Culture and Finance in a Globalised World – An Uneasy Relation Beate Reszat HWWA DISCUSSION PAPER 101 Hamburgisches Welt-Wirtschafts-Archiv (HWWA) Hamburg Institute of International Economics 2000 ISSN 1432-4458 The HWWA is a member of: · Wissenschaftsgemeinschaft Gottfried Wilhelm Leibniz (WGL) · Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute (ARGE) · Association d‘Instituts Européens de Conjoncture Economique (AIECE) Culture and Finance in a Globalised World – An Uneasy Relation Beate Reszat This paper was presented at the ISA Research Committee on Sociology of Arts, RC 37 Mid-Term Conference on "The Culture Society. A New Place for the Arts in the Twenty-First Century" in Barcelone, Spain, 6-8 July, 2000 and will be published in a conference volume edited by Arturo Rodríguez Morató. Special thanks for valuable comments and stimulating discussion go to the conference participants and in particular to Diana Crane, University of Pennsylvania, U.S.A., Kenichi Kawasaki, Komozawa University, Tokyo, and Cyrus Yeganeh, University of Art, Teheran. The paper is part of the International Financial Markets Research Programme of the HWWA. HWWA DISCUSSION PAPER Edited by the Department WORLD ECONOMY Hamburgisches Welt-Wirtschafts-Archiv (HWWA) Hamburg Institute of International Economics Öffentlichkeitsarbeit Neuer Jungfernstieg 21 - 20347 Hamburg Telefon: 040/428 34 355 Telefax: 040/428 34 451 e-mail:
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[email protected] Contents Abstract 6 Zusammenfassung 6 1. INTRODUCTION 7 2. WORLD CITIES BETWEEN THE MYTHS OF GLOBAL CULTURE AND INTERNATIONAL FINANCE 3. PATTERNS OF LOCALISATION 11 (1) Responsiveness of finance to culture 12 (2) Cultural adaption to finance 15 4.