Global Downturn Dooms Prestige Construction Projects

Architecture reflects a society’s values and aspirations for how governments, businesses and families might make use of space. With the 21st century emerged a desire around the globe to display wealth and power quickly, explains an article prepared by staff of Spiegel Online, and “Yearnings for pomp and prestige were transformed into architecture.” But the global credit crisis and recession, as well as excess capacity, has punctured many building plans, and the article explains that superlatives are no longer a priority. “The globalized world is truly proving to be a single entity, one in which the collapse of the market affects everyone,” notes the article, which focuses on Dubai, Moscow and Shanghai. The downturn could present opportunity for communities, encouraging talented architects to take time in drafting designs that could someday become the classics of sustainability. – YaleGlobal