Local Cooperative Economics means just that--- an idea of local people cooperating with each other to provide for the essentials of living. Cooperative here means that people work together to develop self-reliant, locally-based and community controlled economies within a given bioregion. This could be a mixture of cooperative, employee-owned, and private-owned businesses.
The idea of community-based economic development has been generally considered by those in the field of development to involve the infusion of outside monetary and technical support. However, this generally has not reversed poverty in any significant way--- in fact, poverty is worse today. The gap between rich and poor continues to grow. Encouraging local people to become competitors in the gladiator combat known as the "global economic order" is misguided.
Instead, we need to help build up local cooperative economic newtorks that help to create local people's banks to reinvest the capital. Capital can be "turned" in a local community to revitilize the local economy.
Fortunately, there are many examples of cooperative efforts that are community -owned and controlled--- where development decisions are made by local people and not simply well-intentioned outsiders or by "neo-colonial" interests.