Local Stock Exchanges: The Next Wave of Community Economy Building
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The collection of lectures and publications from the Schumacher Center for a New Economics represents some of the foremost voices on a new economics. Michael Shuman makes a critical point when he asks his audience how many have pension funds and sees a fair number of hands go up, then enquires of those who do have them, "How many are primarily invested in local business?" Almost no one in attendance raises a hand. Why is it that even "the most local-economy-minded people," as he describes his audience, do not own stock in local companies? It is not because local businesses are poor investments; in fact, Shuman details a variety of ways in which small place-based businesses are more stable, easier to research, and do more for local economies than large corporations; rather, the issue is with the legal and financial industry infrastructure. Securities law discourages individuals from purchasing local business stocks, and issuing stock is tricky for a small business. Nonetheless, Shuman argues, the potential exists. A number of local stock issuings have already been successful, and states can help by revising securities laws. There remain a few hurdles to overcome, but local stock exchanges will offer the opportunity to help build local living economies.
|Marke:||Schumacher Center for a New Economics|
|EAN:||Schumacher Center for a New Economics|