Excerpted with permission from The Rise of the Creative Class Revisited: 10th Anniversary Edition, by Richard Florida. Available from Basic Books, a member of The Perseus Books Group. Copyright (C) 2012.
The tectonic upheavals our economy is enduring are the result not just of ﬁnancial shenanigans by the global One Percent, but of a deeper and more fundamental shift — the passing of the old industrial order as it gives way to the emerging Creative Economy. If we wish to build lasting prosperity we cannot rely on market forces and the Invisible Hand alone to guide us. The grand challenge of our time is to invent new institutional structures that will guide the emergence of a new economic order, while channeling its energies in ways that benefit society as a whole.
To do this, we need to institute and ratify a new social compact, entailing everything from investment in our human capital, the only real capital we have, to a new approach to education and learning. We need to recommit our economy to innovation and our society to openness and diversity, and we need to knit a new safety net for the truly disadvantaged.
We have been through this before. The Industrial Revolution generated new technologies, new industries, and new productive potential alongside gross economic inequalities — which Marx wrongly believed would be capitalism’s undoing. Before the nascent industrial age could reach its full potential, the development of a much more broadly based urban-industrial society, in which great masses of people could participate, was required.
Our new Creative Compact must be built across six key principles.
Read More: Richard Florida: The Creative Compact.