An Introduction to: Community Wealth Building

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:

1. 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.

2. Key implementation pillars:

• Enterprise development and support.
• Local spending and supply chains.
• Community asset ownership.
• Inclusive workforce development.
• Community-oriented finance

3. 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.