The Economy of Place: A Conversation with Zita Cobb
Sep 21, 2023
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Zita Cobb, co-founder of Shorefast (Fogo Island, Nfld&Lab), discusses the importance of nurturing local economies and the challenges faced by rural communities. The podcast explores the mismatch between institutional constructs and current needs, the consequences of optimization, the significance of Main Streets and local economies, and the importance of attachment to place. It concludes with a focus on fostering local economies and the relevance of the discussions to all communities in Canada.
Institutions should adapt to the specific needs and circumstances of local communities, fostering coordination and collaboration across different institutions and jurisdictions.
The economy should be brought closer to individuals and tailored to the characteristics and needs of different places, promoting economic strength and well-being.
Deep dives
The Importance of Place Management and Reconciling Institutions
The podcast episode discusses the importance of reconciling the management of institutions with place management. The speaker emphasizes the need to understand how institutions can better serve the places where they exist. This involves reevaluating the purpose and function of formal institutions such as government departments, airlines, hospitals, and universities. The episode highlights the importance of adapting these institutions to be more responsive to the specific needs and circumstances of the local communities they serve, rather than focusing solely on internal efficiency or universal standards. It also emphasizes the mismatch that can occur when decisions made within institutions, such as airline and ferry schedules, do not align due to separate responsibilities and jurisdiction. The episode argues the necessity of fostering coordination and collaboration across different institutions and jurisdictions to support local economies and promote overall economic momentum in a place.
Understanding the Economy as a Connective Tissue
The conversation delves into the concept of the economy as the connective tissue of a country. The speaker suggests that the economy is not a distant or remote concept but something that directly affects individuals in their everyday lives. They emphasize the need to bring the economy closer to individuals and cultivate an understanding of how it works in different places and scales. The episode explores the connection between the economy and various stakeholders, highlighting that everyone is an economic actor in some way. The focus is on making economic systems more responsive to the specific characteristics and needs of individual places, rather than relying on standardized approaches or a one-size-fits-all model. The goal is to create a coordinated dance between the local, regional, and global economies, allowing them to contribute to the overall strength and well-being of a country.
Reimagining Economic Policy and Fostering Local Economies
The episode challenges traditional economic policy that often prioritizes sectors over the unique characteristics of individual places. It emphasizes that every place is different and requires policies and strategies that consider its distinct culture, language, and values. The conversation acknowledges the importance of sectors but raises the need to shift the focus from sector-based policy to a more place-based approach. The speaker argues that fostering local economies and developing local assets should be a central goal. The episode highlights the potential for economic innovation in smaller businesses and the role of entrepreneurship in revitalizing communities. It also touches on the implications of globalized systems, such as food sourcing and real estate investment, and emphasizes the importance of maintaining local connections and supporting local businesses.
The Role of Tourism in Community-Based Economies
The podcast explores the role of tourism as an export industry that can bring financial capital into a place and benefit local communities. The episode emphasizes the importance of keeping the scale of tourism appropriate to the size of the place to avoid negative impacts. It highlights the need for a community-based approach to tourism, where local people benefit from trading on their local assets and cultural richness. The speaker notes that tourism can provide a unique perspective and awareness of the importance of geography and place. When visitors leave, they are likely to take away an understanding of the significance of their own local surroundings and the importance of supporting local businesses and communities.
In the first in a special series leading up to the Canadian Urban Institute's upcoming 'At the Crossroads' conference, CityTalk host Mary Rowe resumes her ongoing conversation with Zita Cobb, co-founder of Shorefast (Fogo Island, Nfld&Lab) on the growing importance and value of nurturing local economies to serve and sustain everyone in the community, urban or rural.
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