Artículos de revistas sobre el tema "Asset-Backed Security"

Secondary housing financing is a facility that makes it easier for banks to liquidate their less liquid financial assets in the form of receivables arising from the distribution of Home Ownership Loans (KPR). This needs to be done to avoid mismatch funding. The title of this research is “Juridic Review On The Objective Rights Of The Buyer Of Asset-Backed Securities In Secondary Housing Financing”. The research was conducted to find out what are the material rights of asset-backed securities holders in housing secondary financing, how is the transition mechanism, what is the legal protection for asset-backed securities holders and whether national laws need to be adjusted to the concept of secondary housing finance. As for this writing, it can be concluded that the material rights attached to asset-backed securities in housing secondary financing owned by the buyer/holder of asset-backed securities include the right to receive payments, the right to transfer ownership of the asset-backed securities, the right to charge or make asset-backed securities as collateral for the settlement of debts from asset-backed securities holders, the right to obtain settlement of receivables due to mortgage rights on houses and land used as collateral for mortgages (KPR), the right to obtain disclosure of material facts, the right to obtain interest (for asset-backed securities that are debt), the right to Get Settlement of Receivables from the Issuer's Assets. Apart from that, it can also be concluded that the mechanism for the transfer of rights to the issuance of asset-backed securities in secondary housing financing generally consists of 4 phases, namely, among others, the emergence of receivables (receivables) through the distribution of housing loans, sales of receivables by original creditors to third parties. issuer, transfer of material rights in the form of receivables to investors with the issuance of asset-backed securities, transfer of asset-backed securities between one investor to another. Regarding legal protection for buyers/holders of asset-backed securities, it can be concluded that legal protection for buyers/holders of asset-backed securities in secondary mortgage financing is broadly divided into two, namely preventive legal protection and repressive legal protection. Preventive legal protection for holders of asset-backed securities in secondary housing financing lies in implementing the disclosure principle in capital market law, especially in secondary housing financing. Meanwhile, repressive legal protection for asset-backed securities holders consists of 2, namely, legal protection against unlawful acts and legal protection against default acts, both of which must go through a judicial process and cannot be carried out individually but can only be implemented by investment managers in If the asset-backed securities are in the form of securities (equity security)/unit of participation, while if the securities are debt security, the legal action must be carried out through a trustee.

Security design of asset-backed securities (ABS) could affect the value of the ABS and that of the issuing firm as well when there exists an information asymmetry between insiders and outsiders of the firm, depending on the size of the assets sold. If the size is relatively small, the optimal security design will be such that the firm sells the risk-free, senior security (backed by the asset sold) to outsiders at a minimum size and retains the risky, subordinate security. If the size is large, the firm should sell outsiders both the risk-free security at a maximum size and the risky tranche at a minimum size. Meanwhile, if the firm has to sell an asset portfolio rather than an asset, the firm is better off by selling the portfolio through bundling the assets of the portfolio. It turns out that the bundling into senior and subordinate tranches is preferred to the bundling and selling to outsiders.

The social impact of bankruptcies and loan defaults result in structural impairment of the economy. This paper presents a judicious methodology for pricing durable asset backed financing facilities while reducing their risk of default. Although the framework of the study is that of an Islamic banking system, it can also be implemented by conventional intermediaries. Both credit as well as hybrid (quasi-equity) facilities in the form of Bai' Bithman Ajil (BBA)/Ijara wal-'Iqtina and Decreasing Mudharabah (DM) instruments are discussed using computer simulation. These are applied to the cases of automobile financing and home mortgages. Placing additional assets as Rehn (security) has the capacity to improve the financing ratio and/or the term to maturity of both kinds of vehicles.

Abstract This article studies a security design problem featuring flexible information acquisition. To raise liquidity, a seller issues a security backed by her asset in place at the price she proposes to a buyer. Before deciding whether to accept the offer, the buyer can acquire costly information about the underlying asset. This case differs from the existing literature on security design, in that the buyer has the full flexibility of choosing not only the amount of resources to spend in information acquisition, but also how to allocate them, depending on the shape of the security. Debt is shown to be the unique optimal security for the seller, as its payoff is the least sensitive to the value of its underlying asset. This minimizes the buyer’s incentive to acquire information and mitigates the resulting adverse selection. I do not assume monotonicity of the feasible securities nor impose various distributional assumptions on information structures. Instead, I identify conditions for general information costs that support the results.

Public–private partnership (PPP) has been widely applied in China and many developing countries in the recent decade. As new PPP projects gradually enter the operational phase, the issue of refinancing becomes increasingly important. PPP–ABS plays an indispensable role in PPP project refinancing. The factors that promote the success of the emerging PPP–ABS in the China financial market need to be determined. To accomplish two objectives, namely, to identify critical success factors (CSFs) and to explore the relationship between these factors and the success of the PPP asset-backed securitization (PPP–ABS) of this research, methods such as a questionnaire survey and structural equation modeling (SEM) were conducted successively. Four success factors, including underlying asset quality (UAQ), original equity holder credit (OEHC), rationality of security design (RoSD) and maturity of relative institutions (MoRI), were identified in this study. Consequently, nineteen theoretical hypotheses were developed and tested. It is shown in the SEM approach that UAQ and OEHC positively influence the success of PPP–ABS, alongside issuance characteristics (IC) that mediate the relationship between the success of PPP–ABS and UAQ, RoSD and MoRI, respectively. This finding increased knowledge of PPP–ABS and how investors and government can benefit from it.

In the aftermath of the financial crisis, lawmakers and the public focused on abuses in the securitization industry. Abacus, a Synthetic CDO created by Goldman Sachs & Co., became a symbol of what many felt was a corrupt system when it became known that Goldman and Fabrice Tourre, a Vice President at its Correlation Trading Desk, had assisted a hedge fund in designing the security to fail. Perceived failings of the securities laws to prevent transactions like Abacus spurred Congress to enact Section 621 of the Dodd-Frank Act, which prohibits conflicts of interest in asset-backed securitizations. But the law is unnecessary and counterproductive. Antifraud laws already address the abuses and certain conflicted transactions, if properly disclosed, can be beneficial. The section should be repealed.

Abstract The interface between securitization law and insolvency law is the central legal concern in designing securitization transactions. The complex structure of these transactions under the Securitization Act of 2004 should be understood within a specific legal context: the possible bankruptcy, insolvency, or liquidation of the “originator” (i.e. the entity requiring securitization financing), which may jeopardize the claims of asset-backed security investors. It is a solution to the risk that security holders with claim to specific assets may end up being subordinated to the interest of preferred creditors and ranked pari passu with, or even lower than, unsecured creditors in a rehabilitation or liquidation proceeding. Under present law, this risk may arise through the “substantive consolidation” and “clawback” provisions of the Financial Rehabilitation and Insolvency Act (FRIA) of 2010. This risk is mitigated through the creation of a bankruptcy remote vehicle and true sale of receivables, and it is the lawyer’s principal role in the securitization process to isolate or ring-fence assets beyond the reach of creditors, and making them an exclusive claim of investors. How this works in theory and practice is the subject of this paper.

This article examines how assemblages of complex types of knowledge and technologies—including algorithmic mathematics, law and accounting, and high-level logistics—have generated complex predatory formations. The complexity of these formations tends to camouflage their predatory character. Further, such formations are systemic in nature. They are not produced by an elementary seizure of power. Predatory formations are often beyond the reach of ordinary policy responses, in good part because they tend to assemble elements of separate domains into novel configurations. The focus here is on one of the more powerful and complex predatory formations, (high) finance. And the effort is to explain how even the most sophisticated financial instruments require certain elementary and brutal steps, resulting in highly degraded socio-economic outcomes. The sub-prime mortgage developed in the early 2000s differentiates itself from the original 1970s concept in that its aim was not to enable access to housing. Its aim was and is to use the actual physical good (the house) to develop an asset-backed security for the financial system itself.

Abstract The European sovereign debt crisis and, more recently, the COVID-19 pandemic have revealed the European Economic and Monetary Union’s fragility, which essentially emanates from the inherent tension between a single monetary policy and decentralized fiscal policies. To cushion economic and financial shocks and sever the sovereign-bank doom loop, different proposals to create a common public debt security have been put forward, although none of them has so far seen the light of day. Building on pertinent economic and finance scholarship, this article reviews four promising safe asset proposals from a legal perspective: Sovereign bond-backed securities (SBBS), E-bonds, Purple bonds, and Coronabonds. Rather than focusing on their feasibility under EU law or national constitutional law, this article compares the proposals from an investor perspective against the backdrop of the following formal and functional legal characteristics that render assets ‘safe’: governing law, dispute settlement forum, investor protection, and investor representation in sovereign debt restructurings. Against this backdrop, targeted recommendations on critical design elements of safe assets, with the aim of reconciling the economic policy objectives with the pertinent legal constraints, are advanced.

The global financial crisis that devastated many of the worlds financial systems in a manner never seen before exposed the glaring weakness in risk management and interest-driven policies. The crisis brought the collapse of several iconic financial institutions once perceived to be too strong to capitulate. The crisis engulfed one economy after another from corporations to eventually bring about the collapse of governments of countries reeling from the impact of the crisis. Asset values plummeted and the crisis clearly demonstrated the fragility of the western capitalist system and the free market economy. The Islamic economic and financial system is anchored on universal honorable values, ideals and morals - honesty, credibility, transparency, co-operation and solidarity. These fundamental values uphold stability, security and safety in any financial transactions. Of paramount consideration is that the Shariah prohibits any economic and financial transactions that involve usury, lying, gambling, cheating, unsubstantiated risk or uncertainty (gharar), monopoly, exploitation, greed, unfairness and taking other peoples money unjustly. Another key aspect to the philosophy behind the Islamic financial system is money issued must be fully asset backed. It is impermissible to allow money to be traded for money except at par. Islam is not just the prohibition of riba and zakah (alms); it is a comprehensive system to fulfill societys basic necessities (food, clothing and shelter). History has demonstrated that Islam has the capacity to deliver and has succeeded in providing a viable economic system.

The paper analyzes the reasons that led, in the years following the nineteenth century, to a vision of economic phenomena distant from ethics. After a brief introduction on the meaning of the concept of economics in the ancient world, the article describes which factors contributed most to developing an image of human behaviour motivated only by perfect rationality, self-interest, wealth maximization, showing the reasons that have separated economics and finance from ethics. The paper then deals with the theme of how to bring finance closer to the real economy starting from the need to search for solutions capable of producing radical changes in the business models of companies and in the financing investments aimed at maximizing social inclusion and collective well-being. The final part describes the initiatives promoted by the EU for the development of the Capital Market Union and the instrument recently introduced by the EU to develop finance long-term investments, the ELTIFs. In the conclusion, we present a proposal for the creation of a new innovative asset class, the Infrastructure Mortgage Backed Security, for the promotion of investments in infrastructures responding to the needs of investors and requiring business models based on shared ethic values and on the responsibility of all the agents working inside and outside the companies.

Introduction. Currently, there is no single, unified framework for the classification of cryptoassets. Consequently, there is no generally applied definition of neither cryptoassets, nor digital tokens, due to the variety of features and bespoke nature of the transactions in practice. The objective of this paper is to define the essence of cryptoassets in the financial accounting, identify attributes for its taxonomy and provide a multipurpose overview of cryptoassets market environment. Methods. In a comprehensive overview of cryptoassets market environment, the authors have used statistical monitoring, as well as dynamic, comparative and structural analysis. The selected sample includes daily data of cryptoassets market capitalization. Data were gathered from multiple sources at various time points during February 2016 - July 2020. Results. According to the conducted research, the countries with the largest number of registered cryptoassets exchanges are: the UK, Hong Kong, Singapore and the US, however, about 17% of exchanges still stay with unknown countries of registration. It is expected that the number of such exchanges will reduce soon, due to the adoption of certain legislative frameworks regarding cryptoassets. The authors define the essence of such terms as: cryptoassets, cryptocurrency, digital tokens and propose a cryptoassets taxonomy, based on the token’s functionality and characteristics. Four main types of cryptoassets have been identified and defined, namely: cryptocurrency (payment tokens), security tokens, utility tokens, asset-backed tokens and hybrid (or mixed) tokens. The authors suggest possible financial accounting treatment for each type of the cryptoassets. Conclusions. The cryptoassets market capitalization reacted to the factors such as global financial fluctuations due to macroeconomic factors and the COVID-19 pandemic as well as increasing digital asset regulations in early 2020. Cryptoassets remain largely a self-regulated industry and they still have no legal definition. The authors define cryptoassets as transferable digital assets recorded with a distributed ledger technology, which prohibits their copying or duplication. Due to the plethora amount of types of cryptoassets, a case-specific review should be required to determine the corresponding financial accounting treatment. The methodology of cryptoassets accounting treatment require further research.

Abstract: Real estate is one of the most trusted investments that people have preferred. It provides a steady source of income which can be in the form of rent as well as lease. There are a number of advantages, but one of the key disadvantages of real estate investments is illiquidity. Although the global real estate investments are twice the size of investments in the equity markets, the number of investors in the real estate market is remarkably lower. Blockchain technology has real potential to solve the issues of illiquidity and transparency, and most importantly, it opens this very market to the retail investors as well. By creating Security Tokens, which are backed by real-world assets, real estate can be made more liquid with the help of Special Purpose Vehicles. These security tokens, which represent fractional ownership of the real estate can be traded by a trader / investor and these tokens can be listed on legitimate secondary exchanges. The robustness of Smart Contracts can be very efficient in transferring of tokens and also provide a seamless distribution of earnings amongst the investors / traders. This work describes Ethereum blockchain based solutions has the potential to make the existing Real Estate investment system much more efficient and reliable. Keywords: Tokenization , Blockchain , Fungible Assets, Tokens, Special Purpose Vehicle, Smart Contracts, Liquidity, Security Tokens,

In case of distressed aircraft leasing or asset backed loan transactions it is of utmost importance to obtain physical control over the aircraft as early as possible. The de-registration of the aircraft from the register where the aircraft is registered for the purposes of the operation by the (defaulting) operator is one important feature in the process of securing control. Leasing and financing transactions provide for certain de-registration tools to enhance the owner’s or creditor’s legal position. This article will compare traditional legal concepts which support the de-registration of aircraft with the modern approach contemplated by the Cape Town Convention1 and focuses on certain details and pitfalls to be considered when analysing the various de-registration systems of the Convention in certain Member States to the Convention.

The Medicare Program is the second-largest insurance program in the United States, with approximately 64 million beneficiaries and total expenditures of over $839 billion in 2021 [1]. There are two separate trust funds in the Medicare Program, namely the Hospital Insurance Trust Fund (HI Trust Fund) and the Supplementary Medical Insurance Trust Fund (SMI Trust Fund); both trust funds are held by the U.S. Treasury [2]. The first trust fund covers hospital in-patient expenses; and the second trust fund covers medically necessary services by medical doctors and doctors of osteopathy, preventive services, brand-name prescription drugs, and generic drug coverage [3,4]. Prior to the COVID-19 pandemic, the latest financial calculations projected that the HI Trust Fund would be insolvent by the year 2026. It is a fact that the Medicare HI Trust Fund has never been insolvent because there are no provisions in the Social Security Act that govern what would happen if insolvency were to occur. Ten of the last twelve years have witnessed expenditure outflows outpacing the HI Trust inflows, resulting in total Medicare spending obligations outpacing the increasing demands on the Federal budget as the number of beneficiaries and the per capita healthcare costs increase each year [5]. Uncompensated care refers to uninsured patients who receive care upon hospital emergency room admissions but not ever paying the hospital bill after discharge or death. Uncompensated care is the kryptonite of hospital financing because it is unpredictable and can easily destabilize the monies that hospitals depend on to cover overhead expenses. Nationwide, hospitals protect themselves against the uncertainty of uncompensated care by drastically overcharging prices to different patients receiving the same or similar medical procedures at the very same hospital locations. For all intents and purposes, the creation of Obamacare failed to address this kryptonite. However, it is a fact that the legal system places limitations upon what the federal government can do to deal with this Achilles’ heel of the American healthcare system. State governments truly hold the power to effect change towards the future of healthcare in 2030, both private healthcare and government-sponsored healthcare. Since 1970, one state has proactively protected its statewide healthcare system against the dangers of uncompensated care: Maryland. It is the only state in the entire nation to receive a federal waiver from the U.S. Centers for Medicare & Medicaid Services (CMS) because their specific design for accounting for a plethora of poor patients. This effort started with a group of hospital administrators meeting for coffee on a consistent basis to brainstorm the solution from their collective hospitals. Driven by the pride to help their communities, their involvement with the Maryland government led to the creation of the Maryland Health Services Cost Review Commission (Maryland HSCRC). This impartial government institution is backed by Maryland law that gives it the necessary legal powers to set stated singular hospital prices for all services statewide; these prices include the adjustments for uncompensated medical care that is distributed among all stakeholders equally. In fact, the Maryland HSCRC wrote the law that requires all stakeholders to comply with detailed auditing and data submission requirements for the purpose of providing the federal government with complete transparency regarding healthcare information without violating HIIPA federal patient privacy regulations. With this powerful information, the agency restricts hospital costs without limiting hospital profits, accurately measuring patient volume, and predicting the financial condition of all inpatient and outpatient services in Maryland. Because the Maryland HSCRC is both funded by resident’s money and accountable to the public, the hospital savings are as follows: Maryland markups for hospital services increased from 18 percent in 1980 to only 22 percent in 2008. During the same period, the average nationwide markup for hospital services skyrocketed from less than 20 percent in 1980 to over 187 percent by 2008. It is because of these significant savings to the Medicare Program that the Maryland HSCRC continues to receive a CMS waiver every year. In terms of prices, Maryland hospitals are prohibited from giving volume discounts and shifting costs to 4 other payers. The agency enforces a simple and clear mandate: same prices for the same medical services at the same hospitals, no exceptions! Before leaving office, President Trump instructed the CMS to enforce a price transparency rule though separate machinereadable prices as a protection against the kryptonite of uncompensated medical care. After the authors studied the CMS proposal, it became clear that single-handedly imposing penalties for noncompliance is only one factor in this multidimensional problem. Unlike the extremely efficient Maryland system, the CMS has threatened all hospitals with what will be shown below, to be ineffective measures that yield worthless results. The “Price Transparency Final Rule” penalizes hospitals with fewer than 30 beds at $300 daily for each licensed bed at small hospitals, and large hospitals (more than 30 beds) at $10 daily per licensed bed (cannot exceed the daily penalty of $5,500). Our financial analysis in a prior article on this point, focuses on Free Cash Flow because it represented the cash that a hospital can generate after disbursing the money required to maintain and pursue opportunities that enhance shareholder value. We argued that the proposed CMS civil monetary penalties imposed on hospitals was doomed from the start for failure. Our financial analysis focuses on business valuation, and specifically an accounting term called Free Cash Flows (FCF), which represents the cash that a company can generate after laying out the money required to maintain or expand its asset base; FCF is important because it allows a company to 5 pursue opportunities that enhance shareholder value [6]. At Pettingill Analytics, we looked at three publicly traded hospitals in the United States reported the following (Figure 1) [7].

Initial coin offerings (ICOs) are an emerging form of fundraising for blockchain-based startups. We examine how ICOs can be leveraged in the context of asset tokenization, whereby firms issue tokens backed by future assets (i.e., inventory) to finance growth. We (i) make suggestions on how to design such “asset-backed” ICOs—including optimal token floating and pricing for both utility and equity tokens (a.k.a. security token offerings)—taking into account moral hazard (cash diversion), product characteristics, and customer demand uncertainty; (ii) make predictions on ICO success/failure; and (iii) discuss implications on firm operating strategy. We show that in unregulated environments, ICOs can lead to significant agency costs, underproduction, and loss of firm value. These inefficiencies, however, fade as product margins and demand characteristics (mean/variance) improve, and they are less severe under equity (rather than utility) token issuance. Importantly, the advantage of equity tokens stems from their inherent ability to better align incentives and thus continues to hold even absent regulation. This paper was accepted by Vishal Gaur, operations management.

ZusammenfassungAsset Backed Securities (ABS) bestehen auch nach der Finanz- und Wirtschaftskrise 2007/2008 fort und werden von Akteuren aus Wirtschaft und Politik als grundsätzlich nützliches Finanzinstrument betrachtet. Nachfolgende Abhandlung liefert innerhalb des Analyserahmens der institutionenökonomischen Agency-Theorie einen Überblick über den wissenschaftlichen Diskussionstand in Theorie und Empirie. Es werden die der Struktur von ABS innewohnenden Probleme (endogene Agency-Problematik), die insbesondere durch die Finanz- und Wirtschaftskrise 2007/2008 offensichtlich wurden, diskutiert. Ferner wird der ökonomische Mehrwert von ABS im Sinne einer Verminderung von am Kapitalmarkt regelmäßig auftretenden Agency-Problemen (exogene Agency-Problematik) durch eine Darstellung der wesentlichen theoretischen Überlegungen zur effizienten vertragstheoretischen Ausgestaltung (Security Design) von ABS-Transaktionen und der zugehörigen empirischen Evidenz aufgezeigt. Es zeigt sich, dass ABS-Strukturen unter bestimmten Voraussetzungen positiv auf dem unvollkommenen Kapitalmarkt wirken können. Dazu gehört vor allem die Notwendigkeit eines adäquaten Risikoselbstbehalts an einer ABS-Struktur durch den Transaktionsinitiator, was aus wissenschaftlicher Sicht bereits lange vor Ausbruch der Finanz- und Wirtschaftskrise erkannt und hinreichend diskutiert wurde.

Introduction In a 2019 report for the International Journal of Communication, Baym et al. positioned distributed blockchain ledger technology, and what would subsequently be referred to as Web3, as a convening technology. Riffing off Barnett, a convening technology “initiates and serves as the focus of a conversation that can address issues far beyond what it may ultimately be able to address itself” (403). The case studies for the Baym et al. research—early, aspirant projects applying the blockchain concept to music publishing and distribution—are described in the piece as speculations or provocations concerning music’s commercial and social future. What is convened in this era (pre-2017 blockchain music discourse and practice) is the potential for change: a type of widespread, broadly discussed, reimagination of the 21st-century music industries, productive precisely because near-future applications suggest the realisation of what Baym et al. call dreams. In this article, we aim to examine the Web3 music field as it lies some years later. Taking the latter half of 2021 as our subject, we present a survey of where music then resided within Web3, focussing on how the dreams of Baym et al. have morphed and evolved, and materialised and declined, in the intervening years. By investigating the discourse and functionality of 2021’s current crop of music NFTs—just one thread of music Web3’s far-reaching aspiration, but a potent and accessible manifestation nonetheless—we can make a detailed analysis of concept-led application. Volatility remains throughout the broader sector, and all of the projects listed here could be read as conditionally short-term and untested, but what they represent is a series of clearly evolved case studies of the dream, rich precisely because of what is assumed and disregarded. WTF Is an NFT? Non-fungible tokens inscribe indelible, unique ledger entries on a blockchain, detailing ownership of, or rights associated with, assets that exist off-chain. Many NFTs take the form of an ERC-721 smart-contract that functions as an indivisible token on the Ethereum blockchain. Although all ERC-721 tokens are NFTs, the inverse is not true. Similar standards exist on other blockchains, and bridges allow these tokens to be created on alternative networks such as Polygon, Solana, WAX, Cardano and Tezos. The creation (minting) and transfer of ownership on the Ethereum network—by far the dominant chain—comes with a significant and volatile transaction cost, by way of gas fees. Thus, even a “free” transaction on the main NFT network requires a currency and time investment that far outweighs the everyday routines of fiat exchange. On a technical level, the original proposal for the ERC-721 standard refers to NFTs as deeds intended to represent ownership of digital and physical assets like houses, virtual collectibles, and negative value assets such as loans (Entriken et al.). The details of these assets can be encoded as metadata, such as the name and description of the asset including a URI that typically points to either a file somewhere on the Internet or a file hosted via IPFS, a decentralised peer-to-peer hosting network. As noted in the standard, while the data inscribed on-chain are immutable, the asset being referred to is not. Similarly, while each NFT is unique, multiple NFTs could, in theory, point to a single asset. In this respect ERC-721 tokens are different from cryptocurrencies and other tokens like stable-coins in that their value is often contingent on their accurate and ongoing association with assets outside of the blockchain on which they are traded. Further complicating matters, it is often unclear if and how NFTs confer ownership of digital assets with respect to legislative or common law. NFTs rarely include any information relating to licencing or rights transfer, and high-profile NFTs such as Bored Ape Yacht Club appear to be governed by licencing terms held off-chain (Bored Ape Yacht Club). Finally, while it is possible to inscribe any kind of data, including audio, into an NFT, the ERC-721 standard and the underpinning blockchains were not designed to host multimedia content. At the time of writing, storing even a low-bandwidth stereo audio file on the ethereum network appears cost-prohibitive. This presents a challenge for how music NFTs distinguish themselves in a marketplace dominated by visual works. The following sections of this article are divided into what we consider to be the general use cases for NFTs within music in 2021. We’ve designated three overlapping cases: audience investment, music ownership, and audience and business services. Audience Investment Significant discourse around NFTs focusses on digital collectibles and artwork that are conceptually, but not functionally, unique. Huge amounts of money have changed hands for specific—often celebrity brand-led—creations, resulting in media cycles of hype and derision. The high value of these NFTs has been variously ascribed to their high novelty value, scarcity, the adoption of NFTs as speculative assets by investors, and the lack of regulatory oversight allowing for price inflation via practices such as wash-trading (Madeline; Das et al.; Cong et al.; Le Pennec, Fielder, and Ante; Fazil, Owfi, and Taesiri). We see here the initial traditional split of discourse around cultural activity within a new medium: dual narratives of utopianism and dystopianism. Regardless of the discursive frame, activity has grown steadily since stories reporting the failure of Blockchain to deliver on its hype began appearing in 2017 (Ellul). Early coverage around blockchain, music, and NFTs echoes this capacity to leverage artificial scarcity via the creation of unique digital assets (cf Heap; Tomaino). As NFTs have developed, this discourse has become more nuanced, arguing that creators are now able to exploit both ownership and abundance. However, for the most part, music NFTs have essentially adopted the form of digital artworks and collectibles in editions ranging from 1:1 or 1:1000+. Grimes’s February 2021 Mars NFT pointed to a 32-second rotating animation of a sword-wielding cherubim above the planet Mars, accompanied by a musical cue (Grimes). Mars sold 388 NFTs for a reported fixed price of $7.5k each, grossing $2,910,000 at time of minting. By contrast, electronic artists Steve Aoki and Don Diablo have both released 1:1 NFT editions that have been auctioned via Sotheby’s, Superrare, and Nifty Gateway. Interestingly, these works have been bundled with physical goods; Diablo’s Destination Hexagonia, which sold for 600 Eth or approximately US$1.2 million at the time of sale, proffered ownership of a bespoke one-hour film hosted online, along with “a unique hand-crafted box, which includes a hard drive that contains the only copy of the high-quality file of the film” (Diablo). Aoki’s Hairy was much less elaborate but still promised to provide the winner of the $888,888 auction with a copy of the 35-second video of a fur-covered face shaking in time to downbeat electronica as an Infinite Objects video print (Aoki). In the first half of 2021, similar projects from high-profile artists including Deadmau5, The Weekend, Snoop Dogg, Eminem, Blondie, and 3Lau have generated an extraordinary amount of money leading to a significant, and understandable, appetite from musicians wanting to engage in this marketplace. Many of these artists and the platforms that have enabled their sales have lauded the potential for NFTs to address an alleged poor remuneration of artists from streaming and/or bypassing “industry middlemen” (cf. Sounds.xyz); the millions of dollars generated by sales of these NFTs presents a compelling case for exploring these new markets irrespective of risk and volatility. However, other artists have expressed reservations and/or received pushback on entry into the NFT marketplace due to concerns over the environmental impact of NFTs; volatility; and a perception of NFT markets as Ponzi schemes (Poleg), insecure (Goodin), exploitative (Purtill), or scammy (Dash). As of late 2021, increased reportage began to highlight unauthorised or fraudulent NFT minting (cf. TFL; Stephen), including in music (Newstead). However, the number of contested NFTs remains marginal in comparison to the volume of exchange that occurs in the space daily. OpenSea alone oversaw over US$2.5 billion worth of transactions per month. For the most part, online NFT marketplaces like OpenSea and Solanart oversee the exchange of products on terms not dissimilar to other large online retailers; the space is still resolutely emergent and there is much debate about what products, including recently delisted pro-Nazi and Alt-Right-related NFTs, are socially and commercially acceptable (cf. Pearson; Redman). Further, there are signs this trend may impact on both the willingness and capacity of rightsholders to engage with NFTs, particularly where official offerings are competing with extant fraudulent or illegitimate ones. Despite this, at the time of writing the NFT market as a whole does not appear prone to this type of obstruction. What remains complicated is the contested relationship between NFTs, copyrights, and ownership of the assets they represent. This is further complicated by tension between the claims of blockchain’s independence from existing regulatory structures, and the actual legal recourse available to music rights holders. Music Rights and Ownership Baym et al. note that addressing the problems of rights management and metadata is one of the important discussions around music convened by early blockchain projects. While they posit that “our point is not whether blockchain can or can’t fix the problems the music industries face” (403), for some professionals, the blockchain’s promise of eliminating the need for trust seemed to provide an ideal solution to a widely acknowledged business-to-business problem: one of poor metadata leading to unclaimed royalties accumulating in “black boxes”, particularly in the case of misattributed mechanical royalties in the USA (Rethink Music Initiative). As outlined in their influential institutional research paper (partnered with music rights disruptor Kobalt), the Rethink Music Initiative implied that incumbent intermediaries were benefiting from this opacity, incentivising them to avoid transparency and a centralised rights management database. This frame provides a key example of one politicised version of “fairness”, directly challenging the interest of entrenched powers and status quo systems. Also present in the space is a more pragmatic approach which sees problems of metadata and rights flows as the result of human error which can be remedied with the proper technological intervention. O’Dair and Beaven argue that blockchain presents an opportunity to eliminate the need for trust which has hampered efforts to create a global standard database of rights ownership, while music business researcher Opal Gough offers a more sober overview of how decentralised ledgers can streamline processes, remove inefficiencies, and improve cash flow, without relying on the moral angle of powerful incumbents holding on to control accounts and hindering progress. In the intervening two years, this discourse has shifted from transparency (cf. Taghdiri) to a practical narrative of reducing system friction and solving problems on the one hand—embodied by Paperchain, see Carnevali —and ethical claims reliant on the concept of fairness on the other—exemplified by Resonate—but with, so far, limited widespread impact. The notion that the need for b2b collaboration on royalty flows can be successfully bypassed through a “trustless” blockchain is currently being tested. While these earlier projects were attempts to either circumvent or fix problems facing the traditional rights holders, with the advent of the NFT in particular, novel ownership structures have reconfigured the concept of a rights holder. NFTs promise fans an opportunity to not just own a personal copy of a recording or even a digitally unique version, but to share in the ownership of the actual property rights, a role previously reserved for record labels and music publishers. New NFT models have only recently launched which offer fans a share of IP revenue. “Collectors can buy royalty ownership in songs directly from their favorite artists in the form of tokens” through the service Royal. Services such as Royal and Vezt represent potentially massive cultural shifts in the traditional separation between consumers and investors; they also present possible new headaches and adventures for accountants and legal teams. The issues noted by Baym et al. are still present, and the range of new entrants into this space risks the proliferation, rather than consolidation, of metadata standards and a need to put money into multiple blockchain ecosystems. As noted in RMIT’s blockchain report, missing royalty payments … would suggest the answer to “does it need a blockchain?” is yes (although further research is needed). However, it is not clear that the blockchain economy will progress beyond the margins through natural market forces. Some level of industry coordination may still be required. (18) Beyond the initial questions of whether system friction can be eased and standards generated without industry cooperation lie deeper philosophical issues of what will happen when fans are directly incentivised to promote recordings and artist brands as financial investors. With regard to royalty distribution, the exact role that NFTs would play in the ownership and exploitation of song IP remains conceptual rather than concrete. Even the emergent use cases are suggestive and experimental, often leaning heavily on off-chain terms, goodwill and the unknown role of existing legal infrastructure. Audience and Business Services Aside from the more high-profile NFT cases which focus on the digital object as an artwork providing a source of value, other systemic uses of NFTs are emerging. Both audience and business services are—to varying degrees—explorations of the utility of NFTs as a community token: i.e. digital commodities that have a market value, but also unlock ancillary community interaction. The music industries have a longstanding relationship with the sale of exclusivity and access tailored to experiential products. Historically, one of music’s most profitable commodities—the concert ticket—contains very little intrinsic value, but unlocks a hugely desirable extrinsic experience. As such, NFTs have already found adoption as tools of music exclusivity; as gateways into fan experiences, digital communities, live events ticketing and closed distribution. One case study incorporating almost all of these threads is the Deathbats club by American heavy metal band Avenged Sevenfold. Conceived of as the “ultimate fan club”, Deathbats is, according to the band’s singer M. Shadows, “every single thing that [fans] want from us, which is our time, our energy” (Chan). At the time of writing, the Deathbats NFT had experienced expected volatility, but maintained a 30-day average sale price well above launch price. A second affordance provided by music NFTs’ ability to tokenise community is the application of this to music businesses in the form of music DAOs: decentralised autonomous organisations. DAOs and NFTs have so far intersected in a number of ways. DAOs function as digital entities that are owned by their members. They utilise smart contracts to record protocols, votes, and transactions on the blockchain. Bitcoin and Ethereum are often considered the first DAOs of note, serving as board-less venture capital funds, also known as treasuries, that cannot be accessed without the consensus of their members. More recently, DAOs have been co-opted by online communities of shared interests, who work towards an agreed goal, and operate without the need for leadership. Often, access to DAO membership is tokenised, and the more tokens a member has, the more voting rights they possess. All proposals must pass before members, and have been voted for by the majority in order to be enacted, though voting systems differ between DAOs. Proposals must also comply with the DAO’s regulations and protocols. DAOs typically gather in online spaces such as Discord and Zoom, and utilise messaging services such as Telegram. Decentralised apps (dapps) have been developed to facilitate DAO activities such as voting systems and treasury management. Collective ownership of digital assets (in the form of NFTs) has become commonplace within DAOs. Flamingo DAO and PleasrDAO are two well-established and influential examples. The “crypto-backed social club” Friends with Benefits (membership costs between $5,000 and $10,000) serves as a “music discovery platform, an online publication, a startup incubator and a kind of Bloomberg terminal for crypto investors” (Gottsegen), and is now hosting its own curated NFT art platform with work by the likes of Pussy Riot. Musical and cross-disciplinary artists and communities are also exploring the potential of DAOs to empower, activate, and incentivise their communities as an extension of, or in addition to, their adoption and exploration of NFTs. In collaboration with Never Before Heard Sounds, electronic artist and musical pioneer Holly Herndon is exploring ideological questions raised by the growing intelligence of AI to create digital likeness and cloning through voice models. Holly+ is a custom voice instrument that allows users to process pre-existing polyphonic audio through a deep neural network trained by recordings of Holly Herndon’s voice. The output is audio-processed through Holly Herndon’s distinct vocal sound. Users can submit their resulting audio to the Holly+ DAO, to whom she has distributed ownership of her digital likeness. DAO token-holders steward which audio is minted and certified as an NFT, ensuring quality control and only good use of her digital likeness. DAO token-holders are entitled to a percentage of profit from resales in perpetuity, thereby incentivising informed and active stewardship of her digital likeness (Herndon). Another example is LA-based label Leaving Records, which has created GENRE DAO to explore and experiment with new levels of ownership and empowerment for their pre-existing community of artists, friends, and supporters. They have created a community token—$GENRE—for which they intend a number of uses, such as “a symbol of equitable growth, a badge of solidarity, a governance token, currency to buy NFTs, or as a utility to unlock token-gated communities” (Leaving Records). Taken as a whole, the spectrum of affordances and use cases presented by music NFTs can be viewed as a build-up of interest and capital around the technology. Conclusion The last half of 2021 was a moment of intense experimentation in the realms of music business administration and cultural expression, and at the time of writing, each week seemed to bring a new high-profile music Web3 project and/or disaster. Narratives of emancipation and domination under capitalism continue to drive our discussions around music and technology, and the direct link to debates on ecology and financialisation make these conversations particularly polarising. High-profile cases of music projects that overstep norms of existing IP rights, such as Hitpiece’s attempt to generate NFTs of songs without right-holders’ consent, point to the ways in which this technology is portrayed as threatening and subversive to commercial musicians (Blistein). Meanwhile, the Water and Music research DAO promises to incentivise a research community to “empower music-industry professionals with the knowledge, network and skills to do more collaborative and progressive work with technology” through NFT tokens and a DAO organisational structure (Hu et al.). The assumption in many early narratives of the ability of blockchain to provide systems of remuneration that musicians would embrace as inherently fairer is far from the reality of a popular discourse marked by increasing disdain and distrust, currently centred on NFTs as lacking in artistic merit, or even as harmful. We have seen all this talk before, of course, when jukeboxes and player pianos, film synchronisation, radio, recording, and other new communication technologies steered new paths for commercial musicians and promised magical futures. All of these innovations were met with intense scrutiny, cries of inauthentic practice, and resistance by incumbent musicians, but all were eventually sustained by the emergence of new forms of musical expression that captured the interest of the public. On the other hand, the road towards musical nirvana passes by not only the more prominent corpses of the Digital Audio Tape, SuperAudio, and countless recording formats, but if you squint and remember that technology is not always about devices or media, you can see the Secure Download Music Initiative, PressPlay, the International Music Registry, and Global Repertoire Databases in the distance, wondering if blockchain might correct some of the problems they dreamed of solving in their day. The NFT presents the artistic and cultural face of this dream of a musical future, and of course we are first seeing the emergence of old models within its contours. 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Introduction This article explores the phenomenon of the Creative City in the context of Aberdeen, Scotland’s third-largest city. The common perception of Aberdeen is likely to revolve around its status, for the last 50 years, as Europe’s Oil & Gas Capital. However, for more than a decade Aberdeen’s city planners have sought to incorporate creativity and culture in their placemaking. The most visible expression of this was the unsuccessful 2013 bid to become the UK City of Culture 2017 (CoC), which was referred to as a “reality check” by Marie Boulton (BBC), the councillor charged with the culture portfolio. This article reviews and appraises subsequent policies and actions. It looks at Aberdeen’s history and its current Cultural Strategy and how events have supported or inhibited the reimagining of Aberdeen as a Creative and Cultural City. Landry’s “Lineages of the Creative City” tracks the rise in interest around culture and creative sectors and highlights that there is more to the creative city than economic growth, positing that a creative city is a holistic environment in which “ordinary people can make the extra-ordinary happen” (2). Comunian develops Landry’s concept of hard (infrastructural) assets and soft (people and activity) assets by introducing Complexity Theory to examine the interactions between the two. Comunian argues that a city should be understood as a complex adaptive system (CAS) and that the interconnectivity of consumption and production, micro and macro, and networks of actors must be incorporated into policy thinking. Creating physical assets without regard to what happens in and around them does not build a creative city. Aberdeen: Context and History Important when considering Aberdeen is its remoteness: 66 miles north of its closest city neighbour Dundee, 90 miles north of Edinburgh and 125 miles north-east of Glasgow. For Aberdonians travel is a necessity to connect with other cultural centres whether in Scotland, the UK, Europe, or further afield, making Aberdeen’s nearly 900-year-old port a key asset. Sitting at the mouth of the River Dee, which marks Aberdeen’s southern boundary, this key transport hub has long been central to Aberdeen’s culture giving rise to two of the oldest established businesses in the UK: the Port of Aberdeen (1136) and the Shore Porter’s Society (1498). Fishing and trade with Europe thrived and connections with the continent led to the establishment of Aberdeen’s first university: King’s College (Scotland’s third and the UK’s fifth) in 1495. A second, Marischal College, was established in 1593, joining forces with King’s in 1860 to become the University of Aberdeen. The building created in 1837 to house Marischal College is the second-largest granite building in the world (VisitAberdeenshire, Marischal) and now home to Aberdeen City Council (ACC). Robert Gordon University (RGU), awarded university status in 1992, grew out of an institution established in 1729 (RGU, Our History); this period marked the dawning of the Scottish Enlightenment when Aberdeen’s Wise Club were key to an intellectual discourse that changed western thinking (RSA). Gray’s School of Art, now part of RGU, was established in 1885, at the same time as Aberdeen Art Gallery which holds a collection of national significance (ACC, Art Gallery). Aberdeen’s northern boundary is marked by its second river, the River Don, which has also contributed to the city’s history, economics, and culture. For centuries, paper and woollen mills, including the world-famous Crombie, thrived on its banks and textile production was the city’s largest employer, with one mill employing 3,000 staff (P&J, Broadford). While the city and surrounds have been home to notable creatives, including writers Lewis Grassic Gibbon and Lord Byron; musicians Annie Lennox, Dame Evelyn Glennie, and Emeli Sandé; fashion designer Bill Gibb and dancer Michael Clark, it has struggled to attract and retain creative talent, and there is a familiar exodus of art school graduates to the larger and more accepted creative cities of Glasgow, Edinburgh, and London. In 2013, at the time of the CoC bid, ACC recognised that creative industries graduates leaving the city was “a serious issue” (ACC, Cultural Mapping 1). The City of Culture Bid This recognition came at a time when ACC acknowledged that Aberdeen, with already low unemployment, required an influx of workforce. An ACC document (Cultural Mapping) cites Richard Florida’s proposal that a strong cultural offer attracts skilled workers to a city, adding that they “look for a lively cultural life in their choice of location” (7) and quoting an oil executive: “our poor city centre is often cited as a major obstacle in attracting people” (7). Changing the image of the city to attract new residents appears to have been a key motivation for the CoC bid. The CoC assessor noted this in their review of the bid, citing a report that 120,000 recruits were required in the city and agreeing that Aberdeen needed to “change perceptions of the city to retain and attract talent” (Regeneris 1). Aberdeen’s CoC bid was rejected at the first shortlisting stage, with feedback that the artistic vision “lacked depth” and “that cultural activity in the city was weaker than in several other bidding areas” (Regeneris 3). In an exploration of the bidding process, McGillivray and Turner highlight two factors which link to other concerns and feedback about the bid. Firstly, they compare Aberdeen’s choice of a Bid Manager from the business community with Paisley’s choice of one from their local arts sector in their bid for CoC 2021, which was successful in being shortlisted, highlighting different motivators behind the bids. Secondly, Aberdeen secured a bid team member from “Pafos’s bid to be 2017 European Capital of Culture (ECC), who subsequently played an important role” for Kalamata’s 2021 ECC bid (41), showing Aberdeen’s reluctance to develop local talent. A Decade of Investment ACC responded to the “reality check” with a series of investments in the hard assets of the city. Major refurbishment of two key buildings, the Music Hall and the Art Gallery, caused them both to be closed for several years, significantly diminishing the cultural offer in the city. The Music Hall re-opened in 2018 (Creative Scotland) and the Art Gallery in 2019 (McLean). In 2021, the extended and updated Art Gallery was named “Scotland’s building of the year” by the Royal Incorporation of Architects in Scotland (RIAS) (Museums Association). Concurrent with this was the development of “Europe’s largest new events complex, TECA [now P&J live] part financed through a £370 million stock market bond issue” (InvestAberdeen). Another cultural asset of the city which has been undergoing a facelift since 2019 is Union Terrace Gardens (UTG), the green heart of the city centre, gifted to the public in 1877. The development of this asset has had a chequered history. In 2008 it had been awarded “funding from Aberdeen Council (£3 million), the Scottish Arts Council (£4.3M) and Scottish Enterprise (£2 million)” (Aberdeenvoice) to realise a new multi-disciplinary contemporary art centre to be called ‘Northern Light’ and housed in a purpose-designed building (Brizac Gonzalez). The project, led by Peacock Visual arts, a printmaking centre of excellence and gallery founded in 1974, had secured planning permission. It would host Peacock Visual Arts, City Moves dance company, and the ACC arts development team. It echoed similar cultural partnership approaches, such as Dundee Contemporary Arts, although notably without involvement from the universities. Three months later, a counterbid to radically re-think UTG as a vast new city square was proposed by oil tycoon Sir Ian Wood, who backed the proposal with £50 million of his own funds, requiring matching finance by the city and ownership of the Gardens passing to private hands. Resistance to these plans came from ‘Friends of UTG’, and a public consultation was held. ACC voted to adopt Wood’s plans and drop those of Peacock, but a change of administration in the local authority overturned Wood’s plans in August 2012. A significant portion of the funding granted to the Northern Lights project was consumed in the heated public debate and the remainder was lost to the city, as was the Wood money, providing a highly charged backdrop to the CoC bid and an unfortunate divide created between the business and culture sectors that is arguably still discernible in the city today. According to the Aberdeen & Grampian Chamber of Commerce (AGCC) 2022 Investment Tracker, the nearly complete UTG transformation has cost £28.3m. The AGCC trackers since 2016 provide a useful reference for a wider view of investment in the region over this period. During this period, ACC commissioned two festivals: Spectra (ACC, Culture Programme 5), a festival of light curated by a Manchester-based organisation, and NuArt (VisitAberdeenshire, Nuart), a street-art festival curated by a Stavanger-based team. Both festivals deliver large-scale public spectacles but have little impact on the development of the cultural sector in the city. The drivers of footfall, income generation, and tourism are key motivators for these festivals, supporting a prevailing narrative of cultural consumption over cultural production in the city, despite Regeneris’s concerns about “importing of cultural activity, which might not leave behind a cultural sector” (1) and ACC’s own published concerns (ACC, Cultural Mapping). It is important to note that in 2014 the oil and gas industry that brought prosperity to Aberdeen was severely impacted upon by a drop in price and revenue. Many jobs were lost, people left the city, and housing prices, previously inflated, fell dramatically. The attention of the authorities turned to economic regeneration of the city and in 2015, the Aberdeen City Region Deal (UK Gov), bringing £250m to the region, (REF) was signed between the UK Government, Scottish Government, ACC, Aberdeenshire Council, and Opportunity North East (ONE). ONE “is the private sector leader and catalyst for economic diversification in northeast Scotland” with board members from industry, enterprise, AGCC, the councils, the universities, the harbour, and NHS. ONE focuses on five ‘pillars’: Digital Technology, Energy, Life Sciences, Tourism and Food, and Drink & Agriculture. A Decade of Creativity and Cultural Development Aberdeen’s ambitious cultural capital infrastructure spending of the last decade has seen the creation or refurbishment of significant hard assets in the city. The development of people (Cohendet et al.), the soft assets that Landry and Comunian agree are essential to the complex system that is a Creative City, has also seen development over this time. In 2014, RGU commissioned a review of Creative Industries in the North East of Scotland. The report notes that: the cultural sector in the region is strong at the grass roots end, but less so the higher up the scale it goes. There is no producing theatre, and no signature events or assets, although the revitalised art gallery might provide an opportunity to address this. (Ekos 2) This was followed by an international conference at which other energy cities (Calgary, Houston, Perth, and Oslo) presented their culture strategies, providing useful comparators for Aberdeen and a second RGU report (RGU, Regenerating). A third report, (RGU, New North), set out a vision for the region’s cultural future. The reports recommend strategy, leadership, and vision in the development of the cultural and creative soft assets of the region and the need to create conditions for graduate and practitioner retention. Also in 2014, RGU initiated the Look Again Festival of Art and Design, an annual festival to address a gap in the city festival roster and meet a need arising from the closure of both Art Gallery and Music Hall for refurbishment. The first festival took place in 2015 with a weekend-long public event showcasing a series of thought-provoking installations and events which demonstrated a clear appetite amongst the public and partner organisations for more activity of this type. Between 2015 and 2019, the festivals grew from strength to strength and increased in size and ambition, “carving out a new creative community in Aberdeen” (Williams). The 2019 festival involved 119 creatives, the majority from the region, and created 62 paid opportunities. Look Again expanded and became a constant presence and vehicle for sectoral and skills development, supporting students, graduates, volunteers, and new collectives, focussing on social capital and the intangible creative community assets in the city. Creative practitioners were supported with a series of programmes such as ‘Cultivate’ (2018), funded by Creative Scotland, that provided mentoring to strengthen business sustainability and networking events to improve connectivity in the sector. Cultivate also provided an opportunity to undertake further research, and a survey of over 100 small and micro creative businesses presented a view of a tenacious sector, committed to staying in the region but lacking structured and tailored support. The project report noted consistent messages about the need for “a louder voice for the sector” and concluded that further work was needed to better profile, support, and connect the sector (Cultivate 15). Comunian’s work supports this call to give greater consideration to the interplay of the agents in the creation of a strong creative city. In 2019, Look Again’s evolving role in creative sector skills development was recognised when they became part of Gray’s School of Art. A partnership quickly formed with the newly created Entrepreneurship & Innovation Group (EIG), a team formed within RGU to drive entrepreneurial thinking across all schools of the university. Together, Look Again and EIG ran a Creative Accelerator which became a prototype for a validated Creative Entrepreneurship post-graduate short-course that has supported around 120 creative graduates and practitioners with tailored business skills, contextual thinking, and extended peer networks. Meanwhile, another Look Again collaboration with the newly re-opened Art Gallery provided pop-up design events that many of these small businesses took part in, connecting them with public-facing retail opportunities and, for some, acquisitions for the Gallery’s collection. Culture Aberdeen During this time and after a period of public consultation, a new collaborative group, ‘Culture Aberdeen’, emerged. Membership of the group includes many regional cultural and arts organisations including ACC, both universities, and Aberdeen Civic Forum, which seeks “to bring the voice and views of all communities to every possible level of decision making”. The group subsequently published Culture Aberdeen: A Culture Strategy for the City of Aberdeen 2018-2028, which was endorsed by ACC in their first Cultural Investment Impact Report. The strategy sets out a series of cultural ambitions including a bid to become a UNESCO Creative City, establishing an Aberdeen Biennale, and becoming a national centre of excellence for an (unspecified) artform. This collaboration brings a uniting vision to Aberdeen’s creative activity and places of culture and presents a more compelling identity as a creative city. It also begins to map to Comunian’s concept of CAS and establish a framework for realising the potential of hard assets by strategically envisioning and leading the agents, activities, and development of the city’s creative sector. Challenges for Delivery of the Strategy In delivering a strategy based on collaborative efforts, it is essential to have shared goals and strong governance “based on characteristics such as trust, shared values, implicit standards, collaboration, and consultation” (Butcher et al. 77). Situations like Aberdeen’s tentative bid for UNESO Creative City status, which began in late 2018 but was halted in early 2019, suggest that shared goals and clear governance may not be in place. Wishing to join other UNESCO cities across Scotland – Edinburgh (Literature), Glasgow (Music), and Dundee (Design) –, Aberdeen had set its sights on ‘City of Craft and Folk Art’; that title subsequently went to the city of Perth in 2022, limiting Aberdeen’s future hopes of securing UNESCO Creative City status. In 2022, Aberdeen is nearly halfway through its strategy timeline; to achieve its vision by 2028, the leadership recommended in 2014 needs to be established and given proper authority and backing. Covid-19 has been particularly disruptive for the strategy, arriving early in its implementation and lasting for two years during which collaborators have, understandably, had to attend to core business and crisis management. Picking up the threads of collaborative activity at the same time as ‘returning to normal’ will be challenging. The financial impacts of Covid-19 have also hit arts organisations and local councils particularly hard, creating survival challenges that displace future investment plans. The devastation caused to city centres across the UK as shops close and retail moves online is keenly felt in Aberdeen. Yet the pandemic has also seen the growth of pockets of new activity. With falling demand for business space resulting in more ‘meanwhile spaces’ and lower rents, practitioners have been able to access or secure spaces that were previously prohibitive. Deemouth Artists’ Studios, an artist-run initiative, has provided a vital locus of support and connectivity for creatives in the city, doubling in size over the past two years. ‘We Are Here Scotland’ arrived in response to the resurgent Black Lives Matter movement in 2020, as a Community Interest Company initiated in Aberdeen to support black creatives and creatives of colour across Scotland. Initiatives such as EP Spaces that re-purpose empty offices as studios have created a resource, albeit precarious, for scores of recent creative graduates, supporting an emerging creative community. The consequences of the pandemic for the decade of cultural investment and creative development are yet to be understood, but disrupted strategies are hard to rekindle. Culture Aberdeen’s ability to resolve or influence these factors is unclear. As a voluntary network without a cohesive role or formal status in the provision of culture in the city, and little funding and few staff to advocate on its behalf, it probably lacks the strength of leadership required. Nevertheless, work is underway to refresh the strategy in response to the post-pandemic needs of the city and culture, and the Creative Industries more broadly, are, once again, beginning to be seen as part of the solution to recovery as new narratives emerge. There is a strong desire in the city’s and region’s creative communities to nurture, realise, and retain emerging talent to authentically enrich the city’s culture. Since the 2013 failed CoC bid, much has been done to rekindle confidence and shine a light on the rich creative culture that exists in Aberdeen, and creative communities are gaining a new voice for their work. Considerable investment has been made in hard cultural assets; however, continued investment in and commitment to the region’s soft assets is needed. This is the only way to ensure the sustainable local network of activity and practice that can provide the vibrant creative city atmosphere for which Aberdeen has the potential. References Aberdeen Civic Forum. 4 June 2022 <https://civicforumaberdeen.com/about/>. Aberdeen City Region Deal. 5 June 2022 <https://www.gov.uk/government/publications/city-deal-aberdeen-city-region>. Aberdeen Timelines. 24 Feb. 2022 <https://localhistories.org/a-timeline-of-aberdeen/> and <http://www.visitoruk.com/Aberdeen/13th-century-T339.html>. ACC. "Aberdeen Art Gallery." 19 Mar. 2022 <https://www.aberdeencity.gov.uk/AAGM/plan-your-visit/aberdeen-art-gallery>. ———. “Aberdeen City Council Investment in Culture; 2018/19 Impacts.” 19 Mar. 2022 <https://www.aberdeencity.gov.uk/sites/default/files/2019-12/Aberdeen%20City%20Culture%20Report%202019%20.pdf>. ———. “Aberdeen City Council Cultural Mapping of Aberdeen; Final Report, July 2013.” 3 June 2022 <https://www.aberdeencity.gov.uk/sites/default/files/2020-10/FOI-19-1479%20-%20Cultural%20Strategy.pdf>. ———. “Culture Programme 2014 – 2019.” 2014. 6 June 2022 <ABERDEEN CITY COUNCIL>. AGCC. 2022 Tracker. 3 Jun. 2022 <https://www.agcc.co.uk/images/Investment-Tracker-2022-Online-final.pdf>. ———. 2019 Tracker. 3 Jun. 2022 <https://www.agcc.co.uk/files/investment-tracker-2019.pdf>. ———. 2018 Tracker. 3 Jun. 2022 <https://www.agcc.co.uk/files/Investment-Tracker-Sep-2018.pdf>. ———. 2017 Tracker. 3 Jun. 2022 <https://www.agcc.co.uk/files/Investment-Tracker-Sep-2017.pdf>. ———. 2016 Tracker. 3 Jun. 2022 <https://www.agcc.co.uk/files/Investment-Tracker-Nov-2016.pdf>. BBC. “Aberdeen City of Culture Bid ‘Lacked Vision’.” 2013. 10 May 2022 <https://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-23371660>. Brisac Gonzalez. 6 June 2022 <http://www.brisacgonzalez.com/aberdeen1>. Butcher, John R., David J. Gilchrist, John Phillimore, and John Wanna. “Attributes of Effective Collaboration: Insights from Five Case Studies in Australia and New Zealand.” Policy Design and Practice 2.1 (2019). 19 Mar. 2022 <https://doi.org/10.1080/25741292.2018.1561815>. Cohendet, Patrick, David Grandadam, and Laurent Simon. “The Anatomy of the Creative City.” Industry and Innovation 17.1 (2010). 19 Mar. 2022 <https://doi.org/10.1080/13662710903573869>. Comunian, Roberta. “Rethinking the Creative City: The Role of Complexity, Networks and Interactions in the Urban Creative Economy.” Urban Studies 48.6 (2011) 1157-1179. Creative Scotland. “Cultivate: Look Again’s Creative Industries Development Programme in North East Scotland.” 24 Feb. 2022 <https://www.creativescotland.com/explore/read/stories/features/2019/cultivate-look-agains-creative-industries-development-programme-in-north-east-scotland>. ———. “Restored and Re-Imagined Aberdeen Music Hall to Open to the Public in December.” 2018. 19 Mar. 2022 <https://www.creativescotland.com/what-we-do/latest-news/archive/2018/10/restored-and-re-imagined-aberdeen-music-hall-to-open-to-the-public-in-december>. Cultivate. “Cultivate: Creative Industries in the North East.” 10 May 2022 <https://static1.squarespace.com/static/5bd1cecc8155121e0614281b/t/5ef49de0036c70345dabc378/1593089519746/ CULTIVATE_project+report+2018.pdf>. Culture Aberdeen. “A Cultural Strategy for the City of Aberdeen 2018-2028.” 24 Feb. 2022 <https://www.cultureaberdeen.org/>. Deemouth Artist Studios. 5 June 2022 <https://www.deemouthartiststudios.co.uk/>. Ekos. “Creative Industries in North East Scotland.”. 2014. 10 May 2022 <https://www3.rgu.ac.uk/download.cfm?downloadfile=6117EE60-FB84-11E3-80660050568D00BF&typename=dmFile&fieldname=filename>. EP Spaces. 5 June 2022 <https://www.craftscotland.org/community/opportunity/low-cost-studio-spaces-ep-spaces--978>. First Group. The First Group Timeline. 24 Feb. 2022 <https://www.firstgroupplc.com/about-firstgroup/our-history.aspx>. Florida, Richard. The Rise of the Creative Class: And How It’s Transforming Work, Leisure, Community and Everyday Life. New York: Basic Books 2002. Investaberdeen. “The UK’s Most Sustainable Venue.” 24 Feb. 2022 <https://investaberdeen.co.uk/flagship-projects/the-event-complex-aberdeen-(teca)>. Landry, Charles. “Lineages of the Creative City.” 24 Feb. 2022 <http://charleslandry.com/panel/wp-content/uploads/downloads/2013/03/Lineages-of-the-Creative-City.pdf>. McGillivray, David, and Turner, Daniel. Event Bidding: Politics, Persuasion and Resistance. Abingdon: Routledge 2018. McLean, Pauline. “Aberdeen Art Gallery Reopens after £34.6m Revamp.” BBC News, 2019. 24 Feb. 2022 <https://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-50263849>. Museums Association. “Aberdeen Art Gallery Wins Architecture Award.” 24 Feb. 2022 <https://www.museumsassociation.org/museums-journal/news/2021/11/aberdeen-art-gallery-wins-architecture-award/#>. Opportunity North East (ONE). 5 June 2022 <Who We Are | ONE (opportunitynortheast.com)>. P&J. “12 Pictures Show the ‘Golden Age’ of Broadford Works.” 2015. 24 Feb. 2022 <https://www.pressandjournal.co.uk/fp/news/591034/12-memorable-pictures-rolling-back-through-the-years-of-the-broadford-works/>. ———. History. 10 May 2022 <https://www.britishnewspaperarchive.co.uk/titles/aberdeen-press-and-journal>. Peacock Visual Arts. 6 June 2022 <https://peacock.studio/>. Port of Aberdeen. 24 Feb. 2022 <http://aberdeen-harbour.co.uk/about-us/history/#:~:text=Aberdeen%20Harbour%20was%20established%20in,has%20spanned%20almost%20900%20years>. Regeneris Consulting. “Aberdeen: Initial Bid for UK City of Culture – Feedback Points: UK City of Culture 2017.” 3 June 2022 <https://www.whatdotheyknow.com/request/297184/response/736087/attach/3/2017%20pt%201.pdf>. RGU. “Creative Accelerator Programme.” 2019. 10 May 2022 <https://www.rgu.ac.uk/news/news-2019/1902-rgu-launches-accelerator-to-support-next-generation-of-creatives>. ———. "Our History." 24 Feb. 2022 <https://www.rgu.ac.uk/about/our-history>. ———. “Creating a New North.” 2014. 10 May 2022 <https://www3.rgu.ac.uk/file/creating-a-new-north-pdf-1-7-mb>. ———. “Regenerating Aberdeen: A Vision for a Thriving and Vibrant City Centre.” 2014. 10 May 2022 <https://rgu-repository.worktribe.com/output/248420/regenerating-aberdeen-a-vision-for-a-thriving-and-vibrant-city-centre>. RSA. “The Scottish Enlightenment and the Aberdeen Wise Club.” 2020. 24 Feb. 2022 <The Scottish Enlightenment and the Aberdeen Wise Club - RSA (thersa.org)>. Scottish Government. Creative Industries Policy Statement. 2019. 10 May 2022 <https://www.gov.scot/publications/policy-statement-creative-industries/>. Shore Porters Society. 24 Feb. 2022 <https://www.scotland.org/about-scotland/facts/worlds-oldest-transport-business>. UK Government. “City Deal: Aberdeen City Region.” 6 June 2022 <https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fassets.publishing.service.gov.uk%2F government%2Fuploads%2Fsystem%2Fuploads%2Fattachment_data%2F file%2F576627%2FAberdeen_City_Region_Deal_.docx&wdOrigin=BROWSELINK>. University of Aberdeen. 3 June 2022 <https://www.abdn.ac.uk/about/history/our-history.php>. Visit Aberdeenshire. "Marischal College." 5 June 2022 <https://www.visitabdn.com/listing/marischal-college#:~:text=Marischal%20College%20is%20said%20to,more%20austere%20architecture%20(1837)>. Visit Aberdeenshire. "NuArt Aberdeen." 5 June 2022 <https://www.visitabdn.com/listing/nuart-aberdeen#:~:text=Originating%20in%20Norway%20in%202001,public%20art%20event%20to%20Aberdeen>. Williams, Eliza. “How the Look Again Festival Is Carving Out a New Creative Community in Aberdeen.” Creative Review (2019). 3 June 2022 <https://www.creativereview.co.uk/how-the-look-again-festival-is-carving-out-a-new-creative-community-in-aberdeen/>.

Kangatarianism is the rather inelegant word coined in the first decade of the twenty-first century to describe an omnivorous diet in which the only meat consumed is that of the kangaroo. First published in the media in 2010 (Barone; Zukerman), the term circulated in Australian environmental and academic circles including the Global Animal conference at the University of Wollongong in July 2011 where I first heard it from members of the Think Tank for Kangaroos (THINKK) group. By June 2017, it had gained enough attention to be named the Oxford English Dictionary’s Australian word of the month (following on from May’s “smashed avo,” another Australian food innovation), but it took the Nine Network reality television series Love Island Australia to raise kangatarian to trending status on social media (Oxford UP). During the first episode, aired in late May 2018, Justin, a concreter and fashion model from Melbourne, declared himself to have previously been a kangatarian as he chatted with fellow contestant, Millie. Vet nurse and animal lover Millie appeared to be shocked by his revelation but was tentatively accepting when Justin explained what kangatarian meant, and justified his choice on the grounds that kangaroo are not farmed. In the social media response, it was clear that eating only the meat of kangaroos as an ethical choice was an entirely new concept to many viewers, with one tweet stating “Kangatarian isn’t a thing”, while others variously labelled the diet brutal, intriguing, or quintessentially Australian (see #kangatarian on Twitter).There is a well developed literature around the arguments for and against eating kangaroo, and why settler Australians tend to be so reluctant to do so (see for example, Probyn; Cawthorn and Hoffman). Here, I will concentrate on the role that ethics play in this food choice by examining how the adoption of kangatarianism can be understood as a bargain struck to help to manage grief in the Anthropocene, and the limitations of that bargain. As Lesley Head has argued, we are living in a time of loss and of grieving, when much that has been taken for granted is becoming unstable, and “we must imagine that drastic changes to everyday life are in the offing” (313). Applying the classic (and contested) model of five stages of grief, first proposed by Elisabeth Kübler-Ross in her book On Death and Dying in 1969, much of the population of the western world seems to be now experiencing denial, her first stage of loss, while those in the most vulnerable environments have moved on to anger with developed countries for destructive actions in the past and inaction in the present. The next stages (or states) of grieving—bargaining, depression, and acceptance—are likely to be manifested, although not in any predictable sequence, as the grief over current and future losses continues (Haslam).The great expansion of food restrictive diets in the Anthropocene can be interpreted as part of this bargaining state of grieving as individuals attempt to respond to the imperative to reduce their environmental impact but also to limit the degree of change to their own diet required to do so. Meat has long been identified as a key component of an individual’s environmental footprint. From Frances Moore Lappé’s 1971 Diet for a Small Planet through the United Nations’ Food and Agriculture Organisation’s 2006 report Livestock’s Long Shadow to the 2019 report of the EAT–Lancet Commission on Healthy Diets from Sustainable Food Systems, the advice has been consistent: meat consumption should be minimised in, if not eradicated from, the human diet. The EAT–Lancet Commission Report quantified this to less than 28 grams (just under one ounce) of beef, lamb or pork per day (12, 25). For many this would be keenly felt, in terms of how meals are constructed, the sensory experiences associated with eating meat and perceptions of well-being but meat is offered up as a sacrifice to bring about the return of the beloved healthy planet.Rather than accept the advice to cut out meat entirely, those seeking to bargain with the Anthropocene also find other options. This has given rise to a suite of foodways based around restricting meat intake in volume or type. Reducing the amount of commercially produced beef, lamb and pork eaten is one approach, while substituting a meat the production of which has a smaller environmental footprint, most commonly chicken or fish, is another. For those willing to make deeper changes, the meat of free living animals, especially those which are killed accidentally on the roads or for deliberately for environmental management purposes, is another option. Further along this spectrum are the novel protein sources suggested in the Lancet report, including insects, blue-green algae and laboratory-cultured meats.Kangatarianism is another form of this bargain, and is backed by at least half a century of advocacy. The Australian Conservation Foundation made calls to reduce the numbers of other livestock and begin a sustainable harvest of kangaroo for food in 1970 when the sale of kangaroo meat for human consumption was still illegal across the country (Conservation of Kangaroos). The idea was repeated by biologist Gordon Grigg in the late 1980s (Jackson and Vernes 173), and again in the Garnaut Climate Change Review in 2008 (547–48). Kangaroo meat is high in protein and iron, low in fat, and high in healthy polyunsaturated fatty acids and conjugated linoleic acid, and, as these authors showed, has a smaller environmental footprint than beef, lamb, or pork. Kangaroo require less water than cattle, sheep or pigs, and no land is cleared to grow feed for them or give them space to graze. Their paws cause less erosion and compaction of soil than do the hooves of common livestock. They eat less fodder than ruminants and their digestive processes result in lower emissions of the powerful greenhouse gas methane and less solid waste.As Justin of Love Island was aware, kangaroo are not farmed in the sense of being deliberately bred, fed, confined, or treated with hormones, drugs or chemicals, which also adds to their lighter impact on the environment. However, some pastoralists argue that because they cannot prevent kangaroos from accessing the food, water, shelter, and protection from predators they provide for their livestock, they do effectively farm them, although they receive no income from sales of kangaroo meat. This type of light touch farming of kangaroos has a very long history in Australia going back to the continent’s first peopling some 60,000 years ago. Kangaroos were so important to Aboriginal people that a wide range of environments were manipulated to produce their favoured habitats of open grasslands edged by sheltering trees. As Bill Gammage demonstrated, fire was used as a tool to preserve and extend grassy areas, to encourage regrowth which would attract kangaroos and to drive the animals from one patch to another or towards hunters waiting with spears (passim, for example, 58, 72, 76, 93). Gammage and Bruce Pascoe agree that this was a form of animal husbandry in which the kangaroos were drawn to the areas prepared for them for the young grass or, more forcefully, physically directed using nets, brush fences or stone walls. Burnt ground served to contain the animals in place of fencing, and regular harvesting kept numbers from rising to levels which would place pressure on other species (Gammage 79, 281–86; Pascoe 42–43). Contemporary advocates of eating kangaroo have promoted the idea that they should be deliberately co-produced with other livestock instead of being killed to preserve feed and water for sheep and cattle (Ellicott; Wilson 39). Substituting kangaroo for the meat of more environmentally damaging animals would facilitate a reduction in the numbers of cattle and sheep, lessening the harm they do.Most proponents have assumed that their audience is current meat eaters who would substitute kangaroo for the meat of other more environmentally costly animals, but kangatarianism can also emerge from vegetarianism. Wendy Zukerman, who wrote about kangaroo hunting for New Scientist in 2010, was motivated to conduct the research because she was considering becoming an early adopter of kangatarianism as the least environmentally taxing way to counter the longterm anaemia she had developed as a vegetarian. In 2018, George Wilson, honorary professor in the Australian National University’s Fenner School of Environment and Society called for vegetarians to become kangatarians as a means of boosting overall consumption of kangaroo for environmental and economic benefits to rural Australia (39).Given these persuasive environmental arguments, it might be expected that many people would have perceived eating kangaroo instead of other meat as a favourable bargain and taken up the call to become kangatarian. Certainly, there has been widespread interest in trying kangaroo meat. In 1997, only five years after the sale of kangaroo meat for human consumption had been legalised in most states (South Australia did so in 1980), 51% of 500 people surveyed in five capital cities said they had tried kangaroo. However, it had not become a meat of choice with very few found to eat it more than three times a year (Des Purtell and Associates iv). Just over a decade later, a study by Ampt and Owen found an increase to 58% of 1599 Australians surveyed across the country who had tried kangaroo but just 4.7% eating it at least monthly (14). Bryce Appleby, in his study of kangaroo consumption in the home based on interviews with 28 residents of Wollongong in 2010, specifically noted the absence of kangatarians—then a very new concept. A study of 261 Sydney university students in 2014 found that half had tried kangaroo meat and 10% continued to eat it with any regularity. Only two respondents identified themselves as kangatarian (Grant 14–15). Kangaroo meat advocate Michael Archer declared in 2017 that “there’s an awful lot of very, very smart vegetarians [who] have opted for semi vegetarianism and they’re calling themselves ‘kangatarians’, as they’re quite happy to eat kangaroo meat”, but unless there had been a significant change in a few years, the surveys did not bear out his assertion (154).The ethical calculations around eating kangaroo are complicated by factors beyond the strictly environmental. One Tweeter advised Justin: “‘I’m a kangatarian’ isn’t a pickup line, mate”, and certainly the reception of his declaration could have been very cool, especially as it was delivered to a self declared animal warrior (N’Tash Aha). All of the studies of beliefs and practices around the eating of kangaroo have noted a significant minority of Australians who would not consider eating kangaroo based on issues of animal welfare and animal rights. The 1997 study found that 11% were opposed to the idea of eating kangaroo, while in Grant’s 2014 study, 15% were ethically opposed to eating kangaroo meat (Des Purtell and Associates iv; Grant 14–15). Animal ethics complicate the bargains calculated principally on environmental grounds.These ethical concerns work across several registers. One is around the flesh and blood kangaroo as a charismatic native animal unique to Australia and which Australians have an obligation to respect and nurture. Sheep, cattle and pigs have been subject to longterm propaganda campaigns which entrench the idea that they are unattractive and unintelligent, and veil their transition to meat behind euphemistic language and abattoir walls, making it easier to eat them. Kangaroos are still seen as resourceful and graceful animals, and no linguistic tricks shield consumers from the knowledge that it is a roo on their plate. A proposal in 2009 to market a “coat of arms” emu and kangaroo-flavoured potato chip brought complaints to the Advertising Standards Bureau that this was disrespectful to these native animals, although the flavours were to be simulated and the product vegetarian (Black). Coexisting with this high regard to kangaroos is its antithesis. That is, a valuation of them informed by their designation as a pest in the pastoral industry, and the use of the carcasses of those killed to feed dogs and other companion animals. Appleby identified a visceral, disgust response to the idea of eating kangaroo in many of his informants, including both vegetarians who would not consider eating kangaroo because of their commitment to a plant-based diet, and at least one omnivore who would prefer to give up all meat rather than eat kangaroo. While diametrically opposed, the end point of both positions is that kangaroo meat should not be eaten.A second animal ethics stance relates to the imagined kangaroo, a cultural construct which for most urban Australians is much more present in their lives and likely to shape their actions than the living animals. It is behind the rejection of eating an animal which holds such an iconic place in Australian culture: to the dexter on the 1912 national coat of arms; hopping through the Hundred Acre Wood as Kanga and Roo in A.A. Milne’s Winnie-the-Pooh children’s books from the 1920s and the Disney movies later made from them; as a boy’s best friend as Skippy the Bush Kangaroo in a fondly remembered 1970s television series; and high in the sky on QANTAS planes. The anthropomorphising of kangaroos permitted the spectacle of the boxing kangaroo from the late nineteenth century. By framing natural kangaroo behaviours as boxing, these exhibitions encouraged an ambiguous understanding of kangaroos as human-like, moving them further from the category of food (Golder and Kirkby). Australian government bodies used this idea of the kangaroo to support food exports to Britain, with kangaroos as cooks or diners rather than ingredients. The Kangaroo Kookery Book of 1932 (see fig. 1 below) portrayed kangaroos as a nuclear family in a suburban kitchen and another official campaign supporting sales of Australian produce in Britain in the 1950s featured a Disney-inspired kangaroo eating apples and chops washed down with wine (“Kangaroo to Be ‘Food Salesman’”). This imagining of kangaroos as human-like has persisted, leading to the opinion expressed in a 2008 focus group, that consuming kangaroo amounted to “‘eating an icon’ … Although they are pests they are still human nature … these are native animals, people and I believe that is a form of cannibalism!” (Ampt and Owen 26). Figure 1: Rather than promoting the eating of kangaroos, the portrayal of kangaroos as a modern suburban family in the Kangaroo Kookery Book (1932) made it unthinkable. (Source: Kangaroo Kookery Book, Director of Australian Trade Publicity, Australia House, London, 1932.)The third layer of ethical objection on the ground of animal welfare is more specific, being directed to the method of killing the kangaroos which become food. Kangaroos are perhaps the only native animals for which state governments set quotas for commercial harvest, on the grounds that they compete with livestock for pasturage and water. In most jurisdictions, commercially harvested kangaroo carcasses can be processed for human consumption, and they are the ones which ultimately appear in supermarket display cases.Kangaroos are killed by professional shooters at night using swivelling spotlights mounted on their vehicles to locate and daze the animals. While clean head shots are the ideal and regulations state that animals should be killed when at rest and without causing “undue agonal struggle”, this is not always achieved and some animals do suffer prolonged deaths (NSW Code of Practice for Kangaroo Meat for Human Consumption). By regulation, the young of any female kangaroo must be killed along with her. While averting a slow death by neglect, this is considered cruel and wasteful. The hunt has drawn international criticism, including from Greenpeace which organised campaigns against the sale of kangaroo meat in Europe in the 1980s, and Viva! which was successful in securing the withdrawal of kangaroo from sale in British supermarkets (“Kangaroo Meat Sales Criticised”). These arguments circulate and influence opinion within Australia.A final animal ethics issue is that what is actually behind the push for greater use of kangaroo meat is not concern for the environment or animal welfare but the quest to turn a profit from these animals. The Kangaroo Industries Association of Australia, formed in 1970 to represent those who dealt in the marsupials’ meat, fur and skins, has been a vocal advocate of eating kangaroo and a sponsor of market research into how it can be made more appealing to the market. The Association argued in 1971 that commercial harvest was part of the intelligent conservation of the kangaroo. They sought minimum size regulations to prevent overharvesting and protect their livelihoods (“Assn. Backs Kangaroo Conservation”). The Association’s current website makes the claim that wild harvested “Australian kangaroo meat is among the healthiest, tastiest and most sustainable red meats in the world” (Kangaroo Industries Association of Australia). That this is intended to initiate a new and less controlled branch of the meat industry for the benefit of hunters and processors, rather than foster a shift from sheep or cattle to kangaroos which might serve farmers and the environment, is the opinion of Dr. Louise Boronyak, of the Centre for Compassionate Conservation at the University of Technology Sydney (Boyle 19).Concerns such as these have meant that kangaroo is most consumed where it is least familiar, with most of the meat for human consumption recovered from culled animals being exported to Europe and Asia. Russia has been the largest export market. There, kangaroo meat is made less strange by blending it with other meats and traditional spices to make processed meats, avoiding objections to its appearance and uncertainty around preparation. With only a low profile as a novelty animal in Russia, there are fewer sentimental concerns about consuming kangaroo, although the additional food miles undermine its environmental credentials. The variable acceptability of kangaroo in more distant markets speaks to the role of culture in determining how patterns of eating are formed and can be shifted, or, as Elspeth Probyn phrased it “how natural entities are transformed into commodities within a context of globalisation and local communities”, underlining the impossibility of any straightforward ethics of eating kangaroo (33, 35).Kangatarianism is a neologism which makes the eating of kangaroo meat something it has not been in the past, a voluntary restriction based on environmental ethics. These environmental benefits are well founded and eating kangaroo can be understood as an Anthropocenic bargain struck to allow the continuation of the consumption of red meat while reducing one’s environmental footprint. Although superficially attractive, the numbers entering into this bargain remain small because environmental ethics cannot be disentangled from animal ethics. The anthropomorphising of the kangaroo and its use as a national symbol coexist with its categorisation as a pest and use of its meat as food for companion animals. Both understandings of kangaroos made their meat uneatable for many Australians. Paired with concerns over how kangaroos are killed and the commercialisation of a native species, kangaroo meat has a very mixed reception despite decades of advocacy for eating its meat in favour of that of more harmed and more harmful introduced species. Given these constraints, kangatarianism is unlikely to become widespread and indeed it should be viewed as at best a temporary exigency. As the climate warms and rainfall becomes more erratic, even animals which have evolved to suit Australian conditions will come under increasing pressure, and humans will need to reach Kübler-Ross’ final state of grief: acceptance. In this case, this would mean acceptance that our needs cannot be placed ahead of those of other animals.ReferencesAmpt, Peter, and Kate Owen. Consumer Attitudes to Kangaroo Meat Products. Canberra: Rural Industries Research and Development Corporation, 2008.Appleby, Bryce. “Skippy the ‘Green’ Kangaroo: Identifying Resistances to Eating Kangaroo in the Home in a Context of Climate Change.” BSc Hons, U of Wollongong, 2010 <http://ro.uow.edu.au/thsci/103>.Archer, Michael. “Zoology on the Table: Plenary Session 4.” Australian Zoologist 39, 1 (2017): 154–60.“Assn. 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