ECONOMICS UNIQUENESS

xx ■ OVERVIEW
What Are the Objectives of This Book?
To fi ll knowledge gaps in understanding:
(1) how investment in heritage assets 1 creates jobs and
(2) how the sense of place and uniqueness of a city can be maintained.
With rapid urbanization, cities featuring valuable historic cores and heritage
assets struggle to modernize without completely losing their uniqueness.
Th e level of economic activity these cities can sustain increases, sometimes
substantially, but in the process these places risk losing their distinctive traits,
becoming less vibrant and livable. Th is is not merely a concern for culture-loving
intellectuals: all income groups of local communities may regret the loss of a
sense of place, which makes them feel part of their society.
Th e good news is that there is an increasing trend toward fi nancing
projects aimed at conserving and incorporating heritage into development
strategies. All countries, developed and developing, are indeed investing more
into conserving their city cores and heritage, with projects focusing particularly
on landmarks and other major assets. However, landmarks are surrounded
by urbanscapes and landscapes of certain heritage value that contribute distinctively
to the character and uniqueness of a place, and these areas are home to local
communities looking for income opportunities and economic growth.
Th is book presents approaches to balance conservation and development.
Th ere are many interesting papers surrounding the topic, but policy and decision
makers do not have any easy-to-digest compendium to guide them on how
to decide when an element of conservation is warranted, and how much it is
worth spending on it. Th is book presents approaches to combine investment on
landmarks and on their surrounding areas, with investment to create jobs and
prosperity for local communities, many of them poor, while also contributing
to sustainable urbanization and inclusive growth. Chapters 1 and 2 analyze the
optimal balance between conservation and development, providing a framework
to leveraging heritage for job creation and incorporating a cultural dimension
into urban development.
Who Is the Audience for This Book?
Public and private sector stakeholders who design
investment operations in historic city cores, heritage assets,
and underutilized land in central locations.