ECONOMICS UNIQUENESS

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144 ■ THE <strong>ECONOMICS</strong> OF <strong>UNIQUENESS</strong> Introduction Th is chapter discusses the contribution that the governance arrangements can make to attain the sustainable conservation of historic city cores, as a means to enhance the livability and economic vibrancy of cities. It uses the broad defi nition of governance proposed by Bell: “Th e use of institutions, structures of authority and even collaboration to allocate resources and coordinate or control activity in society or the economy” (Bell 2002). Consequently, the analysis focuses on a wide array of issues including laws, regulations, procedures for decision making, public institutions of command and control, institutional arrangements for promoting inter-sector and public-private coordination, and the institutional as well as expert capacity of the personnel devoted to the task. Th e discussion centers on the governance issues posed by the conservation of one type of urban heritage, historic city cores, and how the governance process aff ects the sustainability of the conservation eff ort. Th e discussion uses an operational defi nition of sustainability, adapted to this specifi c area of concern: the conservation of a historic city core is considered sustainable when: (1) the area is attractive to a wide variety of users that demand space for developing residential, commercial, service, cultural, and recreational activities; (2) private investment is available, supplying the demand for space for these activities and maintaining the historic characteristic of private buildings; and (3) public resources are used mostly for the provision of public goods. Th e normal operation of the markets only rarely leads to such outcomes in historic city cores; thus, some form of government intervention is almost always required. Furthermore, the needs and preferences of modern society call for historic city cores to be rehabilitated and adaptively reused without losing their historic character. Governance: Values, Actors, and Processes in the Conservation of Urban Heritage An urban heritage area—including the network of streets and public spaces, the built structures, and the land-use pattern—comprises material assets that carry diff erent values for diff erent actors. Consequently, their valuation must take into consideration a broad range of interested actors—henceforth termed stakeholders—and the wide variety of reasons why they consider these assets valuable. Th e decision-making process leading to the regeneration of historic city cores must include a broad spectrum of stakeholders to balance their distinct competing interests. Reaching a workable agreement to support regeneration of historic city cores is the main challenge for the governance of urban heritage.
GOVERNANCE IN HISTORIC CITY CORE REGENERATION PROJECTS ■ 145 Values of Urban Heritage Th e discussion of the values of the urban heritage, below, follows Th rosby’s schema to assess the multiple values of heritage in which a tangible heritage property is understood both as fi xed capital that could be income-producing, generating a fl ow of economic benefi ts, and as cultural capital generating a fl ow of noneconomic benefi ts for society, generically called socio-cultural benefi ts (Th rosby 2000). Figure 6.1 presents the schema used in the discussion that follows. Th e most widely recognized values are linked to the noneconomic benefi ts that the urban heritage generates for a community—those that satisfy peoples’ social or spiritual needs. Th is category of socio-cultural values refers to some that are hard to defi ne and quantify, including aesthetic, spiritual, social, historic, and symbolic values. Aesthetic values refer to the benefi ts community members may derive from being in the presence of an object that is considered aesthetically beautiful. Spiritual values involve the identifi cation by individuals and communities of buildings or places with their religious practices or traditions such as honoring their ancestors. Social values arise when the heritage assets lead to interpersonal relationships valued by the community—for instance, places for gathering, discussion, or social interaction where events held within are enhanced because of those places’ nature as heritage sites. Places that are linked to events of local, national, or world history are considered to have historic value, and when the heritage refl ects community-shared values it is said to have symbolic value. (See box 6.1.) Th e use values refer to those assigned to urban heritage by individuals or social groups that appropriate its utility and/or the economic return it produces. Th ese can be direct use values, as in the case of a heritage property used for offi ces that FIGURE 6.1 The Values of Urban Heritage Direct use Use values Economic values Indirect use Existence Inheritance Philanthropic Socio-cultural values Non-use values Aesthetic Spiritual Social Historic Symbolic Source: Author based on Throsby 2002; Mourato and Massanti 2002.
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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TABLE 7.3 Benchmark Regressions Fir
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UNESCO WORLD HERITAGE LIST, TOURISM
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TABLE 7.10 Robustness to Using Diff
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8 Financial Mechanisms for Historic
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FINANCIAL MECHANISMS FOR HISTORIC C
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BOX 8.2 FINANCIAL MECHANISMS FOR HI
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BOX 8.3 FINANCIAL MECHANISMS FOR HI
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TABLE 8.1 Local Financial Tools Use
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FIGURE 8.4 Brownfi eld Concession T
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Boxes, fi gures, maps, notes, and t
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China. See also specifi c cities ac
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public sector role, 222-26, 223b, 2
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Kraay, A., 198 Kratz, C. G., 96 L l
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Pine Ridge Reservation (U.S.), 238
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Shaoxing, China, local residents re
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urban economics appraisal approach,
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ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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