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Ted Howard on Community Wealth Building
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Ted Howard on Community Wealth Building


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  • 1. An IllinoisCommunity Wealth BuildingAction AgendaPresentation to the Governor’s Task Force on SocialInnovation, Entrepreneurship and EnterpriseTed HowardThe Democracy CollaborativeApril 24, 2013 – Chicago, IL
  • 2. The Prevailing EconomicDevelopment ParadigmSome of its characteristics and elements include:• Subsidies and tax breaks to entice corporations to relocate ($80B)• Workforce training not linked to actual jobs ($37B)• Regional trickle down strategies that do not reach low- andmoderate-income neighborhoods• Growth & GDP – toward what end?• Low-wage (non-living wage) job creation, often without benefits• Exclusion of ex-offenders and others with barriers to employment• Gentrification and dispersal of traditional residents• “Throwaway cities” and their infrastructure• Privatization of publicly owned goods
  • 3. What is the Community WealthBuilding Paradigm?A New Approach to Economic Development that:• emphasizes democratization of wealth• focuses on place & local economy• promotes broader ownership of capital• anchors jobs locally• stops the leakage of dollars from communities• supports individual & family wealth building• reinforces stewardship over capital• generates revenues to finance public services• leverages anchor institutions for local benefit• contributes to local economic stability• total cost accounting of economic decisions
  • 4. An Integrated Community Wealth ApproachKey ComponentsPutting the Pieces Together Help individuals build wealthand savings Create community-ownedbusinesses and other entitiesthat provide living wage jobsand root wealth in communities Link community businesses withanchor procurement needs andpublic expendituresFamilyWealthBuildingBroaderOwnershipAnchorInstitutions
  • 5. Retaining Jobs and Building Wealththrough Employee OwnershipAction Agenda:• Develop an Illinois Employee Ownership Center to retain existing jobs• Assist Illinois banks to refinance employee ownership
  • 6. Deploying State and Other Public Assets toReinvest in IllinoisAction Agenda:• Leverage Hospital investment• Promote greater community investment by universities in Illinois• Invest state pension fund dollars in Illinois
  • 7. Investing in Resident-owned AffordableHousingAction Agenda:• Convert manufactured housing into resident-owned communities• Redirect housing dollars to support permanently affordablehousing.
  • 8. Supporting Cooperative Business DevelopmentAction Agenda:• Reform Illinois’ Cooperative Statute• Support cooperative development in rural Illinois• Catalyze cooperative job creation strategies in low-incomecommunities
  • 9. Promoting a New Paradigm of EconomicDevelopment for IllinoisAction Agenda:• Convene Community Wealth Building Roundtables in key Illinoiscities
  • 10. For more