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1. Even though I may have made a mess out of their work, there is hardly an original thought in this paper: my thanks go to Bob Friedman, Ray Boshara and his team, Alan Okagaki, Bill Noftdurth, Michael Sherraden and his team, Beadsie Woo, Dave Buchholz, Roger Vaughan, Michael Kieschnick, and many others. Thanks also to Nancy, Jerome, Will, Nathan, and Lucy for putting up with me.

2. Ray Boshara, The U.S. Experience with Asset Building Policies and Programs (HRSD Roundtable on Asset-Based Policy Options, Government of Canada. Ottawa, Canada, June 19, 2006). Also consult for more detail CFED's “State Assets Development Report Card 2002.", and “Assets and Opportunity Scorecard 2005." (Both accessed 2-5-08.)

3. For an excellent compilation of the most recent research and thinking on the importance of asset for low-income families, see Thomas M. Shapiro and Edward N. Wolff, eds., Assets for the Poor (2001).

4. For a thorough review of the research Hndings on asset-building initiatives, see Ray Boshara, Building Assets (2001).

5. These findings are drawn from CFED, Robert Friedman, Hope in Concrete Form (2005), pp. 3-8.

6. Ibid.

7. A succinct definition by economist Kenneth Boulding is “the discovery and implementation of better ways to meet our wants.” A more normative. High Road Economic Development goal statement that has guided CFED since 1986 is that economic development should promote more widely shared and sustainable increases in our standard of living. See for metrics that track the goal, “The Development Report Card for the States.”

8. From a conversation with Michael Kieschnick over two decades ago.

9. Here are a few synoptic definitions of community economic development that summarize what has been said: “Those strategies in which local development organizations initiate and generate their own solutions to the community's economic problems and thereby encourage long-term community capacity-building and foster the integration of economic, social, and environmental objectives” (The Dictionary of Community Economic Development). “Community economic development is sustained progressive change to attain individual and group interests through expanding, intensifying, and adjusting the use of resources; identifying new or expanding markets; altering the rules of economic activity to facilitate adjustment to changing conditions or altering the distribution of rewards; and improving the insights into the choices available” and “Community economic development decision-making capacity is the ability of a community to initiate and sustain activities that promote local economic and social welfare. The overall purpose of community development policy is to reduce and/or abolish the barriers in product and factor markets that prevent the positive culmination of economic development processes” (Shaffer, Defier, and Marcouiller 2004).

10. The ideas on entrepreneurship are highly based on the writings of Roger Vaughan, especially the classic The Wealth of States (1985). The thinking of my colleague Bob Friedman is much in evidence here as well.

11. For a contemporary, more conservative view along these lines, see William J. Baumol, Robert E. Litan, and Carl J. Schramm, Good Capitalism. Bad Capitalism and the Economics of Growth and Prosperity (New Haven, CT: Yale University Press, 2007).

12. See Baumol, Litan, and Schramm, Good Capitalism, Bad Capitalism, and visit CFED's “Development Report Card for the States" for more on these issues.

13. National Center for Employee Ownership, (Retrieved on May 22, 2007.) As of 2004, there were about 11,500 Employee Stock Ownership Plans covering about 10 million participants.

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