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About: Community wealth building     Goto   Sponge   NotDistinct   Permalink

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Community wealth building is a term which covers a range of approaches which "...aim at improving the ability of communities and individuals to increase asset ownership, anchor jobs locally by broadening ownership over capital, help achieve key environmental goals, expand the provision of public services and ensure local economic stability”. The original model, the Cleveland Model, was developed in Cleveland, United States, however the Cleveland Model has also been developed and applied with the creation of the "Preston Model", in Preston, Lancashire. It is a form of municipal socialism which utilises anchor institutions, living wage expansion, community banking, public pension investment, worker ownership and municipal enterprise tied to a procurement strategy at the municipal level.