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Culture and CommerceThe Value of Entrepreneurship in Creative Industries$
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Mukti Khaire

Print publication date: 2017

Print ISBN-13: 9780804792219

Published to Stanford Scholarship Online: January 2018

DOI: 10.11126/stanford/9780804792219.001.0001

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The Business of Culture

The Business of Culture

(p.3) 1 The Business of Culture
Culture and Commerce

Mukti Khaire

Stanford University Press

The worlds of business and culture are seen as unrelated, even opposing. This chapter describes why and how the two are related. Creators, producers, and intermediaries constitute a value chain in markets formed at the intersection of commerce (where producers, with goods for sale, reside), commentary (discourse generated by intermediaries as well as producers that contributes to construction of value of goods), culture (beliefs about value, influenced by the commentary), and consumption (acquiring goods aligned with cultural norms and therefore valued). Markets for symbolic and new products require higher levels of commentary than those for utilitarian and well-understood products, given the greater need to assess and construct the value of these products. Pioneer entrepreneurs create markets for new cultural goods by first establishing them as appropriate and valuable to induce their consumption. This requires changing conventions of appropriateness and value, which in turn can effect cultural change.

Keywords:   business, creative economy, creative commerce

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