Local Living Economy
TVSC Local Living Economy
“The local living economy (LLE) approach to economic development is a response to the shortcomings of mainstream economic development. It seeks to correct three of the mainstream economic development’s features that seem dubious: the focus on nonlocal business; the absence of a coherent framework for assisting local business; and the top-down nature of the enterprise.”
Michael Shuman, economist with the Business Alliance for Local Living Economies, from Growing Local Living Economies: A Grassroots Approach to Economic Development.
A living economy ensures that economic power resides locally to the greatest possible extent, sustaining vibrant, livable communities and healthy ecosystem in the process. This focus is what resiliency is all about.
A living economy is guided by the principles of producing and exchanging locally as many products needed by their citizens as they reasonably can, while reaching out to other communities to trade firly in those products they cannot reasonably produce at home. These communities value their unique character and encourage cultural exchange and coopertion.
Living economy public policies support decentralized ownership of businesses and farms, fair wages, taxes, and budget allocations, trade policies benefiting local economies, and stewardship of the natural environment.
Living economy citizens appreciate the benefits of buying from living economy businesses and, if necessary, are willing to pay a price prmium to secure those personal and community benefits.
Living economy investors value businesses that are community stewards and as such accept a “living return” on their financial investments rather than a maximum return, recognizing the value derived from enjoying a healthy and vibrant community and sustianable global economoy.
Living economy media provide sources of news independet of corporate control, so that citizens can make informed decisions in the best interests of their communities and natural environment.
Living economy businesses are independent, primarily locally owned, and value the needs and interests of all stakeholders while building long-term profitability. they strive to source products from businessses with similar values, with a preference for local procurement, provide employes a healthy workplae with meaningful living-wage jobs, offer customers personal service and useful safe, quality products. they work with suppliers to establish a fair exchange, cooperate with other businesses in ways that balance their self-interest with their obligation to the community and future generations and use their business practices to support an inclusive and healthy community, and to protect our natural environment and yield a “living return” to owners and investors.
Thames Valley Sustainable Connectons is focused on developing an economy which is built on the assets (natural, physical, human, and social) to support the community. This creates a resilient community, the kind essential of to off-set the viscitudes of the global market place.
For more on the Building Blocks that guide our work check HERE.
For Principles for a New Economy 2012 check HERE.
Below is a view of the relationships critical to such an economy.