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Performing on the Global Stage: Exploring the Relationship between Finance and Arts in Global Cities

October 3, 2012

Performing on the Global Stage: Exploring the Relationship between Finance and Arts in Global Cities

Source: Globalization and World Cities (GaWC) Research Network ( Loughborough University)

In this article, we explore the relationship between contemporary Global Financial Centers or GFC and Global Arts Centers or GAC. Are financial entrepôts still places for cultural encounters? Does the symbiotic relationship between international financial prowess and ditto prominence in arts in cities still hold in an era of intensified globalization? Are Asian cities which have become prominent financial centers in recent years also global arts centers? To address these questions, we compare a ranking of Global Financial Centers with a ranking of Global Arts Centers. For the first, we make use of the Global Financial Center Index constructed by the Z/Yen Group, for the latter we created a large database with “art events” to be able to construct a ranking of cities according to their prominence-global and local-in arts. Our data show that the relationship is much more complex. At the top of both rankings, there is indeed a strong overlap, apart from Berlin which is GAC but not a GFC, but further down the picture gets blurred with only a partial overlap. European cities are strongly overrepresented, and to a lesser extent North-American cities, while Asian and South-American cities are underrepresented and African cities do not show up at all.

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Categories: arts and humanities, business and economics, international, lists and rankings, urban issues
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