In her essay, Buddhism in a Global Economy, Helena Norberg-Hodge suggests several advantages of smaller scale economies, referred to as local living economies in the sustainability community. These are consumption and growth economies that support local businesses, relationships, resources, and opportunities.
Local living economies create opportunities for local production and use of goods and services that express the unique character of the region. Monoculture promoted by global conglomerates is minimized in favor of cultural self-esteem. Everyone has a clearer appreciation for the social and economic impact of their spending and production, increasing the chances of unlegislated ethical and fair trade practices. Transportation and marketing costs are reduced, freeing capital for more innovation efforts. With less dependencies on non-local suppliers, there is reduced vulnerability to local economic collapse if these suppliers who have no personal commitment to the region happen to lose interest in the local economy.
Local talents and natural; resources are used more sustainably for local production requirements. There are reduced risks of vulnerability to politically-motivated non-local trade and tarrif policies. More entrepreneurs are in demand to fulfill local needs; local students have more options available to participate in business leadership. International transplants with unique skills have opportunities to produce locally what used to be only available non-locally. Economic trends are easier to see and respond to giving everyone more opportunities to become agents of change rather than victims of it.