Michael Shuman (US), a leading global expert on local economics, visited Adelaide in May 2023 under the auspices of Green Industries SA, the state’s lead agency for circular economy.
Reworking our take-make-waste linear economy and turning it into a circle means keeping materials in circulation longer, and designing out waste. As we aim to address intertwined social and environmental challenges, this transition also has to be inclusive with respect to the relationship of the circular economy to work, jobs, value and wealth.
Shuman describes his approach to economic development as one which ‘emphasises locally owned business, community self-reliance, high labour and environmental standards, and self-financing economic-development programs’.
State government policymakers from Department of the Premier and Cabinet, Department of Treasury and Finance, Department of Human Services and Department for Industry, Innovation and Science came to hear Shuman’s key message, informed by numerous studies and examples – that economic localisation can be the engine of prosperity, meaningful work, circularity and social inclusion.
This approach includes:
• maximising local ownership
• increasing the diversity of businesses to achieve a greater multiplier effect
• creating an entrepreneurial ecosystem by adopting a ‘local-first’ approach
• facilitating a local investment ecosystem to mindfully connect businesses with investors.
Shuman also met with social enterprise sector leaders, philanthropic sector leaders, economic development professionals from local government, local government authorities and business community of Victor Harbor as part of a Circular Economy Forum. He was the special guest at a session with Business SA’s 1839 group, and the newly formed ThirtyNiners, South Australian business leaders under the age of 40, recently convened by Business SA.
Shuman also delivered a national online presentation with CEDA (Committee for Economic Development Australia) and an in person session with the EDA (Economic Development Association) South Australian branch.
Shuman’s expertise on fostering and revitalising local economies is invaluable for States, municipalities, and businesses, particularly in the wake of the pandemic and disaster recovery.
About Michael Shuman
A Stanford educated economist and attorney, Shuman is an Adjunct Professor with Bard Business School in New York City, where he teaches as part of the Green MBA Program. He is also a Senior Economic Researcher for Council Fire, where he performs economic-development analyses for states, local governments, and businesses around North America, designing and promoting economic development grounded in local ownership, self-reliance, high social standards, and entrepreneurship.
Shuman is credited with being one of the architects of the JOBS Act, signed into law by President Obama in April 2012, and dozens of state laws overhauling securities regulation of crowdfunding, effectively legalising local investment.
In mid-2021, he began publishing ‘The Main Street Journal’ which aims to expand the audience, reach, and power of the emerging local investment movement worldwide, seeking to catalyse trillions from Wall Street to Main Street.
