Michael Schuman’s 2002 address “Going Local: New Opportunities for Community Economies” remains an inspiring guide for active citizens to work together in encouraging local production in their own settings. In it, he contrasts the dominant approach to area economic development, nicknamed TINA (from Margaret Thatcher’s infamous phrase, “There is No Alternative”) with LOIS: Local Ownership and Import Substitution.
As we consider the fate of the next generation on our planet, we can say with confidence that the future lies with a woman. The question is: Which one? There are two I’d like to introduce you to, one of whom will determine the future of our economy: TINA and LOIS. TINA comes from Maggie Thatcher, who said “There Is No Alternative” to global economy—T-I-N-A. Local elected officials, economic developers, and community planners have embraced TINA through two types of strategies. The first is to convince a company like Toyota to locate in your backyard; the second is to export your goods as far and wide as possible. But there is an alternative, and that alternative is LOIS, which stands for “Local Ownership and Import Substitution.”
This evening I would like to make four basic points: 1) LOIS is a better woman for economic development than TINA; 2) LOIS is more competitive than most of us think; 3) If we take LOIS seriously, she can help us make the term “economic development” worthy of the name; and 4) There are several practical steps you can and should take here and now, beyond the many groundbreaking activities you are already involved in.
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