4 ms·
In your logic "life support by banks" = "pay for concerts and stuff". The dimension you are missing is spatial, in that this would now happen elsewhere from Lon
by crc32 9y ago
In your logic "life support by banks" = "pay for concerts and stuff". The dimension you are missing is spatial, in that this would now happen elsewhere from London, and the "externality" of non-banker Londerners being able to experience this, is the negative effect referred to by the OP.
- coldtea 9y ago>In your logic "life support by banks" = "pay for concerts and stuff". No, in my logic there are two distinct things: the public paying for concerts (and the public not caring) vs the public caring and supporting them itself. In the first case, it's just the banks buying some prestige by playing to supposed upper middle class preferences, and get some free publicity plus some tax exceptions for those sponsorships. >The dimension you are missing is spatial, in that this would now happen elsewhere from London, and the "externality" of non-banker Londerners being able to experience this, is the negative effect referred to by the OP. So? If the Londoners didn't care for those events enough to support them themselves in the first place, why would they have a problem now that foreigners, and not themselves, will get to "experience" those?
- fredley 9y agoNo Classical music makes money, it does not support itself anywhere. It is a charitable cause.
- allendoerfer 9y agoBanks do it, because high-paid workers want to live in a culturally rich city. That's also why cities invest in operas, it raises tax income. Same in Frankfurt. Cities, banks and the general public have the same interests here. Once the banks leave, the general public and the city loses.