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We’ve heard of the 'green economy' and the 'blue economy'. Now, researchers are taking a closer look at the so-called 'orange economy'. With no set definition, the core of the orange economy encompasses a wide array of cultural and creative goods and services from architectural design and performing arts to film, games, fashion, music and video games.
Creative goods and services include art you can hang on your wall, print newspapers and crafts, but also works that are “experienced” such as gastronomy and live music. Beyond the physical realm, they include gaming apps on your phone, advertising on TV, and streamed movies. The infrastructure that supports our interaction with creative goods and services are also part of the orange economy, such as stadiums, fiber-optic networks and museums.
Creative trade is less volatile than trade in commodities or raw materials. Proof of the fact is that it weathered the global financial crisis better than sectors like oil. While sales from the Organization of the Petroleum Exporting Countries (OPEC) recorded a 40% drop in 2009, exports of creative goods and services only contracted 12%.
Measured in trillions of dollars, if the Orange Economy were a country, it would be the fourth largest economy in the World after the United States, China and Japan; the ninth largest exporter; and the fourth largest labor force with 144 million workers.
The Americas are clearly leading the Orange Economy trade worldwide due to the impressive performance of the United States. The trade deficit in Latin America and the Caribbean is huge in connection with the exports of its creative goods and services.
The current culture as a whole is treated by society as a public good; this situation is very harmful to artists and creatives because it denies them of at least two fundamental rights: the recognition of their activity as a legitimate career and rightful compensation. Likewise, it denies society the kind of progress that artists, creatives and the entire value chain can deliver.
By developing an Orange Economy it is possible to bridge social divides and bring together the disadvantaged with the privileged around a common goal.