‘An Introduction to Community Wealth Building', Ethical Fields
This Ethical Fields guide explores community wealth building as a transformative approach to creating equitable, resilient local economies. It highlights principles like local ownership, democratic participation, and wealth redistribution, alongside practical strategies for stakeholders to implement this model in Australia.
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This guide by Ethical Fields introduces community wealth building as an economic development approach that aims to create more prosperous, equitable, and resilient local economies. Through a focus on local ownership, democratic participation, and wealth redistribution, it outlines how communities can transform their economic systems to better serve all residents. Key concepts covered include:
- Core principles:
- Place-based economic development.
- Democratic participation and local control.
- Equitable distribution of wealth and benefits.
- Local ownership and reinvestment.
- Regenerative practices and systems change.
- Systems-level transformation.
- Key implementation pillars:
- Enterprise development and support.
- Local spending and supply chains.
- Community asset ownership.
- Inclusive workforce development.
- Community-oriented finance
- The ‘Community Wealth Building Wedge’ - a framework for coordinating action across the implementation pillars.
The guide also provides practical examples of how different stakeholders - from local governments to businesses to community organisations - can implement community wealth building approaches. It traces the model's origins from the US and UK to its emerging adoption across Australia.
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