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Concept
Community-based economics
Summary
Community-based economics or community economics is an economic system that encourages local substitution. It is similar to the lifeways of those practicing voluntary simplicity, including traditional Mennonite, Amish, and modern eco-village communities. It is also a subject in urban economics, related to moral purchasing and local purchasing.
The community-based economy can refer to the various initiatives coordinated through multiple forms of interactions. These interactions may involve some form of work performance; project participation; and/or relationship exchange. The forms of interaction can exclude the need to contract; can do away with the need to include some form of monetisation; as well as be free from the need to establish a structure of hierarchy. Community-based economies have been seen to involve aspects of social bonding; value promotion; and establishing community-orientated social goals.
It has been suggested that communities that meet their own needs need the global economy less. "Local-economy theory" introduces insights
into new economic development that honours ecological realities and finds efficiencies in small-scale, shared knowledge at the community level.
Community-based economies have been seen to focus on the idea that the “local community should be the focal point of development”. In addition, resources and skills which are sourced locally are seen to play a pivotal role in the community. A community economies approach is interested in diverse activities that contribute to the well-being of both people and the planet. Such actions seek to help people survive well; produce and distribute surplus; transact goods and services more fairly; and invest in ways to support a better future. A community economies approach involves identifying and acknowledging the economic activities that contribute to the well-being of people and the planet and considers ways that these activities may strengthen and multiply. Community-based economics starts by acknowledging the local context and valuing the diverse economic activities and possibilities already present.
Official source
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