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Communities across the country are recognizing the tremendous resources nonprofit anchor institutions (like hospitals and universities) can provide as engines of inclusive and equitable economic development. Read more about Models for mobilizing multiple anchor institutions...
Last week, the Nevada legislature approved $1.25 billion in tax breaks for Tesla Motors to establish a lithium battery "Gigafatory” for electric cars. Read more about Clandestine Corporate Subsidies Undermine Community Participation in Local Economic Development...
This month's new developments include:
- The Democracy Collaborative released a new report, Policies for Community Wealth Building: Leveraging State and Local Resources.
- The Washington Post published an article describing Richmond, Virginia’s newly established Office of Community Wealth Building. A New Republic article explored how cooperatives can support a green economy and a Yes! Magazine article focused on how land trusts, worker ownership, and public banking can help reduce inequality.
- Democracy Collaborative co-founder Gar Alperovitz published an op-ed in the Los Angeles Times and appears in a joint interview with economic geography scholar David Harvey, conducted by Journalist Laura Flanders of GRITtv.
- New Report Outlines Emerging Best Practices in State & Local Policies to Build Community Wealth
- Federal Commitment to Higher Workforce Standards Reduces Inequality
- Communities Address Racial Inequity through Investment in Local Food Systems
- Healthcare Institutions Invest Locally to Build Sustainable and Healthy Communities
- The Road So Far: Penn Leaders Recount Path to Building an Anchor Mission
- Participatory Budgeting Project
- Impact Investing Policy Collaborative
Fostering resilient communities and building wealth in today’s local economies is necessary to achieve individual, regional, and national economic security. A community wealth building strategy employs a range of forms of community ownership and asset building strategies to build wealth in low-income communities. In so doing, community wealth building bolsters the ability of communities and individuals to increase asset ownership, anchor jobs locally, expand the provision of public services, and ensure local economic stability.
- The Cleveland Model brings community economic development and the purchasing power of anchor institutions like hospitals and universities together into a single coordinated strategy to build democratized wealth and cooperative business ownership in low-income neighborhoods.
What is Community Wealth?
How do you build community wealth? Here's some of the basic principles of a successful approach:
Community Wealth Cities
Incorporated as a city in 1819, Cincinnati grew steadily through the mid-1900s due to its prime location on the Ohio River. In fact, the Queen City—so dubbed by Longfellow, who referred to it as “the Queen of the West”—weathered the Great Depression better than most cities of comparable size because of the resurgence in river trade, which was less expensive than rail. By 1950, Cincinnati had grown to its peak of nearly 504,000 residents, making it the 18th largest city in the country. Read more about C-W City: Cincinnati, Ohio...
Community Wealth Interviews
- This webinar, organized by the Association for Community Health Improvement and the American Hospital Association, outlined opportunities for hospitals to promote health through economic development and community investment. The discussion used the findings of The Anchor Dashboard as a starting point to show how hospitals can broaden their impact on their surrounding communities.
Featured from the toolbox
In this new guide to community investment, the Business Alliance for Local Living Economies (BALLE) identifies finance options and other investment tools to reinvigorate regional economies, create high-quality jobs, and restore the environment. BALLE offers this guide as a resource to help re-shape financial capital flows to support local self-sufficiency and ingenuity.