Community wealth building a new paradigm of sustainable economic development
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Community Wealth Building: A New Paradigm of Sustainable Economic Development. St. Louis Federal Reserve Bank – Exploring Innovation Week Memphis, TN – May 13, 2013 Ted Howard The Democracy Collaborative. Wealth Inequality in the United States .

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Community wealth building a new paradigm of sustainable economic development

Community Wealth Building:A New Paradigm of Sustainable Economic Development

St. Louis Federal Reserve Bank – Exploring Innovation Week

Memphis, TN – May 13, 2013

Ted Howard

The Democracy Collaborative


Community wealth building a new paradigm of sustainable economic development

Wealth Inequality in the United States

Sources—Edward N. Wolff, Recent Trends in Household Wealth in the United States, Levy Economics Institute, March 2010; Politifact, “Michael Moore Says 400 Americans Have More Wealth than Half of All Americans Combined,” http://www.politifact.com/wisconsin/statements/2011/mar/10/michael-moore/michael-moore-says-400-americans-have-more-wealth-/


Community wealth building a new paradigm of sustainable economic development

The Prevailing Economic Development Paradigm

  • Some of its characteristics and elements include:

  • Subsidies and tax breaks to entice corporations to relocate ($80B)

  • Workforce training not linked to actual jobs ($37B)

  • Regional trickle down strategies that do not reach low- and moderate-income neighborhoods

  • Growth & GDP – toward what end?

  • Low-wage (non-living wage) job creation, often without benefits

  • Exclusion of ex-offenders and others with barriers to employment

  • Gentrification and dispersal of traditional residents

  • “Throwaway cities” and their infrastructure

  • Privatization of publicly owned goods


Community wealth building a new paradigm of sustainable economic development

What is the Community Wealth Building Paradigm?

A New Approach to Economic Development that:

•emphasizes democratization of wealth

•focuses on place & local economy

•promotes broader ownership of capital

•anchors jobs locally

•stops the leakage of dollars from communities

•supports individual & family wealth building

•reinforces stewardship over capital

•generates revenues to finance public services

•leverages anchor institutions for local benefit

•contributes to local economic stability

•total cost accounting of economic decisions


W omen s a ction to g ain e conomic s ecurity ca

Women’sAction toGainEconomicSecurity(CA)

  • Home cleaning industry

    notoriously pays low wages &

    has bad working conditions

  • Coop founded in 1995

  • Mostly Latina immigrants who

    own the business

  • 5 coops with 100 members

  • Wages of $15/hour plus health

  • Environmentally friendly

    cleaning techniques


New community corporation of newark nj

New Community Corporation of Newark (NJ)

  • Founded in 1968 by Monsignor William Linder

  • Employs 1,300 residents of local neighborhoods

  • Community-based business ownership

  • Developed shopping center that houses community-owned business and services

  • Assets exceed $500 million

  • Income recycled to support day-care and after school programs, health services, Youth Automotive Training Center


Washington electric coop vt

Washington Electric Coop (VT)

  • Serves 10,000 customers

    in 41 towns in Vermont

  • Community owns the shares

  • In 2002, 1/3rd of its

    power came from nuclear

  • Today: 2/3rds of power

    is generated from landfill

    methane

  • 100% from renewable energy

    sources

The New WilliamstownSolar Farm:

A Sizable Presence on WEC’s

Power Lines

Tom Garden


Market creek plaza ca

Market Creek Plaza(CA)

  • Community-designed mixed-use

    development; $65 million commercial

    and cultural complex in low-income

    neighborhood

  • Community ownership: 423 residents

    own shares worth $500,000; 20% of

    equity; will increase to 50% equity

  • Neighborhood foundation owns

    20%; will increase to 50%

  • Former brownfield site; adjacent

    to trolley line; TOD


Namaste solar co

Namaste Solar (CO)

  • 103 “team” members; one-half are owners

  • 4 to 1 maximum salary ratio

  • One owner, one vote

  • #1 market share in CO

  • 2,000+ systems installed

  • $15 million in revenue


Pioneer human services seattle wa

Pioneer Human Services - Seattle (WA)

  • Nonprofit founded in 1962 to serve clients – ex-offenders and drug abusers

  • Initially nearly 100% grant funded

  • Today employs 700 people, most from their client base, in network of their own for-profit businesses (hotel, catering, manufacturing)

  • $55 million revenue; almost no grant funding

  • Anchored in the community


Community wealth building a new paradigm of sustainable economic development

Anchor capital so it doesn’t get up and leave

Promote asset accumulation

Stop $$ from leaking out of NE Ohio

Stabilize and revitalize neighborhoods

Develop a model for national impact

GOALS


Community wealth building a new paradigm of sustainable economic development

MONDRAGÓN

100+ networked cooperatives


Community wealth building a new paradigm of sustainable economic development

For more information:

www.Community-Wealth.org

[email protected]


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