Our economy is failing to work for everyone. Many people and places are struggling. Community wealth building provides a solution.
Community wealth building is a people-centred approach to local economic development. It redirects wealth back into the local economy, and places control and benefits into the hands of local people.
Where neoliberal approaches to economic development practice and developer-led regeneration have failed, community wealth building provides a solution to the economic challenges of our time. In the face of austerity, financialisation and automation, it seeks to provide resilience where there is risk and local economic security where there is precarity.
The community wealth building approach is rooted in the European social democratic tradition, in which the state works to protect public values and achieve good outcomes for citizens. It has also drawn inspiration from community wealth building pioneered by The Democracy Collaborative in Cleveland, Ohio and the Mondragon cooperatives of the Basque Country.
We are supporting places across the UK and beyond to build community wealth and we are achieving real results. Our work on The Preston Model is just one example of this.
Through our work we have developed tried and tested strategies based on five key principles. These can be tailored to meet the needs of each place and its community.