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The distribution and abundance of Antarctic krill (Euphausia superba), particularly in the South Atlantic, has traditionally been viewed as primarily determined by the flow of the Antarctic Circumpolar Current. Krill are viewed as being particles on a conveyor belt that carries them around the Antarctic continent resulting in a single circumpolar population. The evidence to support this viewpoint is largely circumstantial and there is very little direct evidence available of krill being moved by the currents-krill flux. There is also considerable biological and physical evidence which suggests that other factors may play a dominant role in the life history and distribution of krill. This review examines the evidence for krill flux and also examines evidence that does not accord with this theory. The management implications of assuming krill flux are outlined and some lines for future research are suggested.