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The usual Faraday's Law E=-dΦ/dt determines an electromotive force E which accounts only for forces resulting from the charge of electrons. In ferromagnetic materials, in general, there exist nonconservative spin forces which also contribute to E. These might be included in Faraday's Law if the magnetic flux Φ is replaced by [/(-e)]γ, where γ is a Berry phase suitably averaged over the electron spin direction. These contributions to E represent the requirements of energy conservation in itinerant ferromagnets with time dependent order parameters.
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Barnes et al. (2007) studied this question.
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