With the ‘Preston Model’ being talked about more and more, people have been asking what it’s all about. Basically, it’s an innovative economic strategy based on the idea of community wealth building. The approach originated in the States in Cleveland, Ohio, and is now being enthusiastically developed in Lancashire.
Those of us who support the Labour Party have long since understood that it’s not possible to solve the problems created by the neoliberal capitalism of the Tories with the same old thinking that broke our economy in the first place. It is therefore very inspiring to read about the encouraging successes of Preston’s ‘municipal socialism’.
The video explains the basics of the model whilst Aditya Chakrabortty and Sophie Zeldin-O’Neill have both written informative pieces about it in the Guardian newspaper. If you’d like to dig a bit deeper, the Cooperative Party have published an excellent booklet by Anna Birley entitled, ‘6 Steps to Build Community Wealth’ (see https://party.coop/publication/6-steps-to-build-community-wealth/ ) and the Centre for Local Economic Strategies, who have worked on the Preston Model, have produced Community Wealth Building Through Anchor Institutions which is also well worth a read.