Ten years ago Napster had just been launched and it was the beginning of the end for the recording music industry as it was known then. Its decline continues but a new model is emerging out of the ruins of the old – p2p, iTunes, Spotify and others are pointing the way to a new direction. Each is dealing a lethal blow to an established business model and they have precipitated a clear paradigm shift in the industry.
I cannot help but feel that a shift of similar magnitude is underway in the world of architecture. The beginning of the shift can be traced back to a particular date – not the demolition of a housing block – but a fracture in the global financial system. On August 6th 2007 American Home Mortgage Investment Corp filed for bankruptcy. A few days later French bank BNP sent another shockwave through the system and the credit crunch had begun. We are now almost two years in and the financial world has changed more than just about anyone imagined. The West has been the most careless and is now feeling the brunt of the pain but the phenomenon is global. [Read more…] about New Directions for Young Architects in a Credit Crunch Economy