Stephen Bayley Quotes
As the twentieth century ends, commerce and culture are coming closer together. The distinction between life and art has been eroded by fifty years of enhanced communications, ever-improving reproduction technologies and increasing wealth.
Bayley, Stephen. Commerce and Culture: From Pre-Industrial Art to Post-Industrial Value. Fourth Estate, 1989, p. 10.
His view was that the major driver of globalization is communications and information which travel at light speed.
An economic bubble occurs when the investing public with little logic and facts to support it actions exhibits great enthusiasm and overvalues some kind of asset with the logic that the price is going up and someone later will pay more than I just did—sometimes called the “greater fool theory”. Historically Fama claims that there were no bubbles until there were media to whip up the irrational enthusiasm necessary for a bubble to take place. Capitalist history is full of bubbles ranging from real estate, to tulips; from silver to dot com shares. The damage is always great to the people at the end who are stuck with the object of the bubble which few people want any more. In the period before the bubble, lots of people make money contributing to the demand for the object of the bubble.
He was one of the first to realize that technology was shaping the relations of people and states throughout the world. In 1891 most other people did not appreciate this dynamic including most politicians. However, we might wonder today what period of time he was contemplating when he used the word “rapidly”. Some have concluded that the globalization resulting from technology has been astoundingly fast while others see it as far too slow and it has a long way to go. See the related quotes for others who were early observers of the coming changes. See the Relates Quotes for more of the early observations of this phenomenon.
Stephen Paul Bayley FRIBA is a British writer and critic, known particularly for his commentary on architecture and design. He was founding CEO of the Design Museum in London in 1989, and has been a regular architecture, art and design critic for newspapers such as The Listener, The Observer and The Spectator.