ECONOMICS UNIQUENESS

Foreword
Can investment in historic city cores and cultural heritage help reduce poverty and promote
economic growth? Th e Economics of Uniqueness tries to answer this question. In a
world where more than half of the population now lives in cities and more than 90 percent
of urban growth occurs in the developing world, cities try hard to modernize without losing
their unique character, embodied in their historic cores and heritage assets. As cities
expand rapidly, conservation and continued use of heritage can provide crucially needed
continuity and stability. In other words, the past can become a foundation for the future.
Th e benefi ts of investing in heritage for livability, job creation, and local economic
development have been increasingly studied and debated over the last few decades, with the
economic theory underpinning investment becoming substantially more robust. Reusing
built assets and regenerating underutilized land in central locations is very much linked
with the World Bank Group’s inclusive green growth agenda. A city’s conserved historic
core can also diff erentiate that city from competing locations—branding it nationally and
internationally—thus helping the city attract investment and talented people. Cities that are
the most successful at attracting investment and businesses to meet the aspirations of their
citizens, while alleviating poverty and promoting inclusion, are those that harness all of
their resources, including their heritage. In addition, heritage anchors people to their roots,
builds self-esteem, and restores dignity. Identity matters to all vibrant cities and all people.
Th e World Bank Group has a robust practice in historic city cores and cultural heritage,
with close linkages to natural heritage and sustainable tourism. Since we began our
work in this area, we have fi nanced numerous projects in both low and middle income
countries.
Th is book is a collection of research papers authored by leading scholars and practitioners
in heritage economics. It presents the most current knowledge on how these assets
can serve as drivers of local economic development. It aims to inform, inspire, and encourage
many more such eff orts worldwide.
Rachel Kyte
Vice President, Sustainable Development Network
Th e World Bank
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