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Community Wealth Building: Reshaping the Economy for Social Justice and Local Ownership

Explore the transformative approach of Community Wealth Building, aiming to create an economy with broad wealth and local roots. Learn about the role of colleges as place-based anchors and the success of initiatives like Preston and Wales. Contact CLES for assistance and resources.

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Community Wealth Building: Reshaping the Economy for Social Justice and Local Ownership

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  1. David Burch Senior Researcher, CLES @nmcinroy @CLESthinkdo

  2. Centre for Local Economic Strategies • Leading independent member and research organisation, realising progressive economics for people and place. • 35 years old. • Our aim is to achieve social justice, good local economies and effective public services for everyone, everywhere.

  3. Growth ain’t delivering

  4. Wealth Inequalities

  5. FOUNDATIONAL ECONOMY: ECONOMIC PLUMBING!

  6. Community Wealth Building? • Intentional desire to reshape economy. • Create an economy where wealth is broadly, not narrowly held. Wealth with local roots and ownership. LOCALISE. SOCIALISE. DEMOCRATISE

  7. Importance of Colleges • They have a core role in human and social development • Like all place based anchors: Employ people, buy things, own assets, and they ain’t leaving or taking wealth off to the caymans!

  8. 5 pillars of Community Wealth Building?

  9. Extractive/ generative spectrum A new paradigm: welfare state past its prime?

  10. A new paradigm: welfare state past its prime?

  11. A new paradigm: welfare state past its prime?

  12. Preston 2012-A 6 year journey…..

  13. Preston: Starting point 5% £750m of spend within the Preston City Council boundary 39% Total spend of all 6 anchors 12/13 of spend within the Lancashire economy

  14. The change: Preston and Lancashire county 18% £616m of spend within the Preston City Council boundary £70M Total spend of all 6 anchors 16/17 £200M 80% of spend within the Lancashire economy

  15. Results! • Created 1600 jobs • 4000 more people being paid real minimum wage • Raised Preston out of the bottom 20% in terms of the index of multiple deprivation • Used public pension fund to invest in a hotel development • New platform cooperative model, built with assistance from Mondragon, Basque country.

  16. Wales 2018 -

  17. Community wealth building in Wales • Consultation complete • Plan to enable public service boards in Wales to adopt a progressive approach to procurement • To drive social value through the procurement progress to achieve a more inclusive economy for people and place • Assistance from Foundational Economy Fund

  18. Centre for Local Economic Strategies • Email. neilmcinroy@cles.org.uk • Website. www.cles.org.uk • Twitter. @nmcinroy or @clesthinkdo • Phone. (0044) 161 832 7871

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