Richmond made history last spring when Mayor Jones established the nation's first-ever Office of Community Wealth Building to take up the charge of implementing a comprehensive poverty reduction plan for the City.
The term "Community Wealth Building" is both symbolic and substantive. Symbolically, it is intended to show we are taking a positive approach aimed at the uplift and empowerment of individuals and communities, building on assets, resources, and potential already present.
But what does "community wealth building" mean, in substantive terms?
It might help to take the three key words one at a time.
First, community. Community has a lot of different possible meanings; here we are concerned with just two. First, it is used to indicate that we care not just about a few but about everyone. In a just community, no one is left out or left behind. Second, it refers to particular places -- neighborhoods, districts, even entire cities.
This is significant for our efforts because our goal is not merely to build pathways out of poverty for a few individuals while leaving neighborhoods unchanged. Neighborhoods are the contexts that shape life and life chances for families and children. We aspire to a Richmond in which people don't necessarily have to move to enjoy a better quality-of-life, but can choose (if they wish) to prosper in place while having access to quality education, public amenities, good housing, and mobility.
Second, wealth. In economic terms, wealth means accumulated savings. Access to wealth opens a lot of doors in our society-
- to college, to the opportunity to buy a home, the opportunity to start a business or invest in one. It also provides a buffer in economic downturns. But many Americans have few, zero, or even negative net assets -- meaning that any misstep or stroke of misfortune can catapult one into poverty. Building wealth is what ultimately, in economic terms, will allow families and households to escape poverty not just for a few months or years but in a lasting way.
But there is more to wealth than just money: we are concerned with the development of all forms of capital in a community
-- physical capital (built assets), human capital (talents and abilities), social capital (connections and support structures), as well as financial capital (individual savings, business ownership, investment capital). A thriving community has each of these forms of capital in abundance.
Third, building. This isn't just included to make for a nice turn of phrase. Rather the word indicates that the changes and improvements we seek are a process -- and always will be a process. Even if we could wave a magic wand and achieve our boldest aspirations overnight -- sadly, we cannot -- we would still need to work at continuing the process of community wealth building for the next generation. Since we don't have a magic wand, what we have in front of us as a community is a process that requires a lot of hard work, patience, and perspiration.
This does not mean we need wait forever for important, tangible progress, which may come in both small and big steps. It does mean that building community wealth in our low-income neighborhoods and across the city is going to take time, resources, and the contributions of the entire community. It is the privilege and responsibility of this Office to help catalyze that work going forward.
