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Cultural centers in new economy and subsidies - Essay Example

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In recent times, the term 'New Economy' has emerged. It is defined as the world in which individuals work on basis of their intelligence and mind, communication technology is responsible for controlling market, innovation is the key to survival and investment has the power and authority to acquire or devise new concepts…
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Cultural centers in new economy and subsidies
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of the Cultural centers in New Economy and Subsidies Introduction In recent times, the term 'New Economy' has emerged. It is defined as the world in which individuals work on basis of their intelligence and mind, communication technology is responsible for controlling market, innovation is the key to survival and investment has the power and authority to acquire or devise new concepts (Baumol, 256). This description on the term demonstrates three essential things: advanced communication technology has revolutionized the business world, globalization has opened wider doors for economic development and individual skills and creativity are the important tools for individuals, in order to compete in the new economy. Keeping this definition in mind, the new economic culture has also changed the cultural centers. This paper seeks to analyze the cultural centers of new economy in the lights of broad and diverse academic resources.
Cultural Centers, New Economy and Subsidies
Research suggests that information technology and globalization are the two dominant and influential factors which have changed the entire economy (Carnoy, 297). Before the advent of new economy, museums, galleries and cultural centers were popular because they were the wellsprings of art and creativity. However, in recent times, these institutions have become abandoned, because creative art and work is now being displayed online (Reich, 159). In current times, museums are devising strategies and plans to display their collections online and increasing their production in order to ensure that their customers get to see new and innovative things every day. These centers of art and culture have successfully created an atmosphere for producing interesting work, which never reaches the real world.

Therefore, the high quality works, which should be displayed at museums, magazines, and other sphere of physical world, is now being digitalized (Porter, Alan and William, 148). At the same time, the emerging technologies and fierce global competition is forcing artists, designers, etc to meet these demands in order to meet the demands of the changing economy (Heartfield, 89).
New Economy and its Impact on Museum and Creative Institutions
Before the advent of the new economy and the concepts of mass production, the creative domain was restricted to a particular class: the elites (Howkins, 105). At the same time, museums and creative institutions were means to generate revenues, which concentrated on targeting specific customers. At the same time, specific artists were selected and their works were displayed in these cultural institutions ( Heilbrun and Charles, 265) . Consequently, the general public never had any access to these masterpieces. However, the entire scenario changed in the twenty first century. With the development and advancement in communication technologies, museums and cultural institutions started targeting the general public. Consequently, art and artists flourished.
New Economy and Subsidies
In the age of globalization and fierce competition, the massive production of arts has opened new doors for designers, artists, etc (Imparto, 98). It has successfully generated earnings, profits and job opportunities for them. In the twenty first century, arts have gained wider recognition and have attracted creative workers to improve their quality of life. At the same time, it has restored and revived several communities (Keat, 214).
The new economy has successfully created new opportunities for creative art and artists. It has successfully covered a wider audience and has created job opportunities for several individuals.

Work Cited:

Baumol, William J. 2002. The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism. Princeton, NJ: Princeton University Press

Carnoy, Martin. 2002. Sustaining the New Economy: Work, Family, and Community in the Information Age. Cambridge: Harvard University Press.
Howkins, John. 2001. The Creative Economy: How People Make Money from Ideas. London: Allen Lane.

Porter, Alan L. and William H. Read (eds.). 1998. The Information Revo-lution. Greenwich, Conn: Ablex Publishing.

Reich, Robert. 2001. The Future of Success: Working and Living in the New Economy. New York: Vintage.

Heartfield, James. 2000. "Great Expectations: The Creative Industries in the New Economy." Design Agenda.

Heilbrun, James and Charles M. Gray. 2001. The Economics of Art and Culture. New York: Cambridge University Press, 2 edition.

Imparto, Nicholas (ed.). 1999. Capital for our Time: The Economic, Legaland Management Challenges of Intellectual Capital. Stanford, CA: Hoover Institution Press.

Inozemtsev, Vladislav. 1999. "Work, Creativity, and the Economy." Society36:45-54.

Keat, Russell. 2000. Cultural Goods and the Limits of the Market. New York: St. Martin's Press. Read More
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