The ideal economic principle is to patronize your own product. The rise of the global economy has opened the floodgates of trade and industry in the global market. Although it brought many good things in terms of quality, price, and competition, it also became a ‘David versus Goliath’ arena.
In this post-pandemic period where many local businesses have closed, and unemployment has risen, relocalization can be an appropriate solution to rebuild our society. Relocalization is a “strategy to build a society based on the local production of food, energy and goods, and the local development of currency, governance, and culture” (source: postcarbon.org).
This is one mighty way to develop a resilient society during this post-pandemic period. Resilience in a societal context means (source:postcarbon.org). While maintaining international collaboration and fair trade, relocalizing creates more opportunities in terms of jobs and local business growth. Governments should encourage citizens to think globally but act locally.