The Economic Case for Local Currency

In Small Town Decline: 1920s & the Rise of Chain Stores, I wrote about how locally owned shops keep on average 3.7 times more money in the local economy than their chain store counterparts, an important benefit to be encouraged and supported. But as compelling as this number is, our family finds that on a practical level backing up our localist principles with our wallets is not always easy. Why? Well, as with most families, the Golbabais operate within a fairly strict budget. From groceries, to clothes, to books and entertainment – the very reason chains, and now the Internet, have been so successful is that they are able to, in reality or simply in perception, offer cheaper prices than the local competition. Yet patronizing these chains in lieu of local stores in the long term leads to poorer, clone towns. Continue reading

Store Brands to Cover Bands: The Lost Art of Local Imitation

imageI blame Michael Pollan. Not too long ago my wife and I both read his excellent book, The Omnivore’s Dilemma, and our food consumption hasn’t been the same since. We started thinking more about what we were eating and shopped for foods with simpler ingredients, less processing, and fewer artificial sweeteners and preservatives. One of our favorite new finds was an incredibly delicious loaf of bread with the simplest of ingredients – wheat, yeast, honey, water, and salt – that’s it! It was so good in fact that we initially ignored the $6 price tag as the price of shopping with our values.  As we kept eating and our grocery bill kept growing, however, we started thinking of alternatives. Continue reading