The Economic Value of Culture

This book provides a technical and critical examination of the cultural system within a shifting social and economic landscape. From the late-industrial era to the uncertain framework of today, where values, priorities, and the role of the arts are undergoing profound transformations, this book addresses the evolving dynamics of culture and economy.

The traditional debate in cultural economics oscillates between two extremes: a "specialist" view, which isolates the arts as the domain of experts, and an "ordinary" view, which reduces them to mere commodities subject to market forces. Both perspectives fail to capture the true essence of the arts and their complex cultural value.

Historically, the arts derived their cultural value from their semantic, symbolic, and aesthetic resonance. However, with the advent of industrialization, their role was often reduced to serving the bourgeoisie's quest for legitimacy and status. As the societal structures and value hierarchies of that era dissolve, contemporary societywith its cosmopolitan, conflict-laden, and rapidly changing challengesrequires a fresh understanding of cultural value. It no longer centers on conventional notions of beauty or exclusivity but instead prioritizes inclusivity, relevance, accessibility and sustainability.

This book explores the arts' ability to create a dynamic cultural value chain in this emerging society.

In such a framework, the arts are a stock of unique assets, and the cultural value chain is the flow of benefits generated by the critical dialogue between supply and demand.

By critically analyzing conventional economic interpretations that simplify and overlook the complexities of cultural value, the book delves into the cultural system as a network of relationships, interactions, and synergies. It offers insights into how the cultural value chain is generated and its enduring impact on both society and the economy, emphasizing the intricate interplay between culture and contemporary societal values.

Offers a new interpretation of cultural economics in the light of the changing society Develops strategic approaches and toolboxes useful for students and practitioners Explores policy design and economic impact

Autorentext

Michele Trimarchi, PhD, is professor of Public Economics (Magna Graecia at Catanzaro) and teaches Cultural Economics (IUAV at Venice). He has extensively published on cultural economics and policy, and is active in international cultural cooperation (India, Indonesia, Brazil, Guatemala, Uganda) and in EU-funded projects on museums and art cities.

Inhalt

Words and Facts: A Glossary for the Cultural System.- Culture as a Process: The Cultural Value Chain.- Cultural Production: A Complex and Delicate Factory.- The Demand for Culture and its Dynamics.- The Design of Cultural Policy: Is there Life beyond Subsidies?.- The Fallout of Cultural Value: Impact and Sustainability.- Ferments,Talents,Heresies,Horizons.