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Think Global, Buy Local | Project for Public Spaces (PPS)n the name of efficiency, low prices, and consumer choice, we have also eliminated one of the fundamental exchanges that have supported economies from the beginning of time: providing food products within local economic systems.
How Your Community Can Thrive-Even in Tough Times | Project for Public Spaces (PPS)New economic theories point out that our city and regional economies may no longer function as they once did, but have been turned upside-down. This research suggests that human and creative capital of our communities are now the catalysts of economic growth rather than mere results of that growth.
According to Soji Adelaja, Director of the Land Policy Institute (LPI) at Michigan State University, keeping and attracting people is the most important strategy in this new economic landscape. Services, which are inherently local and include everything from doctors’ visits to construction projects, now account for a larger share of the economy than goods. A Land Policy Institute study shows that half of total economic losses stemming from drops in population are caused by a loss of service jobs and income. That means when people move they take a piece of the economy with them.
This represents a vast change that cities, towns and regions need to recognize. In the past, a vital local economy was based on attracting large companies by offering inexpensive locations and a cheap labor force. The qualities of a particular place mattered little, and people migrated to where the jobs were. Moreover, much of that economic growth was based on cheap oil, which encouraged people’s work, homes and shopping destinations to be spread far apart. That’s all changed, and now communities with lively destinations that are easily reached by walking and transit gain distinct advantages.
