Wealth Creation

A New Framework for Rural Economic and Community Development

By: Shanna E. Ratner

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eText | 6 November 2019 | Edition Number 1

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A new approach to rural development is emerging. Instead of being about attracting companies that might create jobs over which communities have no control, the emerging paradigm is about connecting the unique underutilized assets of place with market opportunity to grow assets that are owned and controlled by and for the benefit of low-wealth people and places. But asset development is about more than bricks and mortar or narrowly defined financial assets. There are many kinds of assets that communities require to thrive - such as social capital, natural capital, political capital, and intellectual capital. The emerging new approach to rural development is, then about broadening the definition of "wealth," engaging underutilized assets, and a key third element: harnessing the power of the market - rather than relying solely on philanthropy and government. Wealth Creation provides a conceptual guide with practical examples for policymakers, practitioners of economic and community development, community organizers, environmentalists, funders, investors, and corporations seeking a values-based framework for identifying self-interests across sectors that can lead to opportunities to transform existing systems for the collective good.