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Arts and Culture in the New Economy
The summer 2002 issue of the Journal
of Arts Management, Law, and Society focused on issues surrounding
art and culture in the new economy.
A PDF version of this summer 2002 issue, by special arrangement with
Heldref Publications and with funding
from MEM Associates and the James Irvine
Foundation, is now available for download through the Center for
Arts and Culture's website. [Click here
to download the entire issue in PDF format.]
Background
The original research reported in these
essays was supported by a grant from the Irvine Foundation. Two and
a half years ago, Irvine officers asked in learning whether new sources
of financing could be identified for the arts in the United States,
whether angel or socially responsible investors, venture philanthropists
or venture capitalists, could be encouraged to find investment opportunities
in the arts. The researchers and the Irvine officers were mindful that
such resources had already been applied in sister industries of the
arts-schooling, the environment, job training, housing. The task was
to determine whether such new financing might be available to arts enterprises
as well.
Consideration of this question, however,
led the investigators to other, related questions: How have the arts
traditionally conducted business? What are the conventions of negotiation,
transaction, and contracts? What are the relationships between for-profit
and not-for-profit ventures in the arts? How do the arts fare in the
world of philanthropy? And how do they fare as philanthropy changes
in the "new economy"? How prepared are artists and arts organizations
to meet the challenges of changing times?
The results of this research and thinking
appear in the summer 2002 issue of the Journal
of Arts Management, Law, and Society. [Click
here to download the entire issue in PDF format.]
Summary of articles
Introduction
by Alberta Arthurs
Alberta Arthurs, board member for the Center for Arts and Culture, introduced
the issue with a lively essay on the concept of the "new economy,"
raising questions about how much economics has changed in our time and
whether or not "creativity" has become a more pervasive force
in the economy.
[Click here to download the full article.]
What's New for Culture in the New Economy?
by Kieran Healy
Kieran Healy of the University of Arizona, describes three defining
assumptions of the "new economy." First, the new economy derives
much energy and expectation from the enlarging new technologies, especially
information technologies. Second, the new economy is globalized-it builds
on world markets, goods and services, and transcultural transactions.
And finally, that the "creativity" of individuals and of communities
is a vital force in the structure of the new economy.
[Click here to download the full article.]
Cultural Transactions
by Frank Hodsoll
Frank Hodsoll, chairman of the board of the Center for Arts and Culture,
takes a look at the intersection of art and commerce. Through 52 interviews
with leaders in the arts across all the disciplines, from music to movies
to museums, he describes a sector that-in business terms-is fragmented
and under-analyzed. Using the findings of Richard Caves's Creative Industries
(2000), Hodsoll posits possible improvements, ranging from better research
to better operations and infrastructure.
[Click here to download the full article.]
The New Philanthropy: Its Impact on Funding Arts and Culture
by Nina Kressner Cobb
Nina Cobb looks at the current environment in philanthropy, its growing
size, emerging players, and shifting ground rules. Cobb's findings-her
data collection, interviews, and readings -are not reassuring for the
arts sector. Venture philanthropists have not made forays into arts
and culture. Cobb's analysis indicates that the arts and culture are
being passed by, as engines of the new economy influence philanthropy
in the United States.
[Click here to download the full article.]
Building a Model for Culturally Responsible Investment
by Caroline Williams and Lisa Sharamitaro
In this essay, Williams and Sharamitaro define socially-responsible
investment vehicles and their goals and guidelines, revealing how very
far such models are from the world of the arts. Although the intervention
of giving circles, social venture partners, angels, and other new venture
investors is widespread in other public interest sectors, it is largely
invisible in the arts and culture. Williams and Sharamitaro describe
a set of possible funds that might be created for cultural investment
(the question originally asked in the Irvine study) and indicate the
role that foundations might play in creating such opportunity.
[Click here to download the full article.]
Creative Assets and the Changing Economy
by Steven Jay Tepper
Steven Tepper of Princeton University bases his essay on conversations
with scholars and on his study of the new economy literature. He challenges
scholars to confront underlying questions about the relationship of
creativity and the new economy. For instance, how should the arts be
included among the other "intangibles" measured in the new
economy. Tepper argues that creative capital and creative knowledge
should be as measurable as, for instance, research and development,
brand, intellectual capital or intellectual property. Research could
improve knowledge about contexts for creativity, the working conditions,
incentives, and structures that motivate artistic production and creativity.
[Click here to download the full article.]
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