One of six future scenarios for the collaborative economy
Local economies become increasingly self-sufficient and autonomous, drawing demand away from national and international markets. Alternative currency/time bank hybrids become the primary means of exchange within local communities. More people have a stake in local collaborative economy initiatives, thanks to a rise in community-owned assets and increased local employment. Unemployment falls and fewer needs go unmet within local communities.
Local councils connect with collaborative platforms to sweat their own assets (e.g. office space, car fleets). These schemes supplement local budgets and unlock new resources and non-financial value for communities. With reduced budgets and rising demand, local governments also begin to incorporate and experiment with collaborative models of service provision.
Local residents become directly involved in informing local priorities and budgets through crowdsourcing. Local councils and residents also realise more initiatives and projects through crowdfunding schemes. People can opt to pay tax by contributing time, goods, skills and knowledge that meet local demands.