Local purchasing

Local purchasing is a preference to buy locally produced goods and services over those produced farther away. It is very often abbreviated as a positive goal, "buy local", that parallels the phrase "think globally, act locally", common in green politics.

On the national level, the equivalent of local purchasing is import substitution, the deliberate industrial policy or agricultural policy of replacing goods or services produced on the far side of a national border with those produced on the near side, i.e., in the same country or trade bloc.

Historically, there have been so many incentives to buy locally that no one had to make any kind of point to do so, but with current market conditions, it is often cheaper to buy distantly produced goods, despite the added costs in terms of packaging, transport, inspection, retail facilities, etc. As such, one must now often take explicit action if one wants to purchase locally produced goods.

These market conditions are based on externalized costs, argues local economy advocates. Examples of externalized costs include the price of war, asthma, or climate change, which are not typically included in the cost of a gallon of fuel, for instance. Most advocates for local economics address contracting and investment, as well as purchasing.

Local Economy (journal)

Local Economy is a peer-reviewed academic journal publishing papers on local economic development. The journal is published by SAGE Publications in association with the Local Economy Policy Unit (London South Bank University). The editor-in-chief is Andrew Jones (London South Bank University). The journal was established in 1986 and is currently published 8 times per year.

Abstracting and indexing

Local Economy is abstracted and indexed in the Association of Business Schools' Academic Journal Quality Guide, Research Papers in Economics, and Scopus.

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