Traditionally, culture is considered as a luxury good, a superfluous activity that economy can afford mainly in phases of sustained economic growth. During slumps, cultural budget will be the first to be cut. This article states the opposite. The article gives evidence on how culture and cultural assets can indeed provide an important contribution to the generation of economic value, and promote sustained economic growth. Cultural assets refer to the notion of cultural capital, a term introduced by the article, which is defined as the stock of tangible and intangible cultural expressions in a given society. Tangible cultural capital is perceived in the buildings, structures, sites, artwork and artifacts, such as the Doge Palace and the Basilica of San Marco, both of which we visited on January 8th, 2018. While Intangible cultural capital, involves artistic performances and celebrations, ideas, beliefs, and traditions. Such as the world famous Carnival of Venice, which takes place yearly at the end of January. This celebration comes from an old tradition where the noble class would dress up in gowns and masks and go out to interact with the rest of the population. Since then, the masks are the most important element in the Carnival and a characteristic item of the city.
The Doge's Palace was formerly the Doge’s residence and the seat of Venetian government, the palace is the very symbol of Venice and a masterpiece of Gothic architecture. Furthermore, the Palace itself contains a vast amount of paintings and artifacts of immense historical value. It was amazing to walk from room to room admiring the grandeur and personality of each room. The Grand Council Chamber is particularly astonishing. It is a piece of art from floor to ceiling. In this room, meetings of the Great Council were held, the most important political body in the Republic. It is the perfect representation of how strong and righteous was Venetian law!
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| Grand Council Chamber at The Doge Palace |
On the other hand, the Basilica of San Marco is a masterpiece of Italo-Byzantine architecture. It is a representation of how important religion was in the region. Originally, it was the Doge’s chapel that is why it was constructed with such opulence. The Basilic became a symbol of Venetian wealth and power.
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| St. Mark's Basilic |
Venice has a huge cultural capital both tangible and intangible. The city has known how to exploit these cultural assets to promote economic growth. Nowadays, the economy of the city is moved mainly by cultural tourism. Cultural tourism is so successful that the city and its economy are getting overwhelmed by tourism. Authorities in Venice may introduce a cap on the number of visitors permitted to enter the city in a bid to tackle overcrowding and increasing housing prices that are pushing the locals away.
You can read more about this issue in the following link: https://www.forbes.com/sites/ceciliarodriguez/2017/05/29/blacklisting-venice-to-save-it-from-too-many-tourists-and-too-few-venetians/
To learn more about cultural capital, you can read the article following the link below
https://www.researchgate.net/publication/262575216_Smart_endogenous_growth_Cultural_capital_and_the_creative_use_of_skills
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