Economies do well if they export as much as possible to bring in foreign currencies. They do even better if they can produce locally and reduce their net imports. When the rate of export to imports scales majorly to the export side, an economy is considered to thrive. It means that citizens of such a country are actively participating in the economy and that dependency rates are minimized. Inflation is unlikely to occur as much, and people’s living standards are considered to be high. Americans are advised by economists, politicians and other prominent players of the general American fiscal health to buy locally to enjoy the benefits of a strong economy.
How do purchasing localized goods and services influence your living standard?
People all over the world have to spend money whether they are in economist or capitalist economies. When we spend our money on local entrepreneurs, we empower them to expand. More homeland employment opportunities are created as a result (http://www.ilsr.org/key-studies-walmart-and-bigbox-retail/). These employment opportunities empower people to spend at our businesses, reduce the number of dependents depending on us or on our providers and reduce desperation that causes theft. A resultant positive environmental growth comes about, and more people feel less afraid to invest causing, even more creation of jobs.
The world is becoming homogenized exponentially and having unique ideas or processes will be a thing of value in tomorrow’s world. Buying from our local communities will ensure the preservation of these special businesses ensuring they operate profitably and enabling them to offer low-cost services. The local community gains unique character as a result. Keeping the community unique makes it an attractive tourist destination. Tourism, local or foreign always translates to the good fiscal health of locals.
By buying local goods, transportation costs are drastically cut. Transported goods reflect the transportation costs in their prices. Transporting goods also require a lot of fuel combustion and eventual air pollution that degrades the local environment.
Community groups do so much for the well-being of our societies. They operate in non-profit fashions. Local businesses, according to government reports, contribute to support groups two and a half more times than foreigners or big-box businesses do. Strong businesses that are locally owned lead to the growth of significantly advanced town centers and make locals connect powerfully and purposefully. Economic ties of business are strengthened by existing social ties that local businesses have with local people. The empowerment allows locals to be in control of what happens to their towns and businesses. They acquire the power to suction significant state or national decisions that are perceived as oppressive. Local law firms have this idea in mind and every attorney makes sure to advise local businesses accordingly in such matters.
Buying from local businesses keeps dollars in the local economy. Having money presents a lot of power. When dollars are recycled in the active marketplace, they perform for the local economy directly. That way, no single dollar sleeps or performs for foreigners by only existing as the value in products. More investments are made by production of items or services further attracting more dollars into that local economy.
Tax Dollars at Work
Local businesses also pay taxes to the same governments that are charged with providing quality lives for us. When we buy from these enterprises, we make our local governments more endowed than they already are. They, therefore, become more capable of providing sound health services, constructing and maintaining roads, provide more effective security services and employ more civil servants.
Anthony is an avid blogger from Tulsa, Oklahoma who is passionate about encouraging healthy family values for all communities while working with the Gorospe & Smith Tulsa Divorce Law Firm in his own community.