Life is different everywhere—it is determined by the context of a unique culture and a unique geography. The same goes for economies. Local economies are unique to their contexts, says John Fullerton, founder and president of Capital Institute.
“[I]magine if you thought about human economic development from a place-based perspective,” says Fullerton. “You would have, instead of a global corporation like Apple, thought of as a single thing, you would have Apple’s manufacturing plant in China as part of the Chinese bioregional economy.”
The pressure on the current global economy will cause it to shift and evolve into a healthier state of community-based economic development.