Community Wealth Building (CWB) is an economic development model that transforms local economies based on communities having direct ownership and control of their assets. It challenges the failing approaches that have been widely accepted in American economic development for too long, and addresses wealth inequality at its core.
Community wealth building is an economic model that aims to democratize local economies by giving communities direct ownership and control of their assets.123 It seeks to retain more wealth and opportunity for the benefit of local people, in contrast to traditional economic development approaches that often result in wealth extraction by large companies and distant shareholders.12Key principles of community wealth building include: plural ownership of the economy, making financial power work for local places, fair employment and just labor markets, progressive procurement of goods and services, and the socially productive use of land and property.2 It involves collaborating with local institutions like councils, universities, and community organizations to build resilient and equitable local economies.123Community wealth building challenges the predominant economic model and addresses wealth inequality at its core by empowering communities to take control of their economic futures.123