Based on what I have explored thus far, regarding local corporations: Participants in local corporations would use time backed money (an hourly wage for coordinated services provision), for personal asset formation and infrastructure maintenance. But how could they generate discretionary income?
Compensation for time arbitrage, provides an internal non tradable base (local money), which serves as a starting point to branch into the normal monies of local tradable sector activity. As local corporations mature, the tradable sector activity they engage in would become monetarily porous with surrounding locales. In some respects, tradable business formation would not be directly connected to local corporate activity, but instead subjected to the normal monetary conditions of surrounding states and nations - a process which would also include external taxation for personal profits in these areas.
Whereas there is no need for internal taxation, because internal monies would be connected to both time based services formation and asset/infrastructure maintenance. Instead of non tradable sector loan processes, money originates through matched time value, and gradually accrues towards personal ownership goals.
A non tradable base can provide growth impetus, by reversing the normal pattern of tradable sector production as a (necessary) beginning point for economic activity. In particular, when widespread job losses occur in some commodities or tradable sectors, participants of local corporations would still be able to transition into knowledge and services based work. Even though this could mean losses in discretionary income for a while, local corporation participants would not be threatened with asset losses which are tied to time based monetary activity.
For local corporations, time value would serve as a raw commodity (hence one price) which is "processed" through knowledge utilization as a mutually shared product. Through this decentralized internal structure, local corporations could revitalize areas which have suffered from a lack of economic complexity for some time. If one were to think of today's centralized economy as a tree, much of its energy presently resides in the trunk and primary branches. As a result, there is insufficient energy (think time value as photosynthesis), originating from the leaves and outer branches.
Much of today's backlash from the political right, stems from the fact that many live in places with a tenuous hold on economic participation, in terms of time based services and employment. Local corporations could eventually generate new economic complexity, where it is needed most. One of my fondest hopes is that knowledge use systems can make distant areas less dependent on city based services and wealth, so that opposing political factions will (ultimately) be less likely to tear each other apart.
Areas with low population density have often lost retail opportunities, because expected infrastructure costs and commitments can make it difficult for many would-be retailers to turn a profit. Not only does this mean lost aspirations, but also lost economic choices for all involved. By utilizing innovation to reduce overall costs of doing business, retail could finally make a return to small towns and cities, which have struggled for survival. Innovative options for building components and transportation infrastructure, could increase the tradable sector options locals would need, for discretionary income.
Even though local property would not be sold to those who are not part of the local corporation, participants would be able to set aside a portion of land (and building stock) for non locals to rent on commercial terms. A local rental pool would especially help local participants who are not actively engaged in tradable production. Participants would gradually be able to buy into asset rental pools once their personal ownership needs have been met (i.e. both living and personal work quarters). These rental asset pools would provide a source of discretionary monies for those who prefer to spend the majority of their working lives in the local monies of time arbitrage. However, gains from these rental pools would be subject to external taxation, as is also the case for tradable goods production.