While we’ve been championing local investing here in Oregon, Amy Cortese has been giving voice to this movement across the nation. She describes it as a “revolution going on under the radar.”
Amy is an author, speaker, and frequent contributor to The New York Times, and one of the nation’s thought leaders on crowdfunding. When Wall Street’s corruption and shortcomings were unveiled to the public in the 2008 financial crisis, Amy documented the populist shift away from multinationals investing. She studied communities across the nation and coined the term “locavesting” to describe this movement. Her groundbreaking book, Locavesting, explores the rise of community investing and the problems with the current financial sector. She explains that “The financial sector is doing a lousy job of allocating capital to productive use – when 99% of all the money flying around the stock market goes to trading and speculation, and an ever shrinking fraction goes to funding companies, that is a problem.” Amy lays out an alternative system in which individual community members invest in and profit from innovative, job-creating, local enterprises.
Amy makes the case for the profitability and effectiveness of local investing—a topic she continues to cover in depth at Locavesting.com. She believes it “has the potential to address some of the most pressing challenges we face as a society, like inequality and lack of economic opportunity.” At ComCap16 she will share the latest developments in community-based capital and what the future holds.
“The financial sector is doing a lousy job of allocating capital to productive use – when 99% of all the money flying around the stock market goes to trading and speculation, and an ever shrinking fraction goes to funding companies, that is a problem.” —Amy Cortese