Conclusion
What would the world be like if we invested 50 percent of our assets within 50 miles of where we live?
That we may never know. But a shift of 10 percent or 5 percent or even 1 percent is within reach, and would have a significant and visible impact. As new models for local investing take shape and the infrastructure and ecosystem to support them evolves, exciting new possibilities are opening up for investors, entrepreneurs, and entire communities.
These developments are critical to our future competitiveness, and represent the kinds of financial innovations we should be encouraging—funding solutions, rather than more exotic ways to place bets. We have witnessed the failings of the unfettered free market system, tallied in lost jobs, rising inequality, and a creeping monoculture. Economic power and advantage increasingly accrues to a coterie of global corporations and financial institutions and the wealthy people who control them. Meanwhile, our government policies and financial markets are failing the most dynamic sector of the economy, small business, which is responsible for virtually all net job creation. It’s not a winning formula.
Globalization is here to stay. But it’s time for a backup plan. It’s time to hedge our bets by investing in the kinds of enterprises that enrich us economically and socially, and help build healthy, productive local economies. Let’s get back to investing in the native genius of America.
Local Funds
There are still many issues to be worked ...
