As the COVID-19 crisis continues to unfold in the US through the summer of 2020, evidence mounts that the pandemic has become an extinction event for small businesses.
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In a south Baltimore neighborhood, a powerful, youth-led coalition helped spearhead the first Zero Waste Plan developed by and for U.S. grassroots communities that want to transition from an economy of extraction to one of reuse and regeneration.
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The effects of a local firm facing economic disaster can ripple destructively through a community. Public holding companies could take either partial or full ownership positions in distressed firms to prevent the economic and social dislocations associated with liquidation or collapse.
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We must work to ensure that the response to the crisis ushers in the creation of democratic, inclusive, and locally rooted economies centered on collective well-being, local resilience, ecological sustainability, and economic justice.
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Democracy Collaborative President Ted Howard and Centre for Local Economic Strategies CEO Neil McInroy explain how in both the United States and the United Kingdom community wealth building strategies are offering a better way forward to a post-COVID-19 economic revival.
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In an article for Next City, we propose a way to save local businesses at scale, while also creating a more equitable and democratic economy out of the ashes of the old.
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On both sides of the Atlantic, the COVID-19 crisis poses a double challenge. Beyond the terrifying public health emergency, the vitally necessary immediate response has been an economic shutdown of unprecedented proportions.
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