The Collision of Cash and Culture

November 11, 2009
By

Where do cash and culture collide? That’s the lead question coming out of South Korea today in the Joongang Daily. In an interview with David Throsby, Economist and Professor, the paper explores the relationship between the economy and creative industries. Throsby says the links are becoming much easier to map thanks to the emergence of the creative industry concept and with this new concept it makes it easier for governments and economists to track and create policies that support their growth.

Why support the growth of the creative sector?  According to a recent UK study from the National Endowment for Science, Technology and the Arts the creative industries in Britain will grow at a rate of 4% a year through 2013. “That is more than double the rate at which the rest of the economy is expected to grow,” says Ian King, Deputy Business Editor of the UK Business Times Online.

The public authorities of St Vincent are also looking into the potential of the creative industries in supporting their efforts to boost their economy. They have just commissioned a report to measure the economic impact of their creative industries because, “these industries are known to have considerable impact on national economies, registering major contributions to national income, employment and exports,” stated the Organisation of Eastern Caribbean States (OECS) Director General.

The benefits of supporting the creative economy are not only being explored abroad they are also being supported in the US as well. A recent report by OTIS College of Art and Design study found that the creative economy “is one of the largest business sectors in Los Angeles and Orange Counties, generating nearly 1 million in direct and indirect jobs and almost $140 billion in sales/receipts from the arts, design and entertainment industries combined.”

So, where do cash and culture collide? They collide within those industries that depend on individual creativity, skill and talent and the products generate intellectual property rights. Those products create and reflect new cultures, jobs and wealth.  That sound of culture finding expression through film, text and image on the internet, Ipods and cinemas near you is the sound of the creative industries colliding with cash and its happening faster than you think.

Links and More Read Below:

Analyzing where cash and culture collide (Joongang Daily, South Korea)
“…But how would you describe that relationship between economics and culture? Ideally it’s one that’s beneficial to both. And with the emergence of creative industries, this has become more evident. For instance, digital media often has not only rich cultural content but also a sound economic basis. And this makes it possible for the government to see the importance of coming up with supportive policies. The same goes for a theater company that is both artistically and economically strong. It will get more subsidies and sponsors.” Read More

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The state of British fashion (Times Online, UK)
“…About 131,000 people work across the designer fashion industry in Britain and the National Endowment for Science, Technology and the Arts has calculated that, from 2009 to 2013, creative industries — including fashion — will grow by an average of 4 per cent a year. That is more than double the rate at which the rest of the economy is expected to grow.” Read More

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Study to Measure Economic Impact of Creative Industries on Sub Region (Caribena, St Vincent)
“Based on studies that have been undertaken in other jurisdictions, these industries are known to have considerable impact on national economies, registering major contributions to national income, employment and exports,” Ishmael said.”  Read More

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Creativity Drives Employment, Economy in Los Angeles Region
“….As the U.S. economy continues to transition from a manufacturing-based to a service-based economy, the Los Angeles region will see an uptick in employment for artists and designers, according to a 2009 report from the Los Angeles County Economic Development Corporation (LAEDC). Data show that the “creative economy” is one of the largest business sectors in Los Angeles and Orange Counties, generating nearly 1 million in direct and indirect jobs and almost $140 billion in sales/receipts from the arts, design and entertainment industries combined.” Read More

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Cities and the Creative Industries

A Creative Industry Primer

The creative economy movement started in the UK in 1994. Follow the links to understand how national cultural policy became creative industry policy and how it's now changing the world.