Rural Wealth Creation
To assess the current and future well-being of a community, region or nation we need to use a comprehensive wealth framework in which we include the full range of assets that individuals and places own. Wealth is not only monetary accumulation, but also the profound value of clean water, active and healthy workers, and stable roadways. These are critical none-economic factors that contribute mightily to societal well-being.
We can include eight types of assets or capital in our definition of comprehensive wealth:
- Physical capital
- Financial capital
- Human capital
- Intellectual capital
- Political capital
- Natural capital
- Social capital
- Cultural capital
These capitals represent a robust and comprehensive measure of both tangible and intangible wealth and create the basis for assessing current and future well-being. These different forms of capital are often complementary. By investing in one type of capital, we can increase the returns to investing in another.
Understanding the framework of rural wealth and rural wealth creation can impact the longevity and success of rural communities.
By focusing on the totality of assets within rural communities, this framing lends itself to a more inclusive, diverse and promising future built upon existing assets.