The stretched rubber band: banks,houses, debt and vulnerability in Australia

This article analyses the development of residential capitalism and financialisation in Australia. It outlines the series of economic vulnerabilities developing in the financial system, centred on household debt and inflated property markets. It then analyses why policy-makers have done so little to restrict the growth of household debt and house prices. I argue that financial policy-makers have underestimated the financial vulnerabilities building up in Australia – as evidenced by the slow take-up of macroprudential policies. I outline four reasons: first, the excellent profit performance of the major banks; second, the policy predilection for idealised economic liberal regulation; third, the development of a politico-housing complex; and, finally, the growing role of household debt in ameliorating distributional conflict by underpinning growth.     

Archaeological trends in the Southern Cone of South America

Current major research directions and findings in three areas of Southern Cone archaeology are discussed: (1) the entry of humans in Late Pleistocene times and early hunter-gatherer society, (2) the emergence of chiefdom societies, and (3) the Inca state. These themes are considered broadly in terms of local and interregional models of economic mobility and sociopolitical organization. Although emphasis is given primarily to the Andean regions of Argentina, Chile, and Bolivia, new studies and developments in the Argentinian Pampa and Patagonia are discussed.     

The Domestic Politics of Globalisation

This article provides a domestic-focused account of the impact of globalisation on Australia. The overriding aim of government in recent years has been to educate the population about the imperatives of globalisation and the need for economic liberal policy change. Labor succeeded in breaking down Australia's protectionist policy structure but both Labor and Coalition governments have found it difficult to manage globalising policy change. The Howard government has continued Labor's efforts to sell globalisation but has often diluted its message through its policy choices and rhetoric. It has been less concerned with maintaining the consistency of its message. This reflects the continuing need for governments to manage what can be called the domestic politics of globalisation. Contrary to the arguments of global determinists, domestic politics continues to shape policy and the impact and trajectory of globalisation.     

Fear of the city 1882-1967: Edward Hopper and the discourse of anti-urbanism

This paper traces the extent to which some of the major cityscape representations of the American 'Realist' painter, Edward Hopper, have contributed to the production and articulation of the discourse of anti-urbanism in American culture. Following an introductory background to this discourse, the paper discusses the development of Realism in American art, and how the urban representations that emerged were a response to the rapidly changing, early twentieth-century American city. A brief biographical account of Edward Hopper is presented to explore the intertextual influences behind his anti-urban sentiments, and how these translated into the unique form of Realism for which Hopper is renowned. This sets the stage for a reading of four key Hopper works that are suggestive of the anti-urban discourse: Night Shadows, Nighthawks, Approaching a City and Sunday . The powers of representation and the artist's popularity have fed into the discourse of anti-urbanism - a discourse that has a material effect on urban life in America.     

A Late Holocene Tsunami at Basta Voe,Yell, Shetland Isles

A distinctive sand layer enclosed within Holocene peat is described from Basta Voe, Isle of Yell, Shetland Isles. The sand layer, that can be traced considerable distances inland and up to a maximum altitude of c. + 9 m OD, is here interpreted as having been deposited by a former tsunami. AMS dating appears to indicate that the tsunami occurred between 1300 – 1570 cal years BP. At present, the tsunami has no known source mechanism although the most likely mechanism is thought to have been an offshore slump or slide. The available information would presently seem to indicate that this tsunami was restricted to the eastern coastline of Shetland. The relatively young age of this inferred tsunami is of considerable importance to planners and engineers concerned with estimating coastal flood frequency and magnitude.