Journal articles on the topic 'Privately placed securities'

This paper seeks to explore the legislation and regulatory frameworks that guides the functionality and operation of private securities placed in drinking establishments in South Africa. Prior research has indicated lack of clarity regarding private security personnel regulation in drinking establishments, otherwise known as bouncers. For instance, the Private Security Industry Regulatory Authority (PSIRA) is the current regulatory structure which is mandated to monitor and regulate all the private security industries in South Africa. Private security players in South Africa are obligated to comply with the PSIR Act and related laws in general. For this reason, the duty of PSIRA to oversee and monitor private securities and to ensure that they comply with the law is paramount. However, a major concern is whether nightclub security is regulated in adherence to this Act or not. Research evidence has shown that security legislation and guidelines are either not in place or not enforced at nightclubs. The purpose of this article is to examine critical legislations that South African nightclub securities must comply with to ensure legitimacy. Furthermore, it assesses the regulatory body, PSIRA, in relation to South African nightclub securities. It further explores the training requirements needed to qualify as a nightclub security. Arguably, a limited number of studies address the skills and legal requirements nightclub securities need to meet to fully qualify to work as a nightclub security in South Africa. Thus this paper will add to the body of knowledge in the field of nightclub security regulation. Strengthening the regulatory framework and increasing the authority's enforcement capacity to regulate the industry more effectively have become inevitable obligations, especially in light of the continued growth in the private security industry. The article finds that nightclub security is not adequately regulated, leading to non-compliance of the regulatory framework from the private security industry. This paper is an extensive review of literature focusing on South African legislative frameworks that regulate private security operations in drinking establishments.

Purpose – To explain a recently settled administrative proceeding that the US Securities and Exchange Commission (SEC) brought against a private fund manager in connection with the use of fund assets to pay for the manager’s operating expenses. Design/methodology/approach – Explains the major takeaways from the settled case, and places them in the context of prior administrative proceedings and public statements from SEC staff. Findings – This case is the latest example of the SEC taking action against a private fund manager related to the improper deduction or allocation of expenses, and related disclosure lapses, and further cases are expected in the future. Practical implications – Private fund managers should examine their practices involving the reimbursement and allocation of expenses and related disclosures to fund investors. Originality/value – Practical guidance and explanation from experienced securities regulatory lawyers.

Listing rules have always played a significant role in corporate regulation by controlling the manner in which companies raise capital through the issue of securities and the subsequent trading of those securities between investors. The regulatory role of listing rules can be characterised as the top-tier in a system of regulation for listed companies in which the lower tiers are represented by securities law and general corporate law. Company law represents the bottom tier of regulation as it applies to all companies, albeit with some distinctions made between public and private companies. While company law does contain a substantial body of rules which are subject to change by share-holders (‘default rules’), it also contains a core of mandatory rules (not subject to change by shareholders) which are regulatory in their nature.

This paper discusses the use of the concept of Fair Funds for consumer competition law enforcement from an EU perspective. With such Fair Funds, the US Securities and Exchange Commission distributes collected fines and disgorged profits to compensate victims of securities law violations. The paper explains the use of Fair Funds in US law, highlights similarities, and adapts the concept for use in European competition law enforcement. It places an emphasis on the usefulness of such a concept against the role of consumers, but the conclusions can equally be drawn for small and medium enterprises’ private enforcement or private enforcement of competition law in general. It shows the advantages and disadvantages of including a system of Fair Funds. The paper argues that Fair Funds can serve as an alternative form of compensation, particularly for large groups of individual victims harmed in a small amount, such as consumers, with that overcome the lack of a harmonized collective redress system on EU level, and improve the coordination between public and private enforcement. private enforcement, consumers, collective redress, damages, compensation, fines, disgorgement, US, EU, financial law

John Moody published his first railroad security analysis and ratings manual in April 1909. This study analyzes several current issues by looking back at Moody's original intentions for constructing a ratings system. The study analyzes whether Moody intended his ratings to reflect his private information, or rather, to serve some alternative role, as with monitoring conflicts of interests or realizing informational economies of scale. The study uses an ordinal regression approach to evaluate a set of explanatory variables, constructed from both the manual itself and the panic months of 1907, to test the potential information content of Moody's ratings. At the time of Moody's first rating system, the illiquidity of the US Treasury market forced investors to seek alternative ‘high-quality’ securities. Indeed, Moody rated 38.94 percent of railroad bonds as Aaa, and rated 85.25 percent of railroad bonds as A, Aa or Aaa in his universe of railroad bonds rated. To further test the informational content of Moody's ratings, the study pursues a structural default analysis during the panic year of 1907, which yields results that indicate that the default risk of railroad securities was quite low at the time. These results provide justification for the high overall ratings that Moody assigned to railroad securities, and thus their role as near risk-free securities. Therefore, railroad securities, and Moody's ratings, played a particularly important role in the financial system at the time.

В данной статье рассматривается процесс становления и формирования рынка ценных бумаг в Российской Федерации, его путь с процесса создания до того состояния, который он имеет на сегодняшний день. Немаловажную роль в этом развитии сыграли политические и социальные события и изменения, которые имели место быть в нашем государстве. К таким факторам можно отнести Великую русскую революцию с образованием нового государства с планово-хозяйственной системой управления, развал СССР и формирование отдельных независимых государств, создание законодательных актов, регулирующих создание и дальнейшее совершенствование фондового рынка, создание государственных и частных предприятий, и их IPO, финансовые пирамиды 90-х годов и т.д. This article discusses the process of establishment and formation of the securities market in the Russian Federation, its path from the creation process to the state that it has today. An important role in this development was played by political and social events and the changes that took place in our country. These factors include the Great Russian Revolution with the formation of a new state with a planned economic management system, the collapse of the USSR and the formation of separate independent states, the creation of legislative acts regulating the creation and further improvement of the stock market, the creation of public and private enterprises, and their IPO , financial pyramids of the 90s, etc.

The work is devoted to the study of information risks in the national security system. Today's challenges and risks in the information sphere force us to look for new relationships between industries to improve the quality of life and reduce information threats. The presented information threats require identification and leveling in the future if such external restrictions arise. The article reveals the role and place of information security in the national security system of the country. This paper discusses the basic concepts of information security in the system of ensuring the national security of Russia, as well as the types of threats to information security, methods and means of combating these threats. This article examines the problem of legal provision of information security. According to the results of the study, the author concludes that the information policy of the Russian Federation is the regulator of public and private legal relations, through which the strategic objectives of the state are realized. Information security, as a type of national security, by its regulatory influence permeates all the diversity of social relations arising in the process of human and state life. It follows from this that the legislator should improve not only the norms of a public-legal nature containing prescriptions and prohibitions, but also private-law norms, the construction of which is based on permissive (dispositive) regulation.

This article is devoted to analysis of the pledge law regulation in the Civil Code of the Czech Republic. The Civil Code was adopted within a private law reform. The author addresses the fact of renouncing dualistic system of private law. The notion of pledge in Czech law is discussed. The article places special emphasis on the evaluation of the pledge agreement’s position in the pledge relationships together with correlation of the contract and law’s state in course of pledge agreement negotiation. Requirements to the form of contract and its content depending on a pledged assets are esteemed. The article also includes comment on the Czech law approach to the registration of the pledge titles and security interests. The articles of the newly adopted Civil Code are compared with prior legal regulation in the Czech Republic. The author focuses on characteristics of special types of pledge such as pledge of shares, securities, account of paperless securities’ owner, rights in action and special property. The procedure for levying execution is examined in the article in combination of analysis of the role of parties’ declaration of intent in a process of selection of assets disposal method. There are such methods as public sale and enforced sale. Both methods’ procedures are regulated by special laws. The article gives priority of claims in case of asset disposal which is stipulated by the Civil Code.

The judge-made presumption against extraterritoriality has recently become a motley patchwork of eccentric and sometimes contradictory doctrines seemingly stitched together for one, and only one, mission: to deprive plaintiffs the right to sue in U.S. courts for harms suffered abroad. It lumbers along, blithely squashing precedent, principle, statutory text, and legislative intent—all to heed its abiding and single-minded obsession. The Supreme Court has so far mangled the scope of the Securities Exchange Act and the Alien Tort Statute (ATS), and, in RJR Nabisco v. European Community, has placed another statute—The Racketeer Influenced and Corrupt Organizations Act (RICO)—on the chopping block. The major surgery performed was amputating RICO’s private right of action for extraterritorial offenses and replacing it with a much stubbier appendage limited to injuries suffered on U.S. territory.

Since the empowerment of the Securities and Exchange Board of India (SEBI) through an Act of Parliament in 1992, SEBI has come up with a number of initiatives aimed at regulating and developing the Indian securities market and improving its safety and efficiency. These initiatives have made an impact on nearly every aspect of the market. Some of those initiatives have transformed the market fundamentally. Particularly noteworthy is the growth in the following: Market capitalization Number of listed firms Trading volumes and turnover both in the spot and futures markets. There is a growing network of financial intermediaries that operate in a highly competitive environment while being governed by a tight set of norms. India has one of the most sophisticated new equity issuance markets. Disclosure requirements and the accounting policies followed by listed companies for producing financial information are comparable to the best regimes in the world. The Indian securities market is among the safest and the most efficient trading destinations internationally. The Indian corporate governance code is compared to the Sarbanes Oxley Act of the USA. India has one of the fastest growing and well-developed asset management businesses in the world, with state-owned as well as private sector players. That said, the Indian market is often hostage to some scam or the other from time to time. Effective enforcement of compliance is cited as one of the reasons for these unsavoury episodes. The role that SEBI's initiatives have played in bringing about this transformation of the market has not been researched comprehensively so far. Literature that has analysed the efficiency and the design of the Indian securities market has examined the role of certain specific regulatory provisions on the functioning of the securities market. So also the various annual reports of SEBI discuss the regulatory and other institutional developments that took place during the year under review. However, no attempt seems to have been made to take stock of all the various initiatives of SEBI so far and assess its impact on the activity in the securities market. This paper identifies some of the major interventions of SEBI relating to each of these aspects of the market and critically examines the economic consequences of the same. Such a stock-taking will enable a well-rounded and objective review of SEBI's performance. It is also likely to suggest interesting areas for further research.

This study investigates how litigation against an audit firm affects the market value of its publicly traded clients. We examine the impact of private litigation alleging audit failure on the audit firm's clients not involved in the lawsuit. Our results indicate that clients not involved in the litigation experience significant negative returns at the announcement of litigation against their audit firm. These results suggest that the market interprets litigation against an audit firm as a signal of decreased audit quality and that the market places a value on audit quality when pricing a firm's securities. The results are also consistent with an audit insurance explanation, which views the audit firm as a source of potential financial indemnification to investors and predicts that damage to the auditor's underwriting ability will be reflected in reduced securities prices for the firm's clients. When the analysis was restricted to companies in the same industry where the alleged audit failure occurred, the market response is significantly more negative when the audit firm is considered a specialist in that industry than when the audit firm is not a specialist. Finally, the market response is weaker later in the sample period, consistent with the findings of prior research that the frequency of nonmeritorious suits has increased over time.

Interest in the growth of tradeable securities in early modern Britain, especially its relationship to economic development and the funding of government debt, has centered mainly on the borrower – whether it be trading company, industrial enterprise, or the state. This article directs attention to the investor, using Charity Commission Reports for England and Wales that document a dramatic mid-eighteenth-century shift by donors and trustees from investments in real estate and rent charges to perpetual government annuities, mainly 3 percent Consols. The heavy investment in this public debt product is what ultimately prompted the creation of the London Stock Exchange in 1801.In analyzing this shift, which occurred among the propertied in all regions of the nation, not just the metropolis or among corporate entities and the mercantile community, I consider both what made the annuities increasingly attractive for charitable trusts and the alternatives – real estate and private loans secured by mortgage or other means – more problematic. Legal changes, I argue, played a role in the transformation, especially the Charitable Uses Act of 1736, which made charitable devises of real estate very difficult and probably resulted in reduced investment in human capital and less wealth redistribution. Regions varied, however, in the degree to which they switched from real estate in the latter part of the eighteenth century; they also differed in the extent to which the switch resulted in more gifts of interest-bearing loans as well.Admittedly, the changes documented in this article concern only one type of depository for assets, charitable trusts. The appeal of these annuities, however, could extend to investments needed for other purposes such as postmortem payments to dependents. Moreover, the fall-off in demand for real estate in trusts correlates with GDP estimates showing a steady decline in income from real assets after 1755 and what some have noted in this period as a puzzle – the lack of an increased rate of return on rents and private loans at a time of robust investment in government debt. Most importantly, though, the transition demonstrates the ability of the government to induce a broad spectrum of the propertied population to invest in securities, if the vehicle they offered had the right characteristics, which were not necessarily highest yield or liquidity without loss in value.

Since 1990, both the U.S. and Germany have substantially reformed their corporate governance regimes as part of an emerging paradigm of international finance capitalism increasingly dependent on securities markets and private shareholding. Corporate governance reform and the emergence of finance capitalism, however, present a double paradox. First, the development of financial markets and the increasing importance of market relations, often linked to the diminution of state power, have been accompanied by a substantial and ongoing expansion of law and regulatory capacity into the private sphere to boost shareholder protections. Second, center-left parties in both countries took advantage of economic crises to press for pro-shareholder reforms against center-right opposition allied with managerial elites. This article explains these developments by analyzing reform processes in United States and Germany over the past decade. It argues that changing economic conditions empowered reformist state actors, and that they have played a central and largely autonomous role in driving the substantial institutional change underway in contemporary capitalism. The analysis also suggests that political conflict over corporate governance is likely to intensify, on the right and the left, as it impinges on the basic allocation of power within corporations and thus the political economy.

Abstract. It is established that Ukraine has begun to develop legislation on legal regulation of green bonds since 2020, which are the financial instrument of green investment in accordance with European standards. However, the Law of Ukraine “On Investment Activity” does not contain norms that would regulate various legal relations associated with green investments. Green bonds are the new subtype of securities in Ukraine, since the legislation on capital markets did not provide the existence of such securities until 2020. It is emphasized that issues concerning the status, problems and perspectives of legal regulation of green investment; legal nature of green investment relations; specific features of the elements of legal relations on green investment; liability for non-fulfillment or improper fulfillment of obligations by legal relations participants in green investment; content of the notion of green investments; forms of existence of green investments are poorly studied at theoretical and legal level. Besides, there is no common opinion among scholars in defining the content of the concept of “green investments’’. Participants of investment legal relations in the field of green investment are classified into two groups: 1) a person implementing an environmental project and 2) a person providing finances for an environmental project. The legislator did not limit the possibility of acquiring the status of a person who implements an environmental project or a person who provides finances for an environmental project exclusively to subjects of private or public law. On this basis, we can talk about the mixed legal nature of relations in the field of green investment. It has been identified that green bonds are one of possible green investment instruments, but not the only one. The author has offered the definition of the concept of “green investments”, which should be understood as a set of property and intellectual values that have a price impact and are placed by the subjects of investment activity in an environmental project, with the aim to achieve an ecological and social effect and profit.

Purpose The transmission of monetary policy rates to lending rates is viewed as a crucial path of monetary policy. As an integral part of the financial system and the recent financial crisis, securitized assets have the potential to affect the interest rate pass-through process and monetary policy effectiveness. This paper aims to investigate the influence of securitization on the transmission of policy rate changes to lending rates and how rate transmission has changed since the recent financial crisis. Emphasis is placed on differences among the mortgage, consumer credit and business loan securitization markets and between agency and private-label securitization transactions. Design/methodology/approach The empirical framework is an error-correction model augmented to directly measure the influence of securitization. Monetary policy effectiveness is measured by the size and speed of transmitted policy rate changes to lending rates. An efficiency measure of relative adjustment accounts for differences in the size of long-run responses across loan markets and changes in efficiency from securitization within loan markets. Findings The size and speed of interest rate pass-through tend to increase with securitization. Liquidity, capital relief and funding from securitization help to make lending rates more responsive. Increases in pass-through with securitization are less in the consumer credit and business loan markets after the recent financial crisis relative to before the crisis. In contrast, mortgage markets tend to have larger pass-through after the financial crisis. Differences in rate transmission after the recent financial crisis point to the role on nonbanks in consumer credit and business loans and asset purchase programs of the Federal Reserve in mortgage markets. Securitization tends to make the adjustment process more efficient, and gains in efficiency from securitization are larger after the financial crisis. Originality/value A key contribution of the study differentiates securitization across markets and types to determine the effects on the interest rate pass-through process. The results show that increases in the efficiency of the adjustment process from securitization tend to be greater in mortgage markets and for all private-label securitized assets. These findings have implications for proposed government-sponsored entity (GSE) reform to reduce the role of GSEs in the housing market, promote private-label mortgage credit and strengthen securitization deals.

This paper reviews some of the research on the causes of the financial crisis of 2008–09, highlights the key events that triggered a financial panic in September 2008, and summarizes the key policy actions that the United States has taken to ameliorate the crisis. We document the characteristics and growth of the sub-prime mortgage market, and the distorted incentives and flawed regulatory structure surrounding the secondary market for mortgage-backed securities. We also assess the role for macroeconomic determinants of the crisis that serve to explain the bubble in U.S. asset prices, most notably low global interest rates attributed to either loose monetary policy or excess global saving. Although low global interest rates may have contributed to the boom in housing markets and speculative excesses, we believe that the financial innovations and microeconomic distortions played a more fundamental role. Finally, a recovery marked by higher private saving, weak domestic investment, and a large public deficit appears to be unsustainable. Ultimately, the U.S. economy will need to shift about 3 percent of GDP from domestic consumption to the export sector. This will pose some serious challenges to Asian economies that have come to rely on exports to the U.S. market.

After the financial crisis, quantitative easing policy played an important role as the main body of the Federal Reserve's unconventional monetary policy. From the market environment at that time, the emergence of quantitative easing policy will play a positive role through the interest rate commitment effect. In times of crisis, it is feasible for the Fed to use some extent, and can be used as a reference to save the crisis in the future. The central bank should play an effective and active role in maintaining financial stability. In times of crisis, central banks should focus on providing liquidity, and even act as an important intermediary to the financial system, just as the Fed has done in this crisis. The crisis shows that, in the case of market failure, the central bank can effectively prevent the bank failure, and clean up the panic and spread caused by the collective irrational behavior. In the systemic financial crisis period, the central bank will actively innovate the rescue plan from the Fed's crisis rescue, open discount Windows to non-bank financial institutions, expand the scope of acceptable collateral, and access the financial markets to buy and sell private sector securities to maintain the financial system. Through a series of measures and corresponding results of the Federal Reserve to deal with the crisis, this paper provides a reference for the international countries facing similar problems and forms a complete evaluation system to establish the appropriate crisis management model for the international financial framework.

Purpose The purpose of this paper is to answer one important question: in the aftermath of a systemic banking crisis, can the expected deviations in credit supply, liquidity, and other bank characteristics become entrenched in that they do not converge back to “normal”? Design/methodology/approach Using a panel data set of commercial banks in the Mercosur during the period 1990-2006, the authors analyze the impact of crises on four sets of financial indicators of bank behavior and outcomes – profitability, maturity preference, credit supply, and risk taking. The authors employ convergence methodology – which is often used in the growth literature – to identify the evolution of bank behavior in the region after crises. Findings A key finding of the paper is that bank risk-taking behavior is significantly modified leading to prolonged reduction of intermediation to the private sector in favor of less risky government securities and preference for high levels excess liquidity well after the crisis. This can be attributed to the role played by macroeconomic and institutional volatility that has nurtured a relatively high level of risk aversion in banks in the Mercosur. Originality/value To the best of the authors’ knowledge, using convergence methodology is a relatively novel approach in this area. An added advantage of using this approach over others currently used in the literature is that the authors can empirically quantify the rate of convergence and the institutional and macroeconomic factors that condition the convergence. Moreover, the methodology allows one to identify – in some hierarchical order – factors that condition persistent deviation from “normality.” The lessons learned from the Mercosur case study are useful for countries that suffered systemic banking crises in the aftermath of the global financial crisis.

The substantive features of the foresight methodology as a means to implement sustainable economic management are revealed, the basic formats and algorithm for the organization of financing of sustainable economic management on the basis of foresight approach are outlined. Emphasis is placed on the need to update the methodology for managing the sustainable development of economic systems using the foresight approach. Foresight design is identified as an effective tool for proactive management of economic systems, which creates opportunities for the formation of financial and logistical chain of funding the projects that involve natural resources in economic circulation, taking into account key competencies and smart specialization of various spatial entities with the participation of key economic process stakeholders - government, business and population. Creating funds for sustainable development financing is proven expedient, three main formats of their functioning are proposed: budget - focused on the target of professional financial planning of budget expenditures for the future, taking into account foresight strategy; service - related to the target functions of public-private partnership and involvement of business structures and their resources in the implementation of foresight; project - aimed at the formation of balanced, from the standpoint of liquidity, profitability and capital structure of investment proposals, secured, in turn, by income from foresight projects. The structural scheme of step-by-step interaction of economic process stakeholders in the organization of sustainable financing of foresight in a platform format is proposed. The basic stages of financing the foresight project of sustainable development are outlined, including the stage of investment, when the public sector and business structures enter into agreement on partnership in the investment project; the issue stage when a special legal entity SPV with the participation of an independent rating agency and under the supervision of a state regulator issues and sells on the stock market securities secured by future income from the project; the stage of refinancing the project by SPV company for its completion or operation or modernization and settlement with investors and originators on the issued financial obligations, etc.

Largely because of the Supreme Court’s 1975 decision in Withrow v. Larkin, the accepted view for decades has been that a federal administrative agency does not violate the Due Process Clause by combining the functions of investigating, charging, and then resolving allegations that a person violated the law. Many federal agencies have this structure, such as the Securities and Exchange Commission (SEC) and the Federal Trade Commission. In 2016, the Supreme Court decided Williams v. Pennsylvania, a judicial disqualification case that, without addressing administrative agencies, nonetheless raises a substantial question about one aspect of the combination of functions at agencies. The Court held that due process prevented a judge from sitting in a case in which he had participated as district attorney years earlier. The operative principle for the decision was that “the Court has determined that an unconstitutional potential for bias exists when the same person serves as both accuser and adjudicator in a case.” This Article concludes that the reasoning of Williams should supersede Withrow on the need to disqualify a specific commissioner or agency head from participating in a particular adjudication if the agency official played a meaningful role, such as voting to approve enforcement charges, in the process leading to the agency’s initiation of proceedings against the defendant. Voting to approve enforcement charges would be a meaningful role. The due process cases do not permit a compromise on the high standards of impartiality demanded of a final agency decision maker in an adjudication to determine whether a private party committed a violation of law. That reading of Williams threatens to unsettle standard practices at various agencies, but a closer look at the procedures of the SEC shows that it would be able to accommodate the rule in Williams yet retain the combination of charging and adjudicating at the Commission level. Because of turnover of Commissioners and quorum rules, the SEC could continue to have the agency leaders bring enforcement cases and review nearly all administrative law judge decisions while disqualifying individual Commissioners under Williams when necessary.

The article contains the results of the analysis of the investment behaviour of Ukrainian households in the crisis caused by external armed aggression. The financial potential of Ukrainian households in the pre-war period was assessed, and it was concluded that the expenses of most of the population were directed to the consumer rather than investment purposes. It was found that the investment potential of households was directed, first, to the purchase of currency, real estate, and deposits, as well as to risky crypto-currency assets, the active use of which Ukraine is one of the world leaders, instead of public investments in securities and other financial instruments remain extremely limited. The choice of the population of Ukraine in favour of investments in currency, real estate, deposits, and government bonds is currently quite rational since investments in private instruments of the local capital market (both directly and through pension funds and mutual investment institutions) do not provide high profitability and are associated with significant risks. It was revealed that in the conditions of martial law, the investment priorities of the population were most affected by the need to protect savings from depreciation, finance the country’s defence needs, and the corresponding rate of growth of the state debt, as well as high risks of real estate investments and strict restrictions of the National Bank of Ukraine on capital movement. It has been established that at a relatively high level of inflation, Ukrainian citizens do not receive a deposit offer from banks that is adequate to maintain the solvency of their savings. A situation in the banking system that is dangerous for financial stability has been identified, which is associated with the formation of a liquidity “canopy” due to the balances on the current accounts of the population. Emphasis is placed on the need to urgently increase the reserve requirements for demand deposits and current deposits to stimulate the growth of the value of hryvnia assets and change the banks’ liquidity surplus structure. Prospective directions and tools for the placement of household savings are justified, considering the needs of the post-war recovery of Ukraine’s economy and the prospects for European integration.

Existing scholarship on postcolonial urbanisms has judiciously analysed the role played by the state and private capital in the expansion of global information-technology clusters and exclusive high-tech knowledge enclaves that have emerged across different metropolitan fringes in India and in the wider global South. However, much of this scholarship has focused primarily on the antagonisms wrought by the ‘expulsion’ of local rural populations from their lands and livelihoods, at the hands of the neoliberal state and global capitalist elites. In contrast, there is not enough research on how diverse local communities and subaltern actors emerge in place, and help organise, support and sustain these modern infrastructural spaces well after the initial moment of their establishment. Citing this important gap in our knowledge, this article argues for the need to move beyond some of the adversarial accounts associated with the overarching logics of postcolonial capitalist accumulation and new suburban development in the global South, to focus instead on the complex ‘afterlives’ of these modern high-tech suburban spaces. Drawing on ethnographic data from Pune city in Western India, and an emerging IT and IT-enabled services (IT and ITeS) outsourcing hub, the article reveals that contrary to popular perceptions of high-tech clusters as sovereign spaces for transnational capital, these sites are, in fact, constitutive of their multiple ‘outsides’—which include diverse forms of informal and illegal economies and labour. To evidence these claims, the article highlights different examples of ‘urban co-dependencies’ which have in situ emerged in Pune’s new urban fringes, to meet the growing gaps in demand of essential public services in these areas. The article then proceeds to show how Pune’s local micro-political cultures, including the numerous instances of territorial conflict and collaboration between so-called elites and subaltern actors at the local level, continue to ‘co-shape’ the typologies and the temporalities of local land use, planning and development that takes place in India’s new urban fringes.<p> </p><p>This paper attempts to expand this discussion in digital geographies by exploring their interaction with uneven urban development and planning in cities of the global South. At the centre of its enquiry are ‘high-tech’ urban clusters located at the fringes of Pune (a Tier-2 metro city in western India), that include several large and small, highly securitised software technology parks, associated industrial zones, glitzy shopping malls and luxury residential condominiums, bordered by an ever-shrinking reservoir of vacant and un-built ‘village’ land. Instead of cataloguing the genealogy and evolution of ‘technology-parks’ or ‘knowledge corridors’ as ‘spaces of sovereign exception’ (Gonzalez-Vicente, 2019), this paper theorises large urban IT-clusters in Indian cities as constitutive of ‘a multiplicity of normative orders’ (Mezzadra and Neilsen, 2019, p.152), which intersect with the multiplicity of economic actors, labour forms and practices – whether they be formal or informal, legal or illegal, sustained or provisional. Through this, the paper emphasises the need to <em>emplace</em> these global<strong> </strong>infrastructural spaces and zones<strong> </strong>within a grassroots conception of <em>co-dependent urbanisation</em> and highlight rootedness of these modern infrastructural spaces or zones within urban social networks, territorial collaborations and contestations among heterogeneous urban actors and their everyday micropolitics.</p>

Purpose The authors aim to look at the conditions under which central bank easing – and specifically the purchase of private sector securities – can/should contribute to growth, rather than fiscal policy and also ask when can the central bank’s purchase of private sector securities help supplant traditional monetary policy.Design/methodology/approachAfter surveying the existing literature, the authors use simple correlation of central bank private asset (stocks, bonds, etc.), interest rates, gross domestic product (GDP) growth, inflation and the extent of the functioning of domestic banking sectors (among others) to classify countries in which these purchases promote pro-growth investment.FindingsUnder the typical conditions for unconventional monetary policy, central bank purchases of private companies’ securities can promote growth in some places (like Bulgaria, the Ukraine, Georgia and Greece at the time of our writing) while hurting it in others (like in parts of Latin America and Africa in the mid-2010s). The authors find how such purchases effectively “bypass” dysfunctional banking systems and central/government local bodies fiscal spending, making the central bank the “funder of last resort” in many middle and lower income countries.Practical implicationsThis paper tells specific central banks to ramp up – or reduce – their purchases of private sector securities. The authors identify exact jurisdictions where such “helicopter money” has led to investment in the past economic growth.Originality/valueAll previous work on conventional and unconventional monetary policy has looked at the way monetary policy affects investment and growth through the banking system and holding companies’ reactions constant. The authors do the opposite – looking at how companies respond, holding banking system responses constant. No one has ever looked at these private purchases (taken from a special IMF database), much less tried to argue that central banks can sometimes target investment growth much better than fiscal policy. No one has ever considered them as a funder (rather than lender) of last resort.

Introduction Artist: June 2 at 11.26pm:‘To be truly radical is to make hope possible rather than despair convincing.’ - Raymond Williams. (Singaporean Artists’ public Facebook Post) Can the critical arts exist without ‘place’?There is an ongoing debate on ‘place’ and where it begins and ends; on the ways that cities exist in both material and immaterial forms, and thereby, how to locate and understand place as an anchoring point amidst global flows (Massey; Merrifield). This debate extends to the global art- scape, as traditional conceptions of art and art-making attached to place require re-thinking in a paradigm where digital and immaterial networks, symbols and forums both complement and complicate the role that place has traditionally played (Luger, “Singaporean ‘Spaces of Hope?”). The digital art-scape has allowed for art-led provocations, transformations and disturbances to traditional institutions and gatekeepers (see Hartley’s “ Communication, Media, and Cultural Studies” concept of ‘gatekeeper’) of the art world, which often served as elite checkpoints and way-stations to artistic prominence. Still, contradictory and paradoxical questions emerge, since art cannot be divorced of place entirely, and ‘place’ often features as a topic, subject, or site of critical expression for art regardless of material or immaterial form. Critical art is at once place-bound and place-less; anchored to sites even as it transcends them completely.This paper will explore the dualistic tension – and somewhat contradictory relationship – between physical and digital artistic space through the case study of authoritarian Singapore, by focusing on a few examples of art-activists and the way that they have used and manipulated both physical and digital spaces for art-making. These examples draw upon research which took place in Singapore from 2012-2014 and which involved interviews with, and observation of, a selected sample (30) of art-activists (or “artivists”, to use Krischer’s definition). Findings point to a highly co-dependent relationship between physical and digital art places where both offer unique spaces of possibility and limitations. Therefore, place remains essential in art-making, even as digital avenues expand and amplify what critical art-practice can accomplish.Singapore’s Place-Bound and Place-Less Critical Art-Scape The arts in Singapore have a complicated, and often tense relationship with places such as the theatre, the gallery, and the public square. Though there has been a recent push (in the form of funding to arts groups and physical arts infrastructure) to make Singapore more of an arts and cultural destination (see Luger “The Cultural Grassroots and the Authoritarian City”), the Singaporean arts-scape remains bound by restrictions and limitations, and varying degrees of de facto (and de jure) censorship and self-policing. This has opened up spaces for critical art, albeit in sometimes creative and surprising forms. As explained to me by a Singaporean playwright,So they’re [the state] making venues, as well as festival organizers, as well as theatre companies, to …self-police, or self-censor. But for us on the ground, we use that as a way to focus on what we still want to say, and be creative about it, so that we circumvent the [state], with the intention of doing what we want to do. (Research interview, Singaporean playwright)Use of cyber-spaces is one way that artists circumvent repressive state structures. Restrictions on the use of place enliven cyberspace with an emancipatory and potentially transformative potential for the critical arts. Cyber-Singapore has a vocal art-activist network and has allowed some artists (such as the “Sticker Lady”) to gain wide national and even international followings. However, digital space cannot exist without physical place; indeed, the two exist, simultaneously, forming and re-forming each other. The arts cannot ‘happen’ online without a corresponding physical space for incubation, for practice, for human networking.It is important to note that in Singapore, art-led activism (or ‘artivism’) and traditional activism are closely related, and research indicated that activist networks often overlap with the art world. While this may be the case in many places, Singapore’s small geography and the relatively wide-berth given to the arts (as opposed to political activism) make these relationships especially strong. Therefore, many arts-spaces (theatres, galleries, studios) function as activist spaces; and non-art spaces such as public squares and university campuses often host art events and displays. Likewise, many of the artists that I interviewed are either directly, or indirectly, involved in more traditional activism as well.Singapore is an island-nation-city-state with a carefully planned urban fabric, the vast majority of which is state-owned (at least 80 % - resulting from large-scale land transfers from the British in the years surrounding Singapore’s independence in 1965). Though it has a Westminster-style parliamentary system (another colonial vestige), a single ruling party has commanded power for 50 years (the People’s Action Party, or PAP). Despite free elections and a liberal approach toward business, foreign investment and multiculturalism, Singapore retains a labyrinthine geography of government control over free expression, dictated through agencies such as the Censorship Review Committee (CRC); the Media Development Authority (MDA), and the National Arts Council (NAC) which work together in a confusing grid of checks and balances. This has presented a paradoxical and often contradictory approach to the arts and culture in which gradual liberalisations of everything from gay nightlife to university discourse have come hand-in-hand with continued restrictions on political activism and ‘taboo’ artistic / cultural themes. These ‘out of bounds’ themes (see Yue) include perceived threats to Singapore’s racial, religious, or political harmony – a grey area that is often at the discretion of particular government bureaucrats and administrators.Still, the Singaporean arts place (take the theatre, for example) has assumed a special role as a focal point for not only various types of visual and performance art, but also unrelated (or tangentially-related) activist causes as well. I asked a theatre director of a prominent alternative theatre where, in Singapore’s authoritarian urban fabric, there were opportunities for provocation? He stressed the theatres’ essential role in providing a physical platform for visual tensions and disturbance:You know, and on any given evening, you’ll see some punks or skinheads hanging outside there, and they kind of – create this disturbance in this neighbourhood, where, you know a passer-by is walking to his posh building, and then suddenly you know, there’s this bunch of boys with mohawks, you know, just standing there – and they are friendly! There’s nothing antagonistic or threatening, whatever. So, you know, that’s the kind of tension that we actually love to kind of generate!… That kind of surprise, that kind of, ‘oh, oh yes!’ we see this nice, expensive restaurant, this nice white building, and then these rough edges. And – that is where uh, those points where – where factions, where the rough edges meet –are where dialogue occurs. (Theatre Director, Singapore)That is not to say that the theatre comes without limits and caveats. It is financially precarious, as the Anglo-American model of corporate funding for the arts is not yet well-established in Singapore; interviews revealed that even much of the philanthropic donating to arts organizations comes from Singapore’s prominent political families and therefore the task of disentangling state interests from non-ideological arts patronage becomes difficult. With state - funding come problems with “taboo” subjects, as exemplified by the occasional banned-play or the constant threat of budget cuts or closure altogether: a carrot and stick approach by the state that allows arts organizations room to operate as long as the art produced does not disturb or provoke (too) much.Liew and Pang suggest that in Singapore, cyberspace has allowed a scale, a type of debate and a particularly cross-cutting conversation to take place: in a context where there are peculiar restrictions on the use and occupation of the built environment. They [ibid] found an emerging vocal, digital artistic grassroots that increasingly challenges the City-State’s dominant narratives: my empirical research therefore expands upon, and explores further, the possibility that Singapore’s cyber-spaces are both complementary to, and in some ways, more important than its material places in terms of providing spaces for political encounters.I conducted ‘netnography’ (see Kozinets) across Singapore’s web-scape and found that the online realm may be the ‘… primary site for discursive public activity in general and politics in particular’ (Mitchell, 122); a place where ‘everybody is coming together’ (Merrifield, 18). Without fear of state censorship, artists, activists and art-activists are not bound by the (same) set of restrictions that they might be if operating in a theatre, or certainly in a public place such as a park or square. Planetary cyber-Singapore exists inside and outside the City-State; it can be accessed remotely, and can connect with a far wider audience than a play performed in a small black box theatre.A number of blogs and satirical sites – including TheOnlineCitizen.sg, TheYawningBread.sg, and Demon-Cratic Singapore, openly criticize government policy in ways rarely heard in-situ or in even casual conversation on the street. Additionally, most activist causes and coalitions have digital versions where information is spread and support is gathered, spanning a range of issues. As is the case in material sites of activism in Singapore, artists frequently emerge as the loudest, most vocal, and most inter-disciplinary digital activists, helping to spearhead and cobble together cultural-activist coalitions and alliances. One example of this is the contrast between the place bound “Pink Dot” LGBTQ event (limited to the amount of people that can fit in Hong Lim Park, a central square) and its Facebook equivalent, We are Pink Dot public ‘group’. Pink Dot occurs each June in Singapore and involves around 10,000 people. The Internet’s representations of Pink Dot, however, have reached millions: Pink Dot has been featured in digital (and print) editions of major global newspapers including The Guardian and The New York Times. While not explicitly an art event, Pink Dot is artistic in nature as it uses pink ‘dots’ to side-step the official designation of being an LGBTQ pride event – which would not be sanctioned by the authorities (Gay Pride has not been allowed to take place in Singapore).The street artist Samantha Lo – also known as “Sticker Lady” – was jailed for her satirical stickers that she placed in various locations around Singapore. Unable to freely practice her art on city streets, she has become a sort of local artist - Internet celebrity, with her own Facebook Group called Free Sticker Lady (with over 1,000 members as of April, 2016). Through her Facebook group, Lo has been able to voice opinions that would be difficult – or even prohibited – with a loudspeaker on the street, or expressed through street art. As an open lesbian, she has also been active (and vocal) in the “Pink Dot” events. Her speech at “Pink Dot” was heard by the few-thousand in attendance at the time; her Facebook post (public without privacy settings) is available to the entire world:I'll be speaking during a small segment at Pink Dot tomorrow. Though only two minutes long, I've been spending a lot of time thinking about my speech and finding myself at a position where there's just so much to say. All my life, I've had to work twice as hard to prove myself, to be taken seriously. At 18, I made a conscious decision to cave in to societal pressures to conform after countless warnings of how I wouldn't be able to get a job, get married, etc. I grew my hair out, dressed differently, but was never truly comfortable with the person I became. That change was a choice, but I wasn't happy.Since then, I learnt that happiness wasn't a given, I had to work for it, for the ability to be comfortable in my own skin, to do what I love and to make something out of myself. (Artists’ Facebook Post)Yet, without the city street, Lo would not have gained her notoriety; without use of the park, Pink Dot would not have a Facebook presence or the ability to gather international press. The fact that Singaporean theatre exists at all as an important instigator of visual and performative tension demonstrates the significance of its physical address. Physical art places provide a crucial period of incubation – practice and becoming – that cannot really be replicated online. This includes schools and performance space but also in Singapore’s context, the ‘arts-housing’ that is provided by the government to small-scale, up-and-coming artists through a competitive grant process. Artists can receive gallery, performance or rehearsal space for a set amount of time on a rotating basis. Even with authoritarian restrictions, these spaces have been crucial for arts development:There’s a short-term [subsidised] residency studio …for up to 12 months. And so that –allows for a rotating group of artists to come with an idea in mind, use it for whatever- we’ve had artists who were preparing for a major show, and say ‘my studio space, my existing studio space is a bit too tiny, because I’m prepping for this show, I need a larger studio for 3 months. (Arts Administrator, Singapore)Critical and provocative art, limited and restricted by place, is thus still intrinsically bound to it. Indeed, the restrictions on artistic place allow cyber-art to flourish; cyber-art can only flourish with a strong place- based anchor. Far from supplanting place-based art, the digital art-scape forms a complement; digital and place-based art forms combine to form new hybridities in which local context and global forces write and re-write each other in a series of place and ‘placeless’ negotiations. Conclusion The examples that have been presented in this paper paint a picture of a complex landscape where specific urban sites are crucial anchoring nodes in a critical art ecosystem, but much artistic disturbance actually occurs online and in immaterial forms. This may hint at the possibility that globally, urban sites themselves are no longer sufficient for critical art to flourish and reach its full potential, especially as such sites have increasingly fallen prey to austerity policies, increasingly corporate and / or philanthropic programming and curation, and the comparatively wider reach and ease of access that digital spaces offer.Electronic or digital space – ranging from e-mail to social media (Twitter, blogs, Facebook and many others) has opened a new frontier in which, “… material public spaces in the city are superseded by the fora of television, radio talk shows and computer bulletin boards” (Mitchell. 122). The possibility now emerges whether digital space may be even more crucial than material public spaces in terms of emancipatory or critical potential– especially in authoritarian contexts where public space / place comes with particular limits and restrictions on assembling, performance, and critical expression. These contexts range from Taksim Square, Istanbul to Tiananmen Square, Beijing – but indeed, traditional public place has been increasingly privatized and securitized across the Western-liberal world as well. Where art occurs in place it is often stripped of its critical potential or political messages, sanctioned or sponsored by corporate groups or sanitized by public sector authorities (Schuilenburg, 277).The Singapore case may be especially stark due to Singapore’s small size (and corresponding lack of visible public ‘places’); authoritarian restrictions and correspondingly (relatively) un-policed and un-censored cyberspace. But it is fair to say that at a time when Youtube creates instant celebrities and Facebook likes or Instagram followers indicate fame and (potential) fortune – it is time to re-think and re-conceptualise the relationship between place, art, and the place-based institutions (such as grant-funding bodies or philanthropic organizations, galleries, critics or dealers) that have often served as “gatekeepers” to the art-scape. This invites challenges to the way these agents operate and the decision making process of policy-makers in the arts and cultural realm.Mitchell (124) reminded that there has “never been a revolution conducted exclusively in electronic space; at least not yet.” But that was 20 years ago. Singapore may offer a glimpse, however, of what such a revolution might look like. This revolution is neither completely place bound nor completely digital; it is one in which the material and immaterial interplay and overlap in post-modern complexity. Each platform plays a role, and understanding the way that art operates both in place and in “placeless” forms is crucial in understanding where key transformations take place in both the production of critical art and the production of urban space.What Hartley (“The Politics of Pictures”) called the “space of citizenry” is not necessarily confined to a building, the city street or a public square (or even private spaces such as the home, the car, the office). Sharon Zukin likewise suggested that ultimately, a negotiation of a city’s digital sphere is crucial for current-day urban research, arguing that:Though I do not think that online communities have replaced face to face interaction, I do think it is important to understand the way web-based media contribute to our urban imaginary. The interactive nature of the dialogue, how each post feeds on the preceding ones and elicits more, these are expressions of both difference and consensus, and they represent partial steps toward an open public sphere. (27)Traditional gatekeepers such as the theatre director, the museum curator and the state or philanthropic arts funding body have not disappeared, though they must adapt to the new cyber-reality as artists have new avenues around these traditional checkpoints. Accordingly – “old” problems such as de-jure and de-facto censorship reappear in the cyber art-scape as well: take the example of the Singaporean satirical bloggers that have been sued by the government in 2013-2016 (such as the socio-political bloggers and satirists Roy Ngerng and Alex Au). No web-space is truly open.A further complication may be the corporate nature of sites such as Facebook, Instagram, Youtube, or Twitter: far from truly democratic platforms or “agoras” in the traditional sense, these are for-profit (massive) corporations – which a small theatre is not. Singapore’s place based authoritarianism may be multiplied in the corporate authoritarianism or “CEO activism” of tech titans like Mark Zuckerberg, who allow for diverse use of digital platforms and encourage open expression and unfettered communication – as long as it is on their terms, within company policies that are not always transparent.Perhaps the questions then really are not where ‘art’ begins and ends, or where a place starts or stops – but rather where authoritarianism, state and corporate power begin and end in the hyper-connected global cyber-scape? And, if these power structures are now stretched across space and time as Marxist theorists such as Massey or Merrifield claimed, then what is the future for critical art and its relationship to ‘place’?Despite these unanswered questions and invitations for further exploration, the Singapore case may hint at what this emerging geography of place and ‘placeless’ art resembles and how such a new world may evolve moving forward. ReferencesHartley, John. The Politics of Pictures: the Creation of the Public in the Age of Popular Media. Perth: Psychology Press, 1992.———. Communication, Media, and Cultural Studies: The Key Concepts. Oxford: Routledge, 2012. Kozinets, Robert. Netnography: Doing Ethnographic Research Online. New York: Sage, 2010. Krischer, Oliver. “Lateral Thinking: Artivist Networks in East Asia.” ArtAsia Pacific 77 (2012): 96-110. Liew, Kai Khiun. and Natalie Pang. “Neoliberal Visions, Post Capitalist Memories: Heritage Politics and the Counter-Mapping of Singapore’s City-Scape.” Ethnography 16.3 (2015): 331-351.Luger, Jason. “The Cultural Grassroots and the Authoritarian City: Spaces of Contestation in Singapore.” In T. Oakes and J. Wang, eds., Making Cultural Cities in Asia: Mobility, Assemblage, and the Politics of Aspirational Urbanism. London: Routledge, 2015: 204-218. ———. “Singaporean ‘Spaces of Hope?' Activist Geographies in the City-State.” City: Analysis of Urban Trends, Culture, Theory, Policy, Action 20.2 (2016): 186-203. Massey, Doreen. Space, Place and Gender. Minneapolis: University of Minnesota Press, 1995. Merrifield, Andy. The Politics of the Encounter: Urban Theory and Protest under Planetary Urbanization. Athens: University of Georgia Press, 2013. Mitchell, Don. “The End of Public Space? People’s Park, Definitions of the Public, and Democracy.” Annals of the Association of American Geographers 85.1 (1996): 108-133. Schuilenburg, Marc. The Securitization of Society: Crime, Risk and Social Order. New York: New York University Press, 2015. Shirky, Clay. Here Comes Everybody: The Power of Organizing without Organizations. New York: Penguin, 2008. Yue, Audrey. “Hawking in the Creative City: Rice Rhapsody, Sexuality and the Cultural Politics of New Asia in Singapore. Feminist Media Studies 7.4 (2007): 365-380. Zukin, Sharon. The Naked City: The Death and Life of Authentic Urban Places. London and New York: Oxford University Press, 2010.

In recent years a number of dramas focussing on Indigenous Australians and Australian history have appeared on the ABC, one of Australia's two public television channels. These dramas have different foci but all represent some aspects of Australian Indigenous history and how it interacts with 'mainstream' representations of Australian history. The four programs I will look at are Cleverman (Goalpost Pictures, 2016-ongoing), Glitch (Matchbox Films, 2015-ongoing), The Secret River (Ruby Entertainment, 2015) and Redfern Now (Blackfella Films, 2012), each of which engages with the past in a unique way.Clearly, different creators, working with different plots and in different genres will have different ways of representing the past. Redfern Now and Cleverman are both produced by Indigenous creators whereas the creators of The Secret River and Glitch are white Australians. Redfern Now and The Secret River are in a realist mode, whereas Glitch and Cleverman are speculative fiction. My argument proceeds on two axes: first, speculative genres allow for more creative ways of representing the past. They give more freedom for the creators to present affective representations of the historical past. Speculative genres also allow for more interesting intellectual examinations of what we consider to be history and its uncertainties. My second axis argues, because it is hard to avoid when looking at this group of texts, that Indigenous creators represent the past in different ways than non-Indigenous creators. Indigenous creators present a more elliptical vision. Non-Indigenous creators tend to address historical stories in more overt ways. It is apparent that even when dealing with the same histories and the same facts, the understanding of the past held by different groups is presented differently because it has different affective meanings.These television programs were all made in the 2010s but the roots of their interpretations go much further back, not only to the history they represent but also to the arguments about history that have raged in Australian intellectual and popular culture. Throughout most of the twentieth century, indigenous history was not discussed in Australia, until this was disturbed by WEH Stanner's reference in the Boyer lectures of 1968 to "our great Australian silence" (Clark 73). There was, through the 1970s and 80s, increased discussion of Indigenous history, and then in the 1990s there was a period of social and cultural argument known locally as the 'History Wars'. This long-running public disagreement took place in both academic and public arenas, and involved historians, other academics, politicians, journalists and social commentators on each side. One side argued that the arrival of white people in Australia led to frontier wars, massacre, attempted genocide and the ongoing oppression of Indigenous people (Reynolds). The other posited that when white people arrived they killed a few Aborigines but mostly Aboriginal people were killed by disease or failure to 'defend' their culture (Windschuttle). The first viewpoint was revisionist from the 1960s onwards and the second represented an attempt at counter-revision – to move the understanding of history back to what it was prior to the revision. The argument took place not only among historians, but was taken up by politicians with Paul Keating, prime minister 1993-1996, holding the first view and John Howard, prime minister 1996-2007, aggressively pursuing the second. The revisionist viewpoint was championed by historians such as Henry Reynolds and Lyndall Ryan and academics and Aboriginal activists such as Tony Birch and Aileen Moreton Robinson; whereas the counter-revisionists had Keith Windschuttle and Geoffrey Blainey. By and large the revisionist viewpoint has become dominant and the historical work of the counter-revisionists is highly disputed and not accepted.This argument was prominent in Australian cultural discourse throughout the 1990s and has never entirely disappeared. The TV shows I am examining were not made in the 1990s, nor were they made in the 2000s - it took nearly twenty years for responses to the argument to make the jump from politicians' speeches and opinion pieces to television drama. John Ellis argues that the role of television in popular discourse is "working through," meaning contentious issues are first raised in news reports, then they move to current affairs, then talk shows and documentaries, then sketch comedy, then drama (Ellis). Australian Indigenous history was extensively discussed in the news, current affairs and talk shows in the 1990s, documentaries appeared somewhat later, notably First Australians in 2008, but sketch comedy and drama did not happen until in 2014, when Black Comedy's programme first aired, offering sketches engaging often and fiercely with indigenous history.The existence of this public discourse in the political and academic realms was reflected in film before television. Felicity Collins argues that the "Blak Wave" of Indigenous film came to exist in the context of, and as a response to, the history wars (Collins 232). This wave of film making by Indigenous film makers included the works of Rachel Perkins, Warwick Thornton and Ivan Sen – whose films chronicled the lives of Indigenous Australians. There was also what Collins calls "back-tracking films" such as Rabbit-Proof Fence (2002) and The Tracker (2010) made by white creators that presented arguments from the history wars for general audiences. Collins argues that both the "blak wave" and the "back track" created an alternative cultural sphere where past injustices are acknowledged. She says: "the films of the Blak Wave… cut across the history wars by turning an Indigenous gaze on the colonial past and its afterlife in the present" (Collins 232). This group of films sees Indigenous gazes relate the past and present whereas the white gaze represents specific history. In this article I examine a similar group of representations in television programs.History is not an innocent discourse. In western culture 'history' describes a certain way of looking at the past that was codified in the 19th century (Lloyd 375). It is however not the only way to look at the past, theorist Mark Day has described it as a type of relation with the past and argues that other understandings of the past such as popular memory and mythology are also available (Day). The codification of history in the 19th century involved an increased reliance on documentary evidence, a claim to objectivity, a focus on causation and, often though not always, a focus on national, political history. This sort of history became the academic understanding of history – which claims to be, if not objective, at least capable of disinterest; which bases its arguments on facts and which can establish its facts through reference to documentary records (Froeyman 219). Aileen Moreton-Robinson would call this "white patriarchal knowledge" that seeks to place the indigenous within its own type of knowledge production ("The White Man's Burden" 414). The western version of history tends to focus on causation and to present the past as a coherent narrative leading to the current point in time. This is not an undisputed conception of history in the western academy but it is common and often dominant.Post-colonialist analyses of history argue that western writing about non-western subjects is biased and forces non-westerners into categories used to oppress them (Anderson 44). These categories exist ahistorically and deny non-westerners the ability to act because if history cannot be perceived then it is difficult to see the future. That is to say, because non-western subjects in the past are not seen as historical actors, as people whose actions effected the future, then, in the present, they are unable to access to powerful arguments from history. Historians' usual methodology casts Indigenous people as the 'subjects' of history which is about them, not by them or for them (Tuhiwai Smith 7, 30-32, 144-5). Aboriginal people are characterised as prehistoric, ancient, timeless and dying (Birch 150). This way of thinking about Indigenous Australia removes all agency from Aboriginal actors and restoring agency has been a goal of Aboriginal activists and historians. Aileen Moreton Robinson discusses how Aboriginal resistance is embodied through "oral history (and) social memory," engaging with how Aboriginal actors represent themselves and are represented in relation to the past and historical settings is an important act ("Introduction" 127).Redfern Now and Cleverman were produced through the ABC's Indigenous Department and made by Indigenous filmmakers, whereas Glitch and The Secret River are from the ABC drama department and were made by white Australians. The different programs also have different generic backgrounds. Redfern Now and The Secret River are different forms of realist texts; social realism and historical realism. Cleverman and Glitch, however, are speculative fiction texts that can be argued to be in the mode of magical realism, they "denaturalise the real and naturalise the marvellous" they are also closely tied ideas of retelling colonial stories and "resignify(ing) colonial territories and pasts" (Siskind 834-5).Redfern Now was produced by Blackfella Films for the ABC. It was, with much fanfare, released as the first drama made for television, by Aboriginal people and about Aboriginal people (Blundell). The central concerns of the program are issues in the present, its plots and settings are entirely contemporary. In this way it circumvents the idea and standard representation of Indigenous Australians as ancient and timeless. It places the characters in the program very much in the present.However, one episode "Stand Up" does obliquely engage with historical concerns. In this episode a young boy, Joel Shields, gets a scholarship to an expensive private school. When he attends his first school assembly he does not sing the national anthem with the other students. This leads to a dispute with the school that forms the episode's plot. As punishment for not singing Joel is set an assignment to research the anthem, which he does and he finds the song off-putting – with the words 'boundless plains to share' particularly disconcerting. His father supports him saying "it's not our song" and compares Joel singing it to a "whitefella doing a corrobboree". The national anthem stands metaphorically for the white hegemony in Australia.The school itself is also a metaphor for hegemony. The camerawork lingers on the architecture which is intended to imply historical strength and imperviousness to challenge or change. The school stands for all the force of history white Australia can bring to bear, but in Australia, all architecture of this type is a lie, or at least an exaggeration – the school cannot be more than 200 years old and is probably much more recent.Many of the things the program says about history are conveyed in half sentences or single glances. Arguably this is because of its aesthetic mode – social realism – that prides itself on its mimicry of everyday life and in everyday life people are unlikely to set out arguments in organised dot-point form. At one point the English teacher quotes Orwell, "those who control the past control the future", which seems overt but it is stated off-screen as Joel walks into the room. This seeming aside is a statement about history and directly recalls central arguments of the history wars, which make strong political arguments about the effects of the past, and perceptions of the past, on the present and future. Despite its subtlety, this story takes place within the context of the history wars: it is about who controls the past. The subtlety of the discussion of history allows the film makers the freedom to comment on the content and effects of history and the history wars without appearing didactic. They discuss the how history has effected the present history without having to make explicit historical causes.The other recent television drama in the realist tradition is The Secret River. This was an adaptation of a novel by Kate Grenville. It deals with Aboriginal history from the perspective of white people, in this way it differs from Redfern Now which discusses the issues from the perspective of Aboriginal people. The plot concerns a man transported to Australia as a convict in the early 19th century. The man is later freed and, with his family, attempts to move to the Hawksbury river region. The land they try to settle is, of course, already in use by Aboriginal people. The show sets up the definitional conflict between the idea of settler and invader and suggests the difference between the two is a matter of perspective. Of the shows I am examining, it is the most direct in its representation of historical massacre and brutality. It represents what Felicity Collins described as a back-tracking text recapitulating the colonial past in the light of recovered knowledge. However, from an Indigenous perspective it is another settler tale implying Aboriginal people were wiped out at the time of colonisation (Godwin).The Secret River is told entirely from the perspective of the invaders. Even as it portrays their actions as wrong, it also suggests they were unavoidable or inevitable. Therefore it does what many western histories of Indigenous people do – it classifies and categorises. It sets limits on interpretation. It is also limited by its genre, as a straightforward historical drama and an adaptation, it can only tell its story in a certain way. The television series, like the book before it, prides itself on its 'accurate' rendition of an historical story. However, because it comes from such a very narrow perspective it falls into the trap of categorising histories that might have usefully been allowed to develop further.The program is based on a novel that attracted controversy of its own. It became part of ongoing historiographical debate about the relationship between fiction and history. The book's author Kate Grenville claimed to have written a kind of affectively accurate history that actual history can never convey because the emotions of the past are hidden from the present. The book was critiqued by historians including Inge Clendinnen, who argued that many of the claims made about its historical accuracy were largely overblown (Clendinnen). The book is not the same as the TV program, but the same limitations identified by Clendinnen are present in the television text. However, I would not agree with Clendinnen that formal history is any better. I argue that the limitation of both these mimetic genres can be escaped in speculative fiction.In Glitch, Yurana, a small town in rural Victoria becomes, for no apparent reason, the site of seven people rising from the dead. Each person is from a different historical period. None are Indigenous. They are not zombies but simply people who used to be dead. One of the first characters to appear in the series is an Aboriginal teenager, Beau, we see from his point of view the characters crawling from their graves. He becomes friendly with one of the risen characters, Patrick Fitzgerald, who had been the town's first mayor. At first Fitzgerald's story seems to be one of working class man made good in colonial Australia - a standard story of Australian myth and historiography. However, it emerges that Fitzgerald was in love with an Aboriginal woman called Kalinda and Beau is his descendant. Fitzgerald, once he becomes aware of how he has been remembered by history, decides to revise the history of the town – he wants to reclaim his property from his white descendants and give it to his Indigenous descendants. Over the course of the six episodes Fitzgerald moves from being represented as a violent, racist boor who had inexplicably become the town's mayor, to being a romantic whose racism was mostly a matter of vocabulary. Beau is important to the plot and he is a sympathetic character but he is not central and he is a child. Indigenous people in the past have no voice in this story – when flashbacks are shown they are silent, and in the present their voices are present but not privileged or central to the plot.The program demonstrates a profoundly metaphorical relationship with the past – the past has literally come to life bringing with it surprising buried histories. The program represents some dominant themes in Australian historiography – other formerly dead characters include a convict-turned-bush-ranger, a soldier who was at Gallipoli, two Italian migrants and a girl who died as a result of sexual violence – but it does not engage directly with Indigenous history. Indigenous people's stories are told only in relation to the stories of white people. The text's magical realism allows a less prescriptive relationship with the past than in The Secret River but it is still restricted in its point of view and allows only limited agency to Aboriginal actors.The text's magical realism allows for a thought-provoking representation of relationships with the past. The town of Yurana is represented as a place deeply committed to the representation and glorification of its past. Its main street contains statues of its white founders and war memorials, one of its main social institutions is the RSL, its library preserves relics of the past and its publican is a war history buff. All these indicate that the past is central to the town's identity. The risen dead however dispute and revise almost every aspect of this past. Even the history that is unmentioned in the town's apparent official discourse, such as the WWII internment camp and the history of crimes, is disputed by the different stories of the past that the risen dead have to tell. This indicates the uncertainty of the past, even when it seems literally set in stone it can still be revised. Nonetheless the history of Indigenous people is only revised in ways that re-engage with white history.Cleverman is a magical realist text profoundly based in allegory. The story concerns the emergence into a near future society of a group of people known as the "Hairies." It is never made clear where they came from or why but it seems they appeared recently and are unable to return. They are an allegory for refugees. Hairypeople are part of many Indigenous Australian stories, the show's creator, Ryan Griffen, stated that "there are different hairy stories throughout Australia and they differ in each country. You have some who are a tall, some are short, some are aggressive, some are friendly. We got to sort of pick which ones will fit for us and create the Hairies for our show" (Bizzaca).The Hairies are forced to live in an area called the Zone, which, prior to the arrival of the Hairy people, was a place where Aboriginal people lived. This place might be seen as a metaphor for Redfern but it is also an allegory for Australia's history of displacing Aboriginal people and moving and restricting them to missions and reserves. The Zone is becoming increasingly securitised and is also operating as a metaphor for Australia's immigration detention centres. The prison the Hairy characters, Djukura and Bunduu, are confined to is yet another metaphor, this time for both the over-representation of Aboriginal people in prison and the securitisation of immigration detention. These multiple allegorical movements place Australia's present refugee policies and historical treatment of Aboriginal people within the same lens. They also place the present, the past and the future within the same narrative space.Most of the cast is Aboriginal and much of the character interaction is between Aboriginal people and Hairies, with both groups played by Indigenous actors. The disadvantages suffered by Indigenous people are part of the story and clearly presented as affecting the behaviour of characters but within the story Aboriginal people are more advantaged than Hairies, as they have systems, relationships and structures that Hairy people lack. The fact that so much of the interaction in the story is between Indigenous people and Hairies is important: it can be seen to be an interaction between Aboriginal people and Aboriginal mythology or between Indigenous past and present. It demonstrates Aboriginal identities being created in relation to other Aboriginal identities and not in relation to white people, where in this narrative, Aboriginal people have an identity other than that allowed for in colonialist terms.Cleverman does not really engage with the history of white invasion. The character who speaks most about this part of Aboriginal history and whose stated understanding of himself is based on that identity is Waruu. But Waruu is also a villain whose self-identity is also presented as jealous and dishonest. However, despite only passing mentions of westernised history the show is deeply concerned with a relationship with the past. The program engages with Aboriginal traditions about the past that have nothing to do with white history. It presents a much longer view of history than that of white Australia. It engages with the Aboriginal tradition of the Cleverman - demonstrated in the character of Uncle Jimmy who passes a nulla nulla (knob-headed hardwood club), as a symbol of the past, to his nephew Koen and tells him he is the new Cleverman. Cleverman demonstrates a discussion of Australian history with the potential to ignore white people. It doesn't ignore them, it doesn't ignore the invasion but it presents the possibility that it could be ignored.There is a danger in this sort of representation of the past that Aboriginal people could be relegated to the type of ahistorical, metahistorical myths that comprise colonialist history's representation of Indigenous people (Birch). But Cleverman's magical realist, near future setting tends to undermine this. It grounds representation in history through text and metaphor and then expands the definition.The four programs have different relationships with the past but all of them engage with it. The programs are both restrained and freed by the genres they operate in. It is much easier to escape the bounds of formal history in the genre of magical realism and both Glitch and Cleverman do this but have significantly different ways of dealing with history. "Stand up" and The Secret River both operate within more formally realist structures. The Secret River gives us an emotional reading of the past and a very affective one. However, it cuts off avenues of interpretation by presenting a seemingly inevitable tragedy. Through use of metaphor and silence "Stand up" presents a much more productive relationship with the past – seeing it as an ongoing argument rather than a settled one. Glitch engages with the past as a topic that is not settled and that can therefore be changed whereas Cleverman expands our definition of past and understanding of the past through allegory.It is possible to draw further connections. Those stories created by Indigenous people do not engage with the specifics of traditional dominant Australian historiography. However, they work with the assumption that everyone already knows this historiography. They do not re-present the pain of the past, instead they deal with it in oblique terms with allegory. Whereas the programs made by non-Indigenous Australians are much more overt in their representation of the sins of the past, they overtly engage with the History Wars in specific historical arenas in which those wars were fought. The non-Indigenous shows align themselves with the revisionist view of history but they do so in a very different way than the Indigenous shows.ReferencesAnderson, Ian. "Introduction: The Aboriginal Critique of Colonial Knowing." Blacklines: Contemporary Critical Writing by Indigenous Australians. Ed. Michele Grossman. Melbourne: Melbourne University Press, 2003.Birch, Tony. "'Nothing Has Changed': The Making and Unmaking of Koori Culture." Blacklines: Contemporary Critical Writing by Indigenous Australians. Ed. Michele Grossman. Melbourne: Melbourne University Press, 2003.Bizzaca, Chris. "The World of Cleverman." Screen Australia 2016.Blundell, Graeme. "Redfern Now Delves into the Lives of Ordinary People." The Australian 26 Oct. 2013: News Review.Clark, Anna. History's Children: History Wars in the Classroom. Sydney: New South, 2008.Clendinnen, Inga. “The History Question: Who Owns the Past?” The Quarterly Essay. Melbourne: Black Inc., 2006.Collins, Felicity. "After Dispossession: Blackfella Films and the Politics of Radical Hope." The Routledge Companion to Cinema and Politics. Eds. Yannis Tzioumakis and Claire Molloy. New York: Routledge, 2016.Day, Mark. "Our Relations with the Past." Philosophia 36.4 (2008): 417-27.Ellis, John. Seeing Things: Television in the Age of Uncertainty. London: I.B. Tauris, 2000.Froeyman, Anton. "The Ideal of Objectivity and the Public Role of the Historian: Some Lessons from the Historikerstreit and the History Wars." Rethinking History 20.2 (2016): 217-34.Godwin, Carisssa Lee. "Shedding the 'Victim Narrative' for Tales of Magic, Myth and Superhero Pride." The Conversation 2016.Lloyd, Christopher. "Historiographic Schools." A Companion to the Philosophy of History and Historiography Ed. Tucker, Aviezer. Oxford: Wiley-Blackwell, 2009.Moreton-Robinson, Aileen. "Introduction: Resistance, Recovery and Revitalisation." Blacklines: Contemporary Critical Writing by Indigenous Australians. Ed. Michele Grossman. Melbourne: Melbourne University Press, 2003.———. "The White Man's Burden." Australian Feminist Studies 26.70 (2011): 413-31.Reynolds, Henry. The Other Side of the Frontier: Aboriginal Resistance to the European Invasion of Australia. 2nd ed. Ringwood, Vic.: Penguin Books, 1995.Siskind, Mariano. "Magical Realism." The Cambridge History of Postcolonial Literature. Vol. 2. Ed. Ato Quayson. Cambridge: Cambridge University Press, 2012. 833-68.Tuhiwai Smith, Linda. Decolonizing Methodologies Research and Indigenous Peoples. 2nd ed. London: Zed Books, 2012.Windschuttle, Keith. The Fabrication of Aboriginal History. Paddington, NSW: Macleay Press, 2002.