![]() This assumption has been frequently cited, yet actual empirical analyses remain scarce. Along with the intrinsic reasons for the colocation of both industries in large cities (direct access to high-skilled labour, well-developed infrastructure for transport and communication, a typical openness to creativity and newcomers, etc.), it can therefore be expected that the geography of global financial centers highly intersects with that of global arts centers. These financial sources range from national and local governments to private and highly specialized financial and banking services. After all, without a sound economic base, high-end types of art cannot flourish. On the other hand, the arts also directly depend on the financial prowess of cities. ![]() By attracting tourism, high-skilled workers and inward investment in general, the arts can play a decisive role in upgrading the financial, and innovative, prowess of cities. This recognition is based on the potential of the arts to catalyze economic development. Global cultural cities: where art and finance meet ( 2015) coin the term ‘global cultural cities’ and indicate that cities hoping to become global cities are recognizing that they “cannot rely on economics alone, but must also become cultural cities”. Today however, the quest for global city status also increasingly relies on the production and consumption of high-end art and culture. Saskia Sassen ( 1991) coined the term ‘global city’ to refer to key command centers of financial transactions and accumulation. Academically, global cities have usually been approached in terms of their economic competitiveness as nodes within the network of globalized capital.
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