Throughout history, the arts have been indicative of beauty, human connectedness, prosperity, creativity, and freedom of expression. By stimulating the senses, emotions, and thoughts, arts can incorporate beauty into an environment, give communities a stronger sense of identity, and challenge the status quo. Given all these options, the creativity and collaboration of the arts can also be woven into the free market economy to create work and wealth.
Last week, a Policy Circle led by co-founder Sylvie Légère gathered at The National Museum of Women in the Arts in Washington, D.C. to enjoy the museum, participate in a Circle Meeting to discuss a new Policy Circle Brief: The Creative Economy.
In the U.S., the creative economy contributes 6% of the GDP. Employment in arts and culture generated $400 billion in wages for over 5 million Americans in 2016. Additionally, economic output in creative economy sectors amounted to $800 billion, which included a $25 billion trade surplus for the export of artistic and cultural goods and services including movies and video games (CityLab). In China alone, creative sectors amount to about 4% of China’s GDP. In the European Union, 2018 estimates say the creative economy represents about 5.3% of the EU’s total GDP.
During the Policy Circle roundtable discussion featuring a two-minute hourglass timer, everyone shared unique points of view on how creators, public and private support networks, distributors, and buyers interact as motors of the creative economy, and what roles individuals, private actors and institutions, and government play in fostering flourishment of this economic sector.
The following key themes were explored:
To further explore this last point on the role of government, Cynthia Noble from Art on the Mart shared the unique private-public partnership between private businesses, artists and the city of Chicago. The project is now a catalyst for year round collaboration between art organizations, businesses and the city.
The effect of the creative economy on jobs, income, and GDP is easily measurable. These levels of prosperity are accompanied by the cultural revolutions, beautification, and human connectedness that can also come as a result of creativity and freedom of expression. Living in societies that are vibrant and thought-provoking benefits individuals, who in turn use their creativity and skills to benefit their communities in a cycle of positive mutual benefit. As long as individuals, private institutions, and governments take steps to empower creative and cultural work, it will continue to be “a critical driver of economic growth and development.”
The conversation inspired everyone to identify what they can do in their business, in their community and their families to further their participation in the creative economy. Kick off the New Year with inspiration and plan a Policy Circle conversation with The Policy Circle Brief: The Creative Economy.