Archive for July 20th, 2013

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Art and the Economy

July 20, 2013

The Atlantic Article – Does Art Help the Economy

The Culture Secretary from Britain give a keynote speech earlier this year where she suggested that the arts should be viewed as a “form of venture capital”. Her idea was challenged by the outgoing head of the Arts Council England who warned “against the dangers of “directing our investment in culture for its commercial potential,” lambasting this approach as a self-defeating exercise, which will result in “worse art” and a “worse commercial outcome.” She suggested that state funding of the arts be viewed as a form of “venture capital,” encouraging investment in the British brand: The value of the artistic sector could be “leveraged” to deliver economic growth.” This was taking place at the same time the government was considering cuts to the arts from their $4.53 billion budget. In comparison to the $146 million that the National Endowment for the Arts receives. You can read the entire article by clicking here. I would enjoy reading what you think of the two positions on the topic. Please post a comment.

Thank you to Tim Lo, one of the creators of Kahbang Festival being held for the 5th year on the waterfront in Bangor, August 8 – 11. for providing the link to the article.

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