RRU in the media: Investing in communities counteracts trade pressure
With economic pressure from its closest trading partner, the United States, Canadians are discovering the need for greater local autonomy. A different approach than the one employed during the COVID-19 pandemic is needed, says Heather Hachigian, assistant professor in RRU’s School of Business.
In her recent article in The Conversation, Hachigian and her co-author Audrey Jamal, highlight that resilient economies need a local focus where wealth circulates within communities rather than sent to distant corporate entities.
Read their take on community wealth, excerpted from the article:
“A promising solution lies in community wealth building, a local-first approach to building the economy that emerged in the early 2000s. This approach offers a tonic to current economic policies that concentrate wealth into the hands of a small group of individuals, leaving communities vulnerable.
By prioritizing more inclusive and democratic ownership, investment and decision-making, community wealth building empowers communities to take control of their economic future. The strategy moves away from the current extractive economy, which prioritizes the exploitation of land, resources and people, toward one that builds wealth from the ground up.
The Democracy Collaborative’s community wealth-building framework offers five pillars for building strong local economies. These include progressive procurement, locally rooted finance, inclusive and democratic enterprise, fair work and the just use of land.”