Participating at the Connference, at the Cumplicidades International Dance Festival. Cultural economy, trends, factors, social turbulence created by lack of EU funding plans.
“The first major factor is the increase on the variable element of time. To be more precise social time due to unemployment, i.e. when unemployment increases more than 15%, then surplus time is created for people to use. Of course this is not good nor desirable, but happens due to Austerity. So although the income and capital spend by the government for arts and culture decreases, and sales are low, people especially in the urban areas tend to have the time in order to become more creative or to participate. Also for this reason productivities in the creative industries increase, but the income stays low or decreases dramatically, here we identify the use of non-recorded funds.
The second factor is related also to philanthrocapitalism. Austerity, which is mainly a result of a. the lack or investment, due to unstable market behavior, b. the accumulation of funds, c. the capitalisation of people’s needs, d. the socialization of corporate losses, e. the increase of hedge funding and other economic and financial factors, elements or values such as the Derivatives or Options, creates parked capital. A proportion of it, is “invested” or “allocated” to cultural and or social interest foundations and only a fraction reaches the cultural or artistic actors. In reality, Culture can be considered as the vault of real economy.”
Εxcerpts by the speech of the Founder and President of IARC Panayiotis Neufelt.