Glossary of terms
Community Wealth Building
A systems approach to economic development that creates an inclusive, sustainable economy built on locally rooted and broadly held ownership. This framework calls for developing place-based assets of many kinds, working collaboratively, tapping large sources of demand, and fostering economic institutions and ecosystems of support for enterprises rooted in the community. The aim is to create a new system that enables inclusive enterprises and communities to thrive and helps families increase economic security. (from Anchor Collaboratives: Building Bridges With Place-Based Partnerships and Anchor Institutions)
Involves opportunities for work that is productive and delivers a fair income, security in the workplace and social protection for families, better prospects for personal development and social integration, freedom for people to express their concerns, organize and participate in the decisions that affect their lives and equality of opportunity and treatment for all women and men. (from the International Labour Organization)
An economy that is built to create more economic inclusion, decent work, and increase the diversity of economic/ownership models within the economy. Inclusive economy strategies involve using community wealth building strategies but also involves a focus on policy and the social safety net as important areas of economic transformation and integration.
Non-profit, public, or community-owned entities such as universities and hospitals that are rooted in their local community by mission, invested capital, or relationships to customers, employees, residents and vendors. Anchor institutions have an ability to engage in long-term planning in a manner that aligns their institutional interests with those of their local communities. They have both ability and motivation to play a key role in improving the long-term wellbeing of the communities they serve by better aligning and deploying their institutional resources - such as hiring, purchasing, investment - with the needs of those communities. (from Anchor Collaboratives: Building Bridges With Place-Based Partnerships and Anchor Institutions, Democracy Collaborative)
Generally consist of a network of place-based anchor institutions that join together to develop, implement, and support shared goals and initiatives that advance equitable and inclusive economic development strategies. Through collaboratives, anchors can share best practices, collaborate, and plan interventions that accelerate their shared agenda. (from Anchor Collaboratives: Building Bridges With Place-Based Partnerships and Anchor Institutions, Democracy Collaborative)
Community Benefit Agreements
A way to increase the social impact of funds spent by the government or other institutions. By aligning spending with broader social and policy objectives, it’s possible to create benefits for local communities — and in particular, for the communities that have been hit the hardest by economic troubles. They enable a more strategic approach to procurement, where it is linked to poverty reduction, economic development, affordable housing, and environmental sustainability goals (from Making Community Benefits a Reality in Ontario, Atkinson Foundation).
Community wealth building
Social procurement: part of the COVID-19 recovery