Key Assets in Culture-Driven Development Strategies

In recent years, many scholars have pointed out that culture is important not only because it is a fundamental value of civilization, but also because it represents a key resource for sustainable economic growth. In this article, in the first part, we will analyze the current state of culture in Europe through the main indicators, paying particular attention to the relationships between culture, innovation and competitiveness of countries. The second part will address the strategic role of culture in the development of a territory and through the analysis of two cases we analyze the culture-driven initiatives implemented by Vienna and Barcelona which in recent years have made substantial investment in the cultural field. The study has made it possible to pinpoint four common factors that have led to the success of two strategic city renewal plans: the political and financial support from stakeholders, a clear allocation of roles between the stakeholders, a high degree of autonomy in the management of budgets and the presence of managers with international experience and network.