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Eco-localism is the buzzword of today’s economics. It’s the creation of self-reliant and sustainable localities that rely on the local currencies, community corporations, small scale food businesses and other cottage industries. Eco-localism is an alternative economic theory that supports self-reliance and discards globalization and its adverse impacts on developing nations like Thailand.
The significance of eco localist economic theory for developing localities is in four dimensions. Firstly, it totally denies and shatters the concept of a dominant ideology. Secondly, eco-localism ends the conventionality in economics and allows the local communities to embed their values, norms and culture in the products they make. Thus, providing a new and exciting twist both in the business and the customers’ desires. Thirdly, the social, qualitative and place-based focus of it poses a direct question mark on the conventional approaches of economics and presents itself as a bright new option for development. And lastly it highlights the high costs of long distance trade thus turning the focus towards the bright possibilities of short distance commerce and self-reliant economic communities.