Journal articles on the topic 'Green Mortgage'

The purpose of this study is to formulate a model for sustainable development of the mortgage market in Azerbaijan, taking into account commercial risks of housing construction, the risks of the construction industry, social visions of mortgages, state pressure, and support. The following five key research stages can be distinguished. Namely, identification of commercial risks of housing construction based on a survey; evaluation of the effectiveness of risk diversification strategy; determination of the social vision of a mortgage; substantiating the main directions of state pressure and support for mortgage market development; and creation of a model for sustainable development of the mortgage market in Azerbaijan. At the same time, it is proposed to use a methodological approach to assessing the effectiveness of the model based on the construction of the multivariate linear regression equation. The inclusive model of sustainable development of the mortgage market in Azerbaijan provides for the formation of a favorable institutional environment. Given the selected modules, forecasting the effectiveness of the proposed inclusive model demonstrates its effectiveness in the direction of enhancing mortgage lending based on interest rate regulation taking into account the benefits of green housing construction.

This paper investigates the performance, fund characteristics, fund flow of green fund and the impact of subprime mortgage crisis on fund flow volatility. In terms of fund performance, our results show that there is no consistently significant difference between performance of green funds and conventional funds. As for fund characteristics, green funds are more sensitive to market and size risks compared to conventional funds, while they are less sensitive to value and momentum factors than conventional funds. Consistent with prior literature, there exists an asymmetric phenomenon for green funds, that is, fund flows of green funds are significantly related to lagged positive return but not significantly associated with lagged negative returns in normal market conditions. During the subprime mortgage crisis, both mature green and mature conventional funds experienced fund outflows. However, volatility of green funds flows is much lower than their conventional counterparts. Our results suggest that green fund investors can derive utility from the social responsibility attribute, and they are really more socially responsible when making investment decisions.

A United Nations Environmental Programme report addressing climate change states that the built environment in both emerging and developed countries accounts for more than forty percent of global energy usage and at least one third of the world’s greenhouse gas emissions. The report further asserts that the built environment offers an unsurpassed opportunity to supply cost effective, lasting, and meaningful reductions in greenhouse gas emissions. In response to this call to action, state and local governments in the U.S. have turned to a variety of policies to ensure that real estate developments within their jurisdictions further green building objectives. However, the availability of mortgage financing for the construction or acquisition of green buildings can undermine policymakers’ overarching environmental objectives. Lenders who misunderstand the unique risks and opportunities associated with green buildings may undercut these important environmental policies by denying real estate financing for worthy construction projects or acquisitions. Accordingly, this Article builds upon my previous work that addressed some of the financial aspects relating to green buildings such as performance bonds, insurance, and construction loans while now turning to the unique issues associated with mortgages and provides solutions that can mitigate risk exposure to acceptable levels so the lending community can further a more ecologically-friendly built environment.

El presente artículo tiene como objetivo abordar un análisis de las políticas sustentables en México a partir del programa Hipoteca Verde, tomando éste como modelo de buena práctica. Tema que nos permite acceder al conocimiento de las políticas y tecnologías que se están desarrollando en México en contra de la acción de la emisión de CO2. Con este análisis se pretende dar a conocer y generar conocimiento sobre los beneficios que brindan las políticas de vivienda sustentable y el ahorro generado con ellas dentro de las familias. Este análisis se realizará con base en estudios producidos por Infonavit mediante un simulador de ecotecnologías, el cual permite conocer los gastos sobre el agua, luz, gas y equipos de gas en la vivienda, y demostrando los ahorros generados con las ecotecnologías promovidas gracias a las políticas de vivienda, así generando el apoyo a nuevas ecotecnologías apoyadas por el Gobierno debido a la necesidad que existe en México y en otros países en implementar políticas sustentables dentro de la promoción de vivienda, las cuales se cumplan realmente y no pasen a ser simplemente un escrito, apoyando así la sustentabilidad.

Despite the need for large-scale retrofit of UK housing to meet emissions reduction targets, progress to date has been slow and domestic energy efficiency policies have struggled to accelerate housing retrofit processes. There is a need for housing retrofit policies that overcome key barriers within the retrofit sector while maintaining economic viability for customers, funding organizations, and effectively addressing UK emission reductions and fuel poverty targets. In this study, we use a simple assessment framework to assess three policies (the Variable Council Tax, the Variable Stamp Duty Land Tax, and Green Mortgage) proposed to replace the UK’s current major domestic retrofit programme known as the Energy Company Obligation (ECO). We show that the Variable Council Tax and Green Mortgage proposals have the greatest potential for overcoming the main barriers to retrofit policies while maintaining economic viability and contributing to high-level UK targets. We also show that, while none of the assessed schemes are capable of overcoming all retrofit barriers on their own, a mix of all three policies could address most barriers and provide key benefits such as wide coverage of property markets, operation on existing financial infrastructures, and application of a “carrot-and-stick” approach to incentivize retrofit. Lastly, we indicate that the specific support and protection of fuel-poor households cannot be achieved by a mix of these policies and a complementary scheme focused on fuel-poor households is required.

This paper models a default-free convertible facility to finance infrastructure projects in emerging Muslim countries. The mortgage is designed as a combination of an Islamic credit facility (allowing the collateralization of debt by the assets of the firm as espoused in Scott[32], Stulz and Johnson[36]) and inclusion of real warrants (as espoused in Green[12], Haugen and Senbet[15]) to mitigate the agency cost of debt discussed in Myers[27]. Numerical simulation is employed to endogenously solve for the rate of return, tenure and fractional ownership to be conveyed to financier upon conversion of the facility without resorting to any interest based (ribawi) index. Finally, sensitivity analysis is conducted to study the impact of exogenous variables and to reconcile with the existing mainstream finance literature such as Barclay and Smith[3], Stohs and Mauer [35] and Guedes and Opler [13].

Objectives. To assess if historical redlining, the US government’s 1930s racially discriminatory grading of neighborhoods’ mortgage credit-worthiness, implemented via the federally sponsored Home Owners’ Loan Corporation (HOLC) color-coded maps, is associated with contemporary risk of preterm birth (< 37 weeks gestation). Methods. We analyzed 2013–2017 birth certificate data for all singleton births in New York City (n = 528 096) linked by maternal residence at time of birth to (1) HOLC grade and (2) current census tract social characteristics. Results. The proportion of preterm births ranged from 5.0% in grade A (“best”—green) to 7.3% in grade D (“hazardous”—red). The odds ratio for HOLC grade D versus A equaled 1.6 and remained significant (1.2; P < .05) in multilevel models adjusted for maternal sociodemographic characteristics and current census tract poverty, but was 1.07 (95% confidence interval = 0.92, 1.20) after adjustment for current census tract racialized economic segregation. Conclusions. Historical redlining may be a structural determinant of present-day risk of preterm birth. Public Health Implications. Policies for fair housing, economic development, and health equity should consider historical redlining’s impacts on present-day residential segregation and health outcomes.

Purpose The purpose of this study is to investigate whether increases in homeowner green amenities occurred because of income tax credits to the degree that changes in housing prices are measurable. Are higher incomes, lower mortgage rates and green income-tax credits impacting housing price changes? Design/methodology/approach The paper uses the least-squares regression model with natural log specifications. The log of income and a dummy variable, which was assigned to the Energy Policy Act (2005) and the American Recovery and Reinvestment Act (2009) coverage dates are used as independent variables. Two regression models were examined using monthly housing price data from January 1990 through the year 2018. The first regression model used a single dummy variable for credits available under the Policy Act of 2005 and the Recovery Act of 2009. The second regression model considered the credits granted under these two laws separately. Disposable income per capita impacts demands for housing while green upgrade expenditures affect the cost of housing. Findings The laws set low credit limits of $500 followed by $1,500 but because of the multiplier effect, the spending appears to have magnified and been much higher. The credit availability variables have positive coefficients and were significant at 1 per cent. This implies that single-family housing prices were sensitive to the existence of residential energy property income-tax credits. The R2 results were 0.93 or above for both models. Research limitations/implications The data used was aggregated and publicly available online. Many studies use aggregated macroeconomic data when modeling housing prices using the exogenous variable of disposable income but there is no substitute for examining individual homes by location and their sales price to see under what conditions green income-tax credits have the most impact. There could be demographic issues that are missed when using aggregated information. Practical implications Spending on heating/cooling systems, dual pane windows and other green amenities keeps the housing stock modernized and housing prices steady or rising. An additional benefit is that spending motivated by self-interest can simulate household consumption spending. Houses deteriorate due to wear and tear. Physical-repairable depreciation represents a situation where maintenance funds are continuously needing to be spent. Repairs and upgrades to the structure of the property keep its price stable by stopping the physical depreciation that would otherwise occur with the passage of time. Social implications The paper provides support for the idea that residential green amenity upgrades positively impact the value of a house. These green-amenity upgrades, which other research studies have suggested should be included explicitly in the appraisal process, are a major characteristic of a property when a price estimate is being done. Housing being sold should have a section on the information sheet noting the property green upgrades that exist and an energy efficiency score should be assigned to each house listed for sale. Originality/value There are few (if any) academic research papers studying the impact of green tax credits available under the Energy Policy Act (2005) and under the American Recovery and Reinvestment Act (2009). The degree to which green income-tax credits stimulate spending on housing has not been addressed by researchers. This paper is an initial research attempt to quantify whether these legislative efforts measurably encouraged homeowners to adopt newer, greener technologies.

The emerging business-driven case for green affordable housing reveals six drivers of profitability: 1) access to international green finance flows for better financing terms; 2) minimized incremental cost through early planning; 3) faster sales through market differentiation; 4) savings on utility bills for owners and renters; 5) lowered default rates and superior collateral value for green mortgages; and 6) fiscal and non-fiscal incentives from local or national governments. Additionally, fiscal and non-fiscal incentives from local or national governments can further catalyse the market. Case studies from several emerging markets show that the right combination of government incentives (including non-fiscal policies), education and technical assistance to developers (including a no-cost option), and green finance (including green bonds and green mortgages) can transform housing markets. In order to reflect the total life-time cost of ownership, the concept of affordability in housing should include the impact of resource-efficiency and resilience on the costs and risks of ownership.

There is an urgent need to march towards “low - carbon economy”. Global challenges of diminishing fossil fuel reserves, climate change, environmental management and finite natural resources serving an expanding world population - these reasons mean that urgent action is required to transition to solutions which minimize environmental impact and are sustainable. We are at the start of the low - carbon revolution and those that have started on their low - carbon journey already are seeing benefits such as new markets and customers, improved economic, social and environmental performance, and reduced bills and risks. Green investment banks offer alternative financial services: green car loans, energy efficiency mortgages, alternative energy venture capital, eco - savings deposits and green credit cards. These items represent innovative financial products.

Technology turned to be a virtual bedrock of the contemporary global economy. The prospects for successful overcoming of the multiple social, environmental, economic and geo-political strains that are challenging the future of the mankind mainly depend on the technological progress in all spheres of life. The development and large-scale introduction of qualitatively new, in many cases disruptive, technologies demand accumulation and efficient allocation of huge amounts of resources, primarily the financial ones. Since the global financial crisis of 2008–2009 sovereign wealth funds proved to be some of the most well-capitalized institutional investors and substantially increased their role in the international economic architecture. Currently, total disclosed assets under management (AUM) of 95 active state-run funds are estimated at about 9 Trillion US dollars, which presents almost 10% of the total worldwide AUM. Even more importantly, thanks to the structure of capital and statutory mandates, they can take a longer view on value creation and, thus, on operations’ planning as compared to venture funds, PE funds and other counterparts from the private sector. Far-reaching investment horizon is a feature that is critical and highly welcomed in such capital-demanding and volatile sphere as financing of innovations. According to available data, in recent years the leading sovereign wealth funds joined the global race in technologies and noticeably increased their investments in the technological sector, including transition to “green” economy, clean energy, digitalization of production, transportation and distribution, ICT-based services and business platforms. This trend can be traced since mid 2010s. Even in pandemic 2020 sovereign funds were most active in the technology sector (25% of all registered deals). The second and the third places were taken by services (including e-commerce infrastructure) and life sciences (vaccines): 18 and 17.6% respectively. This data is based on the analysis of 165 fresh annual deals worth 42 Billion US dollars. The sovereigns’ trend to get closer to the technological assets (instead of traditional equities and mortgage) is being accompanied by greater in-house expertise and skills, general sophistication of strategies and operational management. This is especially true in cases of direct investments and access to early-stage technology-focused ventures. The empirical evidence allows to expect that in a foreseeable future the sovereign wealth funds will be steadily increasing their roles in financing of global innovations.

Abstract The article presents an edition of a Greek papyrus belonging to the Austrian National Library. Its recto contains a long fragment of a money loan upon mortgage, which was drawn up in the capital of the Herakleopolite nome, and is one of the rare instances where the borrowers are a married couple. One of its main points of interest is the sum of the borrowed money, which amounts to thirty-six golden solidi. The verso preserves the remains of at least two unspecified texts.

The main aim of the article is to present the prospect of usage of green bonds and green covered bonds as the implementation tools for the principles of the European Green Deal. The material is based on the analysis of the sources of current Polish and European legal and financial public information acts, as well as the case study on the issuance of green bonds and green covered bonds. The European Green Deal was presented on December 11, 2019, as an action plan for more efficient use of resources, by transitioning to a clean circular economy, preventing climate change, countering biodiversity loss and reducing pollution. Special attention was given to the necessary investments and available financial tools. The ways of ensuring a fair transformation were also explained. Achieving the goals outlined in the European Green Deal will require significant investment. It is estimated that in order to meet the currently set climate and energy targets for the period until 2030, it is necessary to increase investment outlays by an amount of EUR 260 billion per year, or around 1.5%. 2018 EU GDP. Such investment will require the mobilization of both the public and private sectors. The aim of the article is to analyze the financial instruments in terms of the possibility of associating them with the implementation of the principles of the European Green Deal. The conclusions of the article indicate that taking into account the necessity to implement the European Union strategy in the field of environmental and climate protection, the use of green bonds and green covered bonds is possible. The basis of green bonds issuance is the realization of investment projects in the field of conservancy which coincide with the European Green Deal goals. Green covered bonds are based on green mortgages intended for financing energy-efficient buildings, which is one of the European Green Deal keystones.

This paper presents and critically discusses the origins and causes of the Greek fiscal crisis and its implications for the euro currency as well as the SEE economies. In the aftermath of the 2007-2009 financial crisis the enormous increase in sovereign debt has emerged as an important negative outcome, since public debt was dramatically increased in an effort by the US and the European governments to reduce the accumulated growth of private debt in the years preceding the recent financial turmoil. Although Greece is the country member of the eurozone that has been in the middle of this ongoing debt crisis, since November 2009 when it was made clear that its budget deficit and mainly its public debt were not sustainable, Greece?s fiscal crisis is not directly linked to the 2007 US subprime mortgage loan market crisis. As a result of this negative downturn the Greek government happily accepted a rescue plan of 110 billion euros designed and financed by the European Union and the IMF. A lengthy austerity programme and a fiscal consolidation plan have been put forward and are to be implemented in the next three years.

After establishing the general legal framework for international bankruptcies, and then examining the competence of the forum state to open bankruptcy proceedings, and the effects recognised by the forum state in relation to a foreign bankruptcy, the present report tries to provide a brief overview of the fate reserved for security rights, whether rights in rem, created by statute (legal mortgage, privilege), or contractual, as well as rights of preference (right of retention, or compensation), in the context of an international bankruptcy under German, English, Belgian, Canadian, Greek, French, Italian, Japanese, Dutch, North American, Swedish and Yugoslavian law.

The need for a quick and radical green transition gives a key role to the financial system as the main source to fund the change. This debate also involves the development of banking regulation tools able to serve the transition. Building on previous works, we propose a method to weight banks’ assets that combines conventional financial risks and environmental risks to calculate prudential capital requirements, and we apply it to the EU Taxonomy’s technical screening criteria to build an environmental risk indicator based on the buildings’ energy consumptions. We show how to calculate the tool endogenously for the taxonomy sections related to buildings (new construction, purchase of building, renovation), thus proving its immediate enforceability, using data from the Lombardy’s housing stocks. Finally, we conduct a stress test for the Italian banking system showing that our proposal would be an effective incentive for the banks to fund the green transition of the construction sector. Disclaimer: The views expressed are those of the authors and do not involve the responsibility of the Bank of Italy or RSE.

The two Greek Orthodox communities in Vienna, St George and Holy Trinity, administered several foundations and endowments from the 18thcentury onwards. This paper aims to reconstruct the communities’ role as administrators for those foundations whose capital was invested in immovable property. The focus lies on threeStiftungshäuserand on nine mortgage-backed buildings located in today’s first and second district of Vienna. The history of these buildings – from the purchase to the benefactors’ death, and from the establishment of the foundations to the buildings’ sale – will be reconstructed by taking into account Vienna’s urban development and housing situation in the 19th-century. Furthermore, the benefactors’ identities as homeowners and their relationship to the buildings and their residents will be examined.

This paper brings together a comparative study alongside expert analysis of the most important International Maritime Conventions of interest to two European Member States with extensive and significant maritime traditions, Italy and Greece. Initially the general legal framework of these two States with civil law systems is pointed out, followed by an analysis of the most influential and eminent maritime Conventions that have been implemented in the States’ legal systems. The Conventions on salvage, arrest of ships, maritime liens and mortgages and limitation of liability are considered and scrutinised. The methods and the legislative actions that the States adopted for the International rules to become part of their national legislative systems are examined thoroughly.

Purpose This paper aims to propose a new model of economic behaviour in which activities are led by greed rather than by the traditional formal rules of capitalism. Design/methodology/approach This paper relies on the empirical observation of bad practices that developed in synchrony during the collapse of the former communist economic system and the rise of global financial capitalism. Both were fuelled by greedy behaviour of asset grabbing, and paved the way to an emerging greed-led economic system. Findings First, microeconomic individual greedy behaviours that drive asset grabbing are identified, such as rigged or corrupt privatisation drives, subprime mortgage loans, Ponzi schemes, lending to insolvent clients, bad loan securitisation, stock options, fraudulent accounting and online betting on fixed matches. Then systematic changes in the traditional formal rules of capitalism that favour those having adopted a greedy strategy are pointed at; greedy behaviour is institutionalised when these capture the state and successfully lobby for rules change. Contrary to capitalism, systemic greed uses asset grabbing, instead of capital accumulation, as its major means for wealth maximisation without constraint, in a winner-take-all economy beneficial to oligarchs. Research limitations/implications The implications of this new systemic behaviour have implications for further economic modelling. Practical implications The emergence of systemic greed will have implications for the design of regulatory systems. Originality/value This paper proposes that a greed-controlled economy is replacing the traditional capitalist economy.

Today, in the aftermath of the subprime crisis, there is a foreboding sense that it is too easy for Americans to borrow. Living beyond our means on our cards and our mortgages, Americans borrowed at an unsustainable pace, and what put us here, the logic goes, was the unfortunate collision of lenders' greed and borrower's cupidity. Yet free-for-all borrowing defined another moment's economy as well, but without the ill consequences: the postwar period. After World War II, cheap credit underpinned the suburban prosperity, through government-insured loans, auto financing, and even department store Charga-Plates.

Abstract Motivated by the linkage between credit and growth in the Greek economy and the deceleration of credit since the financial crisis, this paper studies the evolution of credit demand and supply in Greece during the period 2003M1–2011M3. A model of the credit market is explored which disentangles demand and supply. A Bayesian estimation methodology with data augmentation for the latent variables is proposed. The analysis is carried out separately for each type of loan (short- and long-term business loans, consumer loans and mortgages) enabling the comparative study of the credit rationing and supply constraint effects across loan categories. The results indicate that, for all loan categories, excess demand characterized the boom period. After the intensification of the debt crisis, long-term business loans, consumer loans and mortgages were constrained from the supply side, however, demand for short-term business loans has slowed down more than supply, reflecting businesses’ need for stable funding. Finally, the structural effects of the crisis are investigated. The present paper aims to contribute to the strand of literature investigating the tools to analyse credit developments by formulating an enhanced and flexible version of a model which disentangles credit demand and supply and enables the monitoring of the evolution of financial imbalances.

AbstractThis article critically examines the role of the Immovable Property Commission, established in 2005 by the ‘Turkish Republic of Northern Cyprus’ under pressure from the European Court of Human Rights, to redress losses sustained by Greek Cypriots who fled south when the island was partitioned in the mid-1970s. While the Commission has been a modest success, proceedings have been lengthy, its decisions lack transparency, there have been difficulties with restitution and exchange, and the payment of compensation has often been delayed. Corporate ownership and encumbrances, such as mortgages, have also proved problematic. But, whether it contributes negatively or positively to full resolution of the Cyprus problem, or makes no contribution at all, remains to be seen.

This whitepaper discusses the potential of Metaverse to revolutionize the banking industry. It highlights the various ways in which banks can leverage Metaverse to improve their operations, including through the use of NFTs, blockchain technology, and smart contracts. The paper is aimed to explore the possibilities of Metaverse in the Banking Industry and understand its practical implementation radius. This paper navigates to various topics from the definition of Metaverse to business aspects in banking and financial services. Explores the various business opportunities in the customer communication domain, cross-border transactions, mortgages, digital assets, green loans, and achieving carbon net zero through Metaverse. The role of Innovation Leaders is discussed in detail assisting readers to understand and appreciate the value of innovation in today’s rapidly changing technology times. The paper argues that banks must take a proactive role in driving the adoption of Metaverse, support circular economy, and reduce waste by enabling web3.0 technology in the banking sector.

<p>Today, iconic architecture is the dominant mode of contemporary public life, but the wishes of the European city and role of public space are based on financial emergencies—even if the term ‘financial’ is screened out by the mesmeric distraction of such spectral, prodigal buildings. While iconic architecture parades as visual stunt—an “avant garde” project of the digital image that violently pushes physics and engineering to its limits—such projects are only made possible by giant debt arrangements; and, as I will argue, their primary agenda is to solve serious financial problems. Yet, not only do these projects often fail to generate the future income (fictitious capital) promised and thus leave the town with an impossible 30-year mortgage that might never be repaid, iconic developments also have the power to contribute to distortions of capital (economic crises) beyond the project and the city itself. This essay will examine the Olympic development and iconic objects designed by Santiago Calatrava for the Athens Summer Games in 2004, and the dual Olympic-budget crisis and national crisis that converged on Calatrava’s project. After the games, the Greek Olympic development attracted considerable financial critique from outside the architectural discipline: economists debated how the Olympic development was implicated in the Greek crisis, and a parallel Left protest-movement against Calatrava, the public figure, for financial corruption through iconic projects gained traction. Regardless of the veracity of these arraignments; in Greece, I propose the Olympic development became a visual cipher for the ongoing Greek crisis. Calatrava’s project illustrates the ways in which National crises in Europe today are played out via architectural icons, and the transformation of public space into both a financial medium and narrator of financial crisis.</p>

This study aims to provide a complex overview of the sustainability aspect of green mortgage and corporate bonds issued in the Hungarian market. The assessment is based on the green bond frameworks, the business profile of each issuer, and the publicly available data of the issuances. The study analyses the seven sectors of the green bond market (real estate, construction, mortgage banks, holding companies, manufacturing, agriculture, wholesale and retail trade). It is proven that out of the sustainable development goals (SDG), SDG 7 is the most supported one. Most issuers plan to use metrics related to pollution prevention, energy efficiency, clean transportation, and water- and wastewater management. Moreover, in four of the seven sectors involved, corporate awareness of green issues could be considered high.

Purpose: The modern banking activities are submerged with green loans, green credit cards, green checking accounts, and also green mortgage along with online banking aspects. The purpose of this study is to identify the research gap and possible research agendas of connecting green banking practices and corporate social responsibility (CSR) activities of some chosen private and public sector banks in India. Design/Methodology: This study reviews the current status of various green banking practices of the banks and their corporate social responsibility activities of selected private and public banks of India. The data is collected from scholarly literature and internet sources. Findings: Through this review-based study, the current status of green banking practices and corporate social responsibility activities are identified. The green initiatives of public and private banks such as internet banking, mobile banking, green debit, and credit card loan are analyzed. Based on the current status and the ideal strategy of using CSR funds for such green activities, the research gap is determined. Based on the research gap, various research agendas to connect green banking practices and corporate social responsibility activities are developed and analyzed. Originality: This review-based research paper identifies the current status, research gap and analyses the research agendas related to strategies of utilizing CSR funds on green banking practices to fulfill the dual objectives of social responsibility and intensifying the brand value to retain existing and attract new customers. Paper Type: Review-based research analysis

PurposeEstablishing the strength of a novel variable–mortgage debt as a fraction of US gross domestic product (GDP)–on forecasting capitalization rates in both the US office and multifamily sectors.Design/methodology/approachThe authors specifies a vector error correction model (VECM) to the data. VECM are used to address the nonstationarity issues of financial variables while maintaining the information embedded in the levels of the data, as opposed to their differences. The cap rate series used are from Green Street Advisors and represent transaction cap rates which avoids the problem of artificial smoothness found in appraisal-based cap rates.FindingsUsing a VECM specified with the novel variable, unemployment and past cap rates contains enough information to produce more robust forecasts than the traditional variables (return expectations and risk premiums). The method is robust both in and out of sample.Practical implicationsThis has direct implications for governmental policy, offering a path to real estate price stability and growth through mortgage access–functions largely influenced by the Fed and the quasi-federal agencies Fannie Mae and Freddie Mac. It also offers a timely alternative to interest rate-based forecasting models, which are likely to be less useful as interest rates are to be held low for the foreseeable future.Originality/valueThis study offers a new and highly explanatory variable to the literature while being among the only to model either (1) transactional cap rates (versus appraisal) (2) out-of-sample data (versus in-sample) (3) without the use of the traditional variables thought to be integral to cap rate modelling (return expectations and risk premiums).

The article presents a study on the problems of restoring the construction complex of the Chechen Republic, in particular, reducing the attention of investors to the use of "green" technologies. In the course of the study, the authors, based on the use of such methods as a systematic approach, logical analysis, comparative analysis and other methods, proposed a number of methodological approaches that should be used in justifying the development strategy of the investment and construction complex of the Chechen Republic. It is established that in the investment and construction complex of the Chechen Republic, it is necessary to search for such methodological approaches in its development that would minimize the harmful effects of electromagnetic radiation. It is concluded that with the development of information technologies, the life of people, primarily those living in megacities, becomes more comfortable. They become more informed about the methods of a healthy lifestyle, including the use of environmentally friendly products in their life. It is proved that in the coming period, taking into account the high rates of natural population growth in the territory of the Chechen Republic, it will be necessary to ensure high rates of housing commissioning. In order to determine the degree of affordability of housing for the population of the Chechen Republic to establish a system of monitoring ratios to average market housing price and income levels. The Covid-19 pandemic has led to a sharp decline in the level of income of the population, which reduces indicators of housing affordability. It is proved that the measures of the government of the Russian Federation aimed at reducing the mortgage rate to 6.5 % when applying for a mortgage for new construction will significantly increase the housing affordability indicator. The authors conclude that for the breakthrough development of the Russian Federation, it is necessary to create a mechanism for the development of integration processes of investment and construction enterprises and organizations involved in the use of local resources, which would take into account the requirements of modern technologies of "green" growth and would contribute to a steady increase in the quality of the environment of citizens.

The results of research conducted that in the process of purchasing cash housing Mutiara Hijau Tambaksogra At PT. Graha Perwira Pratama there are two that is credit and cash, home purchase in cash applied by PT. Graha Perwira Pratama branch of Housing Mutiara Hijau Tambaksogra Kembaran Sub-district of Banyumas Regency, there are two ways, namely: hard cash and gradually, while crediting in the application of payment with credit in green pearl housing Tambaksogra involves the bank through mortgage loan program and Financing Murabaha in Sharia Bank. In the murabaha method, the bank pays the home repayment to the developer. Comparison Purchase home in cash cheaper price, easier process, no administrative fees, free from the rules and more secure, while home purchase on credit does not need to save large amounts to buy a house, enough money to pay the down payment only and the greater the down payment or the longer the repayment period, the installment will become cheaper.

PurposeThe majority of the literature on green buildings in Ghana focuses on environmental benefits, innovative designs, construction technologies and project management techniques. However, little is known about how such facilities are financed. This issue creates potential knowledge gaps, one of which this study aims to address. This study examines the key drivers for green building project financing in Ghana.Design/methodology/approachThe study uses an explanatory sequential design with an initial quantitative instrument phase, followed by a qualitative data collection phase. An extensive critical comparative review of the literature resulted in the identification of eight potential drivers. One hundred and twenty-seven questionnaire responses based upon these drivers from the Ghanaian construction industry were received. Data were coded with SPSS v22, analysed descriptively (mean, standard deviation and standard error) and via inferential analysis (One Way ANOVA and One-Sample t-Test). These data were then validated through semi-structured interviews with ten industry professionals within the Ghana Green Building Council. Data obtained from the semi-structured validation interviews were analysed through the side-by-side comparison of the qualitative data with the quantitative data.FindingsThough all eight drivers are important, the five key drivers for the Ghanian construction industry were identified as, in order of importance, “high return on investment”, “emerging business opportunity”, “ethical investment”, “conservation of resources” and “mandatory regulations, standards, and policies”. The interviewees agreed to and confirmed the importance of these identified drivers for green building project financing from validating the survey's key findings.Research limitations/implicationsKey limitations of this study are the restrictions regarding the geographical location of the collected data (i.e. Kumasi and Accra); timing of the study and sample size (i.e. the COVID-19 pandemic making it difficult to obtain adequate data).Practical implicationsThough this study was conducted in Ghana, its implications could be useful to researchers, policymakers, stakeholders and practitioners in wider sub-Saharan Africa. For instance, financial institutions can invest in green buildings to expand their green construction and mortgage finance products to build higher value and lower risk portfolios. The findings from this study can provide investors with the enhanced certainty needed to help guide and inform their investment decisions, i.e. what to invest in, and when, by how much and how a scheme being “green” may influence their rate of return. Also, for building developers, it will give them a clearer understanding of the business case for green buildings and how to differentiate themselves in the market to grow their businesses.Originality/valueThis study's findings provide insights into an under-investigated topic in Ghana and offer new and additional information and insights to the current state-of-the-art on the factors that drive green building project financing.

PurposeThe growing adoption of sustainable finance for inclusive agribusiness requires a cross-country comparison. In this paper, a comparative discourse of sustainable finance (SF) options for agribusiness transformation in Nigeria and Brunei is attempted; as well as examining the implications on entrepreneurship and enterprise development in both countries.Design/methodology/approachA mixed research method was adopted for this cross-country comparative analysis. To gain deeper insight into agribusiness and SF, the authors sourced the required data from scholarly articles, texts, World Bank data (2000–2016), national policy documents, working papers, national development plan reports, and other online resources on agribusiness and SF. The authors adopted mixed data (non-numeric and numeric data) because they allow for combining content analysis and secondary data in quantitative analysis (Williams and Shepherd, 2017). This mixed method approach follows a three-stage, namely: Data sourcing, Data development and conversion and Data analysis.FindingsThis discourse based on the mixed data produced four findings. Firstly, it was found that both countries have different statuses in the agribusiness sector, but Brunei had better growth performance in the crop, food, livestock, cereal production indices compared to Nigeria. Secondly, the challenges facing agribusiness in both countries include inadequate funding, misuse/mismanagement of land resources, deployment of extractive farming practices, application of ozone-depleting chemicals and pesticides among others have harmed the vegetation, the farmland, and the chemistry of the ocean resulting in low productivity. Thirdly, the SF options that are suitable for agribusiness transformation are green loans, green bonds, green credit, green investment funds, green mortgage scheme and other green financial support instruments given mostly as grants, subsidies and tax reliefs. The key guidelines for entrepreneurs seeking SF options for agribusiness are Principles 2, 4, 5, 6, 8, 9 and 10 of the EPs.Research limitations/implicationsThe main limitation of the study is that the analysis and interpretation of the findings are based on descriptive statistics. However, future research should consider using rigorous econometric tests such as the Co-Integration Test, Test of Causality and Inferential Statistics that would enhance stronger generalisation and prediction.Practical implicationsThe practical implication is that agribusiness transformation through sustainable finance options (SFOs) would bring about a structural change from the current subsistence agricultural practices to large-scale agriculture practices characterised by the deployment of agricultural information systems (AGRIS), precision agriculture and agricultural technologies. Flowing from the first implication, the nexus between agribusiness and SFOs will systematically improve agricultural productivity in the areas of crop production, fishing, livestock and forestry in both countries. Thirdly, an improved agribusiness would boost food production and availability thereby mitigating the rising trends in food insecurity, food inflation, food poverty, and ultimately will help actualize SDG 1(No poverty), SDG 2 (Zero Hunger), and SDG 3 (Good Health and Wellbeing).Originality/valueThe authors contribute to the literature on SF and agribusiness in emerging economies by identifying an inclusive strategy that matters for agribusiness transformation in high-income and low-income economies.

The article is devoted to topical issues of identifying the role of green financial instruments in the global banking market, the reasons for their emergence, the main types and trends. It has been proved that the most competitive in global coordinates is a network-organized green banking system. This network not only significantly accelerates the accumulation of global capital in green infrastructure, but also significantly facilitates the process of cooperation between private investors and developers with green banks, standardizes the conditions of such cooperation, and increases the transparency of green banking institutions. The article analyzes the main financial instruments of green banking: green bank lending, green mortgages, green bonds, co-investment of green banks, securitization of green bank assets. The analysis of characteristic features and peculiarities of application of these financial instruments has been carried out. Different estimates of the total value of green bank loans and their tendency to increase and against the background of still low share in total lending have been compared. The article evaluates the structure of green and sustainable lending to banking institutions. The existence of rather deep interregional differentiations in the dominant forms, mechanisms and levels of development of the green banking industry has been proved. The author assesses the growing demand for green mortgages as one of the priority instruments of green banking, and emphasizes the objective need to increase the volume of green bonds. The joint investment of green banks and its essence has been described in the article. The author believes that in response to the significant growth in the needs of the global economy in the transition to a model of sustainable development, the securitization of green bank assets has received a powerful impetus. The global trend of development of this financial instrument in the global green loan market has been proved. The author emphasizes the importance of implementing instruments of monetary, monetary and prudential policies that can timely identify threats to the emergence of green credit "bubbles", the concentration of systemic environmental risks in the banking sector.

This study aims to explain the relationship between green economy, green finance and the environment. Environmental sensitivities have become related to production with the increase in global warming, greenhouse gas emissions and carbon emission rates. After becoming related to production and economy, some financial instruments have emerged in order to be sensitive to the environment. The purpose of these products is primarily to protect the environment and to include environmentally conscious people in this financial system. In the personal or individual green finance dimension, green mortgages, green home loans, green commercial building loans, green car loans and green credit cards are the most prominent green financing. In the green finance dimension related to companies; some products such as green project finance, green securities, green technology leasing, carbon finance. Eco fund and carbon fund in asset management, and car insurance, carbon insurance and green insurance in insurance. Considering that our environment is essential for all humanity, it is seen that supporting and increasing green financing products that are environmentally sensitive will make more positive contributions both for our country and for the world.

The present article introduces the concept of consumer spinning. This occurs when consumers have lost track of their initial motivation to consume and engage unwittingly in hamster-like spinning in a “wheel of misfortune”, being encouraged to spend through sweetheart deals and thus incur debt without even realizing it. This article takes for example the Global Financial Crisis of 2007-2009 (GFC) during which the use of such sweeteners by sellers of predatory mortgages and advocates for lax regulations led U.S. consumers to spin and, in the process, ignore the debt trap they were falling into. We discuss the results of a functional magnetic resonance imaging ( fMRI) experiment we conducted to test the ratio of greed over risk aversion and the hypothesized phenomenon of spinning. We believe that this is the first academic attempt to examine spinning resorting to an experimental tool used regularly in neuroscience and psychology research. Our framework indicates that government regulators should take the role of marketing sweeteners into account when devising policies. Marketing managers, who strive to educate consumers and help them reduce their debt load, thus promoting better purchasing power, stand to benefit from an understanding of these possible spinning behaviors and adapt their campaigns accordingly. We believe that there should be legal consequences for encouraging consumer spinning, as this at times may be an intentional and deceitful invitation for consumers to harm themselves financially.

This paper addresses that natural consort of love: sex. It particularly considers the absence of actual sex from mainstream popular culture and the marginalisation of 'fun' sex as porn, requiring its illicit circulation as ‘illegitimate’ videos. The absence of sex from films classified and screened in public venues (even to over-18s) prevents a discourse about actual sex informing the discourse of love and romance perpetuated through Hollywood movies. The value of a variety of representations of sexual practice in the context of a discussion of love, sex and romance in Western cinema was briefly illuminated for the few days that Baise-moi was legitimately screened in Australia. For all that love is one of the great universal themes, Western cinema tends to communicate this ‘finer feeling’ through recourse to romance narratives. Which is not to say that romantic representations of love are devoid of sex, just that that the cinematic convention is to indicate sex, without showing it. Indeed, without the actors 'doing it'. The peculiarity of this situation is not usually clear, however, because there is so little mainstream sex-cinema with which to compare the anodyne gyrations of romantic Hollywood. Which was where Baise-moi came in, briefly. Baise-moi is variously translated for English-speaking cinema audiences as 'Fuck me' (in Australia) and 'Rape me' (in the US, where, astonishingly, Rape me is seen as a less objectionable title than Fuck me.) Of the two titles, Fuck me is by far the cleverer and more authentically related to the meaning and content, whereas Rape me is a travesty, particularly given the shocking power of an extremely graphic and violent rape scene which initiates much of the succeeding violence. An early appeal by the Australian Attorney-General (to the Review Board) against the Office of Film and Literature Classification’s granting of an R rating meant that Baise-moi was hastily removed from Australian cinemas. The movie is, however, heavily reviewed on the web and readers are referred to commentaries such as those by Gary Morris and Frank Vigorito. The grounds on which Classification was refused were given as ‘strong depictions of violence’, ‘sexual violence’, ‘frequent, actual detailed sex scenes’ and ‘scenes which demean both women and men’. Violence, sexual violence and ‘scenes which demean’ are hardly uncommon in films (although it may be unusual that these demean even-handedly). If the amount of violence is nothing new, the sex was certainly different from the usual cinematic fare. Although this was not the first time that ‘unsimulated’ sex had been shown on the art-house big screen, the other major examples were not entirely similar. Romance was wordy, arguably feminist, and a long way from mindless sex-because-they-like-it. Intimacy 's ‘sex scenes are explicit but totally non pornographic, they’re painful, needy, unsatisfying except on an orgasmic level’, according to Margaret Pomeranz, who reviewed the film for SBS. Baise-moi is different because, as Vigorito says, ‘please make no mistake that the two main characters in this film, the so-called French Thelma and Louise, certainly do want to fuck’. (They also like to kill.) Baise-moi is often characterised as a quasi-feminist revenge movie where the two protagonists Manu (a porn star) and Nadine (a sex worker) seek revenge with (according to Morris) ‘ultimately more nihilism than party-hearty here, with the non-stop killings laid squarely at the doorstep of a society that’s dehumanized its citizens’. While the brutality depicted is mind-blowing (sometimes literally/visually) it is the sex that got the film banned, but not until after some 50,000 Australians had seen it. The elements that separate Baise-moi from Intimacy and Romance (apart from the extreme violence) is that the characters have (heterosexual) sex with a variety of partners, and sometimes do so just for fun. Further, although the Office of Film and Literature Classification ‘considers that the film has significant artistic and cultural merit’ (OFLC), one of the directors wrote the novel on which the film is based while the other director and the two stars are former porn industry workers. If Baise-moi had been accepted as cinema-worthy, where would the sex-on-the-screen factor have stopped for future classification of films? The popular culture approach to romance, love and sex moves comparatively smoothly from the first kiss to the rumpled sheets. Although the plot of a romantic film may consist in keeping the love and sex activities apart, the love is (almost invariably) requited. And, as films such as Notting Hill demonstrate, true love these days is communicated less frequently through the willingness of a couple to have sex (which generally goes without saying), and more often through commitment to the having and rearing of a shared child (whereas off-screen this may more usually be the commitment of a shared mortgage). Sex, in short, is popularly positioned as a precursor to love; as not entirely necessary (and certainly not sufficient) but very usually associated with the state of 'being in love'. It is comparatively rare to see any hesitation to engage in sex on the part of a film-portrayed loving couple, other than hurdles introduced through the intervention of outside forces. A rare example of thinking and talking before fucking is The Other Sister , but this means it rates as an R in the States because of ‘thematic elements involving sex-related material’. In contrast, the film Notting Hill, where the characters played by Julia Roberts and Hugh Grant hardly pause for breath once attraction is established, rates a PG-13 (‘for sexual content and brief strong language’). Thus it is all right for producers to have sex in a storyline, but any hesitation, or discussion, makes the film unsuited to younger audiences. Given that characters’ thinking about sex, and talking about sex, as part of (or preliminary to) having sex apparently increases the age at which the audience is allowed to see the film, perhaps it should not be surprising that actually showing sex about which the audience can then think and talk is almost entirely banned. Yet for a culture that associates sex so strongly with love, and celebrates love so thoroughly in film, television and literature (not to mention popular magazines such as Woman's Day, New Idea, New Weekly and Who), to be occasionally challenged by a film that includes actual sex acts seems not unreasonable, particularly when restricted to audiences of consenting adults. Ian McEwan's debut collection of short stories, First love, last rites explores this conundrum of 'the sex that shall only be acted, never performed' in a short story, 'Cocker at the theatre' (McEwan 57). The tale is about a theatrical production where the actors are new, and nude, and the theme of the play is copulation. It is a story of its time, mid-seventies, the resonating-hippie Age of Aquarius, when Hair still rocked. McEwan's naked couples are assembled by the play's director and then pressed together to begin the rhythmic moves required to complement the thumping musical score of GTC: ‘Grand Time Copulation’. The male and female actors are not near enough to each other, so they are spliced closer together: ‘When they began to move again their pubic hair rasped’ (57-8). The director is unimpressed by the result: ‘I know it's hard, but you have to look as if you're enjoying this thing.' (His voice rose.) 'Some people do, you know. It's a fuck, you understand, not a funeral.' (His voice sank.) 'Let's have it again, with some enthusiasm this time.' However, all is not entirely well, after a good second beginning. ‘Them on the end, they're going too fast, what do you think?' [says the director to the stage manager] They watched together. It was true, the two who had been moving well, they were a little out of time ... 'My God,' said [the director] 'They're fucking … It's disgusting and obscene … pull them apart.' (58-9). The issue raised here, as in the case of the removal of any classification from Baise-moi that effectively prevented further public screenings, is the double standard of a society that expends so much of its critical and cultural energies in exploring the nature of love, romance and sexual attraction but balks (horrified) at the representation of actual sex. Yet one of the values of a cinematic replay of 'unsimulated sex' is that it acts as a ‘reality check’ for all the mushy renditions of romance that form the mainstream representation of 'love' on-screen. So, if we want to see sex, should we not simply consume pornography? In modern-day Australia it is impossible to discuss depictions of live sex without conjuring up connotations of ‘porn’. Porn, however, is not usually consumed in a manner or place that allows it to interrogate media messages from mainstream production houses and distributors. Watching porn, for example at home on video, removes it from a context in which it could realistically prompt a re-evaluation of the visual diet of love and sex Hollywood-style, an opportunity that was provided by Baise-moi during its temporary season. The comparative absence of on-screen sexual activity means that there is an absence of texts through which we can interrogate mainstream representations of lovemaking. Whereas the Eros Foundation aims to promote debate leading to ‘logical perspectives on sex and rational law reform of the sex industry’, and avoids using the term 'pornography' on its home page, it is hard to find any representations of unsimulated sex that are not classified as porn and consequently easily pigeon-holed as 'not relevant' to cultural debate except in general terms regarding (say) 'censorship' or 'the portrayal of women'. It is hard to know what Baise-moi might have said to Australian audiences about the relationship between sex, authenticity (Morris uses the term ‘trashy integrity’) and popular culture since the film was screened for only the briefest of intervals, and throughout that time the ‘hype’ surrounding it distracted audiences from any discussion other than would it/wouldn't it, and should it/shouldn't it, be banned. Hopefully, a future Attorney-General will allow the adults in this country to enjoy the same range of popular cultural inputs available to citizens in more liberal nations, and back the initial (liberal) decision of the OFLC. And what has love got to do with all this? Not much it seems, although doesn't popular culture ‘teach’ that one of the main uses for a love theme is to provide an excuse for some gratuitous sex? Perhaps, after all, it is time to cut to the chase and allow sex to be screened as a popular culture genre in its own right, without needing the excuse of a gratuitous love story. Works Cited McEwan, Ian. First love, last rites. London: Picador, 1975. 56-60. Morris, Gary. “Baise-moi. Feminist screed or fetish-fuckathon? Best to flip a coin.” Lip Magazine 2001. http://www.lipmagazine.org/articles/revi... OFLC. Classification Review Board News release, 10 May 2002. http://www.oflc.gov.au/PDFs/RBBaiseMoi.pdf Pomeranz, Margaret. “Intimacy.” The Movie Show: Reviews. http://www.sbs.com.au/movieshow/reviews.... Vigorito, Frank. “Natural porn killers.” Offoffofffilm 2001. http://www.offoffoff.com/film/2001/baise... Filmography Baise-moi. Dirs. Virginie Despentes and CoRalie Trinh Thi. Dist. Film Fixx, 2000. Intimacy. Dir. Patrice Chereau. Dist. Palace Films, 2001. Notting Hill. Dir. Roger Michell. Dist. Universal Pictures, 1999. Romance. Dir. Catherine Breillat. Dist. Potential Films, 1999. The other sister. Dir. Gary Marshall. Dist. Touchstone Pictures, 1999. Links http://www.offoffoff.com/film/2001/baisemoi.php3 http://www.eros.com.au http://film.guardian.co.uk/censorship/news/0,11729,713540,00.html http://www.sbs.com.au/movieshow/reviews.php3?id=838 http://www.michaelbutler.com/hair http://www.oflc.gov.au/PDFs/RBBaiseMoi.pdf http://www.movie-source.com/no/othersister.shtml http://www.lipmagazine.org/articles/revimorris_128.shtml Citation reference for this article Substitute your date of access for Dn Month Year etc... MLA Style Green, Lelia. "Sex" M/C: A Journal of Media and Culture 5.6 (2002). Dn Month Year < http://www.media-culture.org.au/0211/sex.php>. APA Style Green, L., (2002, Nov 20). Sex. M/C: A Journal of Media and Culture, 5,(6). Retrieved Month Dn, Year, from http://www.media-culture.org.au/0211/sex.html

IntroductionWe five friends clinked glasses in our favourite wine and cocktail bar, and considered our next collaborative writing project. We had seen M/C Journal’s call for articles for a special issue on ‘regional’ and when one of us mentioned the television program, Escape from the City, we began our critique:“They haven’t featured Armidale yet, but wouldn’t it be great if they did?”“Really? I mean, some say any publicity is good publicity but the few early episodes I’ve viewed seem to give little or no screen time to the sorts of lifestyle features I most value in our town.”“Well, seeing as we all moved here from the city ages ago, let’s talk about what made us stay?”We had found our next project.A currently popular lifestyle television show (Escape from the City) on Australia’s national public service broadcaster, the ABC, highlights the limitations of popular cultural representations of life in a regional centre. The program is targeted at viewers interested in relocating to regional Australia. As Raymond Boyle and Lisa Kelly note, popular television is an important entry point into the construction of public knowledge as well as a launching point for viewers as they seek additional information (65). In their capacity to construct popular perceptions of ‘reality’, televisual texts offer a significant insight into our understandings and expectations of what is going on around us. Similar to the concerns raised by Esther Peeren and Irina Souch in their analysis of the popular TV show Farmer Wants a Wife (a version set in the Netherlands from 2004–present), we worry that these shows “prevent important aspects of contemporary rural life from being seen and understood” (37) by the viewers, and do a disservice to regional communities.For the purposes of this article, we interrogate the episodes of Escape from the City screened to date in terms of the impact they may have on promoting regional Australia and speculate on how satisfied (or otherwise) we would be should the producers direct their lens onto our regional community—Armidale, in northern NSW. We start with a brief précis of Escape from the City and then, applying an autoethnographic approach (Butz and Besio) focusing on our subjective experiences, we share our reflections on living in Armidale. We blend our academic knowledge and knowledge of everyday life (Klevan et al.) to argue there is greater cultural diversity, complexity, and value in being in the natural landscape in regional areas than is portrayed in these representations of country life that largely focus on cheaper real estate and a five-minute commute.We employ an autoethnographic approach because it emphasises the socially and politically constituted nature of knowledge claims and allows us to focus on our own lives as a way of understanding larger social phenomena. We recognise there is a vast literature on lifestyle programs and there are many different approaches scholars can take to these. Some focus on the intention of the program, for example “the promotion of neoliberal citizenship through home investment” (White 578), while others focus on the supposed effect on audiences (Tsay-Vogel and Krakowiak). Here we only assert the effects on ourselves. We have chosen to blend our voices (Gilmore et al.) in developing our arguments, highlighting our single voices where our individual experiences are drawn on, as we argue for an alternative representation of regional life than currently portrayed in the regional ‘escapes’ of this mainstream lifestyle television program.Lifestyle TelevisionEscape from the City is one of the ‘lifestyle’ series listed on the ABC iview website under the category of ‘Regional Australia’. Promotional details describe Escape from the City as a lifestyle series of 56-minute episodes in which home seekers are guided through “the trials and tribulations of their life-changing decision to escape the city” (iview).Escape from the City is an example of format television, a term used to describe programs that retain the structure and style of those produced in another country but change the circumstances to suit the new cultural context. The original BBC format is entitled Escape to the Country and has been running since 2002. The reach of lifestyle television is extensive, with the number of programs growing rapidly since 2000, not just in the United Kingdom, but internationally (Hill; Collins). In Australia, they have completed, but not yet screened, 60 episodes of Escape from the City. However, with such popularity comes great potential to influence audiences and we argue this program warrants critical attention.Like House Hunters, the United States lifestyle television show (running since 1997), Escape from the City follows “a strict formula” (Loof 168). Each episode uses the same narrative format, beginning with an introduction to the team of experts, then introducing the prospective house buyers, briefly characterising their reasons for leaving the city and what they are looking for in their new life. After this, we are shown a map of the region and the program follows the ‘escapees’ as they view four pre-selected houses. As we leave each property, the cost and features are reiterated in the written template on the screen. We, the audience, wait in anticipation for their final decision.The focus of Escape from the City is the buying of the house: the program’s team of experts is there to help the potential ‘escapees’ find the real estate gem. Real estate value for money emerges as the primary concern, while the promise of finding a ‘life less ordinary’ as highlighted in the opening credits of the program each week, seems to fall by the wayside. Indeed, the representation of regional centres is not nuanced but limited by the emphasis placed on economics over the social and cultural.The intended move of the ‘escapees’ is invariably portrayed as motivated by disenchantment with city life. Clearly a bigger house and a smaller mortgage also has its hedonistic side. In her study of Western society represented in lifestyle shows, Lyn Thomas lists some of the negative aspects of city life as “high speed, work-dominated, consumerist” (680), along with pollution and other associated health risks. While these are mentioned in Escape from the City, Thomas’s list of the pleasures afforded by a simpler country life including space for human connection and spirituality, is not explored to any satisfying extent. Further, as a launching point for viewers in the city (Boyle and Kelly), we fear the singular focus on the price of real estate reinforces a sense of the rural as devoid of creative arts and cultural diversity with a focus on the productive, rather than the natural, landscape. Such a focus does not encourage a desire to find out more and undersells the richness of our (regional) lives.As Australian regional centres strive to circumvent or halt the negative impacts of the drift in population to the cities (Chan), lifestyle programs are important ‘make or break’ narratives, shaping the appeal and bolstering—or not—a decision to relocate. With their focus on cheaper real estate prices and the freeing up of the assets of the ‘escapees’ that a move to the country may entail, the representation is so focused on the economics that it is almost placeless. While the format includes a map of the regional location, there is little sense of being in the place. Such a limited representation does not do justice to the richness of regional lives as we have experienced them.Our TownLike so many regional centres, Armidale has much to offer and is seeking to grow (Armidale Regional Council). The challenges regional communities face in sustaining their communities is well captured in Gabriele Chan’s account of the city-country divide (Chan) and Armidale, with its population of about 25,000, is no exception. Escape from the City fails to emphasise cultural diversity and richness, yet this is what characterises our experience of our regional city. As long-term and satisfied residents of Armidale, who are keenly aware of the persuasive power of popular cultural representations (O’Sullivan and Sheridan; Sheridan and O’Sullivan), we are concerned about the trivialising or reductive manner in which regional Australia is portrayed.While we acknowledge there has not been an episode of Escape from the City featuring Armidale, if the characterisation of another, although larger, regional centre, Toowoomba, is anything to go by, our worst fears may be realised if our town is to feature in the future. Toowoomba is depicted as rural landscapes, ‘elegant’ buildings, a garden festival (the “Carnival of the Flowers”) and the town’s history as home of the Southern Cross windmill and the iconic lamington sponge. The episode features an old shearing shed and a stock whip demonstration, but makes no mention of the arts, or of the University that has been there since 1967. Summing up Toowoomba, the voiceover describes it as “an understated and peaceful place to live,” and provides “an attractive alternative” to city life, substantiated by a favourable comparison of median real estate prices.Below we share our individual responses to the question raised in our opening conversation about the limitations of Escape from the City: What have we come to value about our own town since escaping from city life?Jane: The aspects of life in Armidale I most enjoy are, at least in part, associated with or influenced by the fact that this is a centre for education and a ‘university town’. As such, there is access to an academic library and an excellent town library. The presence of the University of New England, along with independent and public schools, and TAFE, makes education a major employer, attracting a significant student population, and is a major factor in Armidale being one of the first towns in the roll-out of the NBN/high-speed broadband. University staff and students may also account for the thriving cafe culture, along with designer breweries/bars, art house cinema screenings, and a lively classical and popular music scene. Surely the presence of a university and associated spin-offs would deserve coverage in a prospective episode about Armidale.Alison: Having grown up in the city, and now having lived more than half my life in an inner-regional country town, I don’t feel I am missing out ‘culturally’ from this decision. Within our town, there is a vibrant arts community, with the regional gallery and two local galleries holding regular art exhibitions, theatre at a range of venues, and book launches at our lively local book store. And when my children were younger, there was no shortage of sporting events they could be involved with. Encountering friends and familiar faces regularly at these events adds to my sense of belonging to my community. The richness of this life does not make it to the television screen in episodes of Escape from the City.Kerry: I greatly value the Armidale community’s strong social conscience. There are many examples of successful programs to support diverse groups. Armidale Sanctuary and Humanitarian Settlement sponsored South Sudanese refugees for many years and is currently assisting Ezidi refugees. In addition to the core Sanctuary committee, many in the local community help families with developing English skills, negotiating daily life, such as reading and responding to school notes and medical questionnaires. The Backtrack program assists troubled Aboriginal and non-Aboriginal youth. The program helps kids “to navigate their relationships, deal with personal trauma, take responsibility […] gain skills […] so they can eventually create a sustainable future for themselves.” The documentary film Backtrack Boys shows what can be achieved by individuals with the support of the community. Missing from Escape from the City is recognition of the indigenous experience and history in regional communities, unlike the BBC’s ‘original’ program in which medieval history and Vikings often get a ‘guernsey’. The 1838 Myall Creek massacre of 28 Wirrayaraay people, led to the first prosecution and conviction of a European for killing Aboriginals. Members of the Indigenous and non-Indigenous community in Armidale are now active in acknowledging the past wrongs and beginning the process of reconciliation.Josie: About 10am on a recent Saturday morning I was walking from the car park to the shopping complex. Coming down the escalator and in the vestibule, there were about thirty people and it occurred to me that there were at least six nationalities represented, with some of the people wearing traditional dress. It also struck me that this is not unusual—we are a diverse community as a result of our history and being a ‘university city’. The Armidale Aboriginal Cultural Centre and Keeping Place was established in 1988 and is being extended in 2019. Diversity is apparent in cultural activities such as an international film festival held annually and many of the regular musical events and stalls at the farmers’ market increasingly reflect the cultural mix of our town. As a long-term resident, I appreciate the lifestyle here.Wendy: It is early morning and I am walking in a forest of tall trees, with just the sounds of cattle and black cockatoos. I travel along winding pathways with mossy boulders and creeks dry with drought. My dog barks at rabbits and ‘roos, and noses through the nooks and crannies of the hillside. In this public park on the outskirts of town, I can walk for two hours without seeing another person, or I can be part of a dog-walking pack. The light is grey and misty now, the ranges blue and dark green, but I feel peaceful and content. I came here from the city 30 years ago and hated it at first! But now I relish the way I can be at home in 10 minutes after starting the day in the midst of nature and feeling part of the landscape, not just a tourist—never a possibility in the city. I can watch the seasons and the animals as they come and go and be part of a community which is part of the landscape too. For me, the first verse of South of My Days, written by a ‘local’ describing our New England environment, captures this well:South of my days’ circle, part of my blood’s country,rises that tableland, high delicate outlineof bony slopes wincing under the winter,low trees, blue-leaved and olive, outcropping granite-clean, lean, hungry country. The creek’s leaf-silenced,willow choked, the slope a tangle of medlar and crabapplebranching over and under, blotched with a green lichen;and the old cottage lurches in for shelter. (Wright 20)Whilst our autoethnographic reflections may not reach the heady heights of Judith Wright, they nevertheless reflect the experience of living in, not just escaping to the country. We are disappointed that the breadth of cultural activities and the sense of diversity and community that our stories evoke are absent from the representations of regional communities in Escape from the City.Kate Oakley and Jonathon Ward argue that ‘visions of the good life’, in particular cultural life in the regions, need to be supported by policy which encourages a sustainable prosperity characterised by both economic and cultural development. Escape from the City, however, dwells on the material aspects of consumption—good house prices and the possibility of a private enterprise—almost to the exclusion of any coverage of the creative cultural features.We recognise that the lifestyle genre requires simplification for viewers to digest. What we are challenging is the sense that emerges from the repetitive format week after week whereby differences between places are lost (White 580). Instead what is conveyed in Escape from the City is that regions are homogenous and monocultural. We would like to see more screen time devoted to the social and cultural aspects of the individual locations.ConclusionWe believe coverage of a far richer and more complex nature of rural life would provide a more ‘realistic’ preview of what could be ahead for the ‘escapees’ and perhaps swing the decision to relocate. Certainly, there is some evidence that viewers gain information from lifestyle programs (Hill 106). We are concerned that a lifestyle television program that purports to provide expert advice on the benefits and possible pitfalls of a possible move to the country should be as accurate and all-encompassing as possible within the constraints of the length of the program and the genre.So, returning to what may appear to have been a light-hearted exchange between us at our local bar, and given the above discussion, we argue that television is a powerful medium. We conclude that a popular lifestyle television program such as Escape from the City has an impact on a large viewing audience. For those city-based viewers watching, the message is that moving to the country is an economic ‘no brainer’, whereas the social and cultural dimensions of regional communities, which we posit have sustained our lives, are overlooked. Such texts influence viewers’ perceptions and expectations of what escaping to the country may entail. Escape from the City exploits regional towns as subject matter for a lifestyle program but does not significantly challenge stereotypical representations of country life or does not fully flesh out what escaping to the country may achieve.ReferencesArmidale Regional Council. Community Strategic Plan 2017–2027. Armidale: Armidale Regional Council, 2017.“Backtrack Boys.” Dir. Catherine Scott. Sydney: Umbrella Entertainment, 2018.Boyle, Raymond, and Lisa W. Kelly. “Television, Business Entertainment and Civic Culture.” Television and New Media 14.1 (2013): 62–70.Butz, David, and Kathryn Besio. “Autoethnography.” Geography Compass 3.5 (2009): 1660–74.Chan, Gabrielle. Rusted Off: Why Country Australia Is Fed Up. Australia: Vintage, 2018.Collins, Megan. Classical and Contemporary Social Theory: The New Narcissus in the Age of Reality Television. Routledge, 2018.Gilmore, Sarah, Nancy Harding, Jenny Helin, and Alison Pullen. “Writing Differently.” Management Learning 50.1 (2019): 3–10.Hill, Annette. Reality TV: Audiences and Popular Factual Television. London: Routledge, 2004.iview. “Escape from the City.” Sydney: Australian Broadcasting Corporation, 2019.Klevan, Trude, Bengt Karlsson, Lydia Turner, Nigel Short, and Alec Grant. “‘Aha! ‘Take on Me’s’: Bridging the North Sea with Relational Autoethnography.” Qualitative Research Journal 18.4 (2018): 330–44.Loof, Travis. “A Narrative Criticism of Lifestyle Reality Programs.” Journal of Media Critiques 1.5 (2015): 167–78.O’Sullivan, Jane, and Alison Sheridan. “The King Is Dead, Long Live the King: Tall Tales of New Men and New Management in The Bill.” Gender, Work and Organization 12.4 (2005): 299–318.Oakley, Kate, and Jonathon Ward. “The Art of the Good Life: Culture and Sustainable Prosperity.” Cultural Trends 27.1 (2018): 4–17.Peeren, Esther, and Irina Souch. “Romance in the Cowshed: Challenging and Reaffirming the Rural Idyll in the Dutch Reality TV Show Farmer Wants a Wife.” Journal of Rural Studies 67.1 (2019): 37–45.Sheridan, Alison, and Jane O’Sullivan. “‘Fact’ and ‘Fiction’: Enlivening Health Care Education.” Journal of Health Orgnaization and Management 27.5 (2013): 561–76.Thomas, Lyn. “Alternative Realities: Downshifting Narratives in Contemporary Lifestyle Television.” Cultural Studies 22.5 (2008): 680–99.Tsay-Vogel, Mina, and K. Maja Krakowiak. “Exploring Viewers’ Responses to Nine Reality TV Subgenres.” Psychology of Popular Media Culture 6.4 (2017): 348–60.White, Mimi. “‘A House Divided’.” European Journal of Cultural Studies 20.5 (2017): 575–91.Wright, Judith. Collected Poems: 1942–1985. Sydney: Angus & Robertson, 1994.

Property as both an idea and a practice has been interpreted through the prism of a liberal, law and economics paradigm since at least the 18th century. This dominant (and domineering) perspective stresses the primacy of individualism, the power of exclusion, and the values of private commodity. By contrast, concepts of property that evolved out of the counterculture of the 1960s and early 1970s challenged this hegemony. Countercultural, or Aquarian, ideas of property stressed pre-liberal, long forgotten property norms such as sociability, community, inclusion and personhood, and contested a private uniformity that seemed “totalizing and universalizing” (Blomley, Unsettling 102). This paper situates what it terms “Aquarian property” in the context of emergent property theory in the 1960s and 1970s, and the propertied practices these new theories engendered. Importantly, this paper also grounds Aquarian ideas of property to location. As legal geographers observe, the law inexorably occurs in place as well as time. “Nearly every aspect of law is located, takes place, is in motion, or has some spatial frame of reference” (Braverman et al. 1). Property’s radical yet simultaneously ancient alter-narrative found fertile soil where the countercultural experiment flourished. In Australia, one such place was the green, sub-tropical landscape of the New South Wales Northern Rivers, home of the 1973 Australian Union of Student’s Aquarius Festival at Nimbin. The Counterculture and Property Theory Well before the “Age of Aquarius” entered western youth consciousness (Munro-Clark 56), and 19 years before the Nimbin Aquarius Festival, US legal scholar Felix Cohen defined property in seminally private and exclusionary terms. To the world: Keep off X unless you have my permission, which I may grant or withhold.Signed: Private citizenEndorsed: The state. (374) Cohen’s formula was private property at its 1950s apogee, an unambiguous expression of its centrality to post-war materialism. William Blackstone’s famous trope of property as “that sole and despotic dominion” had become self-fulfilling (Rose, Canons). Why had this occurred? What had made property so narrow and instrumentalist to a private end? Several property theorists identify the enclosure period in the 17th and 18th centuries as seminal to this change (Blomley, Law; Graham). The enclosures, and their discourse of improvement and modernity, saw ancient common rights swept away in favour of the liberal private right. Property diversity was supplanted by monotony, group rights by the individual, and inclusion by exclusion. Common property rights were rights of shared use, traditionally agrarian incidents enjoyed through community membership. However, for the proponents of enclosure, common rights stood in the way of progress. Thus, what was once a vested right (such as the common right to glean) became a “mere practice”, condemned by its “universal promiscuity” and perceptions of vagrancy (Buck 17-8). What was once sited to context, to village and parish, evolved into abstraction. And what had meaning for person and place, “a sense of self; […] a part of a tribe’ (Neeson 180), became a tradable commodity, detached and indifferent to the consequences of its adverse use (Leopold). These were the transformed ideas of property exported to so-called “settler” societies, where colonialists demanded the secure property rights denied to them at home. In the common law tradition, a very modern yet selective amnesia took hold, a collective forgetting of property’s shared and sociable past (McLaren). Yet, property as commodity proved to be a narrow, one-sided account of property, an unsatisfactory “half right” explanation (Alexander 2) that omits inconvenient links between ownership on the one hand, and self and place on the other. Pioneering US conservationist Aldo Leopold detected as much a few years before Felix Cohen’s defining statement of private dominance. In Leopold’s iconic A Sand County Almanac, he wrote presciently of the curious phenomenon of hardheaded farmers replanting selected paddocks with native wildflowers. As if foreseeing what the next few decades may bring, Leopold describes a growing resistance to the dominant property paradigm: I call it Revolt – revolt against the tedium of the merely economic attitude towards land. We assume that because we had to subjugate the land to live on it, the best farm is therefore the one most completely tamed. These […] farmers have learned from experience that the wholly tamed farm offers not only a slender livelihood but a constricted life. (188)By the early 1960s, frustrations over the constrictions of post-war life were given voice in dissenting property literature. Affirming that property is a social institution, emerging ideas of property conformed to the contours of changing values (Singer), and the countercultural zeitgeist sweeping America’s universities (Miller). Thus, in 1964, Charles Reich saw property as the vanguard for a new civic compact, an ambitious “New Property” that would transform “government largess” into a property right to address social inequity. For Joseph Sax, property scholar and author of a groundbreaking citizen’s manifesto, the assertion of public property rights were critical to the protection of the environment (174). And in 1972, to Christopher Stone, it seemed a natural property incident that trees should enjoy equivalent standing to legal persons. In an age when “progress” was measured by the installation of plastic trees in Los Angeles median strips (Tribe), jurists aspired to new ideas of property with social justice and environmental resonance. Theirs was a scholarly “Revolt” against the tedium of property as commodity, an act of resistance to the centuries-old conformity of the enclosures (Blomley, Law). Aquarian Theory in Propertied Practice Imagining new property ideas in theory yielded in practice a diverse Aquarian tenure. In the emerging communes and intentional communities of the late 1960s and early 1970s, common property norms were unwittingly absorbed into their ethos and legal structure (Zablocki; Page). As a “way out of a dead-end future” (Smith and Crossley), a generation of young, mostly university-educated people sought new ways to relate to land. Yet, as Benjamin Zablocki observed at the time, “there is surprisingly little awareness among present-day communitarians of their historical forebears” (43). The alchemy that was property and the counterculture was given form and substance by place, time, geography, climate, culture, and social history. Unlike the dominant private paradigm that was placeless and universal, the tenurial experiments of the counter-culture were contextual and diverse. Hence, to generalise is to invite the problematic. Nonetheless, three broad themes of Aquarian property are discernible. First, property ceased being a vehicle for the acquisition of private wealth; rather it invested self-meaning within a communitarian context, “a sense of self [as] a part of a tribe.” Second, the “back to the land” movement signified a return to the country, an interregnum in the otherwise unidirectional post-enclosure drift to the city. Third, Aquarian property was premised on obligation, recognising that ownership was more than a bundle of autonomous rights, but rights imbricated with a corresponding duty to land health. Like common property and its practices of sustained yield, Aquarian owners were environmental stewards, with inter-connected responsibilities to others and the earth (Page). The counterculture was a journey in self-fulfillment, a search for personal identity amidst the empowerment of community. Property’s role in the counterculture was to affirm the under-regarded notion of property as propriety; where ownership fostered well lived and capacious lives in flourishing communities (Alexander). As Margaret Munro-Clark observed of the early 1970s, “the enrichment of individual identity or selfhood [is] the distinguishing mark of the current wave of communitarianism” (33). Or, as another 1970s settler remarked twenty years later, “our ownership means that we can’t liquefy our assets and move on with any appreciable amount of capital. This arrangement has many advantages; we don’t waste time wondering if we would be better off living somewhere else, so we have commitment to place and community” (Metcalf 52). In personhood terms, property became “who we are, how we live” (Lismore Regional Gallery), not a measure of commoditised worth. Personhood also took legal form, manifested in early title-holding structures, where consensus-based co-operatives (in which capital gain was precluded) were favoured ideologically over the capitalist, majority-rules corporation (Munro-Clark). As noted, Aquarian property was also predominantly rural. For many communitarians, the way out of a soulless urban life was to abandon its difficulties for the yearnings of a simpler rural idyll (Smith and Crossley). The 1970s saw an extraordinary return to the physicality of land, measured by a willingness to get “earth under the nails” (Farran). In Australia, communities proliferated on the NSW Northern Rivers, in Western Australia’s southwest, and in the rural hinterlands behind Queensland’s Sunshine Coast and Cairns. In New Zealand, intentional communities appeared on the rural Coromandel Peninsula, east of Auckland, and in the Golden Bay region on the remote northwestern tip of the South Island. In all these localities, land was plentiful, the climate seemed sunny, and the landscape soulful. Aquarians “bought cheap land in beautiful places in which to opt out and live a simpler life [...] in remote backwaters, up mountains, in steep valleys, or on the shorelines of wild coastal districts” (Sargisson and Sargent 117). Their “hard won freedom” was to escape from city life, suffused by a belief that “the city is hardly needed, life should spring out of the country” (Jones and Baker 5). Aquarian property likewise instilled environmental ethics into the notion of land ownership. Michael Metzger, writing in 1975 in the barely minted Ecology Law Quarterly, observed that humankind had forgotten three basic ecological laws, that “everything is connected to everything else”, that “everything must go somewhere”, and that “nature knows best” (797). With an ever-increasing focus on abstraction, the language of private property: enabled us to create separate realities, and to remove ourselves from the natural world in which we live to a cerebral world of our own creation. When we act in accord with our artificial world, the disastrous impact of our fantasies upon the natural world in which we live is ignored. (796)By contrast, Aquarian property was intrinsically contextual. It revolved around the owner as environmental steward, whose duty it was “to repair the ravages of previous land use battles, and to live in accord with the natural environment” (Aquarian Archives). Reflecting ancient common rights, Aquarian property rights internalised norms of prudence, proportionality and moderation of resource use (Rose, Futures). Simply, an ecological view of land ownership was necessary for survival. As Dr. Moss Cass, the Federal environment minister wrote in the preface to The Way Out: Radical Alternatives in Australia, ‘”there is a common conviction that something is rotten at the core of conventional human existence.” Across the Tasman, the sense of latent environmental crisis was equally palpable, “we are surrounded by glistening surfaces and rotten centres” (Jones and Baker 5). Property and Countercultural Place and Time In the emerging discipline of legal geography, the law and its institutions (such as property) are explained through the prism of spatiotemporal context. What even more recent law and geography scholarship argues is that space is privileged as “theoretically interesting” while “temporality is reduced to empirical history” (Braverman et al. 53). This part seeks to consider the intersection of property, the counterculture, and time and place without privileging either the spatial or temporal dimensions. It considers simply the place of Nimbin, New South Wales, in early May 1973, and how property conformed to the exigencies of both. Legal geographers also see property through the theory of performance. Through this view, property is a “relational effect, not a prior ground, that is brought into being by the very act of performance” (Blomley, Performing 13). In other words, doing does not merely describe or represent property, but it enacts, such that property becomes a reality through its performance. In short, property is because it does. Performance theory is liberating (Page et al) because it concentrates not on property’s arcane rules and doctrines, nor on the legal geographer’s alleged privileging of place over time, but on its simple doing. Thus, Nicholas Blomley sees private property as a series of constant and reiterative performances: paying rates, building fences, registering titles, and so on. Adopting this approach, Aquarian property is described as a series of performances, seen through the prism of the legal practitioner, and its countercultural participants. The intersection of counterculture and property law implicated my family in its performative narrative. My father had been a solicitor in Nimbin since 1948; his modest legal practice was conducted from the side annexe of the School of Arts. Equipped with a battered leather briefcase and a trusty portable typewriter, like clockwork, he drove the 20 miles from Lismore to Nimbin every Saturday morning. I often accompanied him on his weekly visits. Forty-one years ago, in early May 1973, we drove into town to an extraordinary sight. Seen through ten-year old eyes, surreal scenes of energy, colour, and longhaired, bare-footed young people remain vivid. At almost the exact halfway point in my father’s legal career, new ways of thinking about property rushed headlong and irrevocably into his working life. After May 1973, dinnertime conversations became very different. Gone was the mundane monopoly of mortgages, subdivisions, and cottage conveyancing. The topics now ranged to hippies, communes, co-operatives and shared ownerships. Property was no longer a dull transactional monochrome, a lifeless file bound in pink legal tape. It became an idea replete with diversity and innovation, a concept populated with interesting characters and entertaining, often quirky stories. If property is a narrative (Rose, Persuasion), then the micro-story of property on the NSW Northern Rivers became infinitely more compelling and interesting in the years after Aquarius. For the practitioner, Aquarian property involved new practices and skills: the registration of co-operatives, the drafting of shareholder deeds that regulated the use of common lands, the settling of idealistic trusts, and the ever-increasing frequency of visits to the Nimbin School of Arts every working Saturday. For the 1970s settler in Nimbin, performing Aquarian property took more direct and lived forms. It may have started by reading the open letter that festival co-organiser Graeme Dunstan wrote to the Federal Minister for Urban Affairs, Tom Uren, inviting him to Nimbin as a “holiday rather than a political duty”, and seeking his support for “a community group of 100-200 people to hold a lease dedicated to building a self-sufficient community [...] whose central design principles are creative living and ecological survival” (1). It lay in the performances at the Festival’s Learning Exchange, where ideas of philosophy, organic farming, alternative technology, and law reform were debated in free and unstructured form, the key topics of the latter being abortion and land. And as the Festival came to its conclusion, it was the gathering at the showground, titled “After Nimbin What?—How will the social and environmental experiment at Nimbin effect the setting up of alternative communities, not only in the North Coast, but generally in Australia” (Richmond River Historical Society). In the days and months after Aquarius, it was the founding of new communities such as Co-ordination Co-operative at Tuntable Creek, described by co-founder Terry McGee in 1973 as “a radical experiment in a new way of life. The people who join us […] have to be prepared to jump off the cliff with the certainty that when they get to the bottom, they will be all right” (Munro-Clark 126; Cock 121). The image of jumping off a cliff is a metaphorical performance that supposes a leap into the unknown. While orthodox concepts of property in land were left behind, discarded at the top, the Aquarian leap was not so much into the unknown, but the long forgotten. The success of those communities that survived lay in the innovative and adaptive ways in which common forms of property fitted into registered land title, a system otherwise premised on individual ownership. Achieved through the use of outside private shells—title-holding co-operatives or companies (Page)—inside the shell, the norms and practices of common property were inclusively facilitated and performed (McLaren; Rose, Futures). In 2014, the performance of Aquarian property endures, in the dozens of intentional communities in the Nimbin environs that remain a witness to the zeal and spirit of the times and its countercultural ideals. Conclusion The Aquarian idea of property had profound meaning for self, community, and the environment. It was simultaneously new and old, radical as well as ancient. It re-invented a pre-liberal, pre-enclosure idea of property. For property theory, its legacy is its imaginings of diversity, the idea that property can take pluralistic forms and assert multiple values, a defiant challenge to the dominant paradigm. Aquarian property offers rich pickings compared to the pauperised private monotone. Over 41 years ago, in the legal geography that was Nimbin, New South Wales, the imaginings of property escaped the conformity of enclosure. The Aquarian age represented a moment in “thickened time” (Braverman et al 53), when dissenting theory became practice, and the idea of property indelibly changed for a handful of serendipitous actors, the unscripted performers of a countercultural narrative faithful to its time and place. References Alexander, Gregory. Commodity & Propriety: Competing Visions of Property in American Legal Thought 1776-1970. Chicago: U of Chicago P, 1999. Aquarian Archives. "Report into Facilitation of a Rural Intentional Community." Lismore, NSW: Southern Cross University. Blomley, Nicholas. Law, Space, and the Geographies of Power. New York: Guildford Press, 1994. Blomley, Nicholas. Unsettling the City: Urban Land and the Politics of Property. New York: Routledge, 2004. Blomley, Nicholas. “Performing Property, Making the World.” Social Studies Research Network 2053656. 5 Aug. 2013 ‹http://ssrn.com/abstract=2053656›. Braverman, Irus, Nicholas Blomley, David Delaney, and Sandy Kedar. The Expanding Spaces of Law: A Timely Legal Geography. Stanford: Stanford UP, 2014. Buck, Andrew. The Making of Australian Property Law. Sydney: Federation Press, 2006. Cock, Peter. Alternative Australia: Communities of the Future. London: Quartet Books, 1979. Cohen, Felix. “Dialogue on Private Property.” Rutgers Law Review 9 (1954): 357-387. Dunstan, Graeme. “A Beginning Rather than an End.” The Nimbin Good Times 27 Mar. 1973: 1. Farran, Sue. “Earth under the Nails: The Extraordinary Return to the Land.” Modern Studies in Property Law. Ed. Nicholas Hopkins. 7th edition. Oxford: Hart, 2013. 173-191. Graham, Nicole. Lawscape: Property, Environment, Law. Abingdon: Routledge, 2011. Jones, Tim, and Ian Baker. A Hard Won Freedom: Alternative Communities in New Zealand. Auckland: Hodder & Staughton, 1975. Leopold, Aldo. A Sand County Almanac with Other Essays on Conservation from Round River. New York: Ballantine Books, 1966. Lismore Regional Gallery. “Not Quite Square: The Story of Northern Rivers Architecture.” Exhibition, 13 Apr. to 2 June 2013. McLaren, John. “The Canadian Doukhobors and the Land Question: Religious Communalists in a Fee Simple World.” Land and Freedom: Law Property Rights and the British Diaspora. Eds. Andrew Buck, John McLaren and Nancy Wright. Farnham: Ashgate Publishing, 2001. 135-168. Metcalf, Bill. Co-operative Lifestyles in Australia: From Utopian Dreaming to Communal Reality. Sydney: UNSW Press, 1995. Miller, Timothy. The 60s Communes: Hippies and Beyond. Syracuse: Syracuse UP, 1999. Munro-Clark, Margaret. Communes in Rural Australia: The Movement since 1970. Sydney: Hale & Iremonger, 1986. Neeson, Jeanette M. Commoners: Common Right, Enclosure and Social Change in England, 1700-1820. Cambridge: Cambridge UP, 1996. Page, John. “Common Property and the Age of Aquarius.” Griffith Law Review 19 (2010): 172-196. Page, John, Ann Brower, and Johannes Welsh. “The Curious Untidiness of Property and Ecosystem Services: A Hybrid Method of Measuring Place.” Pace Environmental Law Rev. 32 (2015): forthcoming. Reich, Charles. “The New Property.” Yale Law Journal 73 (1964): 733-787. Richmond River Historical Society Archives. “After Nimbin What?” Nimbin Aquarius file, flyer. Lismore, NSW. Rose, Carol M. Property and Persuasion Essays on the History, Theory, and Rhetoric of Ownership. Boulder: Westview, 1994. Rose, Carol M. “The Several Futures of Property: Of Cyberspace and Folk Tales, Emission Trades and Ecosystems.” Minnesota Law Rev. 83 (1998-1999): 129-182. Rose, Carol M. “Canons of Property Talk, or Blackstone’s Anxiety.” Yale Law Journal 108 (1998): 601-632. Sargisson, Lucy, and Lyman Tower Sargent. Living in Utopia: New Zealand’s Intentional Communities. Aldershot: Ashgate Publishing, 2004. Sax, Joseph L. Defending the Environment: A Strategy for Citizen Action. New York: Alfred A. Knopf, 1971. Singer, Joseph. “No Right to Exclude: Public Accommodations and Private Property.” Nw. U.L.Rev. 90 (1995): 1283-1481. Smith, Margaret, and David Crossley, eds. The Way Out: Radical Alternatives in Australia. Melbourne: Lansdowne Press, 1975. Stone, Christopher. “Should Trees Have Standing? Toward Legal Rights for Natural Objects.” Southern Cal. L. Rev. 45 (1972): 450-501. Tribe, Laurence H. “Ways Not to Think about Plastic Trees: New Foundations for Environmental Law.” Yale Law Journal 83 (1973-1974): 1315-1348. Zablocki, Benjamin. Alienation and Charisma: A Study of Contemporary American Communes. New York: Free Press, 1980.

The 2000s have been a lively decade for cities. The Worldwatch Institute estimated that 2007 was the first year in human history that more people worldwide lived in cities than the countryside. Globalisation and new digital media technologies have generated the seemingly paradoxical outcome that spatial location came to be more rather than less important, as combinations of firms, industries, cultural activities and creative talents have increasingly clustered around a select node of what have been termed “creative cities,” that are in turn highly networked into global circuits of economic capital, political power and entertainment media. Intellectually, the period has seen what the UCLA geographer Ed Soja refers to as the spatial turn in social theory, where “whatever your interests may be, they can be significantly advanced by adopting a critical spatial perspective” (2). This is related to the dynamic properties of socially constructed space itself, or what Soja terms “the powerful forces that arise from socially produced spaces such as urban agglomerations and cohesive regional economies,” with the result that “what can be called the stimulus of socio-spatial agglomeration is today being assertively described as the primary cause of economic development, technological innovation, and cultural creativity” (14). The demand for social justice in cities has, in recent years, taken the form of “Right to the City” movements. The “Right to the City” movement draws upon the long tradition of radical urbanism in which the Paris Commune of 1871 features prominently, and which has both its Marxist and anarchist variants, as well as the geographer Henri Lefebvre’s (1991) arguments that capitalism was fundamentally driven by the production of space, and that the citizens of a city possessed fundamental rights by virtue of being in a city, meaning that political struggle in capitalist societies would take an increasingly urban form. Manifestations of contemporary “Right to the City” movements have been seen in the development of a World Charter for the Right to the City, Right to the City alliances among progressive urban planners as well as urban activists, forums that bring together artists, architects, activists and urban geographers, and a variety of essays on the subject by radical geographers including David Harvey, whose work I wish to focus upon here. In his 2008 essay "The Right to the City," Harvey presents a manifesto for 21st century radical politics that asserts that the struggle for collective control over cities marks the nodal point of anti-capitalist movements today. It draws together a range of strands of arguments recognizable to those familiar with Harvey’s work, including Marxist political economy, the critique of neoliberalism, the growth of social inequality in the U.S. in particular, and concerns about the rise of speculative finance capital and its broader socio-economic consequences. My interest in Harvey’s manifesto here arises not so much from his prognosis for urban radicalism, but from how he understands the suburban in relation to this urban class struggle. It is an important point to consider because, in many parts of the world, growing urbanisation is in fact growing suburbanisation. This is the case for U.S. cities (Cox), and it is also apparent in Australian cities, with the rise in particular of outer suburban Master Planned Communities as a feature of the “New Prosperity” Australia has been experiencing since the mid 1990s (Flew; Infrastructure Australia). What we find in Harvey’s essay is that the suburban is clearly sub-urban, or an inferior form of city living. Suburbs are variously identified by Harvey as being:Sites for the expenditure of surplus capital, as a safety valve for overheated finance capitalism (Harvey 27);Places where working class militancy is pacified through the promotion of mortgage debt, which turns suburbanites into political conservatives primarily concerned with maintaining their property values;Places where “the neoliberal ethic of intense possessive individualism, and its cognate of political withdrawal from collective forms of action” are actively promoted through the proliferation of shopping malls, multiplexes, franchise stores and fast-food outlets, leading to “pacification by cappuccino” (32);Places where women are actively oppressed, so that “leading feminists … [would] proclaim the suburb as the locus of all their primary discontents” (28);A source of anti-capitalist struggle, as “the soulless qualities of suburban living … played a critical role in the dramatic events of 1968 in the US [as] discontented white middle-class students went into a phase of revolt, sought alliances with marginalized groups claiming civil rights and rallied against American imperialism” (28).Given these negative associations, one could hardly imagine citizens demanding the right to the suburb, in the same way as Harvey projects the right to the city as a rallying cry for a more democratic social order. Instead, from an Australian perspective, one is reminded of the critiques of suburbia that have been a staple of radical theory from the turn of the 20th century to the present day (Collis et. al.). Demanding the “right to the suburb” would appear here as an inherently contradictory demand, that could only be desired by those who the Australian radical psychoanalytic theorist Douglas Kirsner described as living an alienated existence where:Watching television, cleaning the car, unnecessary housework and spectator sports are instances of general life-patterns in our society: by adopting these patterns the individual submits to a uniform life fashioned from outside, a pseudo-life in which the question of individual self-realisation does not even figure. People live conditioned, unconscious lives, reproducing the values of the system as a whole (Kirsner 23). The problem with this tradition of radical critique, which is perhaps reflective of the estrangement of a section of the Australian critical intelligentsia more generally, is that most Australians live in suburbs, and indeed seem (not surprisingly!) to like living in them. Indeed, each successive wave of migration to Australia has been marked by families seeking a home in the suburbs, regardless of the housing conditions of the place they came from: the demand among Singaporeans for large houses in Perth, or what has been termed “Singaperth,” is one of many manifestations of this desire (Lee). Australian suburban development has therefore been characterized by a recurring tension between the desire of large sections of the population to own their own home (the fabled quarter-acre block) in the suburbs, and the condemnation of suburban life from an assortment of intellectuals, political radicals and cultural critics. This was the point succinctly made by the economist and urban planner Hugh Stretton in his 1970 book Ideas for Australian Cities, where he observed that “Most Australians choose to live in suburbs, in reach of city centres and also of beaches or countryside. Many writers condemn this choice, and with especial anger or gloom they condemn the suburbs” (Stretton 7). Sue Turnbull has observed that “suburbia has come to constitute a cultural fault-line in Australia over the last 100 years” (19), while Ian Craven has described suburbia as “a term of contention and a focus for fundamentally conflicting beliefs” in the Australian national imaginary “whose connotations continue to oscillate between dream and suburban nightmare” (48). The tensions between celebration and critique of suburban life play themselves out routinely in the Australian media, from the sun-lit suburbanism of Australia’s longest running television serial dramas, Neighbours and Home and Away, to the pointed observational critiques found in Australian comedy from Barry Humphries to Kath and Kim, to the dark visions of films such as The Boys and Animal Kingdom (Craven; Turnbull). Much as we may feel that the diagnosis of suburban life as a kind of neurotic condition had gone the way of the concept album or the tie-dye shirt, newspaper feature writers such as Catherine Deveny, writing in The Age, have offered the following as a description of the Chadstone shopping centre in Melbourne’s eastern suburbChadstone is a metastasised tumour of offensive proportions that's easy to find. You simply follow the line of dead-eyed wage slaves attracted to this cynical, hermetically sealed weatherless biosphere by the promise a new phone will fix their punctured soul and homewares and jumbo caramel mugachinos will fill their gaping cavern of disappointment … No one looks happy. Everyone looks anaesthetised. A day spent at Chadstone made me understand why they call these shopping centres complexes. Complex as in a psychological problem that's difficult to analyse, understand or solve. (Deveny) Suburbanism has been actively promoted throughout Australia’s history since European settlement. Graeme Davison has observed that “Australia’s founders anticipated a sprawl of homes and gardens rather than a clumping of terraces and alleys,” and quotes Governor Arthur Phillip’s instructions to the first urban developers of the Sydney Cove colony in 1790 that streets shall be “laid out in such a manner as to afford free circulation of air, and where the houses are built … the land will be granted with a clause that will prevent more than one house being built on the allotment” (Davison 43). Louise Johnson (2006) argued that the main features of 20th century Australian suburbanisation were very much in place by the 1920s, particularly land-based capitalism and the bucolic ideal of home as a retreat from the dirt, dangers and density of the city. At the same time, anti-suburbanism has been a significant influence in Australian public thought. Alan Gilbert (1988) drew attention to the argument that Australia’s suburbs combined the worst elements of the city and country, with the absence of both the grounded community associated with small towns, and the mental stimuli and personal freedom associated with the city. Australian suburbs have been associated with spiritual emptiness, the promotion of an ersatz, one-dimensional consumer culture, the embourgeoisment of the working-class, and more generally criticised for being “too pleasant, too trivial, too domestic and far too insulated from … ‘real’ life” (Gilbert 41). There is also an extensive feminist literature critiquing suburbanization, seeing it as promoting the alienation of women and the unequal sexual division of labour (Game and Pringle). More recently, critiques of suburbanization have focused on the large outer-suburban homes developed on new housing estates—colloquially known as McMansions—that are seen as being environmentally unsustainable and emblematic of middle-class over-consumption. Clive Hamilton and Richard Denniss’s Affluenza (2005) is a locus classicus of this type of argument, and organizations such as the Australia Institute—which Hamilton and Denniss have both headed—have regularly published papers making such arguments. Can the Suburbs Make You Creative?In such a context, championing the Australian suburb can feel somewhat like being an advocate for Dan Brown novels, David Williamson plays, Will Ferrell comedies, or TV shows such as Two and a Half Men. While it may put you on the side of majority opinion, you can certainly hear the critical axe grinding and possibly aimed at your head, not least because of the association of such cultural forms with mass popular culture, or the pseudo-life of an alienated existence. The art of a program such as Kath and Kim is that, as Sue Turnbull so astutely notes, it walks both sides of the street, both laughing with and laughing at Australian suburban culture, with its celebrity gossip magazines, gourmet butcher shops, McManisons and sales at Officeworks. Gina Riley and Jane Turner’s inspirations for the show can be seen with the presence of such suburban icons as Shane Warne, Kylie Minogue and Barry Humphries as guests on the program. Others are less nuanced in their satire. The website Things Bogans Like relentlessly pillories those who live in McMansions, wear Ed Hardy t-shirts and watch early evening current affairs television, making much of the lack of self-awareness of those who would simultaneously acquire Buddhist statues for their homes and take budget holidays in Bali and Phuket while denouncing immigration and multiculturalism. It also jokes about the propensity of “bogans” to loudly proclaim that those who question their views on such matters are demonstrating “political correctness gone mad,” appealing to the intellectual and moral authority of writers such as the Melbourne Herald-Sun columnist Andrew Bolt. There is also the “company you keep” question. Critics of over-consuming middle-class suburbia such as Clive Hamilton are strongly associated with the Greens, whose political stocks have been soaring in Australia’s inner cities, where the majority of Australia’s cultural and intellectual critics live and work. By contrast, the Liberal party under John Howard and now Tony Abbott has taken strongly to what could be termed suburban realism over the 1990s and 2000s. Examples of suburban realism during the Howard years included the former Member for Lindsay Jackie Kelly proclaiming that the voters of her electorate were not concerned with funding for their local university (University of Western Sydney) as the electorate was “pram city” and “no one in my electorate goes to uni” (Gibson and Brennan-Horley), and the former Minister for Immigration and Citizenship, Garry Hardgrave, holding citizenship ceremonies at Bunnings hardware stores, so that allegiance to the Australian nation could co-exist with a sausage sizzle (Gleeson). Academically, a focus on the suburbs is at odds with Richard Florida’s highly influential creative class thesis, which stresses inner urban cultural amenity and “buzz” as the drivers of a creative economy. Unfortunately, it is also at odds with many of Florida’s critics, who champion inner city activism as the antidote to the ersatz culture of “hipsterisation” that they associate with Florida (Peck; Slater). A championing of suburban life and culture is associated with writers such as Joel Kotkin and the New Geography group, who also tend to be suspicious of claims made about the creative industries and the creative economy. It is worth noting, however, that there has been a rich vein of work on Australian suburbs among cultural geographers, that has got past urban/suburban binaries and considered the extent to which critiques of suburban Australia are filtered through pre-existing discursive categories rather than empirical research findings (Dowling and Mee; McGuirk and Dowling; Davies (this volume). I have been part of a team engaged in a three-year study of creative industries workers in outer suburban areas, known as the Creative Suburbia project.[i] The project sought to understand how those working in creative industries who lived and worked in the outer suburbs maintained networks, interacted with clients and their peers, and made a success of their creative occupations: it focused on six suburbs in the cities of Brisbane (Redcliffe, Springfield, Forest Lake) and Melbourne (Frankston, Dandenong, Caroline Springs). It was premised upon what has been an inescapable empirical fact: however much talk there is about the “return to the city,” the fastest rates of population growth are in the outer suburbs of Australia’s major cities (Infrastructure Australia), and this is as true for those working in creative industries occupations as it is for those in virtually all other industry and occupational sectors (Flew; Gibson and Brennan-Horley; Davies). While there is a much rehearsed imagined geography of the creative industries that points to creative talents clustering in dense, highly agglomerated inner city precincts, incubating their unique networks of trust and sociality through random encounters in the city, it is actually at odds with the reality of where people in these sectors choose to live and work, which is as often as not in the suburbs, where the citizenry are as likely to meet in their cars at traffic intersections than walking in city boulevards.There is of course a “yes, but” response that one could have to such empirical findings, which is to accept that the creative workforce is more suburbanised than is commonly acknowledged, but to attribute this to people being driven out of the inner city by high house prices and rents, which may or may not be by-products of a Richard Florida-style strategy to attract the creative class. In other words, people live in the outer suburbs because they are driven out of the inner city. From our interviews with 130 people across these six suburban locations, the unequivocal finding was that this was not the case. While a fair number of our respondents had indeed moved from the inner city, just as many would—if given the choice—move even further away from the city towards a more rural setting as they would move closer to it. While there are clearly differences between suburbs, with creative people in Redcliffe being generally happier than those in Springfield, for example, it was quite clear that for many of these people a suburban location helped them in their creative practice, in ways that included: the aesthetic qualities of the location; the availability of “headspace” arising from having more time to devote to creative work rather than other activities such as travelling and meeting people; less pressure to conform to a stereotyped image of how one should look and act; financial savings from having access to lower-cost locations; and time saved by less commuting between locations.These creative workers generally did not see having access to the “buzz” associated with the inner city as being essential for pursuing work in their creative field, and they were just as likely to establish hardware stores and shopping centres as networking hubs as they were cafes and bars. While being located in the suburbs was disadvantageous in terms of access to markets and clients, but this was often seen in terms of a trade-off for better quality of life. Indeed, contrary to the presumptions of those such as Clive Hamilton and Catherine Deveny, they could draw creative inspiration from creative locations themselves, without feeling subjected to “pacification by cappuccino.” The bigger problem was that so many of the professional associations they dealt with would hold events in the inner city in the late afternoon or early evening, presuming people living close by and/or not having domestic or family responsibilities at such times. The role played by suburban locales such as hardware stores as sites for professional networking and as elements of creative industries value chains has also been documented in studies undertaken of Darwin as a creative city in Australia’s tropical north (Brennan-Horley and Gibson; Brennan-Horley et al.). Such a revised sequence in the cultural geography of the creative industries has potentially great implications for how urban cultural policy is being approached. The assumption that the creative industries are best developed in cities by investing heavily in inner urban cultural amenity runs the risk of simply bypassing those areas where the bulk of the nation’s artists, musicians, filmmakers and other cultural workers actually are, which is in the suburbs. Moreover, by further concentrating resources among already culturally rich sections of the urban population, such policies run the risk of further accentuating spatial inequalities in the cultural realm, and achieving the opposite of what is sought by those seeking spatial justice or the right to the city. An interest in broadband infrastructure or suburban university campuses is certainly far more prosaic than a battle for control of the nation’s cultural institutions or guerilla actions to reclaim the city’s streets. 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