Why Citizens Should Buy Locally Made Products

| April 16, 2015

Why Citizens Should Buy Locally Made Products

Recent times have witnessed increased globalization, which has consequently led to the pervasiveness of big brand stores, online mega stores, and national chains in most countries of the world. As a result, a great number of local companies and stores are being driven out of business in many sectors of economy. Also known as import substitution, buying local products offers great potential as a driver for regional economic development. Import substitution refers to local production and consumption of goods and services as opposed to importing products for local consumption from other regions (Bruton 905). Advancing an overall awareness of sustainability and regional economic stabilization has indeed increased the need for reconsideration of this strategy. The apparent economic paybacks of buying local products are comparatively simple. It allows to get rid of middlemen, generates more wealth into local economies, and eliminates transportation expenses (Imbroscio 856).

 

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