The Connected Community by Cormac Russell

Author:Cormac Russell
Language: eng
Format: epub
Publisher: Berrett-Koehler Publishers

Shaping Local Economies

In our villages and neighborhoods, we have the power to build a resilient economy that is less dependent on the mega systems of finance and production that have proven to be so unreliable. Many successful enterprises begin locally, in garages, basements, kitchens, and dining rooms. As neighbors, we have the local power to nurture and support these businesses so that they have a viable market. In doing so, we also have the local power to capture our own savings, through cooperative groups, credit unions, and land trusts. Importantly, these endeavors are also the most reliable sources of nearby jobs, for in many communities, word-of-mouth among neighbors is still the most important access to employment.

One of the more significant studies of what generates local wealth in a city economy was conducted by Gallup for the Knight Foundation.5 (The John S. and James L. Knight Foundation is an American nonprofit foundation that provides grants in journalism, communities, and the arts.) The Soul of Community, a three-year study, sought to determine the factors that connect residents to their communities, and the role of community attachment in an area’s economic growth and well-being. The study focused on the emotional side of the connection between residents and their communities, and on the relation between that community attachment and economic growth. It found that cities with the highest levels of attachment had the highest rate of GDP growth.

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