A local economic development approach that tries to keep wealth circulating in a place through local ownership, finance, fair employment, progressive procurement and community use of land, usually led by anchor institutions.
In more detail
CLES dates its emergence to 2006 and describes five strategies: plural ownership of the economy; making financial power work for local places; fair employment and just labour markets; progressive procurement; and socially productive use of land and property. It has been applied in Preston and Cleveland (Evergreen Cooperatives). Demos (2019) found the evidence for localist procurement too thin to be conclusive, while supporting anchor institutions and worker cooperatives on their own terms.