Paradoxes of Social Rise: The Expansion of Middle Classes and the Financial Crisis

The article views the current financial crisis from the background of long term socio-economic changes in advanced industrial societies. Central points are the rise of middle classes, the accumulation of financial wealth in the upper strata of middle classes in combination with an increasing concentration of financial assets at the level of the top rich, and the advance of pension and investment funds as collective actors at financial markets. The paper analyses the interconnections between these developments in the framework of a multilevel model, culminating in the thesis of a collective “Buddenbrooks”-effect: a structural upward mobility of society will lead to an increasing imbalance at capital markets because a strongly rising volume of financial assets searching profitable investment opportunities will go parallel with a decline of the social reservoir of solvent entrepreneurial debtors. Therefore, advanced industrial economies are faced with chronic excess liquidity and export surpluses at capital markets, leading to the build-up of speculative bubbles and subsequent crashes. The author argues that the present crisis cannot be understood properly without taking account of these backgrounds

Capitalism, Religion, and the Idea of the Demonic

Following the debate on the relationship between capitalism and religion, this paper discusses the role of religion in present-day capitalism. It argues that neither the secularization thesis nor the influential concepts of a "return" or a "transformation" of religions can offer a convincing interpretation of the challenges religions are faced with in modern capitalism. Partially following Habermas, the paper outlines an interactionist reinterpretation of Durkheim's theory of religion. It shows that from the viewpoint of such an interpretation, it is possible that the place of religion in modern societies can be filled not only by manifestly religious systems of meaning, but also by nominally nonreligious ones. I argue that the capital form of money can, in fact, assume the function of such a "latent" religion in an apparently "secularized" world. Nevertheless, to simply equate capitalism with religion, as many authors have suggested, would be shortsighted. Rather, as a characterization of the contemporary relationship between capitalism and religion, Paul Tillich's concept of the "demonic" appears more promising.Anknüpfend an die Debatte über das Verhältnis von Kapitalismus und Religion bemüht sich der Beitrag um eine Klärung der Rolle der Religionen im gegenwärtigen Kapitalismus. Weder die in der Soziologie entwickelten Theorien der Säkularisierung und Modernisierung noch die gegenwärtig einflussreichen Thesen einer religiösen "Wende" oder "Transformation" können den Herausforderungen, mit denen die Religionen im gegenwärtigen Kapitalismus konfrontiert sind, wirklich gerecht werden. Der Beitrag skizziert, teilweise an Habermas anknüpfend, eine interaktionstheoretische Reformulierung von Durkheims Religionstheorie. Aus dieser Reformulierung ergibt sich die These, dass der Platz der Religion in modernen Gesellschaften auch durch nominell nicht religiöse Sinnsysteme eingenommen werden kann. Die Kapitalform des Geldes kann, wie dann gezeigt wird, die Funktion einer solchen "latenten" Religion in einer vermeintlich "säkularisierten" Welt einnehmen. Es wäre gleichwohl verkürzt, Kapitalismus und Religion einfach gleichzusetzen, wie eine Reihe Autoren es vorgeschlagen haben. Vielmehr bietet Paul Tillichs Theorie des "Dämonischen" eine überzeugendere Konzeptualisierung des gegenwärtigen Verhältnisses von Kapitalismus und Religion.1 Introduction 2 Main lines of the debate on capitalism and religion 3 Discussion 4 An interactionist reformulation of Durkheim's theory of religion 5 Capitalism as a form of the "demonic" 6 Conclusion Reference

Der kollektive "Buddenbrooks-Effekt": Die Finanzmärkte und die Mittelschichten

Der Beitrag analysiert die aktuelle Finanzmarktkrise vor dem Hintergrund längerfristiger sozioökonomischer Strukturveränderungen der fortgeschrittenen Industriegesellschaften. Die lange Phase wirtschaftlicher Prosperität nach dem Zweiten Weltkrieg hat dazu geführt, dass – bei anhaltender starker sozialer Ungleichheit der Vermögensverteilung – beträchtliche Finanzvermögen auch bei den Mittelschichten der Gesellschaften Westeuropas, der USA und Japans entstanden sind. Der Aufstieg der Investmentfonds als neuer Gruppe kollektiver Akteure auf den globalen Finanzmärkten ist vor diesem Hintergrund zu erklären. Gleichzeitig ist eine zunehmend instabile, durch Finanzkrisen und sinkende wirtschaftliche Wachstumsraten gekennzeichnete wirtschaftliche Entwicklung zu beobachten. In dem Beitrag werden die Zusammenhänge zwischen den genannten Phänomenen im Rahmen einer Mehrebenenanalyse untersucht, die in das Modell eines „kollektiven Buddenbrooks-Effekts“ mündet: Mit der strukturellen Aufwärtsmobilität in der Gesellschaft kommt es zu einem wachsenden Ungleichgewicht an den Vermögensmärkten derart, dass einem überproportionalen Wachstum der Anlage suchenden Finanzvermögen eine sinkende Zahl potenziell solventer Schuldner gegenübersteht. Die Folgen sind eine Neigung zum Netto-Kapitalexport und eine tendenzielle Überliquidität an den Finanzmärkten, mit negativen Auswirkungen auf das wirtschaftliche Wachstum und die soziale Lage der gleichen Mittelschichten, die von der Nachkriegsprosperität zunächst profitiert hatten. Darüber hinaus entsteht die Gefahr von Spekulationsblasen an den Kapitalmärkten. Die These des Beitrages ist, dass das aktuelle Krisengeschehen nicht ohne Berücksichtigung dieser strukturellen Hintergründe verstanden werden kann.The paper views the current financial crisis in light of long-term structural socioeconomic changes in advanced industrial societies. In Western Europe, the United States and Japan, the period of economic prosperity after the Second World War led to a remarkable accumulation of wealth among the middle class that had surprisingly little effect on the substantial fortunes of the wealthiest upper class. This affluence gave rise to pension and investment funds emerging as a new type of collective actor in global financial markets, while the economy was marked by increasing instability, declining growth rates and financial crises. The paper tries to clarify the interconnections between these phenomena using the framework of a multilevel analysis that culminates in a model I call the “collective Buddenbrooks effect” (“Buddenbrooks” being a family saga by Thomas Mann): Structural upward social mobility will lead to an increasing imbalance in capital markets, since the volume of financial assets looking for profitable investment will rise as the social reservoir of solvent debtors and promising investment opportunities decline. Advanced industrial economies are thus characterized by a bias towards capital export and excessive financial liquidity, with the well-known consequences of low economic growth rates and the danger of speculative bubbles on global capital markets. The middle class that originally benefitted from postwar prosperity is negatively affected, too. I argue that the current crisis cannot be understood sufficiently without taking this structural socioeconomic background into account.1 Die aktuelle Finanzmarktkrise und ihre strukturellen Hintergründe 2 Die Finanzmärkte und der kollektive „Buddenbrooks-Effekt“: Skizze einer soziologischen Erklärung Logik der Situation Logik der Selektion Logik der Aggregation 3 Schlussfolgerungen Literatu

Financial Markets and the Middle Classes: The Collective "Buddenbrooks"-Effect

The article views the current financial crisis from the background of long term structural socio-economic changes in advanced industrial societies. Central points are the rise of the middle classes during the second half of the 20th century, the accumulation of financial wealth in the middle classes in combination with a continuing high and even increasing concentration of financial assets at the level of the top rich, and the advance of pension and investment funds as a new type of collective actors at global financial markets. These changes go parallel with an economic development which is characterized by increasing instability, declining growth rates and financial crises. The paper tries to clarify the interconnections between these phenomena in the framework of a multi-level analysis which culminates in the model of a “collective Buddenbrooks-effect”: A structural upward mobility of society will lead to an increasing imbalance at capital markets, since on the one hand the volume of financial assets searching for profitable investment will rise, whereas on the other hand the social reservoir of solvent debtors and promising investment opportunities will decline. Therefore, advanced industrial economies are characterized by a bias towards capital export and excessive financial liquidity, with the well known consequences of low economic growth rates and the danger of speculative bubbles at the global capital markets. The middle classes who originally benefitted from the post-war prosperity, are negatively affected too. The author argues that the current crisis cannot be understood sufficiently without taking account of these structural socio-economic backgrounds

Der kollektive "Buddenbrooks-Effekt": Die Finanzmärkte und die Mittelschichten

Der Beitrag analysiert die aktuelle Finanzmarktkrise vor dem Hintergrund längerfristiger sozioökonomischer Strukturveränderungen der fortgeschrittenen Industriegesellschaften. Die lange Phase wirtschaftlicher Prosperität nach dem Zweiten Weltkrieg hat dazu geführt, dass – bei anhaltender starker sozialer Ungleichheit der Vermögensverteilung – beträchtliche Finanzvermögen auch bei den Mittelschichten der Gesellschaften Westeuropas, der USA und Japans entstanden sind. Der Aufstieg der Investmentfonds als neuer Gruppe kollektiver Akteure auf den globalen Finanzmärkten ist vor diesem Hintergrund zu erklären. Gleichzeitig ist eine zunehmend instabile, durch Finanzkrisen und sinkende wirtschaftliche Wachstumsraten gekennzeichnete wirtschaftliche Entwicklung zu beobachten. In dem Beitrag werden die Zusammenhänge zwischen den genannten Phänomenen im Rahmen einer Mehrebenenanalyse untersucht, die in das Modell eines „kollektiven Buddenbrooks-Effekts“ mündet: Mit der strukturellen Aufwärtsmobilität in der Gesellschaft kommt es zu einem wachsenden Ungleichgewicht an den Vermögensmärkten derart, dass einem überproportionalen Wachstum der Anlage suchenden Finanzvermögen eine sinkende Zahl potenziell solventer Schuldner gegenübersteht. Die Folgen sind eine Neigung zum Netto-Kapitalexport und eine tendenzielle Überliquidität an den Finanzmärkten, mit negativen Auswirkungen auf das wirtschaftliche Wachstum und die soziale Lage der gleichen Mittelschichten, die von der Nachkriegsprosperität zunächst profitiert hatten. Darüber hinaus entsteht die Gefahr von Spekulationsblasen an den Kapitalmärkten. Die These des Beitrages ist, dass das aktuelle Krisengeschehen nicht ohne Berücksichtigung dieser strukturellen Hintergründe verstanden werden kann.The paper views the current financial crisis in light of long-term structural socioeconomic changes in advanced industrial societies. In Western Europe, the United States and Japan, the period of economic prosperity after the Second World War led to a remarkable accumulation of wealth among the middle class that had surprisingly little effect on the substantial fortunes of the wealthiest upper class. This affluence gave rise to pension and investment funds emerging as a new type of collective actor in global financial markets, while the economy was marked by increasing instability, declining growth rates and financial crises. The paper tries to clarify the interconnections between these phenomena using the framework of a multilevel analysis that culminates in a model I call the “collective Buddenbrooks effect” (“Buddenbrooks” being a family saga by Thomas Mann): Structural upward social mobility will lead to an increasing imbalance in capital markets, since the volume of financial assets looking for profitable investment will rise as the social reservoir of solvent debtors and promising investment opportunities decline. Advanced industrial economies are thus characterized by a bias towards capital export and excessive financial liquidity, with the well-known consequences of low economic growth rates and the danger of speculative bubbles on global capital markets. The middle class that originally benefitted from postwar prosperity is negatively affected, too. I argue that the current crisis cannot be understood sufficiently without taking this structural socioeconomic background into account.1 Die aktuelle Finanzmarktkrise und ihre strukturellen Hintergründe 2 Die Finanzmärkte und der kollektive „Buddenbrooks-Effekt“: Skizze einer soziologischen Erklärung Logik der Situation Logik der Selektion Logik der Aggregation 3 Schlussfolgerungen Literatu

Simulating spin-3/2 particles at colliders

Support for interactions of spin-3/2 particles is implemented in the FeynRules and ALOHA packages and tested with the MadGraph 5 and CalcHEP event generators in the context of three phenomenological applications. In the first, we implement a spin-3/2 Majorana gravitino field, as in local supersymmetric models, and study gravitino and gluino pair-production. In the second, a spin-3/2 Dirac top-quark excitation, inspired from compositness models, is implemented. We then investigate both top-quark excitation and top-quark pair-production. In the third, a general effective operator for a spin-3/2 Dirac quark excitation is implemented, followed by a calculation of the angular distribution of the s-channel production mechanism.Comment: 20 pages, 7 figure

Kinetic modeling and simulation of high-temperature by-product formation from urea decomposition

The Selective catalytic reduction (SCR) technique is widely applied in exhaust gas after-treatment of diesel engines. Depending on operating conditions, injected urea-water solution (UWS) can form liquid films on mixer blades and the pipe wall. Evaporation and subsequent reactions in the wall film can lead to deposits of urea and by-products, respectively. Especially deposits that are not decomposed up to high temperatures are challenging for the SCR technique. Thermogravimetric experiments are conducted for these stable urea by-products, such as ammelide, ammeline and their by-products, such as cyanamide or melamine. An analysis of the evolving gases during thermal decomposition led to a more detailed understanding of the kinetics. The postulated mechanism is able to predict the thermogravimetric analyses results and the effects of variation of the experimental conditions such as initial sample mass and heating rates. The evaluated kinetics, together with the recently developed kinetics for the urea/biuret/triuret/cyanuric acid system Tischer et al. (2019), can now be integrated into CFD simulations of SCR systems to numerically simulate all relevant physical and chemical processes in UWS equipped aftertreatment systems for a wide range of conditions

Iron as recyclable energy carrier: Feasibility study and kinetic analysis of iron oxide reduction

Carbon-free and sustainable energy storage solutions are required to mitigate climate change. One possible solution, especially for stationary applications, could be the storage of energy in metal fuels. Energy can be stored through reduction of the oxide with green hydrogen and be released by combustion. In this work a feasibility study for iron as possible metal fuel considering the complete energy cycle is conducted. On the basis of equilibrium calculations it could be shown that the power-to-power efficiency of the iron/iron oxide cycle is 27 %. As technology development requires a more detailed description of both the reduction and the oxidation, a first outlook is given on the kinetic analysis of the reduction of iron oxides with hydrogen. Thermogravimetric experiments using Fe$_2$O$_3$, Fe$_3$O$_4$ and FeO indicate a three-step process for the reduction. The maximum reduction rate can be achieved with a hydrogen content of 25 %. Based on the experimental results a reaction mechanism and accompanied kinetic data were developed for description of Fe$_2$O$_3$ reduction with H$_2$ under varying experimental conditions