Buying local products at locally owned businesses keeps money circulating closer to where you spend it. This creates a ripple effect as those businesses and their employees in turn spend your money locally. Corporate chains send most of your money out of town.
If everyone in a community spends a greater percentage locally, the multiplier effect turns that into big bucks for the local economy. For example, increasing local spending from 50% to 80% more than doubles that local effect – from $200 to $500.
How Resilient is Our Local Economy?
What is our local wealth based on? Is it our own hard work and productivity? Or does our local economy depend on major corporations? How much of our wealth comes from and stays in the community? How much of it is outside financial capital, which eventually leaves our community? How can we build resilience? Learn about the underpinnings of our current economy by viewing the film The Money Fix free online
Find it in Albany!
The Albany Chamber of Commerce has launched a new campaign and user-friendly website to help you find what you’re looking for right here in Albany. www.finditinAlbany.com has search and mapping functions, a color coded map of Albany businesses, and a directory by category.
Gift Certificates for a commercial district, like the Solano Avenue Gift Certificates, are a form of a local monetary system. When you use local dollars, you make a statement of support for our local economy. The local dollar is only accepted within a community, so it’s harder to spend that wealth out of the community. Show your commitment to our local businesses by using those $10 cards like $10 bills that can only be spent to support local businesses. Learn more about where you can get and spend the Solano Ave. Gift Certificates at www.solanostroll.org
The scrip available at Albany schools is another form of alternative currency. Complex flow networks such as our economy work best when they imitate the “complex flow network” on which our life depends, the planetary ecology. Such networks are strongest when their constituent elements are diverse and interdependent. The more ways we have to exchange goods and services, the stronger we will be!