Editing Community-based economics (section)

{{Short description|Economic theories that favor localism}}
{{More citations needed|date=May 2022}}
{{Economic systems sidebar}}
'''Community-based economics''' or '''community economics''' is an economic system that encourages '''local substitution'''. It is similar to the [[lifeway]]s of those practicing [[voluntary simplicity]], including traditional [[Mennonite]], [[Amish]], and modern [[eco-village]] communities. It is also a subject in [[urban economics]], related to [[moral purchasing]] and [[local purchasing]].<ref>{{cite book |last1=Newman |first1=Lynda Henry |title=Community economic development : an approach for urban-based economies |date=1986 |publisher=Institute of Urban Studies |location=[Winnipeg, Man., Canada] |isbn=0-920213-11-1}}</ref>

The community-based economy can refer to the various initiatives coordinated through multiple forms of interactions. These interactions may involve some form of work performance; project participation; and/or relationship exchange. The forms of interaction can exclude the need to contract; can do away with the need to include some form of monetisation; as well as be free from the need to establish a structure of hierarchy. Community-based economies have been seen to involve aspects of social bonding; value promotion; and establishing community-orientated social goals.<ref name="daudigeos">{{cite journal |last1=Acquier |first1=Aurélien |last2=Daudigeos |first2=Thibault |last3=Pinkse |first3=Jonatan |title=Promises and paradoxes of the sharing economy: An organizing framework |journal=Technological Forecasting and Social Change |date=2017 |volume=126 |pages=1–10 |doi=10.1016/j.techfore.2017.07.006 |url=https://www.sciencedirect.com/science/article/pii/S0040162517309101}}</ref>

It has been suggested that communities that meet their own needs need the global economy less. [[Socioeconomics|"Local-economy theory"]] introduces insights 
into new economic development that honours ecological realities and finds efficiencies in small-scale, shared knowledge at the community level.<ref name="perkins">{{cite journal |last1=Perkins |first1=Patricia |title=Social Diversity, Globalization and Sustainability in Community-Based Economics |journal=Canadian Woman Studies |date=2003 |volume=23}}</ref>

Community-based economies have been seen to focus on the idea that the “local community should be the focal point of development”. In addition, resources and skills which are sourced locally are seen to play a pivotal role in the community.<ref name="hill">{{cite journal |last1=Hill |first1=T R |last2=Nel |first2=E L |last3=Illgner |first3=P |title=Partnership for Success—Community-Based Economic Development: A Case Study of Ngolowindo Cooperative, Malawi |journal=Environment and Planning C: Government and Policy |date=2007 |volume=25 |issue=4 |pages=573–590 |doi=10.1068/c8p |s2cid=153414635 |url=https://journals.sagepub.com/doi/10.1068/c8p|url-access=subscription }}</ref> A community economies approach is interested in diverse activities that contribute to the well-being of both people and the planet. Such actions seek to help people survive well; produce and distribute surplus; transact goods and services more fairly; and invest in ways to support a better future. A community economies approach involves identifying and acknowledging the economic activities that contribute to the well-being of people and the planet and considers ways that these activities may strengthen and multiply. Community-based economics starts by acknowledging the local context and valuing the diverse economic activities and possibilities already present.<ref name="lyne">{{cite book |last1=Cameron |first1=Jenny |last2=Lyne |first2=Isaac |title=Community economies |date=2022 |publisher=Routledge |isbn=9781003017653 |edition=1st}}</ref>

In the [[Philippines]], the [http://jengauganda.org/ Jenga Community Partnering Project] involved working with groups of community members to build on existing individual and community assets. Community economies researchers point out that the 'community' in community economies is not about pre-existing communities (such as those based on a shared identity or location). Instead, the community is a process of being with others, including the world around.<ref name="lyne" />