Global Financial Crisis

01 February 2009

Your Question

I have only just discovered your organisation which is terribly annoying as I am due to complete some work on the impact of the recession on the creative/cultural sector this week and have gaping holes you might be able to help with.

Of particular interest to this piece of work is:

• Impact of the global recession on the arts/creative industries/cultural industries – UK and abroad

• Government policy responses impacting on these industries (i.e. cutting or increasing culture budgets)

This is just desk research but I have found it very hard to determine what is happening outside of the UK.

Can anybody help me with this?

Our Answer

Although we don't have any specific research at this stage on the impact of the financial crisis [Update: In June 2009 IFACCA published a D'Art on this topic: Global financial crisis and recession: Impact on the arts], below is a reading list that we have recently collated onthis topic. You may also find some news items of interest on our website.

OECD

Economic Outlook:
www.oecd.org/oecdEconomicOutlook
OECD response to the economic crisis: http://www.oecd.org/document/24/0,3343,en_2649_201185_41707672_1_1_1_1,00.html

Arts and Business, UK

Business Investment in Culture Trends 2008: Will the Credit Crunch Affect This?, by Tina Mermin, September 2008.
In August 2008 Arts and Business undertook research into how the credit crunch and financial crisis was affecting the arts and cultural sector. The research examines the attitudes towards and confidence in future investment from the private sector. They are currently updating this initial research study in light of developments since August 2008.
http://www.artsandbusiness.org.uk/Central/Research/Investment-and-funding/markettrends_2009.aspx

Foundation Center, USA
Focus on the Economic Crisis, including:

Do Foundation Giving Priorities Change in Times of Economic Distress?, November 2008
Steven Lawrence, the Foundation Center's senior director of research, examines trends in foundation giving priorities during times of financial difficulty.
http://foundationcenter.org/gainknowledge/research/econ_outlook2.html
Past Economic Downturns and the Outlook for Foundation Giving, October 2008
by Steven Lawrence, Senior Director of Research
http://foundationcenter.org/gainknowledge/research/econ_outlook.html

National Association for State Arts Agencies (NASAA)

Executive Director's Column, by Jonathan Katz, NASAA Executive Director, Notes, Vo. 12(8), December 2008
Suggesting that one way for arts agencies to adapt to the changing economic environment is to reconsider their mission and their management, communication and cultural leadership roles, Jonathan Katz poses a series of questions to help arts agency executive officers ‘consider how best to provide public service in these challenging times.’
http://www.enewsbuilder.net/nasaanotes/e_article001279784.cfm?x=bdPhn4j,bbhgb2Dm

LabForCulture, Europe

Financial crisis: impact on sponsorship and philanthropy for arts and culture: articles and viewpoints from the international media, November 2008.
A list of at articles and blogs on the economic downturn and the arts from the international media.
http://www.labforculture.org/en/tagcloud/keyword?keyword=financial+crisis

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