Monday, January 2, 2012

Dimensions of Cultural Security - Economic

The economic significance of cultural property creates another dimension of cultural security. As one example, the potential for tourism monetizes cultural patrimony. Successful excavation and development of sites of cultural heritage, such as Tikal, Guatemala and Angkor Wat, Cambodia, demonstrate the value of cultural property to emerging economies. Successful development of cultural sites as tourist destinations creates derivative value in the form of political capital.
An increasing market value of artworks and antiquities has expanded the economic dimension of cultural property in financial investments. Investments in art have emerged as relatively stable in the recent otherwise unpredictable economic climate. Additionally, quickly emerging economies, such China and India, have simultaneously developed markets for contemporary art that challenges the dominance of the United States and Europe.
The image shows a piece from the 'Bactrian Hoard' of Afghanistan. Soviet archaeologists discovered the 2,000-year-old treasure in the late 1970s. Presumed lost again during the 1990s, the treasure of 22,000 objects reemerged in 2003.

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