Community wealth building is a progressive approach to economics and economic development.
It seeks to change the way that our economies have come to function by aiming to retain more wealth and opportunity for the benefit of local people. This is in contrast to the predominant economic model, whereby wealth is created by property ownership, regeneration is based on speculative property development and large companies extract wealth for the benefit of distant shareholders.
Community wealth building achieves its aims by harnessing the economic and social power of locally rooted institutions. These are commonly referred to as anchor institutions. Typically, this means local councils, health boards, universities, colleges and housing associations, and potentially, the private sector too. The Voluntary, Community and Social Enterprise (VCSE) sector also plays a fundamental role, by using its local intelligence and influence as a conduit for change and as an important part of the generative local economy in its own right.