Elm Street Economy

AAA

DEFINITION of 'Elm Street Economy'

The Elm Street economy is a contemporary economic movement that encourages self-sufficiency on a regional, city-wide or neighborhood-wide basis. The movement rejects globalization and promotes many alternative ideas instead, including renewable energy, decreasing personal consumption, and the use of alternative means of exchange, such as bartering.


The Elm Street economy postulates that an increasingly complex and globalized economy is inherently unstable, and that greater economic security and well-being can be achieved through eliminating economic dependence on others outside of a local community.

INVESTOPEDIA EXPLAINS 'Elm Street Economy'

The term Elm Street is derived as an alternative to the usual Main Street/Wall Street economic dichotomy. Elm Street is meant to symbolize an economy focused on the residential neighborhood as an economic unit. This is in contrast to Main Street, which (as used by Elm Street promoters) is meant to symbolize large corporate interests, and Wall Street which symbolizes global finance. It is unclear how prevalent the Elm Street economy is currently in use as a total system. Rather, the movement is perhaps best understood as a patchwork of the Green movement, urban homesteading, buy local initiatives and the new frugality movement.

RELATED TERMS
  1. Quality Of Life

    A highly subjective measure of happiness that is an important ...
  2. Voluntary Simplicity

    A lifestyle that minimizes consumption and the pursuit of wealth ...
  3. Downshifting

    The act of reducing one's standard of living for an improved ...
  4. Economy

    The large set of inter-related economic production and consumption ...
  5. Globalization

    The tendency of investment funds and businesses to move beyond ...
  6. Peer-to-Peer (P2P) Service

    A Peer-to-Peer, or P2P, Service is a decentralized platform whereby ...
Related Articles
  1. Personal Finance

    What Is International Trade?

    Everyone's talking about globalization, so we explain what is it and why some oppose it.
  2. Economics

    Globalization: Progress Or Profiteering?

    Proponents of globalization argue that it helps the economies of developing nations and makes goods cheaper, while critics say that globalization reduces domestic jobs and exploits foreign workers. ...
  3. Mutual Funds & ETFs

    Change The World One Investment At A Time

    Socially responsible investing allows you to express your political views in an unlikely way.
  4. Home & Auto

    A Solar-Powered Home: Will It Pay Off?

    Outfitting your home with solar power can be a long-term investment, or just a step toward greener living.
  5. Economics

    What Does It Mean To Be Green?

    Green investing is the new buzz word for companies and investors. Find out what it means.
  6. Budgeting

    Downshift To Simplify Your Life

    Learn how to ditch the rat race with voluntary simple living.
  7. Options & Futures

    The Biofuels Debate Heats Up

    Interest in these new energy sources is growing. Should you buy in?
  8. Personal Finance

    Building Green For Your House And Wallet

    The earth-smart money is on these environmentally friendly housing projects.
  9. Economics

    How does macroeconomics explain "stagflation"?

    Learn about stagflation: a macroeconomic term used to describe economic turmoil. It is a time of serious inflation, slow economic growth and high unemployment.
  10. Economics

    What's a Command Economy?

    A command economy is one where the government controls the economy, acting as the central planner, dictating production quotas and distribution levels, and setting prices. Such economies exist ...

You May Also Like

Hot Definitions
  1. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  2. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  3. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  4. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  5. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  6. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
Trading Center