The document discusses the importance of localism and how policy is supporting more power and autonomy at the local level. It outlines different frameworks for understanding local economies, including the public sector, commercial sector, and social/community sector. Case studies are provided of different cities and how the relationship between these local economic spheres varies in each place. The concept of resilience is also introduced, and how localities can vary in their ability to withstand disturbances based on the relationships between the public, private, and social economies.