Land has always been a critical resource in the successive political economies of south Bali, and not surprisingly, it has also been deeply embedded in a rich matrix of cultural meanings. 1 This ,was evident to the earliest foreign observers-'There is a … correlation of the … people with … the land' (Covarrubias 1994: 11, see also pp. 59, 84)-and has remained so until relatively recently. In the past generation, however, land has been relocated substantially from this matrix of meaning into something increasingly resembling the universal capitalist commodity hidden in the misleading term 'real estate', with all the attendant emptying-out of traditional meaning. This has happened primarily through its massive revaluation and inflation as a primary resource in an economy dominated by tourism as well as systematic attempts by the National Government, aided and abetted by foreign agencies, to 'free' it from the bonds of traditional forms of tenure and make it available to the widest possible market.