Steve Dubb: Why Building Community Wealth Is a Key Challenge to Corporate Power | Naked Capitalism

As resistance has grown to America’s widening gulf between the “1 percent” and the rest of the population, something new has exploded in America’s communities; “community wealth building” is an explicit strategy to democratize the ownership of wealth from the ground up. With traditional regulatory and tax-and-spend approaches faltering at every level, the notion that we should create new democratic economic institutions to build wealth, community by community, is quietly gaining traction. We now have the potential for larger and longer-term transformation throughout the nation.

Power for the People

The central idea is simple: people join together through some form of public, community or employee-owned business to meet local needs and thereby regain a measure of local economic democracy and control. Partly self-help, partly community mobilization, and partly sketches for future system-wide expansion, community wealth-building efforts can be found in virtually every region of the country. The range of efforts is vast. Community wealth-building institutions include community development corporations, community development financial institutions, social enterprises, community land trusts, employee-owned enterprises, and cooperatives. All pool capital in ways that create new jobs and anchor jobs in communities.

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