By Michael Shuman, Originally Posted on The Post Carbon Institute Website

Ever since 2001, when the Business Alliance for Local Living Economies (BALLE) was founded, the term "local living economy" has become shorthand for a pragmatic approach to localization.

Two principles lie at its core:

1. The wealthiest communities are those with the highest percentage of jobs in businesses that are locally owned. A growing body of evidence suggests that local ownership in businesses pumps up the multiplier effect of every local dollar spent, which increases local income, wealth, jobs, taxes, charitable contributions, economic development, tourism, and entrepreneurship.

2. The wealthiest communities are those that maximize local self-reliance. This doesn't mean that they cut themselves off from global trade. But they rely on trade only for the diminishing universe of goods and services that they cannot competitively provide for themselves.

Read more about The Competitiveness of Local Living Economies.

Find out more about the author, Michael Shuman, and the Monadnock Local Living Economy at the Hannah Grimes CONNECT 2011 Event on October 12, 2011 at Alyson's Orchard, Walpole.  More details & registration at: https://old.hannahgrimes.com/connect.