Diversifying local economies

Expanding common economic foundations
Extending village economic base
Expanding community economic base
Decentralizing local economic foundation
Expanding essential economic foundations
Enlarging community economic resources
Broadening community economic base
Freeing up local economy

Description

Diversifying local economies involves expanding and strengthening a region’s economic base by developing multiple sectors and supporting varied enterprises. This strategy reduces dependence on a single industry, mitigates vulnerability to market fluctuations, and fosters resilience against economic shocks. Practical actions include encouraging entrepreneurship, investing in workforce skills, attracting new industries, and supporting local innovation. The core intent is to create sustainable employment, stabilize incomes, and enhance long-term community prosperity.

Context

A decentralised economy is based upon individual communities' having rights to their own natural resources, and the freedom to plan their own development, with equality and self-reliance as the basic values. Such communities assert their right to life in the fulfilment of the basic needs of everyone, excluding the greed of the consumerist minority.