| 1 min read
Community wealth building provides an important counterpoint to the orthodoxy of place based economic policy in the UK. It puts forward a framework for economic change which shows that local areas can intervene effectively to build wealth from within so that they are less reliant upon extractive forms of economic development. Instead, wealth building within a community is about recognising the wealth that already exists in an area and intervening to encourage that wealth to flow more readily, particularly from capital to labour. This article explores the background to the development of community wealth building in the UK and its connection with the debate on the everyday economy. It finds that there is a close alignment between the objectives of building wealth and the everyday economy, particularly in areas which not only feel ‘left behind’, but arguably, who have been kept behind by a policy regime which has actively dismantled their sense of place, agency and identity, and in turn, devalued the role and purpose of the businesses and economy that already exists, in favour of elusive ‘growth’ and/or ‘pioneer’ sectors.
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