Keep it local

Now more than ever we should be investing in our own communities. When jobs were plentiful and wages were stable it was easier to ignore the fact that local business were closing shop. They could not beat the prices at the local big box retailer, so in the Darwinian marketplace they went under. Your local coffee shop, bookstore, hardware store or pharmacy were likely plowed under in recent years. This did not affect us much. It was a loss in a purely nostalgic sense--the same goods could be purchased for cheaper elsewhere and who needs local "flavor" when you can save more at the Walmart?

Well, times have changed indeed. The chain stores that siphon off local dollars to far flung places (including insanely high CEO salaries) will be "restructuring" in the months and years to come. That means either lower salaries for workers or layoffs. I suggest taking a second look at local businesses. In many cases the owners of these businesses have a stake in the community in which they operate. Their kids go to the local schools, they have friendships and other kinds of connections that are place specific, and often they will sacrifice a bit to avoid having to layoff their workers. When a critical mass of people begin to invest in community businesses, we all reap the benefits of their success: more jobs, higher wages and ultimately lower prices.

It is time for relocalizing our financial activity. We have seen what happens when we buy from overseas exporters--the precipitous loss of high wage manufacturing jobs. We have seen what happens when we put our savings in the hands of Wall Street finance wizards. And we are just now seeing what happens to our low wage service sector jobs when big companies have to recoup their losses--job losses total 1.2 million this year alone (half that since August!). To create the durable communities that we will absolutely need in the years to come, we must begin investing in locally owned and operated businesses now. Seek out a local bank, bakery, grocery store or food coop, a community agricultural organization, bookstore, restaurants, etc... Support local arts by going to a community theater production instead of a Hollywood movie, or go see a band at a local pub. Begin to relocalize your spending now and when your company managers in Los Angeles decide to close your office, you may well have viable options just down the street.