Community Wealth Building
Definition
Economic development strategies that build assets and ownership in communities rather than extracting wealth to distant shareholders. Community wealth building includes worker cooperatives, community land trusts, local businesses, community development financial institutions, and employee ownership. This approach keeps money circulating locally, creates quality jobs, builds household assets, and gives residents economic control. Community wealth building contrasts with extractive development that profits outside investors.
Louisville Context
Louisville’s economy is dominated by corporations extracting profits to distant shareholders rather than locally-owned businesses building community wealth. West Louisville particularly lacks locally-owned businesses and community-controlled assets. Economic development incentives typically subsidize corporate expansions rather than community wealth building. This extractive model perpetuates poverty and economic powerlessness in low-income communities.
Why It Matters
When community wealth flows to outside shareholders, communities remain poor despite economic activity. Community wealth building keeps money local, creates better jobs (locally-owned businesses pay better than corporate chains), builds household assets through homeownership and ownership stakes, and gives residents economic power. Shifting from extractive to community wealth building transforms communities from colonies into economic actors.
Dave’s Proposal
Dave will redirect economic development investments toward community wealth building: supporting worker cooperative development, providing low-interest loans for locally-owned businesses, establishing community land trusts, supporting community development financial institutions, and prioritizing local ownership over corporate subsidies. Programs funded within $1.025 billion budget, focusing on West Louisville and underserved areas.