Inderscience Publishers

The credit crisis: a golden opportunity to extend localisation and stimulate genuinely sustainable local economic development

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Courtesy of Inderscience Publishers

The credit crisis and associated economic instability continues to cause great anxiety; and even after two years there appears little appetite to talk in terms of the 'green shoots of recovery' (Woodcock, 2009; Nelson, 2011). Nevertheless, this crisis is clearly illuminating the inequitable and unsustainable ideologies of our economic system ? and this is a rare opportunity which should be grasped by those who wish to promote alternative business and economic models. This paper draws upon findings from recent front-line research by 'Localise West Midlands' and argues that the two main commercial practices that caused the credit crisis ? the rapid expansion of business opportunity and the spreading of risk ? can be diverted to become the economic solution for producing more resilient, sustainable communities based on a localised model of productive economy.

Keywords: green economics, credit crisis, ideologies, localisation, social construction, risk, banking, securitisation, sustainability, capitalism, local living economy, economic development, local development

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