Money

Strong Economies for Sustainable Communities
The recent financial crisis in almost all parts of the world has clearly shown the shortcomings of the globalised economic system. To make cities economically more resilient and to fight poverty more effectively, our economy will have to be based on strong local communities rather than on the interest of global corporations. The result would be a new, smaller – and, for most people, better – world.

By Mark Roseland

Why?
The current economic crisis has shown the limitations of the globalised world economy. An economic system that concentrates money, power and knowledge in the hand of the few does not create prosperity, does not combat poverty and restricts cities’ freedom of activity.

And cities in particular are faced with great challenges in the future; adapting to climate change, restructuring transport and energy systems and achieving social balance are the most important.

What?
Weak local economies cost people a great deal financially, ecologically and socially. But a strong regional economy helps cities to resist the pressure of globalisation. It is the basic prerequisite for functioning social systems, health care provision, affordable living space and an efficient urban infrastructure. And local operators treat the available ecological resources much more responsibly than global operators; people are more easily made accountable for extravagant and polluting behaviour if they are to be found on the spot.

How?
Sustainable development can succeed only if social dependence on economic growth is reduced. Development should be the focus, not growth: growth means getting bigger – development means getting better. Thus the aspect of value versus cost should be regarded from a perspective of sustainability. In times of CO2 emissions trading, energy will be used like a currency. However it will not be sufficient merely to save this currency; we will also have to change our supplies – from fossil fuels to renewable sources.

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