Cultural Heritage Potentials in Sustainable Local Economic Development

Cultural economics considers heritage as a form of cultural capital which generates public revenue and creates economic cycle. However, in our country, this issue has been neglected so far and its consequence is the increasing burden of conservation practices for the government and the passivity of the local community to historical monuments. The purpose of this article is to identify potential factors of cultural heritage in improving local economies. After reviewing international documents and well-known theories in this field using the interpretive-qualitative approach and content analysis, five factors are introduced: urban regeneration, investment opportunities, creative and cultural industries, tourism, and job creation. Each of these factors has components that show the strategies of utilizing cultural heritage for sustainable economic development. The introduced factors would be adjusted to any built heritage and its surrounding areas according to the fundamental principles of conservation. This research shows that the sensitive integration of cultural heritage in development strategies and actions is a suitable way for the multifarious utilization of heritage. In this way, the conservation of cultural heritage is not considered an elitist act, but rather a leading contributor to and a driver of sustainable economic development. The proposed framework will be beneficial for policymakers and stakeholders in the cultural heritage arena.