Defending Democracy through Local Business

V.2, N.66

“Defend institutions. It is institutions that help us to preserve decency. They need our help…. Do not speak of ‘our institutions’ unless you make them yours by acting on their behalf. Institutions do not protect themselves. They fall one after the other unless each is defended from the beginning. So choose an institution you care about—a court, a newspaper, a law, a labor union—and take its side.”
― Timothy Snyder, On Tyranny

Democracy as we know it now wobbles on a knife edge, with the executive making unprecedented power grabs and the courts scrambling to enforce constraints on him. Like millions of Americans and most of you, dear readers, I am scared. But the arc of U.S. democracy has never been smooth. We nearly exterminated the 5 million Native Americans that inhabited North America in the name of Manifest Destiny. We had four million African Americans in bondage in 1860—and millions more in the 250 preceding years, followed by 75 years of Jim Crow apartheid. Women were deemed the property of their husbands and lacked the right to vote until 1920. We struggled through these horrendous ethical lapses to establish a more perfect union, and we will do so again. Surrender is not an option.

I agree with Yale historian Timothy Snyder that in times like these, we must find one institution and embrace it. For me, that institution is local business. Free enterprise led by local entrepreneurs, fortified with local investment, and strengthened through local purchasing—that’s where the protection and renewal of democracy can begin.

Let’s create an alliance with a million independent businesses who pledge their allegiance to a country that is inclusive, sustainable, just, and fair. In the coming months, I will have more to say about how we accomplish this goal.

For now, let’s just declare our intentions: If an out-of-control autocrat continues to declare the end of climate protection, we will double down on our local efforts through local energy, local efficiency, and local circular economies. If he insists on ending diversity, equity, and inclusion, we will ensure these measures flourish in our business community. If he refuses to rein in his supporters on Wall Street, we will peel their customers and investors away with better business ideas locally. Main Streets will remain our streets.

In this issue, our paying subscribers will find articles about:

• The unrealized promise of community banking, written by Oscar Perry Abello, who recently released an important new book called The Banks We Deserve.

• How worker cooperatives are strengthening African American communities and reducing recidivism among formerly incarcerated people of all races.

• How investment crowdfunding is democratizing capital for black entrepreneurs (though significant disparities remain).

• The story of Jumpstart Germantown creating a new generation of community-focused real estate developers in Pennsylvania.

If you like what we’re doing, please become a subscriber or a donor—or both. Paying members get complete access to our interviews, articles, job resources, monthly gatherings, and more. We welcome your support in any way possible.

Michael Shuman, Publisher

A Paid Subscription Gets You:

✔️ News Links

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✔️ Latest Listings of Local Investment Opportunities

✔️ Monthly Virtual Meetings With Michael Shuman

✔️ Notable New Resources

✔️ Partner News & Voices

✔️ Job Listings

SPONSOR CORNER

The National Coalition for Community Capital (NC3) is dedicated to educating, advocating, and activating community capital—and serves as MSJ's fiscal sponsor. Thank you for being a part of a growing movement! Contact NC3 for support integrating local investing in your work: info@nc3now.org.

NC3 UPDATES AND ANNOUNCEMENTS

• NC3's Newsletter is Back - Launched last week, NC3 now has our own newsletter again. We will continue sharing updates here with The Main Street Journal, but be sure to subscribe here to receive monthly, more comprehensive updates on the work we are doing with community capital.

• Changing the Paradigm: Mobilizing Community Investment Funds - Community investment funds are the structures NC3 is building and talking about with communities and organizations across the country to facilitate collaborative economies. Join us on March 7, 2025, in East Lansing, MI, to hear the insights from communities we're working in and to meet experts who can support a fund in your community. Register here today!

• JUST RELEASED: 2024 Annual Report - Be sure to take a look at our 2024 Annual Report. We made a lot of progress and built exciting partnerships last year—we appreciate all of you for your support in this important work.