Policy recommendations from the New Economics Institute:
"In its report "The Great Transition" our London partners at the New Economics Foundation (neweconomics.org) include a relocalization of production as essential to a balanced economy.
"This process [of rebalancing] is central to the ideas set out in the Great Localization. Here we argue for an expanded concept of 'subsidiarity' – the idea that decisions are best taken at as local a scale as possible. This is enshrined in the principle, if not always the practice, of the European Union with regard to political participation and decision-making, which needs to be made more genuinely participatory and democratic but also more meaningful. By this we mean moving real power away from the center to devolved democratic bodies and giving local people a real say in how this power is exercised. The principle of subsidiarity should also apply to the private sector. Redefining 'efficiency' beyond its narrow economic focus, we suggest a more rounded view, where the impact on the social fabric of cities, towns and rural areas is important when considering issues such as the production of goods and services. Exploring the question of what things are best produced locally, regionally, nationally and internationally, we suggest some criteria that might help in this judgment and make the case for greater local self-sufficiency in some areas, combined with regional, national and international trade in others. Big is clearly not always 'best' but neither, necessarily, is small. What we need is appropriate scale and, crucially, a clear means of deciding what this should be." (http://neweconomicsinstitute.org/content/great-localization)
To read the full report go to: http://neweconomicsinstitute.org/content/nef-publications