Local economics
Most people have most of everything they need but not everything they want. There is pressure to strive to be better and achieve more than our parents. But that seems to be changing, our lifespans seemed to be 'maxed' out and we don't seem to be increasing the US lifespan past 79 years. Millennials can't seem to earn enough to support themselves let alone do more than their parents. Most people keep working more and harder than ever, but something isn't working in the local economic formula.
Knowledge doesn't seem to be the advantage it used to be now that the world has access to most knowledge databases online. But people are misled, knowledge allows you to discriminate various material to determine the true knowledge versus heresay. That's exactly what happened on facebook, sharing articles before determining the validity and truth of the articles.
People can't afford to pay for services, people are increasingly doing DIY instead of getting professionals to build/fix things. This seems fine initially, until you realize value has deteriorated because DIY doesn't appear professional. Then you've lost value and wasted an opportunity for an increase in value.
Why don't we pay for professionals? We can't afford to, our income barely covers expenses so we can pretend to be almost as good as previous generations. We feel guilt at not providing enough for our kids and not providing a stable economy for them too.
People keep looking for deals everywhere, trying to cut costs while still trying to maintain a much wanted lifestyle. However when you go to Walmart (or buy Chinese manufactured products on Amazon) you will buy the item you want, perhaps for less, initially. However this doesn't change the dynamics of not having enough to meet lifestyle demands and this formula keeps getting worse, promoting more hours wasted looking for deals and a target that keeps slipping out of reach.
Also when you buy international products it helps the global economy and makes the world go around. However some countries hoard cash and don't reciprocate buying so then imbalances appear in global economics. Chinese manufacturers do well, pay the Chinese government well and keep the employees lean and efficient. But what do they do with that money surplus? Improve things for Chinese citizens? Not by much, I do know a lot of people around the world complain that Chinese buyers are buying real estate around the world and holding the properties. Even buying small towns and big properties to safeguard their investment.
So by buying things on a deal at large stores you enable Chinese to buy international real estate. They don't buy Levis, music, books, they duplicate them and sell them for less.
By not paying for local services (DIY, manufacturing, contractors, etc) you enable and promote this economic imbalance. If communities took care of their locals first and foremost then the local economy would be more stable. It would still be expensive to call the plumber but at least then you would know outright how much you need to earn to afford a local service and manufacturing. It is normal to have money flow from the rich countries to the poor countries, this happens normally in nature (dispersion is a natural and physics principle) and in economics. However if the money flows fast or heavy to those developing countries then rich countries see an erosion of value and lifestyle sooner than anticipated.
Then pressure is on for extreme capitalism measures to try to make ends meet. Profit above all morals and values. Making healthcare private for profit. Businesses having protections equal to or greater than people. If someone swindled someone in retail it would be a scandal. If someone does this to employees then it is considered acceptable and necessary (for investors and corporate board managers). Gig employees having no benefits are being taken advantage of, the gigs don't pay enough for people to buy private benefits.
Locals not retraining more to provide more value to employers are overlooked and then replaced by foreign developing world employees, for much less. Those new employees do pay taxes, so governments don't really mind, however the replaced workers without an income won't make those regains easily. Then what? Bad luck, too bad? Violins? Plus foreign workers still send plenty of money and assets back to the homeland (at least in the short term). So the imbalance gets worse for a while. Plus the foreign workers are buying in to a system that can't provide and sustain itself. But in the short term it is great to sell things to new foreign workers. Plenty of immigrants opposed the H1B increases and the degrading of the IT profession to be a temp industry instead of an ability to learn and provide value in IT. Also outsourcing to foreign countries allows that knowledge and benefit to improve the developing country and first worlds to lose that control over those assets exacerbating imbalances more.
'Sustainable and local' needs to be in every economic discussion especially with capitalist markets. Extreme capitalism (profit at all costs) is a fallacy and won't 'right' the imbalances. Don't confuse consumerism with capitalism.
Put your money where your mouth is, stop sending all your assets overseas. And require corporations to be ethical if they are to have human rights. Money will flow to the developing world but it will be slower and easier to tolerate. Buy local and sustainable for a long term future. Plus it is good for the environment.
My two cents.