New Local Economy

Apple, Starbucks, Amazon, Zara, McDonald's - these are some of the brands and companies that are at the forefront of today's global economy. They are embedded in virtually every city and town. But when the global economy goes wrong (as in 2008), it can leave local communities vulnerable in the form of unemployment and bankruptcy. This forward-looking book argues for the creation of local economies as a means of resisting the seismic changes that globalization often brings, especially in times of crises. Moreover, research shows that for every GBP100 spent in a local shop, 45% will remain in the community (compared with only 15% if spent in retail chains such as Tesco or Aldi). As part of the design of the future, Elmark argues for the need to break up the global economy into local economies, so that communities can regain their independence and be less exposed to the tide of globalization.