With the burgeoning research into global heritage, particularly in the work of UNESCO, this paper discusses recent developments and implications of decisions taken by the World Heritage Committee in their implementation of the 1972 Convention. While the World Heritage programme is experiencing a fiscal crisis, significant challenges also stem from sovereign states, non‐governmental agencies and other actors. This paper argues that World Heritage decision‐making processes have transformed the inscription of sites into exchange values that mobilise ancillary effects in other domains driven by economic and political imperatives. The transactional nature of World Heritage is traced across three scales: the World Heritage process itself, the properties and the participants.
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