Regardless of your local or national economic situation, many people wonder what they can do help bolster regional economic growth. Most major economic change is based on the actions of major corporations and government actors, but there are some things you can do to champion a better economy. Start by investing in your local economy, where you can support businesses and jobs by switching to local shops and services. You can also help foster greater change by advocating for economic policy reform in your area, and keeping yourself and your community educated about the latest economic trends.
Steps
Method 1
Method 1 of 3:
Investing in Your Local Economy
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Purchase from local, small businesses. Purchasing from big-box and non-locally owned stores filters your money out of your local economy. Keep money circulating around your local economy by shopping from locally-owned companies whenever possible. [1] X Research source
- Some easy changes to make include going to local mechanics instead of dealerships, and a local bookstore instead of an online retailer.
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Shop for products made in your area or country. In addition to shopping at locally-owned stores, look for products made in your area or country. If, for example, your local grocery store sells an olive oil made abroad and one made by a local farm, opt for the local oil. For products that may not be made directly in your area, such as clothing or cars, look for ones that are made in your country. [2] X Research sourceAdvertisement
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Bank with local banks and credit unions. Small banks and credit unions are generally more mindful with your money and invest directly in your community. [3] X Research source They also tend to be more flexible in supporting loans for small, local businesses. Work with a local bank or credit union rather than a megabank to not only support local jobs but also to support investment in your local community. [4] X Research source
- In addition to being beneficial for your local economy, local banks often offer the same services with lower fees attached.
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Eat local foods at home and at restaurants. Locally-owned grocery stores and farmers markets are great places to get food made, shipped, and stocked by people in your area. Shop at farmers markets when you can, and look for locally-sourced products at the grocery store. When you go out to eat, choose local restaurants instead of large chains. [5] X Research source
- There are often locally owned restaurants at a variety of prices. You can replace your fast food habit with local options and not have to shoulder too great a price increase.
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Method 2
Method 2 of 3:
Advocating for Policy Change
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Research the economic situation in your area. Economic strengths and weaknesses vary greatly from city to city and country to country. Narrow down which economic market you want to help change, and start researching the economic situation in that area. Websites for local or national agencies are a good place to start. [6] X Research source
- If you live in a major US city, for example, you can check on your alderman's website to see what issues are impacting your neighborhood. You can also check websites from your mayor, your district representative, or your area's parliament member.
- You can also go to talks, lectures, or seminars regarding economic challenges in your area. Check with spaces such as local colleges and universities, libraries, and community centers to see if they will be hosting a discussion regarding this topic in the near future.
- No matter where you are, there will be a number of ideas about what will be best for your local economy. Some of these ideas may conflict. That is why it is important to do thorough research and consider multiple arguments.
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Contact your local lawmakers. Once you have your concerns researched and prioritized, reach out to your local lawmakers. In most communities, your representatives are charged with advocating for the people that live in their area. Call and write to their offices to let them know what policy changes you want to see enacted to help improve your area’s economy. [7] X Research source
- Some potential concerns that can be addressed on a city or regional level include issues such as minimum wage, support programs for small businesses, local immigration policy, social support programs, and public works projects.
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Advocate in your community. After you let your lawmakers know your concerns, reach out into your community. You can start a petition, organize a letter writing campaign, or set up a phone bank to help members of your community reach out to local policy makers and express their concerns and desired solutions for local economic issues. [8] X Research source
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Advocate extra hard during policy windows. It’s important to let local lawmakers know what matters to you regularly, but it's especially effective during policy windows. Windows come up when there is a chance to schedule policy change. These may include planned events like elections or budget cycles, as well unplanned events like disasters or revolutions.Advertisement
Method 3
Method 3 of 3:
Educate Yourself and Your Community
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Keep yourself abreast of local, national, and international economic issues. Economic issues are constantly changing. Make sure you have the most up-to-date information by reading or watching multiple news sources, including those from political stances different than yours. This helps you best understand the current economic issues and best courses of action to respond to them.
- Certain news aggregates will allow you to set up alerts, such as Google Alerts, to let you know when new news is published regarding a certain topic. If, for example, you are interested in a local election, you can set an alert for “Peoria, IL election 2018.” [9] X Research source
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Organize local speaking events. Help keep your community informed and engaged by bringing in experts local economic issues to speak at your community centers. Think about what issues are most relevant to your area, and talk to regionally-knowledgeable experts about setting up events where they can connect with your community. [10] X Research source
- If, for example, you want to champion eating locally, talk to a local chef about doing a cooking demo at the farmer’s market using locally-grown and produced ingredients.
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Volunteer in your community. If you have time available, try volunteering for local organizations such as pet shelters, food pantries, or other non-profit organizations. Volunteer work helps contribute to your local economy in two ways:
- First, it allows you to offer for free services that are typically paid. This frees up money in communities that are often underserved or underprivileged to invest in themselves.
- Second, it keeps you in touch with the economic interests of your community. By seeing where volunteers are needed and speaking with others in your area, you can better inform yourself about what others in your area value.
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Community Q&A
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QuestionHow do entrepreneurs boost the economy of a country by paying taxes?Community AnswerThey give the state more money to use, thus more money to support (potentially) economy boosting plans. However, if the taxes are too high this can backfire, as the entrepreneurs might initiate cost-saving measures like laying off employees, or even moving their business overseas.
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QuestionWhat are some ways to make the economy stronger?Allan 'Big Al' ConnollyCommunity AnswerGrow and sell food locally to boost the circular economy of a community. Sell it at Farmers Markets or community co-ops. Whatever you can do to keep money flowing locally will strengthen your economy and help people to help themselves more.
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References
- ↑ https://www.entrepreneur.com/leadership/6-benefits-for-you-and-your-community-from-supporting-local/244839
- ↑ https://www.nytimes.com/roomfordebate/2011/08/04/can-manufacturing-fuel-a-us-recovery/why-buying-american-can-save-the-us-economy
- ↑ https://banklocal.info/
- ↑ https://banklocal.info/why-bank-local
- ↑ https://www.entrepreneur.com/leadership/6-benefits-for-you-and-your-community-from-supporting-local/244839
- ↑ https://prosperitynow.org/putting-prosperity-within-reach-how-do-i-advocate-for-policy-change
- ↑ https://prosperitynow.org/putting-prosperity-within-reach-how-do-i-advocate-for-policy-change
- ↑ https://prosperitynow.org/putting-prosperity-within-reach-how-do-i-advocate-for-policy-change
- ↑ https://www.google.com/alerts
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