Building A Better Local Economy

BIL: Oakland 2016 Recession Generation was an Earthsharing.org conference in Oakland, California on July 9th, 2016. The ‘Building a better local economy’ panel brought together experts and activists across a range of fields to discuss the future of building communities using technology and compassionate organizing.

The speakers were:

  • Gustavo Aguirre, Director of Organizing with The Center on Race, Poverty & the Environment
  • Aaron Fernando and Mike Lomuto from Bay Bucks, which promotes and facilitates a local currency in the Bay Area
  • Chelsea Rustrum, co-author of ‘It’s a Shareable Life’, consultant and speaker on the sharing economy.

Rustrum spoke about the tremendous changes that had been brought about by websites like Couchsurfing, AirBnB, Uber and Craiglist. Many technologies like Open Source and Creative Commons were taking sharing beyond the profit motive, however, and this was a trend that seemed likely to continue, she said. “Technology is great but who is actually creating the value for these things?”

Bay Bucks’ Fernando spoke about the need to reform our system of money, by which 80 percent of people end up worse off because of interest. Local currencies that keep value circulating within communities were hugely beneficial, and Bay Bucks was driving a movement of interest-free value exchange between businesses.

“When you spend locally, only about 32 percent leaves the local area, whereas when you spend big bucks or chain stores, about 57 percent of it goes away. It is very difficult to keep 100 percent of all spending locally because you have things like taxes…but in general, spending locally keeps that wealth generated by the community within the community.”

Watch the full panel discussion below:

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Featured photo: wuestenigel Mercado dos Lavradores in Funchal via photopin (license)

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