For the last three decades there has been a convergence between the realms of cultural and economic development. In the process broadly termed ‘cultural economy’, ideas and artistic qualities contribute towards a new development paradigm. In addition, a wide range of activities are now concerned with the production and marketing of goods and services that are infused with aesthetic and symbolic cultural content. This phenomenon has shifted development approaches from a Fordist economic regime based on manufacturing to one that places high value on human creativity. Several scholars have noted that this type of cultural economy is characterized by the emergence of a ‘creative class’ who build their main activities on knowledge and creativity. In terms of the built environment, this paradigm shift to a creative economy has in turn influenced the formulation of policy and practice of urban development.
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