Deployment and development of community wealth building in Canadian mid-sized cities

Abstract

Abstract In the early 2000s, community wealth building (CWB) emerged as a renewed approach to local economic development. By design, CWB aims to democratize economies by harnessing the power of local assets and keeping wealth circulating in communities. Grounded in the principles of local ownership, and leveraging the purchasing power of anchor institutions, CWB seeks to combat wealth extraction to build a more sustainable and equitable economy. Where cities around the world, from Preston to Cleveland, are experimenting with this model, less is known about CWB in the Canadian context. As such, this research aims to better understand the barriers and facilitators to implementing CWB approaches in four Canadian mid-sized cities. This research is framed through an inclusive economy lens that advocates for the inclusion of local actors, community groups, and non-profits in building their economies. This approach resonates with the mid-sized city scholarship that supports the involvement of non-traditional actors in city-building. This research represents the first exploration of CWB in four Ontario mid-sized cities and offers insights into the strategies that local leaders are using to address challenges and build their economies. Findings from this research highlight the importance of community involvement, the value of local champions, and the importance of cross-sector collaborations. Despite the range of CWB initiatives happening across these Canadian mid-sized cities, this research finds that CWB projects remain on the margins of mainstream economic development policy and practice and advances the importance of more awareness of CWB.