Dear EarthTalk: I've heard of the slow food movement, but what is "slow money" all about?--Phil Nimkoff, New York, NY
"Slow Money" is the name for a movement started by socially conscious investing pioneer and author, Woody Tasch, who essentially borrowed the conceptual framework of "Slow Food"--whereby participants eschew convenience-oriented "fast" foods, instead filling up their plates with traditional, unprocessed and, ideally, locally produced foods--and applied it to personal finance and investing. As such, Slow Money is dedicated to connecting investors to their local economies by marshaling financial resources to invest in small food enterprises and local food systems.
Tasch's vision for Slow Money, now not just a concept but also a non-profit organization, seeks nothing less than a complete overhaul of the way we think about and spend our money, channeling much more of it into producing healthy local food, strengthening local communities instead of multinational corporations, and restoring our flagging economy in the process. Instead of venture capital bankrolling far flung high tech start-ups, Tasch hopes to see "nurture capital" funding local merchants and producers who, in turn, plug half of their profits back into their communities, ensuring one small local virtuous circle that values soil fertility, carrying capacity, a sense of place, care of the commons, diversity, nonviolence, and cultural, ecological and economic health as much as financial return. Tasch hopes to get there by persuading a million Americans to invest at least one percent of their assets in local food systems by 2020.
Tasch started Slow Money in November 2008 after the publication of his book, Inquiries into the Nature of Slow Money: Investing as if Food, Farms and Fertility Mattered. Hitting the road to promote the book and the nascent movement in 2009, he was able to attract 450 intrigued investors, farmers and other entrepreneurs to Santa...