Michael Shuman

Michael Shuman, Author of Put Your Money Where Your Life Is, Founder of The Main Street Journal, and Professor at Bard College joins Joel Skene for this deep dive into the topic of Local Investing. We explore the concept of local #investment and its potential impact on communities. It discusses the Jobs Act and how it has changed the landscape of local investment. The conversation also highlights the economic benefits of spending money locally and the potential for higher returns on local investments compared to the stock market. The conversation explores the lack of change in the financial system since the 2008 crash and the continued use of risky financial instruments. It highlights the need for local, regenerative, and impactful investing as an alternative. Exciting developments in local investment are discussed, including the Diversified Community Investment Fund, public banking initiatives, and tax credits for local investors. The impact of local investment on social problems, such as inequality, is examined, with evidence showing that supporting local businesses can lead to income growth and reduce inequality. The Neighborhood Economics Conference is introduced as a platform for collaboration and partnership in the local economy movement. The future of community economics is envisioned as a transnational, collaborative effort focused on sharing best practices and promoting self-reliance in communities.

Takeaways

The Jobs Act has made it easier for grassroots investors to support local businesses, but there is still work to be done to mobilize large numbers of investors. Spending money locally has a multiplier effect on the economy, generating more income, #wealth and #jobs compared to spending at chain stores.

Investing locally can provide a social return in addition to a financial return, as it supports the local community and creates resilience against #stockmarket downturns.

Local investments are not limited to startups and can include established businesses with a track record of success. The financial system has not changed significantly since the 2008 crash, with risky financial instruments still being used. Local, regenerative, and impactful investing provides an alternative to the traditional financial system.

Exciting developments in local investment include the Diversified Community Investment Fund, public banking initiatives, and tax credits for local investors. S

upporting local businesses can lead to income growth and reduce inequality.

The Neighborhood Economics Conference promotes collaboration and partnership in the local economy movement. The future of community economics lies in transnational collaboration and sharing best practices.

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