Local Economic Design
Local Dual Economy
Local Dual Economies advocate for the creation of economic membranes to shield local markets from the detrimental impacts of global capital flows, including economic volatility, wealth concentration, and environmental degradation. The approach emphasizes fostering resilient local economies that prioritize local ownership import substitution (LOIS) and community well-being.
Central to the concept of dual economic systems are local currencies. These currencies act as protective barriers, ensuring that capital remains within the local community, thereby enhancing economic resilience and sustainability. By maintaining high local multipliers, local currencies stimulate continuous value creation and economic growth within the community perimeter.
The dual nature of these economies is designed to mitigate the negative effects of global market forces, such as outsourcing, economic dependency, and cultural homogenization. By promoting local entrepreneurship, sustainable production practices, and community-driven consumption patterns, dual economies enhance local autonomy and prosperity.
Implementing local dual economies requires robust community engagement, supportive policy frameworks, and strategic partnerships. It leverages lessons from successful initiatives worldwide, highlighting the importance of economic localization in building resilient communities and safeguarding against global economic vulnerabilities.