Cultural policy is premised on assumptions about causal relationships between expenditure, legislation, exhortation and other levers of power and influence and specific outcome.

The 501(c)(3) model is critically dependent upon a capital market that is philanthropic rather than commercial in character, highly circumscribed in its operation, and in which investment decisions are not informed by the ‘rational self-interest’ of neo-classical economics.

What has driven the level of investment in physical assets? How has it been financed? What are the long-term implications for the vitality of cultural sector?