‘An Introduction to Community Wealth Building', Ethical Fields

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.