In this Friday's Newsnight Review, Martha and guests will be looking at how economic downturn affects the arts - for artists, financial backers and consumers.
A creative opportunity - how will artists respond?
Ziegfeld Follies encapsulated boom-time glitz in 1920's America.
But as the stocks tumbled after the Wall Street Crash, Steinbeck's Grapes of Wrath summed up people's poverty and misery. Experimentalists became realists.
Creative trends during the downturn.
In 1970's downturn Britain, punk and political playwrights emerged as creative forces.
So how will creative people respond to the cataclysmic events of this year?
Newsnight's Economics Editor, Paul Mason explores whether today's zeitgeist of celebrity obsession and throwaway passions will morph into a harsher realism or more vivid dreams.
He talks to cultural historian, Dominic Sandbrook and to Soho Theatre's artistic director, Lisa Goldman, to see what is emerging.
2008 Turner prize winner Mark Leckey will join Martha and the panel to debate how artists will respond.
Government funding of any kind comes under pressure in a downturn.
The private companies whose sponsorship the arts institutions have come to rely on in recent years are struggling to stay afloat. Consumers have less money in their pockets.
How will the downturn affect the arts?
So how quickly, if at all, does this affect the artistic industries?
Newsnight's Political Editor, Michael Crick looks at how the exhibitions, films and plays we will see over the coming years might be dictated by the coming fight for funding.
We will hear from the Secretary of State for Culture Andy Burnham, Royal Academy chief executive Charles Saumarez Smith, film director Mike Newell, and art and business analyst Colin Tweedy.
Sir John Tusa will join Martha and the panel to debate the issue of arts funding in times of economic crisis.
What has been the most successful British film of the year, in the midst of the economic downturn?
Mamma Mia. Which must be funny, as it is no longer a rich man's world.
Is our cultural behaviour about to change?
As the affluent era falters and we tighten our belts, will our cultural interests change? Will we turn to the X Factor or to Hard Times?
Already booksellers are reporting a change in the types of genres people are reading.
Newsnight's dancing queen and culture correspondent, Steve Smith has been looking at the statistics, talking to analysts and went to a sing-along with psychologist Professor Peter Ayton, who reveals some interesting ways in which our individual cultural consumption is affected by financial constraints.
Comedian Andy Zaltzman will join Martha and the panel to debate whether cultural tastes will change in hard times.
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