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Lots to explore in this space. Preson makes this really work in UK.
What is community wealth building?
Since 2006, Community wealth building has emerged as
a powerful approach to local economic development. Through
this approach local economies are reorganised, so that wealth
is not extracted but broadly held and income is recirculated.
These ideas are being applied by a growing number of businesses,
public and social sector organisations across the UK who
are now driving a shift in economic development thinking.
Community wealth building has been advanced through a
blend of five strategies:
1. Plural ownership of the economy
Community wealth building seeks to develop a more diverse
blend of ownership models: returning more economic power
to local people and institutions. In this, community
wealth building asserts that small enterprises, community
organisations, cooperatives and forms of municipal ownership
are more economically generative for the local economy,
than large or public limited companies.
2. Making financial power work for local places
Community wealth building seeks to increase flows of
investment within local economies by harnessing the wealth
that exists locally, as opposed to attracting national or
international capital. For example, local authority pension
funds can be encouraged to redirect investment from
global markets to local schemes. Mutually owned banks are
supported to grow and regional banks - charged with enabling
local economic development - are established. All of these
are ideally placed to channel investment to local communities
while still delivering a steady financial return for investors.
3. Fair employment and just labour markets
As large employers, the approach that anchor institutions
take to employment can have a defining impact on the
prospects and incomes of local people. Recruitment from
lower incomes areas, commitment to paying the living wage,
and building progression routes for workers are all examples
of actions that anchor institutions can take to stimulate
the local economy and bring social improvements to local
communities.
4. Progressive procurement of goods and services
Progressive procurement can develop dense local supply chains,
SMEs, employee owned businesses, social enterprises and
cooperatives and other forms of community business. These
types of businesses are more likely to support local employment
and have a greater propensity to retain wealth and surplus
locally.
5. Socially productive use of land and property
Anchor institutions are often major local asset holders.
These asets represent base from which local wealth can
be accrued. In community wealth building the function and
ownership of these assets is deepened to ensure that any
financial gain is harnessed by citizens. Furthermore, there is a
desire to develop and extend community use of those assets.
It should be remembered that much public sector land and
facilities are a part of the commons, and should be used to
develop greater citizen ownership.
