An Illinois Community Wealth Building Action Agenda
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Transcript of An Illinois Community Wealth Building Action Agenda
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An Illinois Community Wealth Building Action Agenda
Presentation to the Governor’s Task Force on Social Innovation, Entrepreneurship and Enterprise
Ted HowardThe Democracy CollaborativeApril 24, 2013 – Chicago, IL
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The Prevailing Economic Development Paradigm
Some of its characteristics and elements include:• Subsidies and tax breaks to entice corporations to relocate ($80B)
• Workforce training not linked to actual jobs ($37B)
• Regional trickle down strategies that do not reach low- and moderate-income neighborhoods
• Growth & GDP – toward what end?
• Low-wage (non-living wage) job creation, often without benefits
• Exclusion of ex-offenders and others with barriers to employment
• Gentrification and dispersal of traditional residents
• “Throwaway cities” and their infrastructure
• Privatization of publicly owned goods
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What is the Community Wealth Building Paradigm?
A New Approach to Economic Development that:• emphasizes democratization of wealth• focuses on place & local economy• promotes broader ownership of capital
• anchors jobs locally• stops the leakage of dollars from
communities• supports individual & family wealth
building• reinforces stewardship over capital• generates revenues to finance public
services• leverages anchor institutions for local
benefit• contributes to local economic stability• total cost accounting of economic
decisions
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An Integrated Community Wealth Approach
Key ComponentsPutting the Pieces Together
Help individuals build wealth and savings
Create community-owned businesses and other entities that provide living wage jobs and root wealth in communities
Link community businesses with anchor procurement needs and public expenditures
FamilyWealth Building
BroaderOwnership
Anchor Institutions
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Retaining Jobs and Building Wealth through Employee Ownership
Action Agenda:• Develop an Illinois Employee Ownership Center to retain existing jobs
• Assist Illinois banks to refinance employee ownership
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Deploying State and Other Public Assets to Reinvest in Illinois
Action Agenda:• Leverage Hospital investment
• Promote greater community investment by universities in Illinois
• Invest state pension fund dollars in Illinois
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Investing in Resident-owned Affordable Housing
Action Agenda:• Convert manufactured housing into resident-owned communities
• Redirect housing dollars to support permanently affordable housing.
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Supporting Cooperative Business DevelopmentAction Agenda:• Reform Illinois’ Cooperative Statute
• Support cooperative development in rural Illinois
• Catalyze cooperative job creation strategies in low-income communities
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Promoting a New Paradigm of Economic Development for Illinois
Action Agenda:• Convene Community Wealth Building Roundtables in key Illinois
cities