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An Illinois Community Wealth Building Action Agenda. Presentation to the Governor’s Task Force on Social Innovation, Entrepreneurship and Enterprise Ted Howard The Democracy Collaborative April 24, 2013 – Chicago, IL. The Prevailing Economic Development Paradigm.

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an illinois community wealth building action agenda

An Illinois Community Wealth Building Action Agenda

Presentation to the Governor’s Task Force on Social Innovation, Entrepreneurship and Enterprise

Ted Howard

The Democracy Collaborative

April 24, 2013 – Chicago, IL

slide2

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
slide3

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

slide6

Putting the Pieces Together

  • Help individuals build wealth and savings
  • Create community-owned businesses and other entities that provide living wage jobs and root wealth in communities
  • Link community businesses with anchor procurement needs and public expenditures

Family

Wealth

Building

Broader

Ownership

Anchor

Institutions

An Integrated Community Wealth Approach

Key Components

slide7

Retaining Jobs and Building Wealth through Employee Ownership

  • Action Agenda:
  • Develop an Illinois Employee Ownership Center to retain existing jobs
  • Assist Illinois banks to refinance employee ownership
slide8

Deploying State and Other Public Assets to Reinvest in Illinois

  • Action Agenda:
  • Leverage Hospital investment
  • Promote greater community investment by universities in Illinois
  • Invest state pension fund dollars in Illinois
slide9

Investing in Resident-owned Affordable Housing

  • Action Agenda:
  • Convert manufactured housing into resident-owned communities
  • Redirect housing dollars to support permanently affordable housing.
slide10

Supporting Cooperative Business Development

  • Action Agenda:
  • Reform Illinois’ Cooperative Statute
  • Support cooperative development in rural Illinois
  • Catalyze cooperative job creation strategies in low-income communities
slide11

Promoting a New Paradigm of Economic Development for Illinois

  • Action Agenda:
  • Convene Community Wealth Building Roundtables in key Illinois cities
slide12

For more information:

thoward1@umd.edu

www.Community-Wealth.org