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.
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