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 community’s economic base by developing a broader range of industries and services. This strategy reduces dependence on a single sector, increasing resilience to market fluctuations and external shocks. Practical actions include supporting small businesses, encouraging innovation, attracting new industries, and investing in workforce skills. By broadening economic opportunities, communities can remedy unemployment, economic stagnation, and vulnerability to sector-specific downturns, fostering sustainable and inclusive growth.

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.