history of liquidity presented as interaction between metaphors and theoretical concepts in social contexts. While taking note of Zygmunt Bauman’s metaphor “liquid modernity,” the study instead surveys the wider conceptual field. The text turns around mercantile liquidity and liquidity in modern economics, as well as older metaphors, notably the famous phrase of the Communist Manifesto, “all that is solid melts into air”, which is revealed to have resonance in texts by poets, notably Heinrich Heine. The main (...) result is the historical consistency of the field, where liquidity is a promise of knowledge and clarity. (shrink)

It is common for social theorists to utilize the metaphors of ‘flow’, ‘fluidity’, and ‘liquidity’ in order to substantiate the ways in which speed and mobility form the basis for a new kind of information or network society. Yet rarely have these concepts been sufficiently theorized in order to establish their relevance or appropriateness. This article contends that the notion of flow as utilized in social theory is profoundly metaphysical in nature, and needs to be judged as such. Beginning with (...) a discussion of the accelerating timescape that characterizes the network society, it will then move on to examine three main issues with this ‘metaphysics of flux’. First, that the concept of flows unjustly privileges the process of becoming and, as a result, is unable to account for the materiality, substantiality, and agency of the objects being mobilized, and the contingency of their mediation. Second, that it posits the accelerating tendencies of capital as an ontological inevitability, thus discounting resistance to such forces. Finally, that it ignores the human faculty for reason and speculative thought in developing alternative means of political praxis. The solution, it will be argued, is not to abandon metaphysical accounts of the network society, but rather to challenge those accounts that, in exhibiting a crude empiricism, work to justify the status quo. (shrink)

After having promoted and then tacitly abandoned the rhetoric of postmodernism, Zygmunt Bauman settled on the metaphor of a modernity that was growing more ‘liquid’ and ‘lighter’ than before. This essay explores the strengths and weaknesses of these metaphors, and attempts to contextualize Bauman’s insights in what has been called by the historian Yuri Slezkine the ‘Mercurian’ culture of diasporic Jewish life.

The title of this paper is inspired by the book edited by Domenico Fiormonte entitled Canoni liquidi (Liquid Canons). Of course, the adjective “liquid” refers to Zygmunt Bauman’s term at which my critique is also indirectly aimed. The title of Fiormonte’s book seems to suggest equivalence between textual “mobility” and “liquidity.” Yet the “liquefying” of (literary) canons and the emergence of new intrinsically kinetic or fluid forms of mobile textuality requires a critical assessment that does not prematurely celebrate the funeral (...) of the text as we know it but pays close attention to what seems to be waiting for us beyond the text, as suggested in Francesco Fiorentino’s recent edited volume. This means paying attention to what in my recent book, Il futuro della letteratura (The Future of Literature), I call digital incunabula: objects/textual tools, devices programmed in a twofold, reciprocal sense, whose linguistic properties and rules interact and interfere with the algorithmic procedures of artificial languages. In this programmed and programmable interaction and intermediation one can perceive the horizon of incomprehensibility of posthuman language, providing a new aporetic dimension to Gadamer’s assertion that “the being that can be understood is language.“ This assertion is by now the most significant issue in the horizon of literary (digital) arts. (shrink)

Analyses of contemporary surveillance are considered in relation to the growing liquidity of contemporary social relations. When state surveillance is revealed by Edward Snowden to depend on consumer data, this illustrates Bauman’s observations about today’s rapidly mobile and “extraterritorial” power. Such power is increasingly based on highly asymmetrical visibility of watcher and watched but paradoxically also depends on “panoptic selfie-surveillance” which complicates both analysis and ethics in significant ways. Strongly panoptic power, where it still exists, is largely at the margins, (...) in Bauman’s writing, as seen for instance his gesturing towards Loic Wacquant’s. Here, as in Didier Bigo’s “banopticon” the power is exclusionary rather than inclusionary — which was the form of the original panopticon design. But the soft forms of “selfie surveillance” also have panoptic dimensions that demand consideration. The ethical questions now foregrounded go far beyond questions of “privacy”, narrowly conceived, to issues of social inclusion and democratic participation. (shrink)

The intracellular multiprotein complex β‐catenin destruction complex plays a key role in Wnt/β‐catenin signaling. Wnt stimulation induces the assembly of the receptor‐associated signalosome and the inactivation of the destruction complex, leading to β‐catenin accumulation and transcriptional activation of the target genes. The core components of the destruction complex include Axin, APC, GSK3β, CK1α and other proteins. Recent studies demonstrated that Axin and APC undergo liquid–liquid phase separation (LLPS), which is critical for their function to regulate Wnt/β‐catenin signaling. Here, we discuss (...) the possible roles of LLPS in Wnt/β‐catenin signaling and regulation of Axin LLPS by post‐translational modifications. (shrink)

Why would a country strongly influenced by Buddhism's reverence for life allow legalized, widely used abortion? Equally puzzling to many Westerners is the Japanese practice of mizuko rites, in which the parents of aborted fetuses pray for the well-being of these rejected "lives." In this provocative investigation, William LaFleur examines abortion as a window on the culture and ethics of Japan. At the same time he contributes to the Western debate on abortion, exploring how the Japanese resolve their conflicting emotions (...) privately and avoid the pro-life/pro-choice politics that sharply divide Americans on the issue. (shrink)

Sociologist Zygmunt Bauman characterizes our time as a time of “liquid modernity”. Rather than settled meanings, categories, and frames of reference Bauman contends that meaning is always in flux, open ended rather than closed. Given Bauman’s assessment, pedagogies that are directed towards finding, accepting, or imposing meaning come up short. They offer closed, ‘finished’ meanings instead of an examination of the ongoing, open ended, process of meaning making. What might a pedagogy for a liquid time look like? This is the (...) animating question of this essay. Pedagogically we are interested in this ambiguous space between paradigms of meaning. Rather than resolution or the accommodation and building of new schema, we explore the need for constant schema building and renewal—the necessity of living in a state of perpetual emergence. Zygmunt Bauman’s notion of “liquid modernity” suggests that anomalies, rather than exceptions, are the norm; we are living with permanent uncertainty, needing to hold all schemes lightly. (shrink)

Existing scholarly work on corporate social responsibility frequently emphasizes either normative/ethical claims about social progress or instrumental/strategic claims about corporate effectiveness, yet less often acknowledges the moral conditions of those undertaking CSR within a specific cultural context. In this paper, we draw attention to the social conditions in which CSR takes place and the related ethics of the subjects that must enact it. Our approach is to document the lived experiences of practitioners in Romania, a post-communist society. Drawing from fifty-three (...) depth interviews with both corporate responsibility practitioners, and managers in non-profit organizations who together work on CSR projects, we describe their experiences of the social and organizational environment, the CSR practices that are undertaken in this context, and the intended and unintended consequences of such work. Using Bauman’s theorization of ethics, including adiaphora and moral distancing, and Borţun’s interpretation of Romanianness, we then theorize liquid CSR as an ambivalence between adiaphoric practice and the moral impulse to do good, resulting in both intended and unintended consequences. (shrink)

Over the last 30 years the effects of economic globalisation have transformed education and its relationship to work and everyday working lives. Market reform and the appropriation of ‘learning’ to fuel the knowledge economy produced a lifelong learning educational order, complemented by social inclusion to manage residual and resistant populations. In the process education was decentred, learning spaces were diversified within an education market that served the world of work. Educators were remaindered by a rising tide of coaches, counsellors, learning (...) managers and mentors who ‘facilitate’ rather than ‘teach’. In this groundbreaking book the author contextualises these changes as a way of re-reading our times and its educational effects. The chapters examine the interface of policy and practice and map the shifting relations between educational work and social organisations of learning by developing three key themes: _Liquid learning_: drawing on Bauman’s characterisation of ‘liquid modernity’, the concept of liquid leaning details the cultural conditions that confront educators and those who seek to use education as a social instrument to address economic, social, cultural, environmental and political development _Making spaces of orientation_: designing and realising strategies to address the challenges of "liquid modernity" _Educational work_: considering the specialist expertise that educators as an occupational group bring to the challenges of liquid learning. The case examples that make up the main body of this book show how spaces of orientation are made and how they can be designed to support learning for living in interdependence. Each of these cases is informed by substantial empirical research and fine-grained analyses are used to define the nature of educational work, the resources that are mobilised in constructing contexts for learning, and its contribution to the art of politics that makes spaces of orientation. As the author demonstrates, educators have expertise that is critical in the contemporary globalised world and its politics. (shrink)

Elizabeth A. Kaye specializes in communications as part of her coaching and consulting practice. She has edited Requirements for Certification since the 2000-01 edition.

This article effectively identifies the high and low volatility state of asset prices in China by constructing the MS-AR model, and further investigates the relationship between different dimensions of liquidity and asset price volatility. Moreover, we try to incorporate liquidity into the analytical framework and adopt the TVP-SV-VAR model to study the time-varying characteristics between monetary policy, liquidity, asset price volatility and macroeconomy. The results are as follows: firstly, it shows that the high or low volatility state of China’s stock (...) market and real estate market can be clearly divided, and display the consistency with the trend of asset price volatility. Secondly, liquidity has a strong ability to explain the high and low volatility state of asset prices, but it shows some hysteresis effects. Thirdly, the time-varying results reveal that monetary policy has a regulating effect on liquidity, and the response cycle of quantitative monetary policy is relatively short, which reflects the effects of macroeconomy precisely. However, price-based monetary policy has a longer response cycle and plays a vital role in the anticipatory adjustment and fine-tuning of asset price volatility. These conclusions can provide an explanation for the attention to asset price bubbles and potential financial risks, and offer decision-making references for the central bank to implement differentiated and dynamic monetary policy choices. (shrink)

Bauman offers an exposition of his ideas against the context of art and artistic practices. He draws links between his work on ‘liquid modernity’ and the practices of Gustav Metzger dating back to the 1960s. In particular he stresses how Metzger’s concept of ‘auto-destructive art’ anticipates his own argument on the ways in which contemporary consumerism demands constant novelty, and hence a relentless flow of waste and dissipation - ‘disposal is already contained in the original design’. He develops his insights (...) with reference to the work of Villeglé, Valdes and Braun-Vega who each exemplify key aspects of the liquid modern; creation and destruction, the hopeless and desperate battle for attention, the directionless march of time. It is a sequence of incessant new beginnings, but each new start also contains the seeds of its own destruction and disappearance. (shrink)

This work attempts to deconstruct Jair Bolsonaro’s hostile policy vis-à-vis the Brazilian media during his presidency by applying Zygmunt Bauman’s description of “liquid modernity” and its aversion to “strangeness” as the sociological-philosophical apparatus combined with the presidential-press relationship and the enemy construction dynamics of the communication research. The explorative qualitative empirical analysis of three-dimensional anti-media categories traditionally associated with right-wing populists—the discrediting and blaming of the press and detaching it from the people—throughout the “honeymoon” period of Bolsonaro’s presidency confirmed the (...) decoupling of the traditional presidential-press and media-public relationships. Besides validating the primacy of the logic of consumption over morality, it further corroborated the fiercely adversarial populist policy designed for strangeness rhetoric construction of the media as distrusted “outsider” and “enemy.”. (shrink)

In the Netherlands, the poet Herman Gorter is mostly known as the author of the neo-romantic poem May and the “sensitivistic” Poems, but internationally he became famous as a propagandist of radical Marxism: the author of influential brochures and of an “open letter” to comrade W.I. Lenin in 1920. During the 1890s, Gorter became increasingly dissatisfied with his poetry, considering it as ego-centric, disinterested and “bourgeois”, unconnected with what was happening in the real world. He wanted to put his poetry (...) on a scientific footing, notably by endorsing a dialectical materialist worldview. In the communist society he envisioned, science would become poetry and poetry would become science. In his opus magnum Pan, two terms are rather prominent, namely heelal and kristal. These signifiers not only reflect important themes, but also two friendships which began around 1900, namely with prominent astronomer and marxist Anton Pannekoek and with Ada Prins, the first woman in the Netherlands who acquired a PhD in chemistry, specialised in liquid crystal research. Whereas Ada Prins is mostly remembered as one of Gorter’s secret lovers, she was first and foremost his educated guide into the complex and enigmatic world of twentieth-century chemistry research. Liquid crystal chemistry became an important source of inspiration for Gorter’s work and the main objective of this paper is to demonstrate her influence on Gorter’s Pan as a scientific poem After presenting the two heroes of this paper, and their work in poetry and chemistry respectively, I will analyse the role of liquid crystals in Herman Gorter’s Pan, highlighting important connections with Ada Prins’ research into liquid crystal chemistry. (shrink)

In its original formulation, ‘culture’ was intended to be an agent for change, a mission undertaken with the aim of educating ‘the people’ by bringing the best of human thought and creativity to them. But in our contemporary liquid-modern world, culture has lost its missionary role and has become a means of seduction: it seeks no longer to enlighten the people but to seduce them. The function of culture today is not to satisfy existing needs but to create new ones, (...) while simultaneously ensuring that existing needs remain permanently unfulfilled. Culture today likens itself to a giant department store where the shelves are overflowing with desirable goods that are changed on a daily basis - just long enough to stimulate desires whose gratification is perpetually postponed. In this new book Zygmunt Bauman - one of the most brilliant and influential social thinkers of our time - retraces the peregrinations of the concept of culture and examines its fate in a world marked by the powerful new forces of globalization, migration and the intermingling of populations. He argues that Europe has a particularly important role to play in revitalizing our understanding of culture precisely because Europe, with its great diversity of peoples, languages and histories, is the space where the Other is always one’s neighbour and where each is constantly called upon to learn from everyone else. (shrink)

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the security's fundamentals. As a result, the order (...) flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as 'market microstructure.' Focusing on liquidity and price discovery, they analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices. (shrink)

A liquid modernity, where the traditional certainties have become fluid and blurred, presents a major challenge for education. The world is changing so quickly that homo sapiens, learning animal par excellence, can no longer rely on strategies acquired through learning experiences, let alone those derived from traditional values or wisdom. The excess of useless information creates a glut. When saturation level is reached, accumulation ceases to be a sign of wealth and becomes undesirable. Knowledge is confined - discarded like refuse (...) - in the infinite capacity of cyber-computers. What should we humans keep and what should we reject in this process? In times of liquid modernity, how and what should our children be taught in order to be able to develop survival strategies throughout their lives? (shrink)

Our late modernity has been characterized by Zygmunt Bauman and Hartmut Rosa as, respectively, “liquid” and “accelerated”. These are demanding aspects of reality that have elicited both adaptive and resisting responses. While the drive to adapt has generally been favoured, especially by the corporate sector, a certain resistance to the tendency is also notable among ordinary citizens. It will be argued in this paper, first, that while adaptation evokes Daoist insights, such an association is misleading and an unqualified kind of (...) adaptation is not a viable option; secondly, while many ritualistic and ceremonial practices are being revived as a part of the resistance, many of these are undesirable; thirdly, that an introduction of ritual inspired by the ancient Confucian understanding of li 禮 is a beneficial way to alleviate the harmful effects of late modernity; and fourthly, that this understanding of li can be strengthened and clarified through Neo-Daoist interpretations. (shrink)

Before proceeding, I would like to clarify briefly two interpretative premises, one methodological and one normative, which sustain my argument. Understanding the transformations facing constitutional democratic societies is a demanding task. These transformations, whose multiple causes are socio-economic not merely political, reflect on the one hand in the decline of mass party form of organization and on the other in the success of populism as not simply a movement of contestation but as a ruling power. In this article, I will (...) suggest that the successes of populism are connected to the decline of organized parties, the pillar of constitutional democracy as it emerged after 1945. It is impossible to predict whether populism will succeed in becoming the new form of democracy. It is, however, certain that contemporary representative governments are facing astonishing mutations and the decline of the party form of representative unification of claims and ideas is one of them. My argument relies upon a phenomenology of populism as a movement that is strong in proportion as organized parties are weak, which actually capitalizes on a revolt against intermediary bodies such as parties. 1. (shrink)

In Beyond Rigidity I argue that, like ‘red’, ‘water’ can be used both as a singular term, and as a predicate – as illustrated by and. 1a. Red is a color. b. Bill’s shirt is red. 2a. Unlike gold, which is an element, water is a compound. b. The liquid in the glass is water. Just as ‘red’ designates a kind instances of which constitute the extension of the predicate ‘is red’, so ‘water’ designates a kind instances of which constitute (...) the extension of the predicate ‘is water’. This observation is used in analyzing examples of the necessary aposteriori like those in, which have the force of quantified conditionals in which both the grammatical subjects and ‘is H2O’ function as mass predicates, true of all instances of the associated kinds. 3a. Water is H2O. b. Ice is H2O. c. Water vapor is H2O. (shrink)

Based in sociologist Zygmunt Bauman's theory of liquid modernity, this volume describes and critiques key aspects and practices of liquid education--education as market-driven consumption, short life span of useful knowledge, overabundance of information--through a systematic comparison with ancient Greek "paideia" and medieval university education, producing a sweeping analysis of the history and philosophy of education for the purpose of understanding current higher education, positing a more holisitic alternative model in which students are embedded in a learning commutity that is itself (...) embedded in a larger society. If liquid modernity has left a vacuum where, according to Bauman, the pilot's cabin is empty, this volume argues that no structure is better positioned to fill this vacuum than the university and outlines a renewed vision of social transformation through higher education. (shrink)

This article addresses the historical problem of how it was possible for Lise Meitner and her nephew Otto Robert Frisch to arrive at their novel interpretation of nuclear fission at the end of 1938. To understand this requires an analysis of the origin and subsequent development of the liquid-drop model of the nucleus. We begin by discussing George Gamow’s conception of the liquid-drop model in 1928 and then explore its extension, particularly by Werner Heisenberg and Carl Friedrich von Weizsäcker, between (...) 1933 and 1936. We then examine the role played by the liquid-drop model in Niels Bohr’s theory of the compound nucleus between 1936 and 1938. We argue that these two stages in the development of the liquid-drop model focused on two distinctly different features of the model, its static and dynamic characteristics, which were employed to understand two distinctly different phenomena, nuclear mass defects and nuclear reactions and excitations. The liquid-drop model thus became embedded in two distinctly different scientific traditions. We conclude by showing how these two traditions merged in the minds of Meitner and Frisch, leading them to their interpretation of nuclear fission. (shrink)