International Journal of Complementary Currency Research - Special Issue by Helyi Penz

IJCCR

International Journal of Community Currency Research Volume 15 (2011) Special issue

COMPLEMENTARY CURRENCIES: STATE OF THE ART edited by Noel Longhurst and Gill Seyfang

www.ijccr.net

Complementary Currencies: The State of the Art IJCCR 15 (2011) Special Issue (Section D) Edited by Noel Longhurst and Gill Seyfang !"#$%&#'(! "#$!%&'$(#)!*'*#&$!'+!$),$(-!!"#$%&'()*+!.!/01

$)!%&!$#*'(+#,,-!, 23%445+65&7!82249:!2'**,&5$6;<'*=3#*#&$%)6!%&>!3'<%3!<,))#&<5#49!,-./0+&'*"12&.!?0/@ A&!B(#!C'&#6:!D#$$5&7!$(#!*#44%7#!',$!,(31&4(5+.6!.!//0/E

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

*-&&!/*2+#//%0'$#%/, ]^_+)%&_!$'!Q''4$!$(#!)#4535#&<#!'+!3'<%35$6!G6;E6"11"&A6E8+.&?E"*")&.!\I0\E B(#!GAR:!N!2'*=3#*#&$%)6!2,))#&<6!+')!$(#!G'<5%3!O<'&'*6!%&>!G,4$%5&%Q3#!.#L#3'=*#&$! C".$+6&H".+!.!\H0E@ V,53>5&7!R'<%3!F#4535#&<#:!B(#!O*#)7#&<#!'+!$(#!Z]!B)%&45$5'&!2,))#&<5#4!,(63&4)"1I7(**$16!.! E/0EH N!F#=')$!+)'*!`#)*'&$!UZGNW:!B(#!`VGF!C%)_#$=3%<#!J0)&CK&L$.6231+.!.!ES0HI B5*#!V%&_5&7!5&!G'<5%3!K',45&7&4;83&M";538(1I!(+!.!H10HE B(#!2'3',)4!'+!C'&#6:!N)$*'&#6!%4!2'**,&5$6!2,))#&<6!C".<&'"1<6!.!HH0S/ 2'*=3#*#&$%)6!2,))#&<6!A=#&!G',)<#!G'+$a%)#!5&!I@/@!C"883+N&?*"8+.!.!SI0SH

Note from the Editors: The State of the Art Noel Longhurst and Gill Seyfang

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

O0%P-'*%=-.@"20$,% O0%5#**%Q'<3).@%

P-01#("A%RS T'/02)0<%UVWW%

International Journal of Community Currency Research www.ijccr.net International Journal of Community Currency Research 15 (2011) D i

Editorial: Yet another moment of truth? David Boyle Fellow of new economics foundation and co-founder of Time Banking UK www.david-boyle.co.uk

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

!"#$ %&'(#$ )*'+,$ -)$ %.$ './-.#$ 0'1#2$ '+$ 3#+"%3)$ -.*#+.#*$ -.)3-+%*-'.2$ *"%*$ 4%)$5'-.6$*"#$+'7.5)$ '8$*"#$-.*#+.#*$ *"-)$3%)*$%7*79.:$;756-.6$&,$*"#$ 3/%<#$ .%9#)$ %.5$ *"#$ )#**-.6)2$ -*$ '+-6-.%*#5$ -.$ ='+*"$>9#+-<%:$ ?"%*$ -)$ 8%)<-.%*-.6$ %&'7*$ -*$ -)$ *"%*$-*$-).@*$+#%//,$.#4:

International Journal of Community Currency Research www.ijccr.net

+%*"#+$ *"%.$ )%(#:$ R+$ *'$ <'93/#9#.*%+,$ <7++#.<,$ %O-<-'.%5')$ #(#+,4"#+#2$ -*$ -)$ 1.'4.$ %)$Q5#97++%6#$<7++#.<,@:$ !"#$ -5#%2$%.5$*"#$)*'+,2$ 4#+#$3-<1#5$73$&,$ *"#$ '.#$ '8$ *"#$ /#%5-.6$ #<'.'9-)*)$ -.$ *"#$ 4'+/52$ G+(-.6$ S-)"#+2$ %.5$ 7)#5$ 8'+$ "-)$ 9%.7%/$ D*%93$ D<+-32$37&/-)"#5$-.$ITUU$V$07)*$%)$)7<"$)<"#9#)$ 4#+#$ &#-.6$ 5#</%+#5$ -//#6%/$ &,$ *"#$ .#4$ 3+#)-5#.*2$S+%.1/-.$W'')#(#/*2$4"-<"$97)*$"%(#$ 5%93#.#5$)%/#):X

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nternational Journal of Community Currency Research 15 (2011) D 1-3

IJCCR Editorial: Yet another moment of truth?

3+%<*-<%/$ V$ *"#,$ 9-6"*$ "%(#$ 8'+$ 9##*-.6$ *"#-+$ '4.$ .##5)2$ %.5$ *"')#$ %+'7.5$ *"#92$ -8$ *"#$ #<'.'9,$)-.1):

So you have to take any predictions along these lines with a pinch of salt. We have been here before; we will undoubtedly be here again. But the articles in this issue of IJCCR are evidence that this is one of those moments of possibility.

=#4$ 9'.#,$ #.*+#3+#.#7+)$ %+#$ %/4%,)$ '3*-9-)*-<:$ !"#,$%/4%,)$ &#/-#(#$*"#,$ %+#$%*$ *"#$ (#+,$ <7)3$ '8$ <"%.6#:$ _-)-*$ *"#$ %..7%/$ B-6-*%/$ `'.#,$ S'+792$ %.$ -.*#+.%*-'.%/$ #(#.*$ "#/5$ &,$ *"#$ /#%5-.6$ #/#<*+'.-<$ 9'.#,$ <'.)7/*%.<,$ E'.)7/*$a,3#+-'.2$-)$*'$3/7.6#$,'7+)#/8$-.*'$*"-)$ )%9#$ %*9')3"#+#$ '8$ #Y3#<*%*-'.: U$ !"#$ <'93/#9#.*%+,$ <7++#.<,$ 4'+/52$ #/#<*+'.-<$ '+$ 1.-**#52$ '.$ <'.)*%.*$ 4%*<"$ 8'+$ *"#$ #Y3#<*#5$ c ! " #$ 6 + ' 4 - . 6$ + # % / - M % * - ' .$ & ,$ / ' < % /$ 9#))-%": 6'(#+.9#.*$-.$*"#$CZ2$.'*$07)*$ *"%*$*"#,$<%.$ D'$,'7$"%(#$*'$*%1#$%.,$3+#5-<*-'.)$%/'.6$*"#)#$ %<*2$&7*$*"%*$*"#,$97)*$5':$[-+9-.6"%9$%.5$ f))#Y$ "%(#$ %/+#%5,$ /%7.<"#5$ *"#-+$ '4.$ /-.#)$ 4-*"$ %$ 3-.<"$'8$ )%/*:$ ?#$ "%(#$ &##.$ "#+#$ &#8'+#N$4#$4-//$7.5'7&*#5/,$&#$"#+#$%6%-.:$[7*$ &%.1)2$ [-+9-.6"%9$ -.$ %$ O-*$ '8$ .')*%/6-%$ 8'+$ *"#$ %+*-</#)$ -.$*"-)$ -))7#$ '8$ G;EEW$ %+#$#(-5#.<#$ *"#$ [-+9-.6"%9$ `7.-<-3%/$ D%(-.6)$ [%.1$ *"%*$*"-)$-)$'.#$'8$*"')#$9'9#.*)$ '8$3'))-&-/-*,:$ 4"-<"$"%5$gg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b

>//$ *"#)#$ /''1$ )#*$ *'$ )"-8*$ *"#$%6#.5%:$ ='.#$ '8$ *"#9$ %+#$ <'93/#9#.*%+,$ <7++#.<-#)2$ &7*$ *"#,$ %+#$3'*#.*-%/$5+-(#+)$8'+$*"#9:$[7*$4#$%/)'$"%(#$ *'$/''1$%*$*"#$'*"#+$)-5#$'8$*"#$<'-.2$)'$*'$)3#%1:$ B#)3-*#$*"#$'3*-9-)9$*"%*$-)$&'7.5$*'$ #9%.%*#$ 8+'9$ 0'7+.%/)$/-1#$*"-)$'.#2$-*$ -)$ '&(-'7)$ *"%*$ V$ *-9#$%8*#+$*-9#$V$#(#.$*"#$)7<<#))87/$<7++#.<-#)$ *#.5$ *'$ +-)#$ %.5$ 8%//$ 4-*"'7*$ P7-*#$ +#%<"-.6$ *"#-+$ 3'*#.*-%/:$ f(#.$ *"')#$ /-1#$ W#6-'6#/5$ *"%*$ %+#$ 5#)<+-&#5$ -.$ *"-)$ -))7#$ %+#$ .'*$ #Y%<*/,$ *"+-(-.6:$ !"#$ 73)7+6#$ -.$ ;%3%.#)#$ <7++#.<,$ #Y3#+-9#.*)2$)'9#$'8$*"#9$&-M%++#$6-99-<1)$*'$ ?#)*#+.$#,#)2$)##9)$*'$&#$)/%<1#.-.6:

c !"#$ #Y-)*#.<#$ '8$ %$ 4"'/#$ +%.6#$ '8$ './-.#$ 3/%*8'+9)$%.5$&7)-.#))#)$4"-<"$<'7/5$#%)-/,$ /%7.<"$.#4$ 1-.5)$ '8$ 9'.#,$8'+$ 8%+$ &+'%5#+$ 7)#:$G*$-)$3'))-&/#$*'$-9%6-.#$#[%,$5'-.6$)'$V$ -.$ 8%<*2$ *"#,$ %/+#%5,$ '4.$ *"#$ d%,d%/$ G*$ "%+5/,$ .##5)$ )%,-.62$ &7*$ *"#+#$ %+#$ %$ 4"'/#$ 3%,9#.*)$ ),)*#9:$ S%<#&''1$ -)$ %/+#%5,$ +%.6#$ '8$ &/'<1%6#)$ 4"-<"$ <'.)*%.*/,$ 3+#(#.*$ 4'+1-.6$'.$-*)$'4.$3%,9#.*$),)*#9: -..'(%*-'.$ -.$ *"-)$ %+#%2$ #(#.$ -8$ -*$ -)$ 07)*$ *"#$ c !"#$7+6#.*$ .##5$*"%*$)9%//$&7)-.#))#)$"%(#$ )-93/#$ /%<1$ '8$ -9%6-.%*-'.$ 4"-<"$ )##9)$ *'$ 8'+$<+#5-*2$6-(#.$*"%*$*"#$.%++'4$'/-6'3'/,$'8$ )7++'7.5$*"#$8#%+87/$-))7#$'8$9'.#,:$ &%.1)$ V$ -.$ *"#$ CZ$ %*$ /#%)*$ V$ %+#$ )*#%5-/,$ !"-)$-)$%$3%+*-<7/%+$3+'&/#9$-.$*"#$CZ:$!"-)$-).@*$ 4-*"5+%4-.6$ 8+'9$ *"#$ )9%//$ &7)-.#))$ .#<#))%+-/,$)'$'8$ *"#$D<'*)2$4"'$ "%(#$3+'57<#5$ 9%+1#*: %$)*+-.6$'8$9'.#,$-..'(%*'+)$8+'9$ ;'".$\%4$*'$ c !"#$ 8%)<-.%*-'.$ 4-*"$ 3%,9#.*$ ),)*#9)$ V$ ` - < " % # /$ \ - . * ' . 2$ & 7 *$ * " #$ f . 6 / - ) "$ % +#$ %.'*"#+$),93*'9$'8$ *"#$ +-6-5$5-)-.*#+#)*$ '8$ <'.)#+(%*-(#$ %&'7*$ 9'.#,$ *"%*$ *"#$ 3'-.*$ '8$ *"#$ 9%-.)*+#%9$ &%.1)$ V$ %9'.6$ -.*#+.#*$ <%+-<%*7+#:$ G$ 4%)$ *'/5$ &,$ *"#$ ?%)"-.6*'.$ #.*+#3+#.#7+):$ !4-*3%,2$ R&'3%,$ %.5$ <'++#)3'.5#.*$ '8$%$ .%*-'.%/$3%3#+$ )'9#$,#%+)$ DP7%+#2$ %+#$ 07)*$ *"+##$ '8$ *"')#$ +#3'+*#5$ %6'2$ 4-*"$ 6+#%*$ %7*"'+-*,2$ *"%*$ 9'.#,$ 4%)$ +#<#.*/,$-.$?-+#5$9%6%M-.#2$9%.,$ '8$4"-<"$ &%)#5$'.$6'/5:$d'/-*-<-%.)$%+#$"%93#+#5$5#%/-.6$ 7)#$ 9'&-/#$ 3"'.#)2$ 4"-<"$ -)$ #)3#<-%//,$ 4-*"$*"#$&%.1)$ &,$ *"#$ 4-5#)3+#%5$%))793*-'.$ -93'+*%.*$ *"%.1)$ *'$ *"#$+-)#$ '8$*"#$`edfD>$ *"#,$)##9$ *'$)"%+#$*"%*$ 9'.#,$%.5$&%.1)$4#+#$ 9'&-/#$3"'.#$3%,9#.*$),)*#9$-.$>8+-<%: )"%3#5$%.5$6-(#.$&,$A'5$)'9#$*-9#$57+-.6$*"#$ International Journal of Community Currency Research 15 (2011) D 1-3

IJCCR Editorial: Yet another moment of truth?

O-+)*$ )#(#.$ 5%,)$ '8$ <+#%*-'.:$ G*$ "%+5/,$ .##5)$ )%,-.6$ *"%*$ *"-)$6#*)$-.$*"#$4%,$'8$.#4$1-.5)$'8$9'.#,:

'&(-'7)$ 6%3$"#+#$ V$ #)3#<-%//,$ -8$ <'9&-.#5$4-*"$/'%.)$ *"+'76"$%$.#4$/'<%/$%7*"'+-*,$&%.1:

G8$ ,'7$ %55$ *'$ *"-)$ *"#$ *4'$ '*"#+$ &-6$ &/'<1)$ '.$ *"#$ c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

?-//$*"-)$"%33#.j$?#//2$G@9$%.$'3*-9-)*:$G$&#/-#(#$-*$-)$*"%*$ -8$ ,'7$ &7-/5$ *"#)#2$ 3#'3/#$ 4-//$ <'9#:$ ?"#*"#+$ *"#,$ 4-//$ 7)#$*"#9$ %)$ -.*#.5#52$ '+$ '&#,$ *"#$<'93/#Y$ +7/#)2$ 4#//$V$ *"%*@)$%.'*"#+$9%**#+:

David Boyle is a fellow of the New Economics Foundation, co-founder of Time Banking UK, and the author of a number of books about the future of money including Money Matters and, most recently, he is coauthor of Eminent Corporations. www.david-boyle.co.uk

G*$-).@*$3'))-&/#$*'$3+#5-<*$4"#+#$*"%*$+-6"*$<'9&-.%*-'.$'8$ Endnotes )1-//)2$ -.)3-+%*-'.$%.5$5'4.+-6"*$ .##5$4-//$"%33#.:$ [7*$ G$ !$k7'*#5$-.$B$[',/#$]XJJX^$]#5:^2$!"#$`'.#,$E"%.6#+)b$E7++#.<,$ &#/-#(#$ -*$ -)$ 3'))-&/#$ *'$ )%,$ *"#$)#<*'+)$ 4"#+#$ *"-)$ 9')*$ +#8'+9$8+'9$>+-)*'*/#$*'$#e<%)"2$f%+*")<%.2$\'.5'.2$XhJ: /-1#/,$*'$"%33#.$"#+#$-.$*"#$CZb "$G$S-)"#+2$a$E'"+))'.$%.5$a$?#)<'**$S-)"#+$]ITUU^2$D*%93$D<+-32$

c !"#$%&'( )"$*+,( \'<%/$ %7*"'+-*-#)$ 4-//$ "%(#$ *"#$ /#6%/$ >5#/3"-2$=#4$l'+1: 3'4#+2$ 7.5#+$ *"#$ \'<%/-)9$ [-//2$ *'$ %.,*"-.6$ *"%*$ %.$ #$D##$444:",3#+-'.:<':71:$ -.5-(-57%/$<%.$*"%*$-)$.'*$)3#<-O-<%//,$ &%..#5$&,$'*"#+$ /%4):$ !"-)$ 6#.#+%/$ 3'4#+$ '8$ <'93#*#.<#2$ <'9&-.#5$ 4-*"$*"#$7+6#.*$.##5$8'+$*"#9$O-.5$.#4$4%,)$*'$ -.(#)*$ %.5$ 7)#$*"#-+$ +#)#+(#)$ ]"-6"e-.*#+#)*$ G<#/%.5-<$ &%.1)$ %+#$ -.#Y3/-<%&/,$.'$ /'.6#+$ %(%-/%&/#^$ 9%1#$ <'7.<-/)$ %$ 1#,$ *%+6#*$ 8'+$ #.*+#3+#.#7+-%/$ <7++#.<-#):$ !"-)$ -)$ #)3#<-%//,$)'$)-.<#$*"#,$"%(#$/')*$ %.$%(#+%6#$'8$Ih$3#+$ <#.*$'8$*"#-+$&756#*:$ E'93/#9#.*%+,$<7++#.<-#)$ <'7/5$ 9%1#$*"#$'*"#+$ig$3#+$<#.*$6'$%$6+#%*$5#%/$87+*"#+: c !-*.&/( )"$*+,( ?"%*$ *"#$ )9%//$ &7)-.#))$ )#<*'+$ 7+6#.*/,$ .##5)$ -)$ /'4$ <')*$ <+#5-*2$ 4"-<"$ *"#,$ %+#$ .'$ /'.6#+$ 6#**-.6$ 8+'9$ <'.(#.*-'.%/$ &%.1):$ !"#$ +#%/$ '33'+*7.-*,$8'+$<'93/#9#.*%+,$ <7++#.<-#)$-)$*'$ 9%1#$ *"-)$ <+#5-*$ %(%-/%&/#2$ %.5$ -*$ -)$ "%+5$ *'$ -9%6-.#$ *"#9$ +#%//,$<%3*7+-.6$ *"#$ -9%6-.%*-'.$7.*-/$*"#,$ 9%.%6#$ *'$ 5'$ *"-):$ !"%*$ -)$ *"#$ 5-+#<*-'.$ '8$ *+%(#/$ 8'+$ *"#$ !+%.)-*-'.$ !'4.$ <7++#.<-#)2$ %.5$ -*$ 4'.@*$ <'9#$ %$ 9'9#.*$*''$)''.: c 0#1&$*11( 23-/*-( )"$*+,$ `,$ '4.$ 3+#5-<*-'.$ -)$ *"%*$ *"#)#$ 3+#(-'7)$ *4'$ 3'))-&-/-*-#)$ 4-//$ <'9&-.#$ -.$ *"#$ 8'+9$ '8$ /'<%/$%7*"'+-*,e/#5$&7)-.#))$&%+*#+$<7++#.<-#)$ %/'.6$ *"#$ /-.#)$ '8$ *"#$ D4-))$ ?-+$ 9'5#/$ '+$ [%(%+-%.$ D*#+.*%/#+$ ])##$E"+-)*-%.$ !"-#/@)$ %+*-</#$ -.$ *"-)$ -))7#^2$ %.5$ )*%+*-.6$ -.$ <-*-#):$ >7)*+%/-%$ %.5$ ='+*"$ >9#+-<%$ %/+#%5,$ "%)$ )9%//$ &7)-.#))$ &%+*#+2$ )'$ *"#+#$ -)$ %.$

International Journal of Community Currency Research 15 (2011) D 1-3

Classifying “CCs”: Community, complementary and local currencies’ types and generations Jérôme Blanc

IJCCR

Associate professor, Lyon University member of the LEFI Research Centre (Lboratoire d’économie de la firme et des institutions Jerome.Blanc@univ-lyon2.fr

Abstract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

1. The problem of naming and classifying

International Journal of Community Currency Research www.ijccr.net

!"#$%&'(%&%)%*+%#$%&,-&.//01&'("*'2&2%3*0&3+,4& 3''%)5'0&',&67"89&'25,8,+"%0&3#9&',&#3)%& '("#+0&5*,5%*82&(3:%&38;320&6%%#& 9"0355,"#'"#+4&30&"-&'(%&:%*2&,6<%$'&,-&'(%& 3#3820"0&%0$35%9&-*,)&3#2&*"+"9&$8300"="$3'",#>&?& )3<,*&5*,68%)&'(3'&3*"0%0&;"'(&*%+3*90&',&//0& "0&'(%&,60,8%0$%#$%&,-&5*%:",70&'25,8,+"%04&97%& ',&*35"9&"##,:3'",#&3#9&'(%&;%3@%#"#+&,-& 6,*9%*0&A'%$(#,8,+"$384&<7*"9"$384&5,8"'"$384& "9%,8,+"$38BC&'(3'&0%%)%9&7#8"@%82&',&6%& 6*,@%#&9,;#>D&E:%#&'(%&'%*)0&.$,)58%)%#'3*2& $7**%#$214&.$,))7#"'2&$7**%#$21&3#9&)3#2& ,'(%*0&A;"'(&83#+73+%&05%$"="$"'"%0&"#&E#+8"0(&30& ;%88&30&"#&,'(%*&83#+73+%0&F&-,*&%G3)58%4&"#& H3'"#&83#+73+%I05%3@"#+&$,7#'*"%04&0,)%'("#+& 8"@%&.0,$"38&),#%21&"0&-*%J7%#'82&%)58,2%9C&3*%& #,'&$,#0"9%*%9&0")"83*82&62&3$'":"0'04&0$(,83*04& 5,8"$2I)3@%*0&,*&70%*0>&?0&3&*%078'4&'(%*%&"0&#,& $,)),#&'25,8,+2&0(3*%9&62&0$(,83*04&3$'":"0'0& 3#9&,60%*:%*04&6%2,#9&3&0%*"%0&,-&+%#%*38& $,#0"9%*3'",#0&$8%3*82&9"0'"#+7"0("#+&05%$"="$& "'%)0&6%';%%#&//&0$(%)%0>&K(%'(%*&'("0&*3"0%0& 3&)3<,*&5*,68%)&,*&#,'&9%0%*:%0&*%=8%$'",#4& 0"#$%&'(%&9":%*0"'2&3#9&'(%&"##,:3'",#&92#3)"$0& ,-&//0&3*%&#,'&$,#0'*3"#%9&62&'(%&83$@&,-&

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

International Journal of Community Currency Research 15 (2011) D 4-10

IJCCR Classifying “CCs”

!"#$"%&'"#()#*+,'-*&)%)-.$",%#*,+*//*#0()1)#2* .%!*#)0$",%*3*0,%04'!)#5*

2. Principles of a typology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

“One possible conclusion is that there is no easy way of building a common typology, unless its purpose is made clearer.” .<<).-#*$,*A)*S."%5*@S)%$'.44>2*A'"4!"%&*.*%)J* ,%)*#(,'4!*%,$*04,#)*$()*!,,-*$,*0,'%$)-? $><,4,&")#2*.%!*#(,'4!*%,$*A)*<-)#)%$)!*.#*$()* ,%4>*<,##"A4)*,%)5*

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deal types according to projects 0-'0".4*!"#$"%0$"S)*+).$'-)#*1.;)*.*!"++)-)%0)*"%* $()"-*S)->*%.$'-)I5*L("-!2*.*$><,4,&>*#(,'4!*%,$* W#*.*0,%#)`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nternational Journal of Community Currency Research 15 (2011) D 4-10

IJCCR Classifying “CCs”

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

537%9$(325=*9'*>(<;3*A#<*725(<*#E&*6<#>(7*32#8$=* 95*4#&3(=5<5=*#873(=5*SS3*%3*E5$$K*72(3*(3*725* 4%35*#A*;#37*#A*3#H4%$$5=*T9%<75<U*3'375;3*%3* E5$$*%3*;#37*#A*4837#;5<*$#'%$7'*<5E%<=(&C* 3425;53)*E2(42*(&75&=*7#*4%678<5*725* 68<42%3(&C*6#E5<*#A*725(<*4837#;5<30*V2($5*725* 5:4$83(#&*#A*725*>(<37*#&53*(3*#9B(#83$'* %4?&#E$5=C5=*9'*#935<B5<3)*725*354#&=*#&53* %<5*;#<5*9%<5$'*5:4$8=5=*A<#;*725*>(5$=*#A*SS30* W478%$$')*3#B5<5(C&7'*%3*E5$$*%3*6<#>(7*;#7(B53* =#*&#7*<536547*E2%7*4%&*95*4#&3(=5<5=*%*35<(53* #A*;%J#<*=(37(&47(B5*A5%78<5*#A*SS3K*725'*%<5* =53(C&5=*%&=*(;6$5;5&75=*;#37$'*9'*4(B($* 3#4(57')*;#37$'*$#4%$$'*%&=*C<%33<##73)*%&=* ;#37$'*(&*%*=5;#4<%7(4*E%')*5;62%3(D(&C*725* 4(7(D5&N3*%66<#6<(%7(#&*%&=*<5=5>(&(7(#&*#A* ;#&5'*(&*%*6%<7(4(6%7(B5*6<#45330

I&=5<*72(3*<536547)*72(3*3547(#&*6<#6#353*%* =(37(&47(#&*957E55&*72<55*3#<73*#A*6<#J5473*72%7* 4#&37(7875*725*B5<'*<##7*#A*48<<5&4'*3'375;3*#A* %&'*?(&=K*%*75<<(7#<(%$*6<#J547)*6<(;%<($'*45&7<5=* #&*%*C5#6#$(7(4%$*36%45L*%*4#;;8&(7'*6<#J547)* 6<(;%<($'*45&7<5=*#&*%*6<5H5:(37(&C*#<*%&*%=*2#4* 4#;;8&(7'L*%&*54#&#;(4*6<#J547)*6<(;%<($'* 45&7<5=*#&*6<#=847(#&*%&=*;%<?57*5:42%&C5* %47(B(7(53*!1%9$5*+)*95$#E/0*

125*A#<5C#(&C*(=5%$*7'653*4#&37(7875*725*9%3(3* #&*E2(42*%478%$*SS3*4%&*95*4$%33(>(5=)*95*725'* 68<5*#<*&#7*<5C%<=(&C*72#35*7'6530*S#&3(=5<(&C* 72(3*(;68<(7'*#A*%478%$*3'375;3*25$63* 8&=5<37%&=*E2'*725*E%'*E5*&%;5*72(&C3* 4%&&#7*95*3(;6$'*3#$B5=0*

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

International Journal of Community Currency Research 15 (2011) D 4-10

IJCCR Classifying “CCs”

!"#$#%&'(&)*+,-"+,.-"#,'/"#01+,*#)#"2(#3,41,(5#, 6/""#)61,'65#.#,&('#078,95&',&)60/3#','-6&20, '#":&6#',2)3,'#07$5#0!+,2',;#00,2',#):&"-).#)(20, '#":&6#',7-",2,6-../)&(18,<#6&!"-6&(1,&',(5#, */&3&)*,!"&)6&!0#,-7,(5&',&3#20,(1!#8,=(,&', &.!0#.#)(#3,41,)-)$!"->&(,-"*2)&?2(&-)'+,2)3, '-.#(&.#',41,&)7-".20,*"-/!'8,@-../)&(&#', 2"#,!-(#)(&2001,&)3#!#)3#)(,7"-.,2)1, (#""&(-"&20,3&.#)'&-)+,2)3,(5#1,62),4#, 6-)6#&:#3,;&(5-/(,2)1,"#7#"#)6#,(-,#6-)-.&6, "2(&-)20#'8,95-'#,6/""#)6&#',62),4#,6-&)#3, 6-../)&(1,6/""#)6&#'8,@0-'#,#%2.!0#',&)60/3#, (&.#,42)A&)*,'65#.#'8,

Table 1: Ideal-types of currency schemes

Nature of projects

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

7-".,-7,!"-(#6(&-)&'.,200-;#3,41,(5#,/'#,-7,2, 6-):#"(&4&0&(1,"/0#,(52(,"#'("2&)(',-/(>0-;'F+, (5#&",'(&./02(&-),E(5"-/*5,(5#,6-)'("2&)(,-7, 0-620,/'#,-7,(5#,6/""#)61F+,(5#&",E"#$F-"&#)(2(&-), E(5"-/*5,'!#6&>&6,"/0#','(&./02(&)*+,7-", #%2.!0#+,#):&"-).#)(2001,-"&#)(#3,!"26(&6#'F8, 95&',(1!#,62),4#,(5-/*5(,6-.!0#(#01,-/('&3#, (#""&(-"1,&''/#',2)3,6-../)&(1,&''/#'8,95-'#, 6/""#)6&#',62),4#,6-&)#3,6-.!0#.#)(2"1, 6/""#)6&#'8,@0-'#,#%2.!0#',&)60/3#,G#".2), "#*&-,'65#.#'8

4. Moves: generations of schemes H#(,/',7-6/',)-;,-),6/""#)61,'65#.#',(52(, #.#"*#3,2)3,3#:#0-!#3,'&)6#,(5#,32;),-7,HI9J, &),(5#,4#*&))&)*,-7,(5#,KLMN'8,O#,!"-!-'#,2, '#6-)3,0#:#0,-7,(1!-0-*1+,3&'(&)*/&'5&)*,7-/", *#)#"2(&-)'+,#265,6-.4&)&)*,&),2,3&77#"#)(,;21, (5#,(5"##,!"#:&-/',&3#20$(1!#'8,95#'#, *#)#"2(&-)',2"#,652"26(#"&?#3,41,2,'!#6&>&6, .-)#(2"1,-"*2)&?2(&-),2)3,'!#6&>&6, "#02(&-)'5&!',;&(5,(5#,'-6&-$#6-)-.&6,;-"03, 2)3,;&(5,*-:#").#)(',E0-620,-",6#)("20F,2',;#008, 95#1,#.#"*#,(5"-/*5,&))-:2(&-),!"-6#''#'8, 95#1,-:#"02!+,'&)6#,(5#,#.#"*#)6#,-7,2,)#;, *#)#"2(&-),3-#',)-(,!/(,2),#)3,(-,(5#,7-".#"P, 2)3,(5#1,2"#,!"-*"#''&:#01,("2)'7-".#3+,'&)6#,2,

Space considered

Purpose

Guiding principle

Denomination (English / Spanish / French)

Territorial

Geopolitical space (territory politically defined)

Defining, protecting and strengthening a territory

Redistribution or political control

Local currencies / Monedas locales / Monnaies locales

Community

Social space (preexisting or ad hoc community)

Defining, protecting and strengthening a community

Reciprocity

Community currencies / Monedas sociales / Monnaies sociales

Economic

Economic space (production and exchange)

Protecting, stimulating or Market orientating the economy

Complementary currencies / Monedas complementarias / Monnaies complémentaires

Territorial

Sovereign space

Sovereignty

Redistribution or political control

National currencies / monedas nacionales / monnaies nationales

Economic

Clients of a forprofit organization

Profit

Purchasing power capture

For-profit currencies / Monedas para lucro / Monnaies à but lucratif

“CCs”

Outside “CCs”

International Journal of Community Currency Research 15 (2011) D 4-10

IJCCR Classifying “CCs”

!"#"$%&'(#)*%+),")$"!"#"$%&"-),+)'##(.%&'(#) /0%,1")234)5%67)!"#"$%&'(#)'#618-"9)%)9"$'"9)(:) ";<"$'"#6"9)(:&"#)$"1%&"-)&()"%67)(&7"$9=)>7'1") "%67)!"#"$%&'(#)"#&"$&%'#9)1'#?9)>'&7) ";<"$'"#6"9):$(*)<$".'(89)(#"9)%#-)<$(.'-"9) *(-"19=)<(9'&'.")($)#"!%&'."=):($):8&8$")(#"94)

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“We propose a second level of typology, >(*"#)%9)>"11)%9)&()%#+)<"$9(#9)'#)>%#&)(:) distinguishing four generations, each combining 7"1<)%#-)'#)6%<%6'&+)&()<$(.'-")9"$.'6"94)07"+) in a different way the three previous ideal-types. %$")<8$"1+)*8&8%1)6$"-'&)9+9&"*9)>7"$"'#) These generations are characterized by a specific 9"$.'6"9)%$").%18"-)>'&7)&'*"4)@9)967"*"9) <$(.'-'#!)7"1<)&()<"(<1")'#)%)6(*<1"*"#&%$+) monetary organization and specific relationships >%+)>'&7)9(6'%1)<$(!$%**"9=)&7"+):$"S8"#&1+) -"."1(<)<%$&#"$97'<9)>'&7)1(6%1)!(."$#*"#&9) with the socio-economic world and with ($)9(6'%11+)($'"#&"-):(8#-%&'(#9=)%#-)&7"+)%$") governments (local or central) as well.”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

International Journal of Community Currency Research 15 (2011) D 4-10

IJCCR Classifying â&#x20AC;&#x153;CCsâ&#x20AC;? Table 2: Four CC Generations since the 1980s

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

C*''+)4!#H-&IJ&-,0+#+&"$&KLLKDLM&0!-&5++$&!& ?*)+).$$+)&*?&!&?*.)'0&%+$+)!'"*$&'0!'&-++#-&'*& 5+&()*%)+--"<+/1&+#+)%"$%7&N,0+#+-&*?&'0"-&$+3& %+$+)!'"*$&!)+&,*$-'"'.'+4&51&#./'"(/+:& ()*O+,'-&30+)+&/*,!/&%*<+)$#+$'-&(/!1&!&#!O*)& )*/+7&E0+1&,*#5"$+&-+<+)!/&*5O+,'"<+-&'0!'&3+)+& ;+('&-+(!)!'+&.(&'*&'0+$2&!$4&'0+1&?*,.-&*$&

E0+&,/!--"9",!'"*$&!''+#('&"$&'0"-&'+:'&!((+!)-& '*&5+&9/+:"5/+&+$*.%0&'*&+$-.)+&'0+&(*--"5"/"'1& *?&!&41$!#",&<"+3&*?&,.))+$,1&-,0+#+-7&E0+& "4+!/&'1(+-&*?&,*##.$"'12&,*#(/+#+$'!)1&!$4& /*,!/&,.))+$,"+-&/+'&'0+&(*--"5"/"'1&*?& ,*#5"$!'"*$-&!5/+&'*&!$!/1F+&,*$,)+'+&?*)#-&*?& $*$D$!'"*$!/&!$4&$*'D?*)D()*9"'&,.))+$,"+-7&E0+&

5. Conclusion

Generation

Significant cases

Currency scheme types

Guiding principle

Content overview

LETS, trueque, CES

Mostly community

Reciprocity first; various distance to market

Inconvertible schemes; quite small openness to external economic activities

Time banks, Accorderie

Community

Reciprocity first; various distance to local governments

Inconvertible schemes with time currencies; frequent partnerships, especially with local governments

Ithaca Hour, Local and Regio, complementary Palmas, BerkShares

Market first; generally distant from local governments

Convertible schemes; local businesses are included; interest of partnerships with local governments

NU, SOL

Market first, with links to governments and reciprocity

Complex schemes oriented toward consumer responsibility or / and economic activities reorientation and other purposes; partnerships are necessary

Mostly complementary

International Journal of Community Currency Research 15 (2011) D 4-10

IJCCR Classifying “CCs”

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

Endnotes !"J&-'")!8")4&2=CDDF,3).$0)"*(45#"3)!8");-!"0-"!)

50$/&2",)!8")(7&#&!1)!$)'0"(!")'$44+-&!1),'8"4",) >8$,")('!+(#)#&4&!,)(0")!$!(##1)2&,'$--"'!"2)>&!8) -(!&$-(#)7$02"0,:)O!8"0)"*(45#"3)>8&#")&-)P0(-'")!8") 6&0,!)(!!"45!,)&-)!8")CDDF,)>"0")7+&#!)&-)!8")."(0)$.) &##"%(#&!1)>&!8)0"."0"-'")!$)(-)$02&-(-'")$.)!8")"-2)$.) CDQF,3)!8&,)."(0),""4,)!$)8(/")2&,(55"(0"2)(!)!8") "-2)$.)!8")RFFF,)>&!8)!8"),50"(2&-%)$.),"/"0(#)5(5"0) '+00"-'&",)50$G"'!,)(-2)50$%0(44" #"J145!$4(!&')$.)!8&,)2&.6&'+#!1)M&.)-$!)'$-6#&'!N3)!8")

$0&%&-(#)!&!#")$.)!8")G$+0-(#)0"."0,)!$)@'$44+-&!1A) >8"0"(,)!8")?(##).$0)5(5"0,).$0)(),5"'&(#)"2&!&$-3) RFCF3)2"(#,)>&!8)@?+00"-!)S"/"#$54"-!,)&-) ?$45#"4"-!(01)?+00"-'&",A:

References T#(-')UV0W4")MRFFDN3)X?$-!0(&-!",)"!)'8$&*) $0%(-&,(!&$--"#,)2(-,)#",)2&,5$,&!&.,)2")4$--(&",) ,$'&(#",X3)Y--(#,)$.)Z+7#&')(-2)?$$5"0(!&/") ['$-$4&',3)EFM\N3)55:)Q\]=Q]]:) S"^"#"+-("0")J!"58"-)(-2)T#(-')UV0W4"3)@J1,!"4,)_) ^"'8(-&,4,A3)&-)`)S"^"+#"-("0")J!"58"-)M?$$02:N3) MRFF]N3)J$'&(#)^$-"1)a$0I,8$5:)P('&#&!(!&$-) ?$44&!!"")b"5$0!3)RFFc=RFF]3)P$-2(!&$-)5$+0)#") Z0$%0d,)2")#K8$44"3)Z(0&,: e"--"21)^(0%0&!)(-2)f&"!("0)T"0-(02)MRFF\N3) b"%&$-(#>g80+-%"-:)H"+")a"%")9+)-('88(#!&%"4) a$8#,!(-23)^h-'8"-`)b&"4(--)i"0#(%:)B0(-,#(!"2)&-) P0"-'8)`)^$--(&",)bV%&$-(#",)`)2")-$+/"##",)/$&",) /"0,)+-")50$,5V0&!V)2+0(7#"3)Z(0&,`)[2&!&$-,)?8(0#",) fV$5$#2)^(1"03)RFFE: Z$#(-1&)e(0#)MCDQ]N3)XB8")['$-$41)(,);-,!&!+!"2) Z0$'",,X3)&-`)?$-0(2)Y0"-,7"0%3)e(0#)Z$#(-1&)(-2) j(001)a:)Z"(0,$-)M[2,:N3)B0(2")(-2)^(0I"!)&-)!8") [(0#1)[45&0",:)['$-$4&",)&-)j&,!$01)(-2)B8"$013) H">)k$0I`)P0"")Z0",,3)55:)R\L=R]F:

International Journal of Community Currency Research 15 (2011) D 4-10

On the money: Getting the message out John Rogers Value for People john.rogers@valueforpeople.co.uk

IJCCR Abstract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

!"#$%&'()*+$%&')',-$#($./00')'#1'$2'%3''#$%&'()*$4#.$5)41%/1'6$/#$5)41%/1'+$%&')'$/-78 J+;2%O#$$&L%O&-#(&77%B+&5"

Lessons of experience !"#$#%"&'#%(##)%*"+,-&).-%+/%#01#$23#)*-% 42*"%5+33,)2*6%5,$$#)52#-%&$+,).%*"#%4+$7.% +'#$%*"#%7&-*%/#4%.#5&.#-8%9-*23&*#-%'&$6%&-%*+% *"#%),3(#$%+/%&5*2'#%-6-*#3-%(,*%3+-*%-6-*#3-% *"&*%&$#%-*&$*#.%.+%)+*%(#5+3#%-,-*&2)&(7#8% :&)6%5,$$#)52#-%"&'#%)+*%#-*&(72-"#.% *"#3-#7'#-%(#6+).%&%$#7&*2'#76%-3&77%;$+,1% <*6125&776%7#--%*"&)%=>>%1&$*2521&)*-?%&).%3&)6% -6-*#3-%&$#%3+$2(,).8%@%/#4%"&'#%#-*&(72-"#.% *"#3-#7'#-%&).%&**$&5*#.%&%7+*%+/%&**#)*2+)8%

International Journal of Community Currency Research www.ijccr.net

A*%2-%231+$*&)*%*+%&)&76-#%&).%.2--#32)&*#%*"#% 7#--+)-%/$+3%(+*"%-,55#--%&).%/&27,$#%*+% #)5+,$&;#%&%)#4%;#)#$&*2+)%+/%-,-*&2)&(7#% -6-*#3-8

Critical Success Factors !"#%/#4%-6-*#3-%*"&*%"&'#%7&-*#.%&%7+);%*23#% -"+4%*"&*%2*%2-%1+--2(7#%*+%-,-*&2)%&%7+5&7% 5,$$#)56%+'#$%&%7+);%1#$2+.8%

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

International Journal of Community Currency Research 15 (2011) D 11-16

IJCCR Getting the message out

Why Educate about Community Currencies? !"#$#%&$#%'#(#$&)%$#&'*+'%,*$%#-./&01+2%3#*3)#% &4*.0%/*55.+106%/.$$#+/1#'7

Practical reasons 8,%9#%9&+0%0*%153$*(#%0"#%'.'0&1+&41)106%$&0#%*,% /*55.+106%/.$$#+/1#':%9#%+##-%0*%$&1'#%';1))% )#(#)'%4*0"%,*$%-#'12+1+2%&+-%3&$01/13&01+2%1+% 0"#5<%80%1'%'01))%0**%/*55*+%,*$%3#*3)#%910"% )100)#%;+*9)#-2#%0*%)&.+/"%+#9%/.$$#+/1#':% $1-1+2%&%'"*$0%9&(#%*,%#+0".'1&'5%&+-%1-#&)1'5:% 4.0%)&0#$%9&0/"1+2%0"#1$%'6'0#5%-1'&33#&$%&'% 0"#%4122#$%9&(#'%*,%)*+2=0#$5%5&1+0#+&+/#% 4$#&;%*(#$%0"#5<%>#*3)#%+##-%';1))'%&+-% 1+,*$5&01*+%,*$%-#'12+%&+-%*$2&+1'&01*+<

Economic reasons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

â&#x20AC;&#x153;If we want to improve the sustainability rate of community currencies, we need to raise skill levels both for designing and participating in themâ&#x20AC;? Social reasons B*55.+106%/.$$#+/1#'%"#)3%/*55.+101#'% '.,,#$1+2%,$*5%0"#%@#C0#$+&)101#'A%*,%0"#%5&$;#0% #/*+*567%/*55.+106%4$#&;-*9+D%/$15#D% -$.2'D%1'*)&01*+%#0/<%!"#6%/$#&0#%&%;1+-%*,% 155.+#%'6'0#5%0*%3$*0#/0%0"#%/*55.+106%1+% "&$-%015#'<%>#*3)#%+##-%0*%#C3)*$#%0"#%'*/1&)% #,,#/0'%*,%/*55.+106%/.$$#+/1#'<

Ecological reasons E%5*+#0&$6%5*+*/.)0.$#%-*51+&0#-%46%&% "&+-,.)%*,%3*9#$,.)%+&01*+&)%/.$$#+/1#'%"&'%0"#% '&5#%#,,#/0'%&'%5*+*=/$*331+2%1+%&%)&+-'/&3#%F% #C0$#5#%'3#/1&)1'&01*+%&+-%#,?1/1#+/6%&0%0"#% 3$1/#%*,%$#'1)1#+/#%1+%0"#%,&/#%*,%/"&))#+2#'<% G*+#0&$6%-1(#$'106%51$$*$'%#/*)*21/&)%

-1(#$'1067%0"#%$1/"#$%0"#%41*=-1(#$'106:%0"#%5*$#% $#'1)1#+0%0"#%9"*)#%'6'0#5<%!"1'%5*+#0&$6% -1(#$'106%&)'*%'.33*$0'%$#&)%#/*)*21/&)%-1(#$'106% 46%#+&4)1+2%)*/&)%/*55.+101#'%0*%5*41)1'#% 3#*3)#%0*%-*%#''#+01&)%/*+'#$(&01*+%9*$;%&+-% 5&1+0&1+%#+(1$*+5#+0&)%3$*H#/0'<%>#*3)#%+##-% 0*%2$&'3%0"#%#/*)*21/&)%4#+#?10'%*,%/*55.+106% /.$$#+/1#'<

Political reasons I#$6%,#9%-#/1'1*+%5&;#$'%"&(#%"#&$-%*,% /*55.+106%/.$$#+/1#'<%8,%/*55.+106% /.$$#+/1#'%&$#%0*%512$&0#%,$*5%0"#%3#$13"#$6% 1+0*%0"#%5&1+'0$#&5:%0"#+%9#%+##-%0*%2#0%4#00#$% &0%/*))#/01+2%0"#%#(1-#+/#%,*$%#,,#/01(#+#''%&+-% )*4461+2%0"*'#%1+%3*9#$%0*%1+0#2$&0#% /*55.+106%/.$$#+/1#'%&'%&%0**)%,*$%-#)1(#$6%*,% 4*0"%'*/1&)%&+-%#/*+*51/%-#(#)*35#+0%3*)1/6<% E)0"*.2"%3&$01/13&01*+%1+%/*55.+106% /.$$#+/1#'%"&'%4##+%$#)&01(#)6%)1510#-:%0"#%'5&))% #(1-#+/#%4&'#%9#%"&(#%'"*9'%/)#&$%4#+#?10'%0*% &%,#9%"#&(6%.'#$'<%J#%+##-%0*%'3$#&-% ;+*9)#-2#%&4*.0%0"#1$%4#+#?10'%0*%1+/$#&'#% 3$#''.$#%,*$%3*'101(#%'*/1&)%&+-%#/*+*51/% /"&+2#<

Psychological reasons >&$01/13&+0'%*,0#+%/*55#+0%*+%0"#%-1,,#$#+0% @,##)A%*,%3&$01/13&01*+%1+%&%)*/&))6%*9+#-%&+-% 5&+&2#-:%1+0#$#'0=,$##%5*+#6%'6'0#5<% K-./&01+2%&4*.0%/*55.+106%/.$$#+/1#'%"#)3'% .'%0*%'##%"*9%0"#'#%5#/"&+1'5'%/&+%3)&6%&%$*)#% 1+%*.$%3#$'*+&)%&+-%/*55.+106%#/*+*51#'%*,% #C/"&+2#<

Audiences and Messages !"#%;#6%&.-1#+/#'%,*$%5#''&2#'%&4*.0% /*55.+106%/.$$#+/1#'%&$#7 L E/0.&)%&+-%3*0#+01&)%3&$01/13&+0' L M#'12+#$'%*,%+#9%'6'0#5' L N$2&+1'#$'%&+-%&-51+1'0$&0*$' L O.+-#$'%&+-%3.4)1/%-#/1'1*+%5&;#$'< !"#%'3#/1?1/%+##-'%*,%#&/"%*,%0"#'#%2$*.3'%1'% -1'/.''#-%4#)*9<%

Actual and Potential Participants J#%+##-%0*%-#5*+'0$&0#%0"#%4#+#?10'%*,% /*55.+106%/.$$#+/1#'%0*%3*0#+01&)%3&$01/13&+0'% &+-%'.33*$0#$'<%E0%0"#%'&5#%015#%9#%+##-%0*% "12")12"0%0"#%3$&/01/&)%/"&))#+2#'%*,%-#'12+1+2:%

International Journal of Community Currency Research 15 (2011) D 11-16

IJCCR Getting the message out

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

Designers of new systems

!"#$%!&'()-(8!+,(G4$%+&+$+&9-(-9&)-%2-(H'+$+&'+&2'(.!"( 3$"+&2&3$+&!%($%)(+"$)-'I($%)(G4$7&+$+&9-(-9&)-%2-(H"-$7( '+!"&-'($8!4+(8-%-=&+'(!.(3$"+&2&3$+&!%I>(3-"'!%$7( "-7$+&!%',&3'(6&+,(.4%)-"'($%)(2&9&7('-"9$%+'>('-%)&%#( %-6'7-++-"'($%)(8477-+&%'0 !"#$%*&+)%,&$%!&'(<(&)-!7!#/(?(3"-$2,&%#>( +-2,%&2$7(!"($2$)-*&2(7$%#4$#-0

Delivery Mechanisms J-(%--)(+!()-9-7!3(+$"#-+-)(-)42$+&!%$7('+"$+-#&-'(+!('4&+( +,-(&%.!"*$+&!%($%)('5&77'(%--)'(!.(-$2,(#"!430 K!*-(6&77(3"-.-"(+!("-$)($2$)-*&2(3$3-"'($%$7/'&%#(+,-( )-+$&7'(!.(2!**4%&+/(24""-%2&-'>(!+,-"'(6&77(6$%+(,$")( -9&)-%2-(!.(8-%-=&+'(8-.!"-(+,-/(8$25(+,-(&)-$>(!+,-"'(6&77( 3"-.-"(+!("-$)($"+&27-'(&%(+,-(7!2$7(%-6'3$3-"(!"($(%$+&!%$7( *$#$L&%->(!+,-"'(6&77(D4'+(6$%+(+!(+"/(&+(!4+($%)('--(6,$+( ,$33-%'>(!+,-"'(*$/(6$%+(+!(-%#$#-(&%(+"$&%&%#0

@-'&#%-"'(%--)(+!(8-(.$*&7&$"(6&+,()-'&#%(.-$+4"-'($%)( !3+&!%'(+!(-%'4"-(+,$+('/'+-*'($"-()-'&#%-)(+!(*--+( 3$"+&2&3$%+'A(#!$7'($%)(+$5-(+,-*(6,-"-(+,-/(6$%+(+!(#!0( B,-/(%--)(+!(+$5-($(6,!7-('/'+-*'($33"!$2,(+!( 2!**4%&+/(24""-%2/()-'&#%;(-*8-))&%#(+,-(+-2,%&2$7( Conclusions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

Organisers and Administrators E"#$%&'-"'($%)($)*&%&'+"$+!"'(%--)(+!(5%!6(6,$+( *$%$#-*-%+(+$'5'($%)(2,$77-%#-'(+,-/(6&77(.$2-($%)(+,-/( %--)(+,-('5&77'(!.(7-$)-"',&3($%)($)$3+$8&7&+/(+!(7!2$7( 2&"24*'+$%2-'0(B,-/(%--)(+!(-'+$87&',(-..-2+&9-( #!9-"%$%2-('+"42+4"-'(.!"("-'!79&%#(2!%=7&2+($%)(*$5&%#( '+"$+-#&2()-2&'&!%'0 !"#$%!&'()<('+"!%#(7-$)-"',&3(+-$*(+!(',$"-("!7-'>( &%+-"%-+()&'24''&!%(#"!43'>('3-2&$7&'-)(+"$&%&%#>(%$+&!%$7( '433!"+($#-%2&-'0

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

!"#$%*&+)%,&$%!&'(-(3$"$2,4+&%#(&%(*!)-7'(."!*( -7'-6,-"-(6&+,!4+($)$3+$+&!%>(!%-C*$%(!"(6!*$%(8$%)'( Q!"-(2!!")&%$+-)($%)('+"$+-#&2('433!"+(8/(.4%)-"'($%)( 6,!("-.4'-($)9&2-(!"(+"$&%&%#>(7-$9&%#('+"42+4"-'($%)( &%'+&+4+&!%'(.!"(-)42$+&!%$7(-..!"+'(C(2!**&''&!%&%#( 3"!2-''-'(+!(2,$%2-0 3"!.-''&!%$7(-)42$+&!%$7(*$+-"&$7'($%)(*$5&%#(.477(4'-(!.( +,-(&%+-"%-+;(*47+&*-)&$($%)('!2&$7(%-+6!"5&%#(C(6!47)( ,-73()&''-*&%$+-(+,&'(#"-$+('!2&$7(&%%!9$+&!%(-9-%(.4"+,-"( Funders and public decision makers $%)(-%,$%2-(&+'(-..-2+&9-%-''0 F4%)-"'($%)(3487&2()-2&'&!%(*$5-"'(%--)(+!(5%!6(6,$+( 2!**4%&+/(24""-%2&-'($"-;(6,$+('3-2&=&2(8-%-=&+'(+,-/( 8"&%#(+!(6,&2,(#"!43'($%)(6,$+(-9&)-%2-(+,-"-(&'(.!"( -..-2+&9-%-''0 International Journal of Community Currency Research 15 (2011) D 11-16

IJCCR Getting the message out

Educational strategy or tool

Audiences

Aims

Delivery Agents

Books & Articles

Decision makers

Persuasion

Various authors: Bernard Lietaer: http://www.lietaer.com/ Margrit Kennedy: http://www.margritkennedy.de/ Thomas Greco: http://www.reinventingmoney.com/ Richard Douthwaite: http://www.postcarbon.org/person/36218-richarddouthwaite

Information General public

Magazine

General public

Information

Community Currency Magazine http://www.community currenciesmag.net/dp/

Share stories Designers Design Guides

Designers

Specialist information

Administrators

Community Currency Guide by Bernard Lietaer and Gwendolyn Hallsmith http://www.global-community.org/gc/newsfiles/25/ Community%20Currency%20Guide.pdf The Lewes Pound How To Guide by Oliver Dudok van Heel:http://www.thelewespound.org/assets/docs/ Lewes_Pound_How_To_Guide.pdf

Research summaries

Researchers

Analysis

Decision makers

Specialist information

Policy analysts

International Journal of Community Currencies Research http://www.ijccr.net Bibliography of Community Currencies Research http://www.community currencies-literature.de/ 1.introduction/ Community Currencies Research Group http://www.complementarycurrency.org/community currenciesResearch.html

Table 1: Educational Strategies and Resources for Complementary Currencies (continued overleaf)

International Journal of Community Currency Research 15 (2011) D 11-16

IJCCR Getting the message out

Educational strategy or tool

Audiences

Aims

Delivery Agents

General advice & information

General public

Information

Complementary Currency Resource Center http://www.complementarycurrency.org/ Time Banks USA http://www.timebanks.org/ Time Banks UK http://www.timebanking.org/ Time Banking Wales http://www.timebankingwales.org.uk/ LETSystems Home Page http://www.gmlets.u-net.com/ LETS in Australia http://www.lets.org.au/ LETSLink UK http://www.letslinkuk.net/ LETS Link-Up http://www.lets-linkup.com/

Videos

General public

Persuasion

The Money Fix http://themoneyfix.org/ La Double Face de la Monnaie http://mareauxcanards.ouvaton.org/films.php? choix_film=25 Search for “community currencies” and “complementary currencies” on You Tube: http:// www.youtube.com Videos about Time Banking: http://www.timebanks.org/videos.htm http://www.timebanking.org/ Lyttleton Time Bank, New Zealand: http://www.lyttelton.net.nz/timebank Oliver Dudok van Heel talks about Lewes Pound http://transitionculture.org/2010/01/22/oliver-dudokvan-heel-on-local-currencies-transition-and-the-lewespound/

International Journal of Community Currency Research 15 (2011) D 11-16

IJCCR Getting the message out

Educational strategy or tool

Audiences

Aims

Conferences

Designers

Dissemination Various organisations e.g. USA, 2004 Networking http://www.smallisbeautiful.org/local_currencies/ 2004_conference_report.html

Participants

Delivery Agents

Germany, 2004 http://www.newmediaexplorer.org/sepp/COMMUNITY CURRENCIESurrencies_in_Europe2_2004.pdf New Zealand, 2009 http://www.transitiontowns.org.nz/node/1470 Annual Time Banking congresses c/o Timebanks USA and Timebanks UK

Webinars (internet seminars)

Enquirers

Training

Designers

Specialist information

Internet discussion groups

Enquirers

Share knowledge, experiments, updates and inquiries

Participants Designers

Value for People http://valueforpeople.co.uk/letsmakemoney

CC Open Collective is a moderated online forum (skype chat): contact Les Squires (skype name: LSquiresSkype) Time Banks Forum http://forums.timebanks.org/

Researchers Advocates! Training

Enquirers

Training

Participants

Specialist information

Designers

Time Banks USA http://www.timebanks.org/ Time Banks UK http://www.timebanking.org/ Value for People http://valueforpeople.co.uk/training

International Journal of Community Currency Research 15 (2011) D 11-16

Complementary Currencies in Germany: The Regiogeld System Christian Thiel

IJCCR

University of Augsberg, Germany christian.thiel@phil.uni-augsburg.de

Abstract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

Introduction !"#$%&%'()#*)(+%$#,"#-%'.("/#+0)01'21)#$),*$#02# *(*%'#'%*)(+%#34%#51'0#($#(#.%6,1.#02# %7+4("8%9#:4%$%#1"02;,+,()#3%"6%'$#('%#+())%6# <..%')%+43()%'=#>?'8%'@)?3%=#A'%/%+B%'=# 5)@3()%'=#-C,""%'=#D(&%)@)?3%=#E(""F($=# G("6.('B=#H(480)6=#IJ)K%'=#L0)("6=#M3%'"3()%'=# :(1@%'N'("B%"#0'#O$+40*(13()%'9#F%#('%# 3()B,"8#(@013#-%'.("#L%8,08%)6=#(# *4%"0.%"0"#C4,+4#0++1''%6#('01"6#PQQR#("6# $*'%(6#'(*,6)/#())#0&%'#-%'.("/9#!3#(**%('$#"03# 0")/#C,34#6,22%'%"3#"(.%$#@13#()$0#,"#&(',01$# 20'.$9#

International Journal of Community Currency Research www.ijccr.net

,3$#0@X%+3,&%$=#,3$#0'8(",K(3,0"()=#;,"("+,()#("6# *%'$0""%)#'%$01'+%$9#

What is Regiogeld?

L%8,08%)6#Y34%#-%'.("#$40'3#20'.#20'#'%8,0"()# .0"%/Z#,$#(#$*%+,()#20'.#02#(#+0..1",3/# +1''%"+/9#!3#+("#@%#6%;,"%6#($#(#*',&(3%# .0"%3('/#$/$3%.#C,34#(#'%8,0"()#&(),6,3/#("6#(# "0"W*'0;,3W(8%"6(#C4,+4#,$#(++%*3%6#@/# .1)3,*)%#*('3,+,*("3$9#!3#1$1())/#0++1'$#($# &01+4%'#("6#,$#*'0&,6%6#C,34#(#6%.1''(8%# Y"%8(3,&%#,"3%'%$3Z9#:4,$#+0"$3("3#)0$$#,"#&()1%# Y[WRP#\#*%'#/%('Z#,$#%,34%'#'%(),K%6#&,(#+%'3(,"# :4%#('3,+)%#,"3'061+%$#34,$#$*%+,()# 30B%"$#C4,+4#4(&%#30#@%#*1'+4($%6#("6#8)1%6# +0.*)%.%"3('/#+1''%"+/9#!3#6%$+',@%$#@',%;)/#S# 0"#34%#&01+4%'$#%&%'/#]#.0"34$#0'#&,(#34%# ("6#2'0.#(#$0+,0)08,+()#*0,"3#02#&,%C#S#C4(3#,3# +4('8%(@)%#'%*)(+%.%"3#02#34%#&01+4%'$#%&%'/# ,$=#40C#,3#4($#0',8,"(3%6=#34%#(+31()#$3(31$#T10# Y]#1*#30#RPZ#.0"34$9#:4%#'%8,0"()#+1''%"+,%$# ("6#*0$$,@)%#2131'%#6%&%)0*.%"3$9#!3#,$#@($%6# 4(&%#.1)3,*)%#*1'*0$%$V#34%/#C("3#30#@,"6#34%# 0"#./#U#/%('#%34"08'(*4,+#'%$%('+4#C4,+4#C($# '%8,0"()#*1'+4($,"8#*0C%'=#$3'%"834%"#34%#)0+()# 60"%#,"#34%#+0"3%73#02#(#$0+,0)08,+()# %+0"0./=#+'%(3%#.0'%#+00*%'(3,0"=#,"+'%($%# 6,$$%'3(3,0"9#N0'#34,$#('3,+)%#0"%#02#./#'%$1)3$#,$# $*0"$0'$4,*#20'#"0"W*'0;,3W0'8(",K(3,0"$=# *('3,+1)('#,.*0'3("3V#L%8,08%)6#,$#(# %"+01'(8%#34%#'%8,0"()#,6%"3,3/=#4%)*#$0),6,2/# *4%"0.%"0"#C4,+4#0',8,"(3%6#,"#34%#21$,"8#02# $0+,()#3,%$=#'%61+%#3'("$*0'3=#%"20'+%#(# 6,22%'%"3#.0&%.%"3$=#(#.0"%/W'%20'.W $1$3(,"(@)%#("6#'%$*0"$,@)%#+0"$1.%'$^# 0',%"3%6=#("#%$03%',+#("6#$%&%'()# @%4(&,01'#("6#$0#0"9# '%8,0"(),K(3,0"W0',%"3%69#:4%$%#.0&%.%"3$# 20'.#L%8,08%)6#'%8('6,"8#,3$#+0"$3'1+3,0"$#("6# International Journal of Community Currency Research 15 (2011) D 17-21

IJCCR The Regiogeld System

There are big differences in the construction of the almost 30 active regional currencies in Germany. One of the most important (and among the makers most controversial) concerns the question of value: some Regiogelder are backed by Euros, other are backed by goods and services. !"#$%&'$()&%*+,+&'-./#)+.%#0&,1)10#$1%1+,2& %*+$+&#$+&314&/1''+$+.5+,&1.&%*+&5(.,%$-5%1(.&('& %*+&#0)(,%&67&#5%18+&$+41(.#0&5-$$+.51+,&1.& 9+$)#.:;&<.+&('&%*+&)(,%&1)"($%#.%&=#./& #)(.4&%*+&)#>+$,&)(,%&5(.%$(8+$,1#0?& 5(.5+$.,&%*+&@-+,%1(.&('&8#0-+A&,()+& B+41(4+0/+$&#$+&3#5>+/&3:&C-$(,2&(%*+$&#$+& 3#5>+/&3:&4((/,&#./&,+$815+,;&

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

How did Regiogeld originate?

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`_A&O6?;&9+,+00&#./&*1,& %*+&B+41(4+0/&($4#.1K#%1(.&#./&$+5+18+&%*+& '(00(H+$,&"-$,-+/&=H1%*(-%&,-55+,,?&#&"(01%15#0& 8#0-+&1.&C-$(&5-$$+.5:&1.&$+%-$.;&L($&%*1,&$+E )(.+:&$+'($)&#./&#0,(&1)"0+)+.%+/&,)#00& +M5*#.4+&)(,%&B+41(4+0/&($4#.1K#%1(.,& ,5#0+&0(5#0&)(.+:&+M"+$1)+.%,& /+)#./&#&'++&('&N&%(&O7&P;&Q#$%&('&%*1,&5(8+$,& =a1+/+$+44+$&O__b?;& %*+1$&+M"+.,+,&#./&%*+&$+,%&1,&/(.#%+/&%(& I*+&)(,%&'#)(-,&%((>&"0#5+&1.&%*+&!-,%$1#.& 5())-.1%:&5*#$1%1+,;&I*+&#/8#.%#4+,&('&%*1,& %(H.&('&cd$40&3+%H++.&O_6^&#./&O_6`;&D.&%*+& ,:,%+)&#$+A&1%&1,&+#,:&%(&-./+$,%#./2&H1%*&0(HE )1//0+&('&%*+&H($0/&+5(.()15&5$1,1,&%*+&)#:($& $1,>&'($&%*+&3-,1.+,,+,&=%*+:&5#.&$+E+M5*#.4+& "#1/&%*+&,#0#$1+,&#./&H#4+,&('&%*+&"-3015& %*+&+#$.+/&$+41(.#0&)(.+:&%(&C-$(,?&#./&R& +)"0(:++,&H1%*&0(5#0&)(.+:;&e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cd$40&,%#$%+/&%(&3+& ($4#.1K#%1(.&(.0:&"$(81/+,&%*+&#/)1.1,%$#%1(.& #&)(/+0&'($&(%*+$&5$1,1,E$1//+.&%(H.,;&W-%&%*+.& =1)"0+)+.%#%1(.2&5(.%$(001.4&+%&5+%+$#?&#./& %*+&!-,%$1#.&5+.%$#0&3#.>2&'+#$1.4&'($&1%,& 5*#$4+,&,()+&'++,&'($&%*1,&,+$815+;&!55($/1.40:2& )(.("(0:&'($&)(.+:&5$+#%1(.2&,%(""+/&%*+& %*+&3-,1.+,,+,&5#.&1.5$+#,+&%*+1$&T1.#.51#0& +M"+$1)+.%&=L1,*+$&O_66S&<.>+.&O__bS& ,(08+.5:2&3+5#-,+&%*+:&)($+&($&0+,,&4+%&%*+& c+$.+$&O_\_A&\\?;& 8(-5*+$,&'($&'$++;&U(H+8+$2&%*1,&1,&/1'T15-0%&%(& I*+&L$+14+0/&X(8+)+.%&H#,&%*+.&"$(*131%+/& 5(.8+:;&I*+&3-,1.+,,+,&'+#$&.(%&%(&4+%&$1/&('& /-$1.4&I*1$/&B+15*&#./&'($)+/&-"&#4#1.&O_N7& %*+1$&B+41(4+0/&$+8+.-+,&#,&%*+$+&1,&.(&$+E #,&#&=)#$41.#0?&"(01%15#0&"#$%:;&c1%*&%*+1$& +M5*#.4+&1.&C-$(;&I*+&5(.,-)+$,&/(.V%&$+#00:& /(4)#%15&#./&"#$%0:&.#%1(.#01,%15& *#8+&#&"$('(-./&$+#,(.&%(&)#>+&#.&+''($%&'($& #$4-)+.%#%1(.&%*+:&,5#$+/&#H#:&%*+&"("-0#5+;& B+41(4+0/&#,&%*+$+&#$+&.(&5*#$1%#30+&#,"+5%,& I*1,&5*#.4+/&1.&%*+&O_]7,&H*+.&%*+&L$+14+0/& 5(..+5%+/&H1%*&1%;& )(8+)+.%&)1M+/&H1%*&#.%*$("(,("*:&#./&%*+& International Journal of Community Currency Research 15 (2011) D 17-21

IJCCR The Regiogeld System

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`I'%&'=#&)/,?/'0&!,#':#>D#/8',&?'KWW3'/2!' HF*-,&?I'%&'1#!"!&9'C2!'#!,-'O#!,N/2#*D$2' 2*(!.!#'(,)'%&'/2!'<!,#'KWW7'(2!&'a,-?*#>' )+2**-'/!,+2!#'[2#%)/%,&'B!--!#%'/*$!/2!#'(%/2' V')+2**-$%#-)')/,#/!?'/2!'H[2%!"$,D!#I'%&'/2!' )",--'1,.,#%,&'.%--,$!'_#%!&'0B!--!#%'KWW46'Vb89' G/#*&$-<')D;;*#/!?'O<'/2!';,#!&/)'/2!' [2%!"$,D!#'(,)'.!#<')D++!))>D-9'L&' +*&)!MD!&+!'*>'/2!'2D$!',//!&/%*&'O<'/2!'",))' "!?%,'",&<';!*;-!'>#*"',--'*.!#'B!#",&<'

(!#!'!&/2D)!?',&?'(,&/!?'/*'+#!,/!'/2!%#'*(&' -*+,-'"*&!<9'Z!&+!','+*&$#!))'(,)'2!-?',&?' ,//!&?!?'O<'3bW';!*;-!9'cD!'/*'/2!'$#!,/' %&/!#!)/',++*";,&<%&$'/2!'>*D&?,/%*&'*>' ?*A!&)'*>'F!$%*$!-?'%&%/%,/%.!)'%&'B!#",&<'/2!' HF!$%*$!-?XU!/A(!#NI'(,)'!)/,O-%)2!?'%&'KWW7' /*'*#$,&%A!',&?'%&%/%,/!'/2!'!^+2,&$!'*>' N&*(-!?$!9'C2%)'&!/(*#NE'KWWV' %&)/%/D/%*&,-%A!?',)'#!$%)/!#!?'D"O#!--,' ,))*+%,/%*&'0F!$%*$!-?'!9d98E'*#$,&%A!)' "!!/%&$)'/(%+!','<!,#E';#*.%?!)'",&D,-)'>*#' O!$%&&!#)E'+,#!)'>*#';DO-%+'#!-,/%*&'!/'+!/!#,'P' ,-/*$!/2!#'%/'?!@%&!)E'?!.%)!)',&?'?%))!"%&,/!)' /2!'%?!,'*>'F!$%*$!-?9'

What is the status quo? 1 =++*#?%&$'/*'/2!',D/2*#e)'#!)!,#+2'/2!#!',#!',/' /2!'"*"!&/',O*D/'Q7'F!$%*$!-?';#*R!+/)'%&' B!#",&<9'f&-<'3b'*>'/2!"',#!'&*/'%&'/2!' D"O#!--,',))*+%,/%*&',&?'"*)/'*>'/2!)!',#!' 2!,.%-<'",#N!/%&$X*#%!&/!?';#*R!+/)9'7K',#!'%&' ;#!;,#,/%*&E'(2%-!'KV',#!',+/%.!9'="*&$'/2!)!' ,+/%.!';#*R!+/)'KW'D)!'/2!':D#*XO,)!?X)<)/!"E' 5'D)!'/2!'$**?)X,&?X)!#.%+!XO,)!?')<)/!"',&?' /2!'#!",%&%&$'K',#!'2<O#%?')<)/!")9'=-/*$!/2!#' /2!<'!"%/',&'!)/%",/!?',"*D&/'*>'QWWEWWW'/*' YWWEWWW':D#*)9'Z*(!.!#E'V5'g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d*-N",&&'KWWY6'YK89' =&?'&*/'*&-<'/2!'MD,&/%/<E'OD/',-)*'/2!'MD,-%/<' *>'/2!'OD)%&!))!)'%)'%";*#/,&/9'L&'/2!'$**?)X ,&?X)!#.%+!)XO,)!?')<)/!")'",%&-<')!"%X ;#*>!))%*&,-'OD)%&!))!)'-%N!',-/!#&,/%.!E' !)*/!#%+',&?',#/%)/%+')!#.%+!)'*#'MD%/!' );!+%,-%)!?')2*;)',#!'>*D&?9'G*'>,#'*&-<'/2!' [2%!"$,D!#';#*.%?!)',')D>@%+%!&/'#,&$!'*>' ;#*?D+/)',&?',/'/2!'),"!'/%"!',&',?!MD,/!' );,/%,-'?!&)%/<'*>')2*;)'/*'#!,--<'(*#N'*D/'%&' ?,%-<'-%>!'01%+N!-",&&'KWW46'V489' 1D/'(2<'%)'/2!'[2%!"$,D!#')*')D++!))>D-h'C2%)' MD!)/%*&'&!!?)'!";%#%+,-'%&.!)/%$,/%*&9'G*'>,#' *&-<',))D";/%*&)'+,&'O!'",?!9'S%#)/-<E'/2!' %&%/%,/*#'%)','",&'(%/2'!&/#!;#!&!D#%,-')N%--)' ,&?','2%$2'+*""%/"!&/'P'>*#')!.!#,-'<!,#)'

International Journal of Community Currency Research 15 (2011) D 17-21

IJCCR The Regiogeld System

!"#$%&$#"'()$*+,,-./0&$*"'$%/)$1'"2&3.4$ 5&3"!6,78$.%&'&$/)$9!$&*:/3/&!.$9!6$09!/*",6$ !&.#"'($"*$)+11"'.&')$/!$.%&$'&;/"!<$.%&$ 19'&!.)$*'"0$.%&$=9!.%'"1")"1%/3>$)3%"",$ #%&'&$.%&$?%/&0;9+&'$).9'.&68$)&@&'9,$,"39,$ 1",/./3/9!)8$9$A+!3%$"*$)"3/9,$9!6$3+,.+'9,$ 1'"2&3.)$"'$3,+A)4$B%/'6,78$.%&$3""1&'9./"!$"*$ .%&$,"39,$A9!($;/@&)$.%&$?%/&0;9+&'$0"!&7$ )70A",/3$3'&6/A/,/.7$9!6$C$&@&!$0"'&$/01"'.9!.$ C$"**&')$).'+3.+'&)$=933"+!.)8$&,&3.'"!/3$ 1970&!.>$*"'$.%&$&,&3.'"!/3$?%/&0;9+&'4$B%&$ /01"'.9!3&$"*$.%/)$/)$/,,+).'9.&6$A7$.%&$*93.8$.%9.$ 9,'&967$DE$F$"*$.%&$3/'3+,9./!;$?%/&0;9+&'$ 0"!&7$/)$&,&3.'"!/34$G"+'.%,78$097A&$.%&$ 3%9'93.&'/)./3)$"*$.%&$?%/&0;9+&'$'&;/"!$,/(&$ .%&$;""6$&3"!"078$1,&!.7$"*$."+'/)./3$ 9..'93./"!)8$.%&$1'&@9,&!.$.'96/./"!9,$)"3/9,$ !&.#"'()$9!6$.%&$).'"!;$'&;/"!9,$/6&!./.7$%9@&$ .%&/'$&**&3.$"!$.%&$)+33&))$"*$.%&$?%/&0;9+&'$ H&;/";&,64$I+.$&@&!$6&)1/.&$/.)$3&'.9/!$,&@&,$"*$ &3"!"0/3$)/;!/:/39!3&8$.%&$?%/&0;9+&'$)./,,$ 9..'93.)$0"'&$/!.&'&).$;,"A9,,7$.%&!$'&;/"!9,,7$ =53%'"&6&'$JEEK>4

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

What does the future bring?

G'"0$JEEY$."$JEEZ8$.%&'&$#9)$9$(/!6$"*$ *"'09./"!$A""04$[@&'7#%&'&$/!$\&'09!7$ H&;/";&,6$1'"2&3.)$911&9'&64$5/!3&$JEEZ$#&$ %9@&$"A)&'@&6$9$3&'.9/!$),"#6"#!$9!6$&@&!$ .%&$3",,91)&$"*$)&@&'9,$/!/./9./@&)4$R.$)&&0)$.%9.$ L&.M)$!"#$.9(&$9$ 6&)1/.&$&N.&!)/@&$09'(&./!;8$/.$/)$@&'7$%9'6$*"'$ )%"'.$,""($"!$.%&$ It seems that despite extensive H&;/";&,6$."$93%/&@&$933&1.9!3&$9!6$.%&'&*"'&$ "@&'9,,$).'+3.+'&)$"*$ 9$)/;!/:/39!.$1&!&.'9./"!$"*$.%&$'&;/"!9,$ marketing, it is very hard for .%&$9@&'9;&$ Regiogeld to achieve acceptance H&;/";&,64$B%&$3"'&$ 09'(&.)4$[)1&3/9,,7$/!$A/;;&'$3/./&)$9!6$ &3"!"0/39,,7$+!6&'6&@&,"1&6$'&;/"!)$.%&'&M)$ and therefore a significant "*$&93%$)7).&0$/)$ "!,7$,/..,&$A+)/!&))$@",+0&$#/.%$H&;/";&,64$ 0").,7$9$)09,,$;'"+1$ ]97A&$H&;/";&,6$!&&6)$&N/)./!;$=&3"!"0/3$9!6$ penetration of the regional "*$@",+!.&&')$0").,7$ )"3/9,>$!&.#"'()$#%/,&$/.$%9'6,7$3'&9.&)$.%&04$ markets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

International Journal of Community Currency Research 15 (2011) D 17-21

IJCCR The Regiogeld System

Endnotes

References

!!"#$!%&!'&(!)*&+$,,-&./'!/.0!&*1/.-2/%-&./'!'$3$'!-%!-,!0-+4-5#'%!%&!

X/*%,59J!TY.%$*!<@UUOA!"-$!DZ[\X$($1#.1!]-'3-&!T$,$'',7! 1$%!/5%#/'!/.0!*$'-/6'$!0/%/7!89$!.#:6$*,!)*$,$.%$0!9$*$!5&:$! T$,59-59%'-59$*!T*#.0*-^!@FU@!\!@UU>_UPJ!<T/#`$J!aY%B$.6#*1A +*&:!%9$!;$1-&1$'0!#:6*$''/!/,,&5-/%-&.!<;$1-&1$'0!$7=7!>?@?A! X-5`$':/..J!b..$%%$!<>??UA!c'$-.1$'07!W&.$%d*$! /.0!($*$!#)0/%$0!(-%9!%9$!'/%$,%!/3/-'/6'$!-.+&*:/%-&.!+*&:!%9$! ;$1-&./'-,-$*#.1!0#*59!;$1-&1$'0!/',!Z$*`2$#1!-:! 3/*-&#,!)*&B$5%,!9&:$)/1$,7 ;$1-&./':/./1$:$.%7!e.)#6'-,9$0!0-)'&:/!%9$,-,J!e.-3$*,-%S! "!89$!+&''&(-.1!$C/5%!.#:6$*,!/*$!6/,$0!&.!%9$!/,5$*%/-./6'$! &+!8*-$*J!"$)/*%:$.%!&+!1$&1*/)9S! )*&B$5%,!<D!E!@FAG!%&%/'!/:&#.%!&+!;$1-&1$'0!-.!5-*5#'/%-&.!+*&:! X*/.0J!c/*'\Z$*.$*!<@UUFA!fg#:/.-,%-,59$*!W-%%$'`'/,,$\ /''!)*&B$5%,!$H#/%$,!IFFJK?L!M#*&,N!/*-%9:$%-5!:$/.!-,! ;/0-`/'-,:#,R7!Q.!g$'':/..J!c/-\e($!/.0!;##0!c&&):/.,!<M07A! OPJF?L!M#*&,!/.0!:$0-/.!-,!6$%($$.!@@J???!/.0!@>J???!M#*&,7! h/*/0-1:$.!0$*!X$($1#.1,+&*,59#.17!Z$,%0$#%,59$*!=$*'/1G! Q%R,!.&%!$/,S!%&!$,%-:/%$!9&(!:#59!%#*.&3$*!-,!5*$/%$0!6$5/#,$! [)'/0$.N!))7!PP\K? -%!-,!,#))&,$0!%9/%!;$1-&1$'0!5-*5#'/%$,!(-%9!/!9-19$*!3$'&5-%S! %9/.!%9$!M#*&!<T$''$*-!>??UG!LOA7!89$!V9-$:1/#$*!*$)&*%,!%&! V9-$:1/#$*!<>?@?AJ!3-$($0!b#1#,%!@I!>?@?J 5*$/%$!/!S$/*'S!%#*.&3$*!&+!O!W-''-&.!M#*&,!(-%9!-%,!K??J???! !9%%)G__(((759-$:1/#$*7-.+&_#)'&/0,_:$0-/_V9-$:1/#$*\ M#*&,!-.!5-*5#'/%-&.!<V9-$:1/#$*!>?@?A7 ]%/%-,%-ì?@7)0+! #!!MC/5%!.#:6$*,!<D!E!>LA!/*$G!)/*%-5-)/%-.1!6#,-.$,,$,!*/.1$! V*$#%2J!g$':#%!<@UUPA!"/,!T$'0\]S.0*&:7!Z$1$!2#!$-.$*! +*&:!@L!%&!KFON!/*-%9:$%-5!:$/.!-,!@??!/.0!:$0-/.!-,!L>7!>?! `*-,$.+*$-$.!W/*`%(-*%,59/+%J!<=$*'/1!W/-.2J!b/59$.A )*&B$5%,!9/3$!'$,,!%9$.!@??!)/*%-5-)/%-.1!6#,-.$,,$,J!&.'S!O!9/3$! :&*$!%9$.!>??7 j-,9$*J!Q*3-.1!<@UPPAG!]%/:)!]5*-)J!<b0$')9-!V&:)/.SJ!D$(! k&*À T$''$*-J!V9*-,%-/.!<>??UA!fV9-$:1/#$*!;$1-&:&.$SG!89$&*S!/.0! h*/5%-5$!&+!/!a&5/'!V#**$.5SR7!Q.%$*./%-&./'!l&#*./'!&+! V&::#.-%S!V#**$.5S!;$,$/*597!=&'!@PJ!))7L@\IK T$,$''J!]-'3-&!<@UOU!m@U@LnA!"-$!./%Y*'-59$!Z-*%,59/+%,&*0.#.1! 0#*59!j*$-'/.0!#.0!j*$-1$'0J!<;#0&'+!o-%2:/..!=$*'/1J!a/#+!6$-! DY*.6$*1A c$..$0SJ!W/*1*-%!<@UU@A!T$'0!&9.$!o-.,$.!#.0!Q.4'/%-&.J! <T&'0:/..J!WY.59$.A! a-$%/$*J!X$*./*0!<>??>A!"/,!T$'0!0$*!o#`#.+%G!p6$*!0-$! 2$*,%q*$*-,59$!Z-*`#.1!0$,!$C-,%-$*$.0$.!T$'0,S,%$:,!#.0! b'%$*./%-3$.!9-$*2#J!<;-$:/..!=$*'/1J!WY.59$.A D-$0$*$11$*J!T$*9/*0!<@UUIA!"/,!j*$-1$'0\]S.0*&:G!jY*!#.0! Z-0$*!$-.!/'%$*./%-3$,!T$'0,S,%$:J!<=$*'/1!+Y*!M%9-`!#.0! T$,$'',59/+%J!Z-$.A [.`$.J!Z$*.$*!<@UUIA!W&0$''3$*,#59$!:-%!,&2-/')4'-59%-1$:! X&0$.!#.0!T$'0J!<=/*$'J!['0$.6#*1A ;$1-&1$'0!$7=7!<>?@?AJ!3-$($0!b#1#,%!@I!>?@?J!9%%)G__ (((7*$1-&1$'070$ ]59*&$0$*J!;&'+!<>??LA!fV&::#.-%S!MC59/.1$!/.0!8*/0-.1! ]S,%$:,!-.!T$*:/.SR7!Q.%$*./%-&./'!l&#*./'!&+!V&::#.-%S! V#**$.5S!;$,$/*597!=&'!@?J!))7!>O\O> ]%$-.$*J!;#0&'+!<@U@UA!"-$!c$*.)#.`%$!0$*!,&2-/'$.!j*/1$!-.!0$.! a$6$.,.&%($.0-1`$-%$.!0$*!T$1$.(/*%!#.0!o#`#.+%J!<;#0&'+! ]%$-.$*!=$*'/1J!"&*./59A ]%$-.$*J!;#0&'+!<@U>>A!D/%-&./'q`&.&:-,59$*!c#*,J!<9%%)G__ (((70*$-1'-$0$*#.170$_0&(.'&/0_PO?7)0+!m?L7?O7>??UnA =&'`:/..J!c*-,%$*!<>??FA!;$1-&./'!\!#.0!%*&%20$:!1'&6/'7! ]&'-0/*-,59$!r`&.&:-$!-:!])/..#.1,+$'0!2(-,59$.!;$1-&./'-%d%! #.0!T'&6/'-%d%7!M-.$!$C)'&*/%-3$!]%#0-$!2#!;$1-&./'(d9*#.1$.J! <a-%!=$*'/1J!WY.,%$*A Z$*.$*J!g/.,\l&/59-:!<@UFUA!T$,59-59%$!0$*! j*$-(-*%,59/+%,6$($1#.1J!<Z/C:/..J!D$(!k&*À

International Journal of Community Currency Research 15 (2011) D 17-21

What have Complementary Currencies in Japan really achieved? Revealing the hidden intentions of different initiatives

IJCCR

Yasuyuki Hirota mig@olccip.net http://www.olccip.net

Abstract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

Introduction

International Journal of Community Currency Research www.ijccr.net

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

A brief history of CCs in Japan up to the “boom”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

International Journal of Community Currency Research 15 (2011) D 22-26

IJCCR CCs in Japan

!"#$%&'()&*+,&-.(&/012&*"$+%&34567&48&69:.& ).;4<96&379=.&67.&5.:'9(9(>&#,&-.(&/012&,"##%& 9<&<;.(6&845&'):9(9<65'69?.&;@5;4<.<"&&A(467.5& 4(.&'<B<&67.&?4=@(6..5&37.67.5&7.C<7.&;5.8.5<& 64&5.D.9?.&<@D7&'(&':4@(6&48&-.(&9(&D'<7&45& D4@;4(&64&E.&<;.(6&9(&67.&8@6@5.&37.(&7.C<7.& (..)<&<4:.&7.=;&845&67.95&=98.F&E@6&:4<6& ?4=@(6..5<&;5.8.5&(46&64&5.)..:&E.D'@<.&4(.& 74@5&48&D'5.&9<&34567&:@D7&:45.&67'(&67.& D455.<;4()9(>&':4@(6&48&).;4<96&9(&-.("&&G7.& ).;4<96&9<&'D6@'==-&E.=43&67.&:9(9:@:&3'>.&9(& H';'(F&<4&96&9<&5'67.5&).<9>(.)&845&?4=@(6..5<& 374&)4&(46&7'?.&64&3455-&'E4@6&67.95&9(D4:.& E@6&'5.&D4(D.5(.)&3967&67.&7.'=67D'5.&<.5?9D."

48&67.&6.e6E44B<&4(&II<&9(&67.&H';'(.<.& ='(>@'>."&&&G7.&II&:4?.:.(6&5.'D7.)&96<& D=9:'e&9(&H';'(&9(&+,,$&'()&<9(D.&67.(&<6'56.)& 64&).D=9(.&>5')@'==-&)@.&64&67.&5.'<4(<&64&E.& :.(694(.)&='6.5"&

:.(694(9(>&19=?94&Y.<.==F&'()&)988.5.(6&II& 9(969'69?.<&<@D7&'<&67.&<6':;&<D59;&'6&_`5>=F& A@<659'F&'&G'@<D759(>&'6&['==.F&Y.5:'(-F&a67'D'& [4@5<&'6&a67'D'F&LbF&0(96.)&16'6.<&'()&67.& _acS'(BF&67.&1396d.5='()F&9(&'))9694(&64& 9(6.5?9.3<&64&W'5>596&\.((.)-&'()&S.5('5)& P9.6'.5"

i !"#$%&'(#)*#()/-01#2)&3.&D'5.6'B9(>&845&67.& .=).5=-F&.<;.D9'==-&845&674<.&374&<@88.5&854:& 67.&<4D9'=&.eD=@<94(&E-&?9<969(>&67.:&'()& =9<6.(9(>&64&67.95&6'=B

G79<&;54>5'::.&>'?.&59<.&64&67.&VE44:Z&48&II<& 9(&H';'("&&A&(@:E.5&48&>5'<<X5446&>54@;<& <743.)&679<&?9).4&64&6.'D7&:45.&;.4;=.&67.& 9:;456'(D.&64&@<.&II<&'()&'D6@'==-&)4d.(<&48& PQG1&'()&467.5&<456<&48&II<&3.5.&E45(&/E'E-X E44:.5X>.(.5'694(&II%&'<&;.4;=.&3.5.& 9(<;95.)&E-&679<&)4D@:.(6'5-"&&A&E44B&696=.)&'<& VQ().X(4&b@9>4(Z&/L[\&N@E=9<79(>%&3'<& ;@E=9<7.)&9(&+,,,&'()&9<&<69==&5.8.55.)&64&'<&4(.&

&[9<&).6.5:9('694(&64&@<.&QD4:4(.-&.eD=@<9?.=-& 845&<@D7&'D69?969.<&3'<&5.9(845D.)&9(&+,,*&37.(& 7.&).D='5.)&'<&84==43<&9(&79<&E44Bh

Some Japanese CCs during and just after the “boom” Toshiharu Katô’s “Ecomoney”: a CC promoted by a MITI bureaucrat

G7.&VQD4:4(.-Z&7'<&:').&<9>(9f9D'(6& 8446;59(6<&4(&67.&H';'(.<.&II&<D.(.&E.D'@<.&96& 3'<&).<9>(.)F&;54;4<.)&'()&;54:46.)&E-& G4<797'5@&\'6OF&67.(&)95.D645&48&67.&1.5?9D.& G7.5.&3.5.& a()@<659.<&K9?9<94(&'6&67.&W9(9<65-&48&G5').&'()& The currency movement’s boom 467.5&II& ! 9(969'69?.<&379D7& a()@<65-&/WaGa% F&'&:9(9<65-&9(6.5('694('==-& in Japan was triggered by the 7')&E..(&<.6&@;& 'DB(43=.)>.)&E-&96<&<B9==&845&.D4(4:9D& success of a TV documentary ;='((9(>&<@D7&'<&H47(<4(&/*Jg+%"&&AD6@'==-&79<& '=5.')-&E.845.& 9(?4=?.:.(6&3967&II&E.>'(&9(&*JJgF&.?.(& called “Ende’s Money-Go*JJJF&<@D7&'<& .'5=9.5&67'(&VQ().T<&W4(.-XY4XA54@()FZ&37.(& Around”, originally broadcast in G9:.&K4=='5& 7.&;@E=9<7.)&79<&f95<6&E44B&696=.)&'<&QD4:4(.-F& L.6345B&H';'(& 1999 379D7&3'<&'D69?.& ).f9(.<&96&'<&V'&:4(.-&9(&67.&+*<6&D.(6@5-& 379D7&9<&'(&9(6.5:.)9'5-&48&'&?'59.6-&48&<486& E.63..(&*JJ!& 9(845:'694(F&<@D7&'<&67.&.(?954(:.(6F& $ '()&+,,M&'()&67.&N.'(@6< &9(&I79E'&/(.'5& D'5.6'B9(>F&3.=8'5.F&D4::@(96-&'()&D@=6@5.& GOB-O%F&'D6@'==-&'&PQG1&379D7&<6'56.)&9(& /<9D%Z&/\'64&/*JJg%%F&'=674@>7&).6'9=<&3.5.&(46& R.E5@'5-&*JJJ"&&A=674@>7&N.'(@6<&9<&<69==& D=.'5"&&A6&679<&<6'>.&7.&3'<&.e;=459(>&67.&D7'(D.& 345B9(>&3967&<4:.&467.5&'D69?969.<F&(4& 64&'==43&.eD7'(>.<&48&D4::.5D9'=&>44)<&'()& <6'69<69D<&'5.&'?'9='E=.&64&65'D.&96<&.D4(4:9D& <.5?9D.<F&'DD.(6@'69(>&96<&54=.&'<&'&<69:@=@<&845& 9:;'D6&4(64&67.&D4::@(96-" 67.&=4D'=&;54)@D694(&'()&D4(<@:;694(F& S@6&96&9<&<'8.&64&<'-&67'6&67.&II&:4?.:.(6T<& '=674@>7&79<&'66'D7:.(6&64&:@(9D9;'=969.<&'<& E44:&9(&H';'(&3'<&659>>.5.)&E-&'&<@DD.<<&48&'& <;7.5.<&845&II&3'<&'=5.')-&f95:F&?.5-&)988.5.(6& GU&)4D@:.(6'5-&D'==.)&VQ().T<&W4(.-XY4X 854:&c.>94&9(969'69?.<&9(&Y.5:'(-F&845&9(<6'(D."&& A54@()ZF&459>9('==-&E54')D'<6&4(&L[\&S1X+&4(& Qe':;=.<&9(&379D7&79<&VQD4:4(.-Z&34@=)&E.& ,!67&W'-&*JJJ&'()&5.E54')D'<6&<.?.5'=&69:.<"&& @<.)&'5.&>9?.(&'<&84==43<h G79<&#,X:9(@6.<&;54>5'::.&E.>'(&3967&'& i !"#$%&'(#)*#$+%#%",-&)"'%"$.&5.D-D=9(>F& 6.<69:4(-&E-&W9D7'.=&Q().&/*J+J]*JJ^%F& ;9DB9(>&@;&>'5E'>.&4(&67.&59?.5F&'6&67.&;'5B& Y.5:'(&8'E@=9<6&8':4@<&845&9<&345B<&<@D7&'<& '()&467.5&;@E=9D&8'D9=969.<&45&;='(69(>&65..<" VW4:4Z&'()&VA&L.?.5XQ()9(>&1645-ZF&

i !"#$%&'(#)*#%45/0$-)"#0"4#/51$5&%.& :'9(6.('(D.&48&=4D'=&84=B=45.F&=.<<4(<&4(&NI

!!"#$!%&'!&$!()*!'*+&(,-.$),/!0*(1**.!()*! 23-4-.*5!&.6!()*!4-.*(&'5!*3-.-45!,$! 3-.3*'.*67!1*!$)-8+6!'*%'&,.!%'-4!/8'3)&$,.9! 9--6$!&.6:-'!$*';,3*$!6,'*3(+5!&(!()*!4&'<*(!,.! 23-4-.*5=!!>)*!8.+,4,(*6!3-..*3(,-.!-%!()*! 23-4-.*5!?,*+6!@;-+8.(&'5!*3-.-45A!1,()!()*!

International Journal of Community Currency Research 15 (2011) D 22-26

IJCCR CCs in Japan

!"#$%&'()$*"#"!()+",-.).$/$#$'&%$)0*"!"#$()1#%") &#"%2$')!"#$()&#.3"')#"%$45))62$'$)+",-.)&-4")7$)4"!$) *"#8-1*%4)+1%2)%2$)9%&%$:4)'1/2%)%")144,$)%2$)*,''$#*()&4)+$--) &4)+1%2)%2$)814*&-)-&+)4(4%$!!"#$%&"'())*+

$6605%$260"98"%-0"B0D8".//:0D/"10$2/"%-$%"%-0.D"^309%!"%4" %-./"6411:2.%8"./"^D05$.3H!"_

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`/"6-0W:0"./"F4D%-"3.;;0D02%A8";D41" G6414208"14B0102%"4D".230502302%A8"30B0A4503"9:%" 4%-0D/H""U410"CC/"-$B0"$345%03"/:6-"$"/8/%01>"9:%"24" A0$D2.2@";D41"#$%&>"F.%-"%-0"/4A0"$.1"%4"02@$@0"14D0" 3$%$"./"$B$.A$9A0"42"%-0"$14:2%"4;"%D$2/$6%.42/".2"/:6-" B4A:2%00D/"%4"/:6-"$6%.B.%.0/H"I4%-"9:D0$:6D$%/"$%"3.;;0D02%" CC/H 1.2./%D.0/"$23"4;J.60D/"$%"1:2.6.5$A"$23"5D0;06%:D$A"A0B0A" MIAC CC initiatives: whom were they for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a0%F4D?"U8/%01"'TITaU+"906$:/0".%"F$/" A46$A"064241.0/H 2060//$D8"%4"-$B0"$"TITaU"6$D3"%4"K4.2"/:6-"CC/>";4D6.2@" 7$5$20/0"2$%.42$A/"D0/.3.2@".2"7$5$2"%4"$6W:.D0"%-./"6$D3" $23"0X6A:3.2@"%-4/0"F.%-4:%"%-0"7$5$20/0"6.%.E02/-.5" '94%-"D0/.302%/"$23"%4:D./%/+"$23"7$5$20/0"6.%.E02/"A.B.2@" $9D4$3"$/"TITaU"42A8"30$A/"F.%-"7$5$20/0"2$%.42$A/" QR,/8/%01"F$/"30/.@203"98"G..6-."<4D.24>"5D0/.302%"4;" S0/0AA"T0/0$D6-"U46.0%8"7$5$2"'STU7+V"$23"$AA4F/"$289438" A.B.2@".2"7$5$2H""=2"%-0"J./6$A"80$D"())L"'R5D.A"())LP<$D6-" ())b+"<=RC".15A0102%03"J.B0"TITaUP9$/03"0A06%D42.6" %4".//:0"%-0.D"4F2"6:DD0268"$/"6-0W:0>"$/"%-0".2B02%4D" 90A.0B0/"%-$%"%-0"B0D8"0X./%0260"4;"602%D$A"$31.2./%D$%.42" A46$A"6:DD0268"/8/%01/"$23"0$6-"5D4K06%"/502%"90%F002" $%"YG,U"$23"4%-0D"/8/%01/"D:2/"%-0"D./?"4;"642602%D$%.2@" 7Nc"(dHdbL"%4"e)"1.AA.42"'fUg"(b_>)))"%4"ee)>)))+"%4"/0%" 54F0D"42".%H""R289438"6$2"34F2A4$3"$23"5D.2%"%-0";4D1$%" :5"%-0".2;D$/%D:6%:D0H",-./"@020D$%03"A0//"%-$2"*"1.AA.42" 54.2%/"]"7Nc"*"1.AA.42"'fUg"**>)))+"$%"0$6-"5D4K06%"0X605%" 4;"QR,U8/%01>"J.AA".%"4:%"$23":/0/".%";4D"%-0.D"5$8102%/>" R1$>"U-.1$20"F-0D0"$AA"A46$A"9:/.20//0/"$6605%03"h$-2>" $//:D.2@"%-$%"%-08"F.AA"@.B0"%-./"6-0W:0Z/"90$D0D"%-0" .%/"0A06%D42.6"A46$A"6:DD0268"3:D.2@"%-0"5D49$%.42"50D.43" 0W:.B$A02%"$14:2%"4;"@443/"$23[4D"/0DB.60/H\"",-./" 6-0W:0"./"6.D6:A$%03"$142@"%-4/0"F-4"%D:/%"%-0".//:0D/" 'i060190D"())L"$23"7$2:$D8"())b>"0X605%"R/4>" '24%"2060//$D.A8"%-4/0"F-4"?24F"%-01"F0AA>"906$:/0"%-0" #:1$14%4"F-0D0"%-0"0X50D.102%$%.42"A$/%03";D41" A./%"4;"D06.5.02%/"]"0234D/0D/"02$9A0/"5045A0"%4"%D:/%"%-01" a4B0190D"())L"%4"<$D6-"())b+H"".2"6$/0"4;"I055:>"O.%$" %-0"D:22.2@"64/%"50D"80$D"F$/"0/%.1$%03"%4"90"/410"7Nc"d" F.%-4:%"-$B.2@"5D0B.4:/"3.D06%"642%$6%+"$23".%/" 1.AA.42"'fUg"dd>*))+"$23".%"./"34:9%;:A"F-0%-0D"%-0" .2%D43:6%.42"4;"/:6-"$2"$3B$2603"%06-24A4@8"F$/" 2060//$D8"4D"24%";D41"%-0"064241.6"B.0F54.2%H""h4F0B0D" %-0"$9/0260"4;"%-4/0"F-4"30;8"%-0"A0$30D/"4;"%-0/0" 5D4K06%/"$AA4F/"%-01"%4".15A0102%"F-$%0B0D"1$8"/0DB0" ;4D"%-01/0AB0/"F.%-4:%"-$B.2@"%4"F4DD8"$94:%"%-0"64/%P 9020J.%"$2$A8/./H

WATsystems6: total abolition of central authority

Recent currency schemes to emerge Revival of old coins as local currency at Kanâ&#x20AC;&#x2122;onji, Kagawa

Figure 1: Example of a typical WATSystem note (front and reverse)

R"A46$A"@D4:5"$%"#$2Z42K.>"#$F$@$"6$AA03"i45.?$2"#$2Z42K."" *)"$24:2603".2"j09D:$D8"()*)"%-$%";D41"R5D.A"A46$A" 9:/.20//0/"$%"%-./"6.%8"F4:A3"/%$D%"$6605%.2@"#$2Z0.",/k-&>" $2"$AD0$38"$94A./-03"64.2"F-.6-"F$/"%06-2.6$AA8"$"A0@$A" 6:DD0268"$AA"4B0D"7$5$2";D41"*beb"%4"*_Le>"$/"0W:.B$A02%" 4;"e)"802"'$94:%"fUg)Hee+>"$A%-4:@-"%-0"1$D?0%"5D.60"4;" %-./"64.2"$142@"64AA06%4D/"./"10D0A8"90%F002"*)"$23"()"

International Journal of Community Currency Research 15 (2011) D 22-26

IJCCR CCs in Japan

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

%D(%'-%E.'("%,?6',.-%()*(%()'-%/,0*/%73,.<%'-% 3"E.'3"5%(,%)*6"%*%0,#-'5"3*?/"%*+,.#(%,4% 3"-"36"%'#%A*<*#"-"%!"#%-,%()*(%/,0*/% ?.-'#"--"-%-),./5%;,'#%()'-%'#'('*('6"1%%%F,% '#4,3+*(',#%)*-%?""#%3"/"*-"5%-,%4*3%*?,.(%()"% 4.#5%(,%?*0G%()'-%,.(5*("5%0,'#$%?.(%'(%'-%"*-'/!% 4,3"-""#%()*(%()'-%<3,;"0(%&'//%0,+"%(,%*#%"#5% &)"#%H,<'G*#%9*#:,#;'%3.#-%,.(%,4%()"%4.#5$%-,% ()'-%<3,;"0(%'-%<"3%-"%.#-.-(*'#*?/"1

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

Japanese promoters and practitioners have pursued different goals than their Western counterparts, resulting in a range of different - and sometimes bizarre objectives and consequences.

Back to the rice standard: another local currency at Toyota, Aichi %I%;,'#(%"#("3<3'-"%0,,<%0*//"5%MN.(-.?.(-.% 9KG*#%9!,G.OPP%QN99$%MN*3("3%N.3"*.O%'#%

%I#,()"3%4*(*/%+'-(*G"%,4%8.-.?'%'-%()*(%()"-"% ?'//-%*3"%3"5""+*?/"%(,%?3,&#%3'0"%,#/!%.<%(,% ()"%"#5%,4%Z0(,?"3$%()"%+,#()%,4%#"&%)*36"-(1%%% 2)'-%<3*0('0"%'-%0,#(3*5'0(,3!%(,%()"%,3'7'#*/% '5"*%,4%5"+.33*7"$%&)'0)%5,"-%*//,&%?'//-%(,% 0'30./*("%,6"3%('+"%&)'/"%'(%73*5.*//!%/,-"-%'(-% 6*/."$%?.(%()"%'--."3%5,"-%#,(%0*3"1%%%2)"3"4,3"% ()"%.-"%,4%()"%&,35%M5"+.33*7"O%'-%3*()"3%*% 0*(0)L&,35%(,%*((3*0(%<",</":-%0.3',-'(!%()*#%*% ()",3"('0*//!L&"//L5,#"%5"-'7#1

Conclusion I-%()'-%<*<"3%)*-%5"+,#-(3*("5$%'(%'-%(3."%()*(% A*<*#%0*#%?,*-(%*#%*+,.#(%*#5%6*3'"(!%,4% 0,+</"+"#(*3!%0.33"#0'"-%()*(%0*##,(%?"% 4,.#5%"/-"&)"3"%'#%()"%&,3/51%%Y<"0'*/% *(("#(',#%-),./5%?"%<*'5$%),&"6"3$%(,%()"%4*0(% ()*(%A*<*#"-"%<3,+,("3-%*#5%<3*0('(',#"3-% )*6"%<.3-."5%5'44"3"#(%7,*/-%()*#%()"'3% V"-("3#%0,.#("3<*3(-$%3"-./('#7%'#%*%3*#7"%,4% 5'44"3"#(%L%*#5%-,+"('+"-%?'W*33"%L%,?;"0('6"-% *#5%0,#-"E."#0"-1%%

International Journal of Community Currency Research 15 (2011) D 22-26

IJCCR CCs in Japan

!"#"$%&'()**+&,'-+".'#/)$,')$',+01&'/2'33')&',4",' Endnotes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

%'4,,#GHH++1>J#HJ#H'P)$'!"#"$+&+Q &'4,,#GHH--->-",&<&,+1&>$+,H'P)$'!"#"$+&+:'S$*7)&4'

"$8'T+01"$Q ''4,,#GHH--->*0&J>/0*H'P)$'!"#"$+&+Q ('?4+/0+,)6"77<'&#+".)$*:'$/0',4+'8/-$7/"8"(7+'

2/01",')&'$+6+&&"0<',/')1#7+1+$,',4)&'&<&,+1G'"77' -4",')&'$++8+8')&',4",'#+/#7+'"*0++',/'9&+',4+&+' 6/9#/$&'"&',4+)0'1+"$&'/2'+@64"$*+'"&'U)+,"+0' PMNNNQ'#9,&'),> )'?4+')&&9+0'*)5+&'/$7<',4+'0)*4,'#"0,',/',4+',0"8+'

#"0,$+0'"2,+0'D)77)$*'A'P0+6)#)+$,%&'$"1+Q:'E'P)&&9+0%&' $"1+Q'"$8'8",+'"$8'&,"1#)$*'/$',4+'V69,'4+0+W'7)$+':' .++#)$*',4+'7+2,'/$+'"&'"'0+1)$8+0 !*'4,,#GHH8/#)."$>J#H'P)$'!"#"$+&+Q !!'4,,#GHH*0++$&X$+,>6/1H(9,9(9,9H/2D)6+H'P)$'

!"#"$+&+Q !"'?4+'&,"$8"08'!"#"$+&+'-/08'2/0'V0)6+'("77W')&'

V/$)*)0)W:'(9,'V/19&9()W')&'"7&/'9&+8'')$'&/1+'0+*)/$& !#+A,'),&'-+(&),+'EYY'"$$/9$6+&',/'(9<'(0/-$'0)6+'

20/1'#0/896+0&'",'ZNN'<+$'#+0'.)7/*0"11+:'&/'"' 19&9()'-/978'(+'+B9)5"7+$,',/'[N'<+$'/$'"##7<)$*' ,4)&'0",+>

References !/4$&/$:'34"071+0&'PO\ZMQ'VRC?C'"$8',4+'!"#"$+&+' 1)0"67+:W';,"$2/08'K$)5+0&),<'F0+&&:';,"$2/08>' Y",]:'?/&4)4"09'PO\\ZQ'VS6/1/$+<'^'20/1',4+'()*' ("$*',/'491"$+'&/6)+,<W（エコマネーG'ビッグバンから人間に優しい社会へ）:'_)4/$'Y+)I")'`<]0/$&4":' ?].<] Y",]:'?/&4)4"09:'PMNNOQ'V?4+'$+-'6+$,90<'/2' S6/1/$+<W（エコマネーの新世紀）:'Y+)&]'&4/(]:' ?].<] Y+$$+8<:'R"0*0),'"$8'U)+,"+0:'E+0$"08'A>:'PMNNaQ' Vb+*)/$"7-c409$*+$:V'b)+1"$$:'R9$)64

International Journal of Community Currency Research 15 (2011) D 22-26

Alternative Exchange Systems in Contemporary Greece Irene Sotiropoulou Department of Economics, University of Greece isotiropoulou@econ.soc.uoc.gr

IJCCR Abstract 8.*+&-"-%#&*+&"& <#*%A&#%-/#,& /A&+%9%#"$& +'.%0%+&,.",&%=*+,& ,/2"3;&F%-,%0<%#&QRMR;&*)&1#%%'%&")2& -%#0*,&,.%*#&0%0<%#+& ,/&-%#A/#0&,#")+"',*/)+&?*,./(,&")3&/AO*'*"$&'(##%)'37&8.%& #%-/#,& '/9%#+& -"#"$$%$& '(##%)'3& +'.%0%+;& %='.")5%& )%,?/#@+& ")2& +%9%#"$& #%$",%2& *)*,*",*9%+& ,.",& '/($2& <%& '."#"',%#*+%2&"+&"$,%#)",*9%&%='.")5%&/#&)/)40"*)+,#%"0&0/2%+&/A&%'/)/0*'&"',*9*,37&

Introduction

International Journal of Community Currency Research www.ijccr.net

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

The Athens Timebank

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nternational Journal of Community Currency Research 15 (2011) D 27-31

IJCCR Exchange systems in Greece

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`aM&#-)&($$0&;%$-"$2&&(-)$2&+0&D-"%-)& >+'$&G-01+0:4& ;+".&-02&0-'$2&UA7!,!)&b$)$-%;#&-02& c!;/'$0"-"+!0&E$0"$%&3!%&I!;+-,&E/%%$0;.V& *#+;#&+)&%$)8!0)+(,$&3!%&)/8$%7+)+!0&!3&"#$& The main idea of the Ovolos scheme is that );#$'$6&8%!7+2$)&"#$&'$'($%)&*+"#& the members can use the Ovolos currency 2!;/'$0"-"+!0&-02&8$%3!%'&%$)$-%;#&-;"+7+"+$)4& >#$&'$'($%)&!3&"#$&!%:-0+)-"+!0&#-7$&(.&,-*& (which is virtual, e.g. on the main computer $Y/-,&%+:#")&-02&!(,+:-"+!0)&-02&"#$& system and on each memberâ&#x20AC;&#x2122;s digital smart !%:-0+)-"+!0&+)&"#$&U/'(%$,,-&!%:-0+)-"+!0V&3!%& card) instead of euro currency for their "#$&$0"+%$&);#$'$4&

transactions with members.

The Ovolos Currency in the cities of Patras and Thessaloniki >#$&A7!,!)&8%!C$;"&)"-%"$2&+")&!%:-0+)+0:&+0& N-0/-%.&JKKO&-02&+"&+)&(-)$2&+0&D-"%-)&;+".& HP$)"=I!/"#&;!-)"&!3&"#$&;!/0"%.M&(/"&-,)!&%/0& +0&>#$))-,!0+1+&H)$;!02&'-C!%&;+".&+0&"#$&?!%"#& !3&@%$$;$M6&-)&*$,,4J&<")&'$'($%)&*$%$&-%!/02& QRKK&+0&N/,.&JKLK6&(/"&0!"&-,,&!3&"#$'&-%$& 8-%"+;/,-%,.&-;"+7$6&-,"#!/:#&"#$&-;"+7$& '$'($%)#+8&+)&-"&,$-)"&2!/(,$&"#$&0/'($%& +0+"+-,,.&-00!/0;$2&!0&E!'8,$'$0"-%.& E/%%$0;+$)&2-"-(-)$4S&

>#$&(-)+;&+2$-&($#+02&A7!,!)&+)&"#-"&"#$& ;,-))+;-,&H$4:4&)"-"$M&;/%%$0;+$)6&$)8$;+-,,.&-3"$%& "#$&+0"$%%/8"+!0&!3&$Y/+7-,$0;$&*+"#&:!,2&+0& LOdL6&;%$-"$&)/%=7-,/$)&"#-"&-%$&!/"&!3&;!0"%!,& (.&"#$&$;!0!'.&-02&0!0=%$)8!02+0:&"!&%$-,& $;!0!'.6&$4:4&%$-,&8%!2/;"+!04&E!0"%-%.&"!&"#-"6& "#$&)!;+-,&;/%%$0;.&*+,,&;+%;/,-"$&-02&($& ;!0)/'$2&-)&+"&+)&8%!2/;$24&

5&)+:0+B+;-0"&3$-"/%$&!3&"#$&;/%%$0;.&+)&"#$& 2$)+:0-"+!0&!3&+"e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nternational Journal of Community Currency Research 15 (2011) D 27-31

IJCCR Exchange systems in Greece

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

42')<-.F'#,)!()+)?'-6)!",'-'(,!"3)."'=)".,)."$6) 8'#+%(')!,)!()&'(!3"'&),.)-'7+!")$.#+$=)8%,)+$(.) 8'#+%('),2')7+"+3!"3),'+7)2+().<,'&)(.)*+-),.) +?.!&),2')"',@.-:),+:!"3)+"6).*J!#!+$)$'3+$)*.-7;) j.@'?'-=),2'6)"+7'),2'!-)<-.F'#,)+()+) A7+!"(,-'+7B)."')+"&)+").8('-?'-)#.%$&)(+6) ,2+,),2!()!(),-%'=)3!?'"),2+,),2')"',@.-:),-!'(),.) 8')+()!"#$%(!?')+()!,)#+")8';)42'6)+-')+$(.)!") #$.(')#..-&!"+,!.")@!,2)$.#+$)7%"!#!<+$) ('-?!#'(=)(.),2+,),2')"',@.-:)#+")2+?')('?'-+$) ,-+&!"3)<.!",()2.(,'&)!"),2')#!,6k()5.#!+$) d'",-'(=)@2'-')<'.<$')@!,2)".)+##'((),.) !",'-"',).-)%"#.7*.-,+8$')@!,2)%(!"3)Od()#+") +(:)*.-)(%<<.-,)!").-&'-),.)-'3!(,'-)+"&),-+&') @!,2!"),2')"',@.-:;)/.#+$)8%(!"'(('()+-')+$(.) @'$#.7'),.)<+-,!#!<+,')+"&)+#,%+$$6)!,)!()+)$.#+$) 8%(!"'((),2+,).**'-(),2')('-?'-).*),2')"',@.-:;)

>"),2').,2'-)2+"&=),2')*%"&!"3).*),2')<-.F'#,)!() %<.")!,()7'78'-()."$6;)42')-%$'()+&.<,'&)*.-) ,2')/.#+$)P$,'-"+,!?')Q"!,)%(')+-')-+,2'-)(,-!#,l) ,2'6)3!?')+")+7.%",).*)aLL)/PQ)86)-'3!(,-+,!."=) 8%,)&'8,)*.-)+"6)7'78'-)#+"".,)3',).?'-)aLL) /PQ)'!,2'-;)>*)#.%-('=),2')!((%'),2'6)+-') #%--'",$6)&!(#%((!"3)!(),2'),.,+$)7."'6)?.$%7') I2+,)!()+$(.)?'-6)!",'-'(,!"3)+8.%,)>?.$.()!() ,-+<=)';3;),2')7."'6)?.$%7')@!$$)8')$!7!,'&),.) ,2+,)!,)@+()(,+-,'&)86)+)3-.%<).*)'",-'<-'"'%-(=) aLL/PQ)<'-)<'-(.")!")+?'-+3')+"&),2')N%'(,!.") #.",-+-6),.)7.(,)<+-+$$'$)#%--'"#6)(#2'7'()!") ,2'6)+-')#%--'",$6)*+#!"3)!()2.@),2')(#2'7')#+") .,2'-)#.%",-!'(=)@2!#2)2+?')+)2+-&),!7'),.) !"F'#,)7.-')#%--'"#6)!",.),2')(6(,'7)@!,2.%,) +,,-+#,)'?'")(7+$$)"'!328.%-2..&)8%(!"'(('(;) !7<.(!"3)+"6)A&%,6B).-)A,+1B)."),-+"(+#,!."() 42')'#.".7!#)+"&)J!"+"#!+$)#-!(!().*)>#,.8'-) +"&)@!,2.%,)F'.<+-&!(!"3),2')'",!-')<-.F'#,)86) KLLM)+"&)!,()#."('N%'"#'(=)@2!#2)2+?')8''") !"J$+,!.").-)$+#:).*),-%(,)!"),2')(6(,'7;) ('?'-')*.-)O+,-+()#!,6=)2+?')!"&%#'&),2') '",-'<-'"'%-(),.)('+-#2)*.-)7."'6)$!N%!&!,6;)P,) ,2')(+7'),!7'=)+()2.%('2.$&)(<'"&!"3)2+() The ‘Money Back System’5: A Hybrid &'#-'+('&=)!"&!?!&%+$()@'-')?'-6)<.(!,!?'),.),2') or Sui Generis scheme in Crete and !&'+=)!*),2!()@+(),.).**'-),2'7),2').<<.-,%"!,6) Dodecanese ,.)8%6)8+(!#)3..&()@!,2.%,)"''&!"3)'%-.) #%--'"#6)*.-),2!(;) 42')h."'6)9+#:)56(,'7)!()+)"',@.-:) #.78!"!"3)'1#2+"3'),-+&')8%,)+$(.)7."',+-6) '$'7'",(;)42')"',@.-:)2+()8''")#-'+,'&)86)+) The Local Alternative Unit of Volos <-!?+,')#.7<+"6=)@2!#2)+$(.).@"),2') city !",'$$'#,%+$)<-.<'-,6)-!32,().*),2')(6(,'7;)9%() #.7<+"!'().*)d-',')+"&)m.&'#+"'(')#..<'-+,') 42')/.#+$)P$,'-"+,!?')Q"!,)GRSTUVW) +()(<."(.-().*),2')(6(,'7)@2!$').,2'-)$.#+$) XYZ[[ZV\UVW)]SY^_Z)D)RX]H)@+()*.-7+$$6) #.7<+"!'()G(%<'-)7+-:',(=)<+(,-!'(=)#$.,2') <$+""'&),.)8')$+%"#2'&).")`%"')ab,2)KLaL)!") (,.-'(=)#+*n(=)*%-"!,%-')(,.-'(=)#!"'7+(=)',#H)+-') ,2')#!,6).*)c.$.(=)."),2')0+(,)d'",-+$)#.+(,).*) e-''#';)42')Q"!,)!()&!3!,+$)."$6)+"&)@!$$)8')%('&) 86)#.",-+#,)#.77'-#!+$)<+-,"'-().*),2') 7+"+3!"3)#.7<+"6;) @!,2!"),2')*-+7'@.-:).*),2')01#2+"3')+"&) 5.$!&+-!,6)f',@.-:)g)@2!#2)#.?'-(),2')'",!-') 42')(6(,'7)2+()8''")(.)(%##'((*%$)(!"#') #.%",6).*)h+3"'(i+;)P,),2')7.7'",=),2') (%77'-)KLLo)@2'")!,)@+()'(,+8$!(2'&=),2+,) 7'78'-(2!<)!()-+,2'-)$.@)8'#+%('),2'6)2+?') +*,'-)(.7')7.",2()$.#+$)(2!<)+"&)+!-)#.7<+"!'() ".,)<-.#''&'&)@!,2)'1,'"(!?')<%8$!#!,6)6',=) (,+-,'&)<+-,!#!<+,!"3)+"&),2')(#2'7')@+() 3!?'"),2+,),2')(#2'7')!()."),2')<-.#'(().*) '1,'"&'&),.),2')'",!-')#.%",-6l)+##.-&!"3),.),2') -'(.$?!"3)('?'-+$)<-+#,!#+$)!((%'(;) <-.F'#,=),2')%('&),!#:',().*)7+((),-+"(<.-,) 7'+"(=)".)7+,,'-)!")@2!#2)<+-,).*),2')#.%",-6) 2+?')8''")%('&=)#+")8')-'p%('&)+,),2'),2'!-) International Journal of Community Currency Research 15 (2011) D 27-31

IJCCR Exchange systems in Greece

!"#$!%&'(%&)*'+"',)-'.""/0'%!/'0*1($2*0'31"#'+4*' 5%1+$2$5%+$!.'2"#5%!$*06',)+'"3'2")10*6'+4*-'2%!!"+',*' )0*/'%.%$!'3"1'5),&$2'+1%!05"1+7'8%24'*!+*151$0*' %!!")!2*0'$!'5),&$2'94$24'5%1+'"3'+4*'51$2*'%'2)0+"#*1' 5%-0'2%!',*'5%$/'$!'+$2:*+0';31"#'<=>'+"'<=?@'"3'+4*'51$2*A B7'C4*'"!&-'51*1*D)$0$+*'$0'+4%+'+4*'(%&)*'"3'+4*'+$2:*+'$0' 91$++*!'"!'+4*'+$2:*+'%!/'$+'/"*0'!"+'#%++*1'94*!'+4*' +$2:*+0'4%(*',**!'$00)*/'"1')0*/'3"1'+1%!05"1+%+$"!7'

%!/'1*!*9'+4*'(%1$*+-'3"1'!*J+'-*%1'%!/'51"($/*'9$+4' 0**/0'%!-'"+4*1'5*10"!'3"1'31**7' V!*'1*2*!+'/*(*&"5#*!+'$0'+4*'W"."FC$#$0'X'!*+9"1:' ;YZ[\']^_`a'R',-'9"1/'"3'4"!")16'$!'T1**:A'94$24'0+%1+*/' $+0'3)!2+$"!'"!'b)!*'>+4'?@<@6',%0*/'$!'I+4*!07'c)*'+"'$+0' 1*2*!+'*0+%,&$04#*!+6'+4*'9*,0$+*'$0'$!',*+%F54%0*'%!/'+4*' "33*10'"!'+4*'9*,5%.*'%1*'(*1-'3*96'-*+7'

d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e"9*(*16'.$(*!'+4%+'+4*1*'$0'%!'"5+$"!'3"1'%'51$(%+*' 51"E$&*'"!'+4*'!*+9"1:6'$+'$0'!"+'2&*%1'94*+4*1'+4*' The Exchange Networks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

The Free Exchange Bazaars and Free Networks C4*'+*1#'31**F*J24%!.*',%S%%1';fgh^ij^kZFgljgmmgkj^kZ' ngoph^A'$0'+4*'+*1#')0*/',-',%S%%10'94*1*'5*"5&*'2%!' ,1$!.'+4$!.0';2&"+4*06'5*++-'#%24$!*06'04"*06'+"-06',"":06' Hc06'*+2A'+"'*J24%!.*'+4*#'"1'O)0+'.$(*'+4*#'%9%-'%!/' +4*-'2%!'+%:*'%!-+4$!.'+4*-',*&$*(*'$+'$0')0*3)&'+"'+4*#7'C"' ,1$!.'0"#*+4$!.'$0'!"+'",&$.%+"1-6',)+'9*'&*%1!'+4%+'+4*1*' $0'%!'q)!91$++*!r'1)&*'$!'"!*F/%-',%S%%10'+4%+'+"' 5%1+$2$5%+*6'-")'04")&/',1$!.'%+'&*%0+'0"#*+4$!.7'C4$0'1)&*' /"*0'!"+'4"&/'$!'5*1#%!*!+',%S%%106',*2%)0*'%'5*10"!' 2%!',1$!.'0"#*+4$!.'"!*'/%-'%!/'+%:*'0"#*+4$!.'*&0*' %3+*1'0*(*1%&'#"!+407'e"9*(*16'$!'!"'2%0*'$0'$+'!*2*00%1-' +"'*D)%&$0*'+4*'(%&)*'"3'94%+'-")'"33*1'%!/'94%+'-")'.*+6' 94$24'#*%!0'+4%+6'$!'51$!2$5&*6'-")'%1*'31**'+"'+%:*'%0' #%!-'"1'%0'(%&)%,&*'+4$!.0'%0'-")'2%!'2%11-'9$+4'-")7' C4*'E$10+'31**F*J24%!.*',%S%%1'$!'T1**2*'4%/',**!' "1.%!$0*/',-'U5"1"0'H""5*1%+$(*'$!'/"9!+"9!'I+4*!0' 0$!2*'?@@s',)+'!"96'94$&*'0+$&&',*$!.'5%1+'"3'+4*'0%#*' 2""5*1%+$(*6'$+'4%0'#"(*/'+"'$+0'"9!'5&%2*'%!/'$0'!%#*/' U:"1"0'<@';q#"+4r'$!'T1**:A7'C4*1*'%1*'3")1'"+4*1' 5*1#%!*!+'31**',%S%%10'$!'#%O"1'2$+$*0'"3'+4*'2")!+1-7' e"9*(*16'#"0+'31**F*J24%!.*',%S%%10'%1*'"1.%!$0*/'3"1' %!'%3+*1!""!'"1'%'/%-6')0)%&&-'2"#,$!*/'9$+4'"+4*1' %2+$($+$*0';&$:*'2"&&*2+$(*'2"":$!.'5"$!+06'4%!/$21%3+'3%$106' *+2A7'd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d1**2-2&*'<<'$!'T1**2*6'94$24'

International Journal of Community Currency Research 15 (2011) D 27-31

IJCCR Exchange systems in Greece

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`a'>Dbcd]M'30("0'+*+-:+5'(1'8#0+1)'Ee')(1"+' FVVf'!15'J0+))!%.1(4('Eg''(1'FVEVO'73()0(1:'()'!'#+-*' "-+!#+5'.$#'./')3!HH(1:'!15')0.HH(1:'#.'5+)"-(,+'H!-#(+)' 30+-+'H+.H%+',-(1:'#0+(-'"%.#0+)K')0.+)'!15'!""+)).-(+)' !15'"!1'#!4+'.#0+-'"%.#0+)K'+#"'/.-'/-++O'h#'()'!'%(4+'!'/-++' ,!N!!-K'/."$)(1:'.1'"%.#0(1:O'

Epilogue: Other Projects J0+-+'!-+')+9+-!%'.#0+-'H!-!%%+%'"$--+1"&'H-.i+"#)'30("0K' +(#0+-'!-+'(1'H-+H!-!#(.1')#!:+'.-'0!9+'1.#'+//+"#(9+%&' )#!-#+5'3.-4(1:'!#'!%%O' J0+'#3.'H-.i+"#)'.1'#0+'I.*H%+*+1#!-&'I$--+1"&'j.-%5' k!H'%."!#+5'(1'h+-!H+#-!'"(#&K'(1'I-+#+'()%!15K'!-+')#(%%' ,+(1:'5+)(:1+5O'8'H-+9(.$)'H-.i+"#K').*+'&+!-)'!:.K''#0!#' (1#+15+5'#.'+)#!,%()0'#(*+',!14)'(1')+9+-!%'L-++4'"(#(+)' $15+-'#0+')$HH.-#'./'L-++4')#!#+'5(5'1.#')#!-#'!#'!%%K' ,+"!$)+'l(1!1"(1:'H-.9+5'#.',+'m$(#+'5(/l("$%#O'n.3+9+-K' #0+-+'()')#(%%':-!))-..#)'(1#+-+)#'(1'J(*+'o!14)'(1')+9+-!%' H!-#)'./'#0+'".$1#-&O' p1+'3.$%5')!&'#0!#':(9+1'#0+'".1#+*H.-!-&'l(1!1"(!%' "-()()K'!)'3+%%'!)'#0+'H!-#("$%!-')(#$!#(.1'./'L-++4' +".1.*&K'!%%'+W()#(1:')"0+*+)'!-+'./':-+!#'(1#+-+)#' ,+"!$)+'#0+&'+*+-:+'!#'#0+'#(*+'./':-+!#'"0!%%+1:+)'/.-' L-++4'+".1.*&'!15')."(+#&O'J0()'3(%%'!%).'*+!1'#0!#'#0+&' *(:0#'.//+-'+W!*H%+)'.-'+WH+-(+1"+'(1'1.1B*.1+#!-&' +".1.*("'!"#(9(#&'#0!#'3(%%'"-+!#+'1+3'H!##+-1)'./' #-!1)!"#(.1)O'J0+'-+)+!-"0'H-.i+"#K'3(#0(1'#0+'/-!*+3.-4' ./'30("0'#0()'-+H.-#'0!)',++1'H-+H!-+5K'!##+*H#)'#.' (19+)#(:!#+'#0.)+'1+3'+".1.*("'#-+15)'!15'#0+(-'%(14'#.' #0+':-+!#+-'/-!*+3.-4'./'l(1!1"(!%'".15(#(.1)'#0!#'H+.H%+' ./'L-++"+'!-+'+WH+-(+1"(1:'!#'#0()'#(*+O'

Acknowledgements h'!*':-!#+/$%'#.'q-'r.+%'s.1:0$-)#'G61(9+-)(#&'./'t!)#'81:%(!MK' /.-'0()'".**+1#)'!15')$::+)#(.1)'.1'!1'+!-%(+-'9+-)(.1'./'#0()' H!H+-K'!)'3+%%'!)'/.-'0()'+5(#(1:'!59("+O' J0+'H!H+-'5-!3)'.1'!'u0q'-+)+!-"0''H-.:-!**+'30("0')#!-#+5' (1'2+,-$!-&'FVVfO'J0+'l(-)#'H0!)+'(19.%9+5'm$!%(#!#(9+'-+)+!-"0K' (1'.-5+-'#.'$15+-)#!15'!15'+WH%.-+'#0+'#0+.-+#("!%'/-!*+3.-4' ./'#0+')"0+*+)O'J0+')+".15'H0!)+'Gm$!1#(#!#(9+'-+)+!-"0M'()' )"0+5$%+5'#.')#!-#'(1'q+"+*,+-'FVEVO' J0()'H!H+-'5.+)'1.#'(1"%$5+'!1&',(,%(.:-!H0&'1.-'+9+1'#0+' #0+.-+#("!%'/-!*+3.-4',+(1:'$)+5'(1'#0+'u0q'-+)+!-"0'H-.i+"#K' !)'3+'.H#+5'#.'H-+H!-+'!'*.-+'.-'%+))'X#+"01("!%Y'-+H.-#O'p/' ".$-)+K'!1&'5+l("(+1"&'./'#0()'H!H+-'()'#0+'!$#0.-v)' -+)H.1)(,(%(#&O

Endnotes !''333O+1.3O:-' "'7++'#0+'3+,)(#+'333O.9.%.)O:-O'J0+-+'()'!%).'!':-.$H'3(#0'#0+'

)!*+'1!*+'!#'2!"+,..4K'30+-+'#0+'*+*,+-)'5()"$))'())$+)'G(1' L-++4'.1%&M'!,.$#'#0+(-'"$--+1"&O' #'J0()'()'30!#'0!5',++1'-+:()#+-+5'!#'II'j.-%5'k!H'!,.$#'

p9.%.)'(1'U!1$!-&'FVVfw'0##Hwxx 333O".*H%+*+1#!-&"$--+1"&O.-:x""q!#!,!)+x*!H)x 3.-%5*!HOH0Hy!"#(.1z%()#{)|%+|".$1#-&h5z}eO' $'333O#+*B*!:1()(!O:-' %'k.-+'(1/.-*!#(.1'G(1'L-++4'.1%&M'"!1',+'/.$15'.1'#0+'3+,)(#+'

0##Hwxx333O*.1+&,!"4)&)#+*O:-x0.*+O0#*%O' &'q+#!(%)'./'#0+'H-.H.-#(.1'./'#("4+#)'!""+H#+5',&'+!"0'

H!-#("(H!#(1:'".*H!1&'"!1',+'/.$15'!#'0##Hwxx 333O*.1+&,!"4)&)#+*O:-xtH(W+(-()+()~FV7+H#+*,+~FVFVEVOH5/O' ''333OH+%(#(O:-'J0+-+'()'!%).'!'9+-)(.1'./'#0+'3+,)(#+'(1't1:%()0'

!#'0##Hwxx333OH+%(#(O:-xH!:+)|+1:xH+%(#(|+1:O0#*O' ('81.#0+-'#+-*'$)+5'/.-'#0+*'()'X%!15-!"+)YO' )'333O%.:.B#(*()O:-' !*'0##Hwxx)4.-.)O+)H(9O1+#x' !!'0##Hwxx/-++"&"%+O3(4()H!"+)O".*x/-++"&"%+|:-' !"'333OW!-()+#.O:-' !#'0##Hwxx53)+H!-+O1(1:O".*x !$'333O)3()0(1:O:-' !%'0##Hwxx)3()0(1:B#0+))O,%.:)H.#O".*xO'

International Journal of Community Currency Research 15 (2011) D 27-31

Complementary Currencies for Sustainable Local Economies in Central America Erik Brenes PhD Candidate, Universita dellas Calabria / Regional Advisor Andean Region - STRO

IJCCR

brenes@socialtrade.org / brenes@unical.it

Abstract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

Introduction

International Journal of Community Currency Research www.ijccr.net

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he STRO-CA approach *+,&#)$&9%*+./#/(+&9(@+.&'(5$'$+#E 89=:&/+#$%5$+#/(+&/+&;$+#%*3&!'$%/-*&.#*%#$,& A*-I&/+&MNNM&#)%(40)&/#.&("B/-$&/+&O(+,4%*.&*+,& (+$&./+03$&2%(7$-#&("&-('23$'$+#*%6&-4%%$+-6& @/#)&3(-*3&2*%#+$%&;:P!Q&<=$,&,$& ;('$%-/*3/H*-/(+&;('4+/#*%/*&!3#$%+*#/5*?E& K5$+&#)(40)&#)$&2%(7$-#&/.&+(&3(+0$%&.42$%5/.$,& A6&89=:>;!1&#)$&.6.#$'&.#/33&"4+-#/(+.&4+,$%&

89=:>;!&)*.&,$5$3(2$,&*+&/++(5*#/5$& .4.#*/+*A3$&3(-*3&$-(+('/-&,$5$3(2'$+#& *22%(*-)&#)*#&*/'.&#(&-%$*#$&.#%(+01&.#*A3$&*+,& ,/5$%./B/$,&3(-*3&$-(+('/$.1&%$./3/$+#&#(&(4#./,$& .)(-I.&"%('&#)$&@(%3,&$-(+('6&*+,&/#.& 03(A*3/H*#/(+&2%(-$..E&9)/.&*22%(*-)&/.& -(+.#*+#36&/'2%(5$,&A6&#)$(%$#/-*3&*+,&U/+>

International Journal of Community Currency Research 15 (2011) D 32-38

IJCCR Sustainable Local Economies in Central America

!"#$%&'(##%)*+,-.'/0"1'0+1'23'*#'1##4'"4'20#' ,342#52'3('+'6$3*+$'#,34378'20+2'90"$#'*##4':#) 3:6+4";#%'<=",-#4>'?@@AB'10391'"4,:#+1"46$8' 1"641'3('3C#:#5D$3"2+2"34>'#1D#,"+$$8'3('"21' 4+2E:+$':#13E:,#1'<"4,:#+1"46'D:",#1'3(':+9' 7+2#:"+$1'"4'6#4#:+$'+4%'3"$'"4'D+:2",E$+:>' "4,:#+1"46'(33%'D:",#1>'9+2#:'1,+:,"28>',$"7+2#' ,0+46#>'E4$"C+*$#'7#6+),"2"#1>'#2,FB.

X0"$#'2:8"46'23'+,0"#C#'20"1'3*W#,2"C#>'20#'$3,+$' #,34378'9"$$'*#,37#'73:#'12+*$#'<:#1"$"#42B'23' 20#'"4,:#+1"46$8':+D"%',0+46#1'3('20#'4+2"34+$' +4%'7312'3('+$$'6$3*+$'#,34378>'90"$#'+2'$#+12' 7+"42+"4"46'D:3%E,2"34'+4%':#%E,"46' #4C":347#42+$'%#6:+%+2"34.

/+*$#'?'*#$39.'I'7+W3:'(#+2E:#'"4'+$7312'#C#:8' D:3W#,2>'"1'20#'2:+41C#:1+$'E1#'3('20#' ,37D$#7#42+:8',E::#4,8'23':#)%#1"64'$3,+$' 13,"+$>'#,3437",+$'+4%'#4C":347#42+$':#$+2"341>' 90#:#'D311"*$#'"4'+'73:#'1E12+"4+*$#'9+8.'

G4'_E$8'SYY`>':#D:#1#42+2"C#1'(:37'J/KL)HI' 0+%'+'!":12'"4(3:7+2"C#'7##2"46'9"20'20#' H33D#:+2"C#O1'V3+:%'3('=":#,23:1'+4%'"4(3:7#%' 20#7'+*3E2'J/KL)HI'$3,+$'#,34378' 1E12+"4+*$#'%#C#$3D7#42'7#203%3$36"#1'+4%'

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oopevictoria: a Case Study "4'+'D+:2","D+23:8'9+8'9"20'20#'$3,+$'D+:24#:>' J"2E+2#%'"4'20#'T:#,"+',3E428'"4'20#'I$+WE#$+' +11E:"46'(E$$'E4%#:12+4%"46'3('20#'1,3D#'+4%' D:3C"4,#'3('H312+'K",+>'H33D#C",23:"+'"1'H312+' $"7"2+2"341'3('20#'(E2E:#'D:3W#,2.'KE:+$'+4%' K",+O1'3$%#12'+6:",E$2E:#',33D#:+2"C#'(3E4%#%'"4' 1#7"):E:+$'+:#+1'10+:#',#:2+"4'(#+2E:#1'+4%' ?@[\>'*+,-'20#7'D:3%E,#%'34$8':3+12#%',3((##' D:3*$#71>'*E2'+2'20#'1+7#'2"7#'20#8'0+C#' +4%'1E6+:'(:37',+4#.'P39+%+81>'"2'0+1'73:#' E4"NE#'D32#42"+$1>'E4"NE#'D:3*$#71>'+4%'+:#' 20+4'20:##'203E1+4%'7#7*#:1>'0":#1'+$7312'+' 20#:#(3:#'E4%#:63"46'E4"NE#'(3:71'3(' 203E1+4%'1#+134+$'93:-#:1'+4%'90"$#',3((##' 2:+41(3:7+2"34'90",0'7E12'*#'2+-"46'"423' +4%'1E6+:'12"$$'+:#'20#":'7+"4'D:3%E,21>'20#8' ,341"%#:+2"34'+2'+$$'2"7#1. +$13'0+C#'+'9"%#'C+:"#28'3('+6:",E$2E:+$' /0#'+DD:3+,0',341"121'3('$3,+$'+DD$",+2"341'+4%' D:3%E,21'+4%'1#:C",#1.']3:#'%#2+"$1'34'20#'$3,+$' ,37*"4+2"341'3('20#'20:##'7#203%1'%#2+"$#%'"4' ,3E42#:D+:2'+2^'999.,33D#C",23:"+.,37

International Journal of Community Currency Research 15 (2011) D 32-38

IJCCR Sustainable Local Economies in Central America

Complementary currency methods

The Commodity Backed Currency (CBC) methodology aims at substituting and/or complementing the outflow of national currency of an institution or enterprise with a flow of vouchers. The vouchers are backed by the institution/enterprise who accepts them as means of payment for its own sales (goods, services). This financial and commercial instrument used to be common in large agricultural farms like banana plantations of multinationals and coffee plantations in Central America. The methodology has been updated by STRO with: - More diversified strategies of use of vouchers by the organization / enterprise, not only salary payroll but as well as purchase of production inputs, contracting of local services, loans to peasants, bonus system and others; - The creation of local networks of commerce and small business who accept the vouchers. This improves the spending options of the vouchers and hence must raise the demand for vouchers and improve the time of local circulation; - Offering a bonus system for users of vouchers which is financed by an expected rise in sales of the organization and reduction of financial costs due to the substitution of “expensive” working capital in national currency by vouchers (with almost no financial costs). The Loan Backed Currency (LBC) methodology aims at stimulating local economic and social development of communities by rising their liquidity through the local circulation of vouchers, emitted through loans administrated by the communities or a third party like a microcredit organization. The loans can be paid back by the community by vouchers, national currency or eventually goods and services, depending on the methodology. Interest rates of loans in vouchers are lower then interest rates for loans in national currency since they do not have financial costs (interests over savings, cost of borrowing money, inflation or other opportunity costs). As such the methodology provides fresh liquidity to the community at a fair price. By creating a local network where the vouchers are accepted as a means of payment for the purchase of goods and services, the methodology incentives local “purchases” and improves the sales of the participants of the network. The methodology has been strengthened and updated by STRO with: - Integration of loans in national currency with loans in local currency. - Diversification of strategies for raising the demand for local currency. - Setting up of a permanent system based on daily transactions and not only periodic local markets. Finally, in some cases, these first two methods can be design further spread into the third method called C3 (Commercial Credit Circuit) where businesses, employees or persons in general have a virtual barter system through internet. Businesses in a C3 network use some of their internal liquidity to make transactions among them. This internal liquidity can be backed by cash or financial guarantees. In this way, financial guarantees (including credit insurance) become a sort of commercial liquidity opening the market penetration of the financial institutions.

Table 1: STRO-CA approaches to sustainable local economic development

Appropriate technologies

The focus is to stimulate circulation of local currency by developing local bio-energy (biodiesel, bio-ethanol, biogas) and/or ecohousing. Also, some strategic alliances exist with organizations specialized in organic agriculture. In all cases, the objective is to substitute “imported” products (i.e. from outside the region) for locally produced products, using as much as possible local resources. Preferable, the products are also locally consumed, to reduce transport and distribution costs. For further details on the subject, please see: www.gotaverde.org, www.ecocasas.org

Apreciando Lo nuestro (APLN)

This method is adapted from the Local Alchemy method of the New Economics Foundation (NEF). Starts with a workshop to raise awareness among local actors about the impact of their spending and investment behavior on the local economy. In Central America, some 5% of the participants, mostly (prospective) entrepreneurs continue in a coaching trajectory which bring their entrepreneurial project idea in practice which consequently will stimulate local currency circulation. The coaching has proven to be very effective with informal sector entrepreneurs (who are generally too small to qualify for mainstream business advisory services like credits).

International Journal of Community Currency Research 15 (2011) D 32-38

IJCCR Sustainable Local Economies in Central America Table 2: STRO complementary currency projects in Latin America

Name of the project

Country

Year established

Type of scheme

Details

Suchitoto

El Salvador

2007

LBC

Wide network of local businesses accepting UDIS.

PuntoTransacciones

El Salvador

2009

Private enterprise, design and partially fund by STRO-CA. www.puntotransacciones.com

Gota Verde

Honduras

2007

CBC

Backed by biodiesel production.

Comal

Honduras

2002

CBC

No longer under STRO-CA supervision.

Coopesilencio

Costa Rica

2007

CBC

Backed by palm oil production.

Coopebrisas

Costa Rica

2007

CBC

Backed by dairy products.

Coopevictoria

Costa Rica

2007

CBC

Backed by Coffee, sugar and other businesses.

Cooperativa Sigchos

Ecuador

2010

LBC

Fund and supervised by Pachamama Foundation

Cooperativa Integral

Ecuador

2010

LBC

Fund and supervised by Pachamama Foundation

Cooperativa Coopera

Ecuador

2010

LBC

Fund and supervised by Pachamama Foundation

Red Compras

Brazil

2005

Design and supervised by STRO-office in Brasil (Instrodi). www.circuitocompras.com.br

C3-Uruguay

Uruguay

2010

National in scope, designed and executed by STROUruguay office. www.c3uruguay.com.uy

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

International Journal of Community Currency Research 15 (2011) D 32-38

IJCCR Sustainable Local Economies in Central America Image 1: Businesses in local community accepting Coopvictoria UDIS in September 2009

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

International Journal of Community Currency Research 15 (2011) D 32-38

IJCCR Sustainable Local Economies in Central America

Conclusion

#,*'&,+*#),+7% )&5+,#?+*#),$% 0#*"% (&)Q'/*$% -'-#/+*'-%*)%7)/+7%'/),)9#/%-':'7)(9',*<

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

Images 2 and 3: Coopevictoriaâ&#x20AC;&#x2122;s UDIS note front and reverse

International Journal of Community Currency Research 15 (2011) D 32-38

IJCCR Sustainable Local Economies in Central America

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

References !72$%26#):8)X)Y',#$-*()!8?PJJP@.)O<:S)6#,)$#'7N)&*(-,$'%(-)*(),/#) 2#A#7*0"#(,)*1)O*&'7)<>&/'(6#):$'2%(6)S&/#"#-8)Z#,$%#A#)!0$%7) P[.)PJIJ)1$*"N)/,,0NFF-/+$'8-/+8'&8+5FIP\[F ]7'(&)^8)?PJJP@)C*$"#-)#,)Z',%*('7%,%#-)2+)O*&'7%-"#)T*(#,'%$#8) Z#,$%#A#)T'4)JP.)PJIJ)1$*"N)/,,0NFF%28#$+2%,8*$6F%2#$+2%,F JJ_P[U'$8 `%&5#()Y8)?I\\a@)!"#$%"&'()*+,&+-%./*#-0).1&+(2&3#-"4&25#.#067)) b%71*$2)Y$#--.)c#3)d*$5.)G8S8!8 b*"#H)b8)?PJJa@)8%9).1&8%-92+/,&:./+)+;+)#.%"&-)/2&%.4&425").2& #*&+(2&<-12.+).2&=24&42&>-;2?;27)S/'5#$)Y+;7%-/%(6.)c#,/#$7'(2-8 O#11)<8)?PJJQ@)=%5)#.%")4%4&<0$)2.+%",&"%&-2%@-#@)%5)#.&&/#5)%"& 42&"%&.%+;-%"2A%7)S%67*)eeW)<2%,*$#-.)T#>%&* T'(&#)<8)?PJJa@.)Z#2#-)2#)D*7';*$'&%*()S*7%2'$%'.)?G(%A#$-%2'2) !+,*(*"')2#)7')D%+2'2)2#)T#>%&*.)T#>%&*@ Y'&%*(#)T8)?I\\_@.)O*&'7)#>&/'(6#),$'2%(6)-4-,#"-)'-)') $#-0*(-#),*),/#)67*;'7%-',%*()*1)&'0%,'7%-".)G$;'()S,+2%#-)EQ.) II_\)f)II\\8 S&/+72,)^8)?I\\_@.)B).2-#/&<"+2-.%+)C#/,&@%-%&2"&42/%--#""#&"#5%".) G(%A#$-%2'2)2#7)Y'&%B%&*.)Y#$+

9 D+7,+$'7) 0$*2+&,%A%,4) ?O#11.) PJJQ@) 3/%&/) 7%(5-) ,/#) (*,%*() *1) &+7,+$#.) 3/%&/) +-+'774) "#'(-) -*&%'7) S#41'(6)b8)?PJJI'@.)D*""+(%,4)D+$$#(&%#-N)')-"'77)&/'(6#)1*$)') 1*$"',%*(-.)'(2)/+"'()'&,%A%,%#-),/',)'$#)(*,)(#&#--'$4) 6$##()#&*(*"4.)<(A%$*("#(,'7)'(2)Y7'((%(6)!)EE)?U@.)\_[=\\U8 %(,#(2#2),*)%(&$#'-#)0$*2+&,%A%,4R) K%77%'"-)D8)X)!72$%26#):8)?)PJJI@.)D-)412/&).+#&3#-9,&%.& 9 S*7%2'$%,4) (#,3*$5-) ?T'(&#.) PJJU@)3/%&/) '$#) 1*$"-) *1) 2C%";%+)#.&#*&E#5%"&FG5(%.12&>-%4).1&'5(202/7)Y*7%&4)Y$#--.)G8g8 %(,#6$',%*() '(2) %(,#$'&,%(6) '"*(6) *$6'(%H',%*(-) ,/',) -+00*$,) #'&/) *,/#$) "+,+'774) 0$*"*,%(6) &*(B7+#(,) '&,%*(-) ,/',) -,$#(6,/#() #'&/)*1) ,/#) "#";#$-) *$) '77) *1) ,/#")-%"+7,'(#*+-74R)'(2R) 9 LD'$'&*7#-M) 3/%&/) '$#) ,/#) *$6'(%H#2) $#6%*(-) *1) ,/#) V'0',%-,'-) '+,*(*"*+-) &*""+(%,%#-) %() D/%'0'-.) T#>%&*8) 9 W,) 3%77) ;#) %"0*$,'(,) ,*) %(,#6$',#) ,/#-#) '(2) 2$'3) 3%2#$) &*(&7+-%*(-) 1*$)-+-,'%(';7#)7*&'7) #&*(*"%&) 2#A#7*0"#(,R) ',)7#'-,)3#)*3#)%,),*)1+,+$#)6#(#$',%*(-8

International Journal of Community Currency Research 15 (2011) D 32-38

Community Currency Progress in Latin America: Evolution in Brazil of a Socio-Technical Innovation for Economic Sustainability

IJCCR

Christophe Place HEC-Paris / Fundação Getulio Vargas São Paulo, Brazil

Abstract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

Introduction

International Journal of Community Currency Research www.ijccr.net

T/"(4451#/.#2/44#(4$%#,/<,4/<,.#$%&'#%.,')# >)(=/4/("#$%+/%U.'+,"/+(4#/""%:(./%"$#/"#.')&#%9# !"#$%&'#()'(#$*+,#($#-(./"#0&')/+(1#2,')'# +%&&*"/.5#+*))'"+5#$5$.'&$?#R,/$#)'$'()+,# .,')'#/$#(#3%.'"./(445#(6*"7(".#&()8'.1#(#4(+8#%9# $*<<'$.$#.,(.#(#9*.*)'#&*4./+*))'"+5#$%+/'.5# .)("$(+./%"#.%%4#3)':'".$#&()8'.#';+,("<'1# +%*47#6'#':%4:/"<1#':'"#/"#.,'#$%*.,')"# 6)/"<$#3(*3')/=(./%"#("7#.,*$#,/<,#/"+%&'# +%*".)/'$#OJ2("1#@AAPQ? 7/$3()/./'$#$*+,#($#/"#>)(=/4?#!"#@AAB1#(6%*.# @1CAA#+%&&*"/.5#+*))'"+/'$#2')'#.)5/"<#.%# (:%/7#.,/$#3()(7/<&#9)%&#2,/+,#DDE#2')'#/"# Banco Palmas: A Significant Example F*)%3'1#GCE#/"#H(3("1#DE#/"#I"/.'7#J.(.'$#%9# in Latin America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nternational Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

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

W$;C*:);&$-*;,""2%;/*&:*B$"(*)9*(C2*;)33,%&(/* +$%8*M"$'&-&$%*%2(7)"8*HI2?2*M"$:&-2&"$*?2* M$%;):*<)3,%&(Q"&):K*7C&;C*7$:*-$,%;C2?*+/* (C2*:);&)2;)%)3&;*:)-&?$"&(/*$%?*?212-)B32%(* M$%;)*R$-3$:*X%:(&(,(2*;"2$(2?*&%*455=D*X%?22?>* M$%;)*R$-3$:>*(C2*G&":(*M"$'&-&$%*;)33,%&(/* +$%8*;"2$(2?*&%*J66^*+/*`)a)*`)$S,&3*L2*b2-)* 02()*A2#,%?)*&%*(C2*;&(/*)9*V)"($-2'$*&%*(C2* M"$'&-&$%*:($(2*)9*<2$"Q>*+2;$32*$*"2B-&;$+-2* ;)33,%&(/*;,""2%;/*3)?2-*&%*M"$'&-*9)"*(C2* ?212-)B32%(*)9*$-(2"%$(&12*2;)%)3&;*:/:(23* 9)"*:);&$-*&%;-,:&)%D*M$%;)*R$-3$:*"2;2&12?*(C2* M"$'&-&$%*3&--2%%&,3*?212-)B32%(*#)$-:*B"&'2* 9")3*(C2*.%&(2?*0$(&)%:*?212-)B32%(*B")#"$3* &%*455Z>*(C2*:);&$-*2%("2B"2%2,"*"2;)#%&(&)%* 9")3*O:C)8$*&%*455P>*$%?*(C2*:);&$-*(2;C%)-)#/* B"&'2*)9*(C2*M$%;)*?)*M"$:&-*9),%?$(&)%*&%*455P* HA2#,%?)>*455\KD*

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

<)33,%&(/*+$%8:*$"2*7)"8&%#*$:*$*-);$-* 3&;");"2?&(*$::);&$(&)%*7&(C),(*$%/* &%:(&(,(&)%$-*:(",;(,"2*$%?*-2#$--/*?2B2%?*)%* (C2*%2(7)"8*3$%$#2"*M$%;)*R$-3$:*X%:(&(,(2* ;)%;2"%&%#*%)(*)%-/*;)%12%(&)%:*7&(C*B,+-&;* $,(C)"&(&2:*$%?*)9G&;&$-*+$%8:>*+,(*$-:)*:2;,"&(/* :2$-*$#$&%:(*9$-:&G&;$(&)%*)%*(C2*+&--:D*EC2* X%:(&(,(2*;)33,%&;$(2:*(C2*;"2$(&)%*)9*$*%27* :);&$-*;,""2%;/*$%?*&(:*$3),%(*)9*;&";,-$(&)%*()* (C2*<2%("$-*M$%8*7&(C),(*$%/*B"21&),:* $,(C)"&'$(&)%D*A);&$-*;,""2%;&2:*%22?*(C2*:$32*

International Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

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

“For the first time the Central Bank of Brazil recognised the existence of community banks and social currency and their importance as social technology that generates financial inclusion.”

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

!"#$%&'$()*+,%+-%(%,$&$..('/%(,0%(0$12()$%'$324()+'/% -'(5$6+'7%-+'%)#$%0$8$4+95$,)%+-%92:4*&%9+4*&*$.%-+'% .+4*0('*)/%;*,(,&$%)#'+23#%)#$%*..2*,3%+-%.+&*(4%&2''$,&*$.% 5(/%9'+8$%(,%$..$,)*(4%&+,0*)*+,%-+'%'$02&*,3%.+&*(4%(,0% '$3*+,(4%*,$12(4*)*$.%+:.$'8$0%*,%<'(=*4>%(,0%&+,)'*:2)$% )+6('0%)#$%$'(0*&()*+,%+-%9+8$')/?%@)%*.>%-+'%)#*.%'$(.+,>%

International Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

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

G.&#+%F*')#/.%&".+2$%&,%#&$%$,/#.0%/3))'+/-% $-$&'*%#*4./&:%$#?'%.+7%0,+5'6#&-:%13&%.0$,%.% X3.0#&.&#6'%,+'%&"),35"%#&$%+3*'),3$% #++,6.&#,+$;

C3: Trade and Consumption Circuit

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coelce: waste against energy barter &"'%)'5#,+.0%/,3+&)#'$%9,00,=%&"'%$.*'%4.&"H% I,307%&"'%/,+&),0%.+7%+,)*.0#?.&#,+%,9%$,/#,J ^,='6'):%>).?#0%#$%0'$$%2+,=+%9,)%#&$%=.$&'% &'/"+#/.0%#++,6.&#,+$%1-%.%/'+&).0#?'7% '+')5-%1.)&')%/.00'7%P/,'0/'%0.3+/"'7%#+%BCC_% #+$&#&3&#,+%7'/)'.$'%&"'%).&'%,9%/)'.&#6#&-%,9% 1-%&"'%I,'0/':%&"'%&"#)7%1#55'$&%'+')5-% /,**3+#&-%/3))'+/-%$-$&'*$H 7#$&)#13&,)%,9%&"'%+,)&"%'.$&%)'5#,+%,9%>).?#0;%<&% #$%.%$-$&'*%="')'%4',40'%4.-%&"'#)%'0'/&)#/#&-% 1#00%=#&"%)'/-/0#+5%$,0#7%=.$&':%.%1.)&')%$-$&'*% Recent and future currency ,9%=.$&'%.5.#+$&%'+')5-%1.$'7%,+%*3&3.0% .44)'/#.&#,+;%!"#$%#$%.%1.)&')%,9%#+73$&)#.0% innovation in Brazil )'/-/0#+5%$,0#7%=.$&'%9,)%'0'/&)#/.0%'+')5-% K,*'%#+$&#&3&#,+$%.)'%#+&')'$&'7%#+%&"#$% /)'7#&%1,+3$%,+%&"'%/,+$3*')%.//,3+&%,9%&"'% )'$'.)/"%.)'.%,9%/,**3+#&-%/3))'+/-%.$%.% 0,=%#+/,*'%4,430.&#,+;%<+%&"'%/#&-%,9%O,)&.0'?.:% $,/#,J&'/"+#/.0%#++,6.&#,+%9,)%'/,+,*#/% Z]%1.)&')%/'+&')$%".6'%/,00'/&'7%`:_CC%&,+$%,9% $3$&.#+.1#0#&-L%M,0#&'#.:%.+%#+/31.&,)%,9% =.$&':%5'+').&#+5%.%/)'7#&%,9%Aa%ZDD:CCC]%.$% 7'*,/).&#/%'73/.&#,+.0%4)./&#/'N%<+$&#&3&,% '+')5-%1,+3$%9,)%&"'%/3$&,*')$\%.//,3+&$%,9% O3&3),%P73/.QR,:%,+%7'*,/).&#/%'73/.&#,+N% *,)'%&".+%bBC:CCC%1'+'(#/#.)#'$;%K#+/'%&"'% I#7.7'%7,%I,+"'/#*'+&,:%&"'%#+$&#&3&'%,9% 1'5#++#+5%,9%&"'%4),c'/&:%.1,3&%Zde%,9%&"'% .76.+/'7%$&37#'$%,9%&"'%S+#6')$#&-%,9%KR,%M.30,N% 4),5).*%/0#'+&$%4.#7%&"'#)%'+&#)'%'0'/&)#/.0%1#00% <+/31.7,).%!'/+,0T5#/.%7'%I,,4').&#6.$% @G#*.:%BCC]E; M,430.)'$%U%O3+7.QR,%V'&30#,%W.)5.$%.+7% S+#6')$#7.7'%7'%KR,%M.30,:%&=,%4,430.)% /,,4').&#6'%&'/"+,0,5#/.0%#+/31.&,)$%,9%&"'% Cubo Card: musical community *,$&%9.*,3$%>).?#0#.+%3+#6')$#&#'$N%I)#'% currency O3&3),$:%.%+'&=,)2%9,)%93&3)'%/)'.&#6#&-;% O3)&"')*,)':%>).?#0%#$%+,&%,+0-%.%X3.+&#&.&#6'% G.3+/"'7%#+%BCC`%1-%M.10,%I.4#0f%#+%I3#.1g%#+% '8.*40'%9,)%/,**3+#&-%/3))'+/-%$-$&'*$%#+% &"'%$&.&'%,9%h.&,%V),$$,:%&"'%I31,%I.)7%#$%.%

International Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

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he Hub: currency creation as a ',/8$-&%=%-/4&>?0+(&?*,8@9&50+)$'&*28&5,$.*-/& community animation tool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

“In the city of Fortaleza, 59 Ecoelce barter centers have collected 4,600 tons of waste, generating a credit of R$ 588,0009 as energy bonus for the customers’ accounts of more than 120,000 beneficiaries.” Arassussa: water management against sustainable house barter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`)a&5+*+'6) H;;HL9)

International Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

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

0")+31,O-$4#$*21#$&,$4)-"$(+//#,(.$&,,)'2-&'#$ -))30$2,1$0+0-2&,243#$5/)05#/&-.$'&0&),M$!)$ 2("&#'#$-"&0:$-"#$0#(-)/$)6$'#,-+/#$5"&32,-"/)5.:$ #'#,$&,$?2-&,$@*#/&(2:$0")+31,O-$4#$*)/#$ &,-#/#0-#1$&,$-"&0$,#(#002/.$-/2,0&-&),:$ #')3+-&),:$/#')3+-&),$-"2,;0$-)$2$*&(/)B 5"&32,-"/)5&($0##1$6+,1$-)$/#2("$*),#-2/.$ '&24&3&-.$7&-"&,$2$3)(23$()**+,&-.$5/)J#(-M$

Conclusion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nternational Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

Endnotes

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

)*BX!I88+777+!.#!/51!K()L.4.)#!#)/.%#)4!-%#10+!.*!1W')4!/%!

K()L.4.)#!*%,.)4!,'((1#,0!*0*/1-*!21,)'*1!./!1M,4'&1!2)(/1(! ,%--'#./0!-)(C1/*!95.,5!)(1!)4*%!'*.#3!*%,.)4!,'((1#,.1*!)*+! =%(!1M)->41+!/51!N(O%!'*1&!.#!/51!K(1,5P!F,%Q*%4.&R(.%!%=!/51! ,./0!%=!S)4?)&%(!&1!K)5.)T!%(!%/51(*!.#!/51!B1&1!&1!K)#,%*!&1! H(%,)*!S%4.&R(.)*!%=!/51!,./0!%=!SO%!<)'4%!95.,5!2(.#3*!/%31/51(! /51!U1.()!&1!H(%,)*!S%4.&R(.)*!&%!A1#/(%!&1!SO%!<)'4%+!U1.()!&1! H(%,)*!S%4.&R(.)*!<(%*%4+!)#&!U1.()!&1!H(%,)*!S%4.&R(.)*!&)!B1&1! V)2)W')()@

6_G+EEE!Y!9./5!)#!1M,5)#31!()/1!%=!6@6I@ !+!H51!34%2)4!,'4/'()4!#1/9%(C!,%##1M.%#+!%(!A'.(,'./%!U%()!&%!

G:+:::+:::!Y!9./5!)#!1M,5)#31!()/1!%=!6@6I@

F.M%!.#!<%(/'3'1*1+!.*!>(1*1#/!.#!6I!%=!/51!6:!K()L.4.)#!*/)/1*! )#&!*'>>%(/.#3!;E!,'4/'()4!,%441,/.?1*!/5(%'35!.#&1>1#&1#/! =1*/.?)4*@!6!%=!/5%*1!,'4/'()4!,%441,/.?1*!)(1!.**'.#3!/51!*)-1! ,%--'#./0!,'((1#,0!*0*/1-!/5(%'35!/51.(!.#&1>1#&1#/!=1*/.?)4`! /51!,'4/'()4!,%441,/.?1!N%-)!.#!/51!,./0!%=!a21(4)#&.)!.#!/51!*/)/1! %=![.#)*!N1().*!5)*!,(1)/1&!.#!677b!./*!%9#!,%--'#./0! ,'((1#,0!,)441&!N%-)!A)(&T!/51!,'4/'()4!,%441,/.?1!A)/().)!.#!B.%! K()#,%!.#!/51!*/)/1!%=!c,(d!4)'#,51&!.#!6778!./*!A)/().)!A)(&@!

$!"/!.*!>%**.241!/%!&1Z.#1!*%,.)4!,'((1#,.1*!)*!#%#!Z.#)#,.)4!2'/!

!!!S'*/).#)241!1,%#%-.,!%(.1#/)/.%#!/%%4*!*5%'4&!&1)4!9./5!/51!

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

&1,(1)*1!%=!1M5)'*/.241!-)/1(.)4!1M,5)#31*!)#&!/51!.#,(1)*1!%=! (1#19)241!.--)/1(.)4!%#1*!/%!),5.1?1!>(%*>1(./0@!U%(!1M)->41+! /5)#C*!/%!/51!>)(/.,.>)/%(0!&1-%,(),0!-)#)31-1#/!%=!/5.*! ,%--'#./0!,'((1#,.1*!,.(,'4)/.%#!9./5!)#!.#,%-1!-)M.-'-! )#&!-.#.-'-!W'%/)!)#&!)#!1M,5)#31!()/1!,%#/(%4@!H5'*+!20! ,%#/(%44.#3!/51!,.(,'4)/.%#!%=!,'((1#,.1*!4.#C1&!9./5!1./51(! -)/1(.)4.*/!%(!>%*/Q-)/1(.)4.*/!1M,5)#31+!91!9%'4&!>(%-%/1!)! &1-%,()/.,)440!&1Z.#1&!1,%#%-.,!%(.1#/)/.%#@

#!BX!;7+777+777+!.#!/51!K()L.4.)#!#)/.%#)4!-%#10+!.*!1W')4!/%!

%!BX!877+!.#!/51!K()L.4.)#!#)/.%#)4!-%#10+!.*!1W')4!/%!EII!Y!9./5!

)#!1M,5)#31!()/1!%=!6@6I@ &!H5.*!5.351(!/()#*),/.%#!,%*/!,)#!21!(14)/.?.L1&!20!/51!=),/!/5)/!

Acknowledgements H51!)'/5%(!3()/1='440!),C#%941&31*!/51!,%#/(.2'/.%#!)#&! *'>>%(/!%=!)44!&.(1,/%(*!)#&!1M)-.#1(*!%=!/51!(1*1)(,5!%(.1#/1&! /51*.*!95.,5!.#*>.(1&!/5.*!>)>1(`!1*>1,.)440!$14%e*)!<(.-)?1()+! \)4)!f151.#L14.#+!c#&(d!A)(?)45%+!A14*%!S1C.3',5.!)#&!B%4)#&! g)M14).(1!=%(!/51.(!(1?.19+!,(./.,.*-!)#&!%(.1#/)/.%#!%#!/5.*! (1*1)(,5!%(.1#/1&!/51*.*@!V1)#QU()#h%.*!i%'214+!A4)'&1! <1(.3)'&+![.3'14!j)*'0'C.!$.(%/)+!S%>5.1!$'1/+!A5(.*/%>51! A1*1//.+!A14.#)!k5./)C1(+!A)(4%*!f1!U(1./)*!5)?1!)4*%!>)(/.,.>)/1&! .#!/5.*!>)>1(!/5(%'35!'*1='4!(1=1(1#,1*@!H51!)'/5%(!)4*%! ),C#%941&31*!f(!N.44!S10=)#3+!<(%=1**%(!A%4.#!A@!k.44.)-*+!)#&! f(!i%14!\%#35'(*/!=%(!3.?.#3!/51!%>>%(/'#./0!/%!9(./1!/5.*! )(/.,41!=%(!/51!"#/1(#)/.%#)4!V%'(#)4!%=!A%--'#./0!A'((1#,0! B1*1)(,5@

*%,.)4!,'((1#,0!.#&.(1,/40!.#/13()/1*!*%,.)4!)#&!1#?.(%#-1#/)4! 1M/1(#)4./.1*!%=!>(%&',/*!20!21.#3!'*1&!.#!)!4%,)4!,4%*1&!-)(C1/! %=!3%%&*!)#&!*1(?.,1*@ '!"#!1?1(0!,)*1+!%#1!*%,.)4!,'((1#,0!.*!1W')4+!.#!?)4'1+!/%!%#1!

#)/.%#)4!,'((1#,0@!U%(!1M)->41+!%#1!<)4-)*+!.**'1&!20!K)#,%! <)4-)*!.#!U%(/)41L)+!.*!1W')4!/%!%#1!B1)4+!/51!K()L.4.)#!%=Z.,.)4! ,'((1#,0!.**'1&!20!/51!A1#/()4!K)#C@ (!"#!?.19!%=!/51.(!,%#?1#/.%#)4!)#&!,%#/(),/')4!#)/'(1+!*%,.)4!

,'((1#,0!*0*/1-*!/1#&!/%!21!413)440!*/(',/'(1&!.#!,%->4.)#,1! 9./5!413)4!*/)#&)(&*+!9./5.#!*>),1*!.#!95.,5!/51!\)9!3()#/*! =(11&%-!)#&!>(.?)/1!)'/%#%-0!.#!1),5!*%,.)4!,%#/1M/@!H5)/J*!

International Journal of Community Currency Research 15 (2011) D 39-46

IJCCR Banco Palmas, Brazil

References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`/ 4!'0&*+,,-./&!8$B5&B#$9"8>&"#B5$E#B#&8&(JN5"9a$B(8& 78&"#7#&7#&?8$B5%&B5J6$(9`"(5%&N8"8&5& 7#%#$=5>=(J#$95&75&N8b%/&4L"6J&!"8%(>#("5&7#& 'B5$5J(8&05>(7`"(8&*4!'0.:&0]5&K86>5:&+\9E&5H& R5=#J?#"&+,,-/

5H&3B95?#"&+,,-/&<=8(>8?>#&5$& @AAA/H8B#%75?"8%(>/5";/?"C/&D5$%6>9#7&9E#&FG9E&5H& U8"BE&+,F,/ K"(J8=#"8&O#>5b%8&*+,,-./&U5#78%&%5B(8(%:&B>6?#%&7#& 9"5B8&$8&<";#$9($8&#&5&N"5_#95&03Q&$8&4"8$^8T&>(^r#%& 8&%#"#J&>#J?"878%/&S$&4SR<Rn<0&03QSIV2S<0&'& 2'I'0&I'&123D<T&'sKQ32<RI3&SIXS<0t&K23f'130& '&3K321WRSI<I'0:&+l9E&5H&R5=#J?#"&+,,-:&0]5& K86>5/&K"#%#$989(5$/&0]5&K86>5/ 257"(;6#%&S=#9#:&!8"?(#"(&f5%M&D8">5%&*+,,l./&u<& #J#";d$B(8&78&9#B$5>5;(8&%5B(8>T&"#=(%(98$75&5& J5=(J#$95&78&9#B$5>5;(8&8N"5N"(878&B5J5& #%9"89M;(8&7#&7#%#$=5>=(J#$95&%6%9#$9`=#>u/&2#=(%98& 7#&<7J($(%9"8^]5&Kv?>(B8:&2(5&7#&f8$#("5T&4i'Y '!<K':&Z5>&\+*h.&NN/F,h-YF,-\:&R5=#J?#"w I#B#J?#"/ 08$BE#%&U8"(8$8&*+,,-./&u1578%&#%98%&$598%&B("B6>8J& $5&!"8%(>u/&XN5B8:&0]5&K86>5:&+["7&&5H&U8"BE&+,,-/ 0#;6$75&f5]5&f58x6(J&7#&U#>5&R#95&*+,,l./&u!8$B5& N8>J8%///&6J&B8J($E5u/&!5>#9(J&"#%N5$%8?(>(787#& %5B(8>&#&8J?(#$98>&75&%(%9#J8&y($8$B#("5:&!8$B5& D#$9"8>&75&!"8%(>:&!"8%b>(8:&Z5>&+-*[.:&<N"(>/

4M>(c&189(8$8&*+,,-./&U5#78%&%5B(8(%&B"#%B#J&#& H5"98>#B#J&#B5$5J(8%&>5B8(%&#J&9575&5&N8b%/&<IS1<Q:& <;d$B(8&7#&S$H5"J8^]5&4"#(&1(95&N8"8&<JM"(B8& 0'R<'0&*+,F,./&u<B5"75&7#&B55N#"8^]5&B5J&?8$B5& Q89($8:&45"98>#P8:&+["7&5H&0#N9#J?#"&+,,-/&<=8(>8?>#& B#$9"8>u/&!5>#9($&S$H5"J89(=5:&!"8%b>(8T&0#B"#98"(8& 5$&@AAA/87(98>/B5J/?"C/&D5$%6>9#7&9E#&FG9E&5H& R8B(5$8>&7#&'B5$5J(8&05>(7`"(8:&*[.&N/F:&U8"BE/ U8"BE&+,F,/ 0E#NE8"7&I5")(%&i#5";#99#&*+,,-./&U5$#78%&7#& 4"#("#&U8"6%8&Z8%B5$B#>5%&*+,,-./&05B(8>&#B5$5Je& 9"6#x6#&#$&Z#$#P6#>8/&&S$T&0'USRV2S3&D2S'& 8$7&B#$9"8>&?8$)%T&>#;8>&8$7&"#;6>895"e&(%%6#%&5$& 4W1W230&S!'23&<UX2SD<Y&R3Z30&!<RD30&'& %5B(8>&B6""#$B(#%&*%5B(8>&J5$#e.&8%&8&N6?>(B&N5>(Be& U3'I<0:&F/:&F[9E&8$7&F\9E&5H&3B95?#"&+,,-:&0]5& ($%9"6J#$9&B5$%(%9#$9&A(9E&J5$#98"e&N5>(Be/& K86>5/&K"#%#$989(5$/&0]5&K86>5T&D2S'&4W1W230/ R5"A(BET&S$9#"$89(5$8>&f56"$8>&5H&D5JJ6$(9e& 0123&*+,F,./&D[&W"6;68e/&05B(8>&1"87#&3";8$(P89(5$& D6""#$Be&2#%#8"BE&Z5>&F[&NN/ghY-\/ W"6;68e/&<=8(>8?>#&5$&@AAA/%9"5/5";/6eC/&D5$%6>9#7& i"#B5&1E5J8%&O/&f"/&*+,,-./&1E#&#$7&5H&J5$#e&8$7& 9E#&FG9E&5H&U8"BE&+,F,/ 9E#&H696"#&5H&B(=(>(P89(5$/&Z#"J5$9T&DE#>%#8&;"##$& 0A8$&U#>8$(#&*+,,l./&'B5$5J(B%&5H&9E#&H696"#&N>6%& N6?>(%E($;&B5JN8$e/ ^8&BE8$;#/&K8>5&<>95T&U0&4696"#%&i"56N:&+,,l/ f8B)%5$&1(J&*+,,-./&K"5%N#"(9e&A(9E569&;"5A9Ej&1E#& 1E#&O6?&*+,F,./&'$"#7#Y%#&$5&O6?Y0KT&B6>96"8&7#& 9"8$%(9(5$&95&8&%6%98($8?>#&#B5$5Je/&06%98($8?>#& 8?6$7a$B(8:&=8>5"#%&#&$#9A8=($;&N5"&6J&J6$75& I#=#>5NJ#$9&D5JJ(%%(5$:&Q5$75$/ J#>E5"/&1E#&O6?:&0]5&K86>5:&+,F,/&<=8(>8?>#&5$& Q#J5%&25$8>75:&D8%9"5&35$8&*+,,g./&3N#$&?6%($#%%& @E99NTww#$"#7#%#$5E6?Y%N/$($;/B5JC/&D5$%6>9#7&9E#& J57#>%&Q89($&<J#"(B8/&D#$9"5&7#&9#B$5>5;(8&#& FG9E&5H&U8"BE&+,F,/ %5B(#787#&78&4iZ&IS2'S13&2S3:&2(5&7#&f8$#("5/ Z(=#"#9&K89"(B)&*+,,+./&2#B5$%(7M"#"&>8&"(BE#%%#/& Q(#98#"&!#"$8"7:&k#$$#7e&U8";"(9&*+,,l./&U5$$8(#%& K8"(%T&<6?#/ "M;(5$8>#%:&7#&$56=#>>#%&=5(#%&=#"%&6$#&N"5%NM"(9M& 76"8?>#/&K8"(%&T&X7(9(5$%&DE8">#%&QM5N5>7&U8e#"/ Q(J8&D8">5%&</&4"L#%&#9&8>((&*+,,-./&K"5;"8J8&#B5#>B#& 7#&9"5B8&7#&"#%b765%&N5"&?m$6%&$8&B5$98&7#&#$#";(8/& S$T&Z&D3Ri2'003&I'&SR3Z<no3&1'DR3QpiSD<&'U& 'R'2iS<&'QX12SD<&*Z&DSR'1'Q.:&G/:&+\9E&5H&f6$#& +,,-:&!#>MJ/&<$$8>%/&!#>MJT&<R''Q/ R56?#>&f#8$Y4"8$^5(%&*+,,\./&S$9#>>(;#$B#&B5>>#B9(=#:& >8&"M=5>69(5$&($=(%(?>#/&1E#1"8$%(9(5$#"/ K(99%&R898%E8&*+,,-./&K"5_#95&7#&>#(&=8(&"#;6>8J#$98"& 8968^]5&7#&?8$B5%&B5J6$(9`"(5%/&48B#%&75&!"8%(>&q& K5"98>&7#&D5JM"B(5&f6%95&#&05>(7`"(5:&0]5&K86>5:&F%9&

International Journal of Community Currency Research 15 (2011) D 39-46

L’Accorderie and Le Jardin D’Échange Universel (JEU) in Quebec: A comparative case study Mathieu Lizotte and Gérard Duhaime

IJCCR

Department of Sociology, Laval University mathieu.lizotte1@ulaval.ca; gerard.duhaime@soc.ulaval.ca

Abstract !".2$3&3#1$*(+3&1#2$/%($()$/"#$+(2/$2,**#22),<$*(++,-./0$*,11#-*0$202/#+2$.-$/"#$31('.-*#$()$ 6,#7#*8$9&-&4&a$<ED**(14#1.#$&-4$F#$I&14.-$4EJ*"&-C#$K-.'#12#<$:IJK@A$!"#$3&3#1$*(+3&1#2$/"#.1$ )(,-4.-C$31.-*.3<#2$&-4$(1C&-.2&/.(-&<$2/1,*/,1#28$&-4$/"#.1$+#*"&-.2+2$&-4$+#4.,+2$()$ #R*"&-C#A$N".<#$/"#$)(1+#1$.2$Q,./#$%#<<^.-2/./,/.(-&<.2#4$&-4$&//#+3/2$/($(3#1&/#$ 31()#22.(-&<<08$b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

Introduction

International Journal of Community Currency Research www.ijccr.net

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he Founding Principles and .-$6,#7#*$*./0$&-4$-(/$(-$/"#$%"(<#$-#/%(1OA$ Organisational Structures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`$%".<#$IJK$.2$+(1#$ FED**(14#1.#$S$%&2$)(,-4#4$.-$=>>=$&2$&$2(*.&<$ &$C1&221((/2$.-./.&/.'#$7&2#4$(-$'(<,-/##1$ #*(-(+0$.-./.&/.'#$70$&$*(++,-./0$)(,-4&/.(-$ International Journal of Community Currency Research 15 (2011) D 47-51

IJCCR Lâ&#x20AC;&#x2122;Accorderie and JEU in Quebec

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

1.&+/%'.2"1&!)"24/%&0/'&"%06)B%)'.&0)2,4/25<) +>?!!"25,2&,)&0)2/'.,2),3!,1'&"%/+)./0)&'0) 8"$%5&%4)"24/%&0/'&"%0)./*,)!"##&'',5)+"%4) ',2#)/%%$/+)8$%5&%4)"8)YOLL<LLL6)7.&0)/++"-0) '.,#<)/#"%4)"'.,2)'.&%40<)'")2,%')"8:&!,)01/!,) /%5),#1+"()'.2,,)8$++)'&#,),#1+"(,,06)Z+,/2+(<)/) 8$++)'&#,)0'/88)./0)#/5,)&')1"00&@+,)8"2) +>?!!"25,2&,)'")"88,2)/)2,+&/@+,)/%5)0'/@+,) 0,2*&!,)'")&'0)#,#@,206)7.&0)/+"%,)12"@/@+() +/24,+(),31+/&%0)-.()+>?!!"25,2&,)./0)2"$4.+()P) '&#,0)'.,)#,#@,20)"8)CDE6)?)2,+&/@+,)/%5) ,8:&!&,%')0(0',#)&0)1/2'&!$+/2+()"8)&#1"2'/%!,)'") &'0)1""2,2)#,#@,20)-."0,)#/',2&/+)-,++9 @,&%40)/2,)#"2,)5,1,%5,%')"%)+"!/+),3!./%4,06) ?)8$++9'&#,)0'/88)/+0")/++"-0)'.,#)'")"88,2) 01,!&/+)/00&0'/%!,)'")0"#,)"8)&'0)#,#@,206)U"2) &%0'/%!,<)'.,)0'/88)#/()/!')/0)/)0"2')"8) #/'!.#/;,2)8"2)#,#@,20)-.")./*,)$24,%') %,,50)"2)./*,)./5)5&8:&!$+'()&%):&%5&%4),3!./%4,) 1/2'%,206)B%)!"%'2/0'<)CDE)5",0)%"')./*,)/%() "8:&!&/+)8$%5&%4)/%5)&0)2$%),%'&2,+()@() *"+$%',,206)A.&+,)/)5,*"',5)!"%'&%4,%')"8) If we were to caricaturise, we might say *"+$%',,20)#/()/24$/@+()/!!"#1+&0.)/0)#$!.) /0)/)8$++9'&#,)0'/88<)&')&0)5"$@'8$+)&')!/%)5")0")/0) that one currency tries to work from within the system while the other tries to -,++)/%5)-&'.)'.,)0/#,)2,4$+/2&'()&%)'.,)+"%4) 2$%6)7.,)#/&%',%/%!,)"8)5,*"',5)*"+$%',,20) operate outside of the system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nternational Journal of Community Currency Research 15 (2011) D 47-51

IJCCR Lâ&#x20AC;&#x2122;Accorderie and JEU in Quebec

!"#$%#&'()$!"*!$+#$,(--#,!#)$(.&$)*!*/$012$ .3.*--4$"#-)$'!3$*,!'5'!'#3$'6$*$-(,*-$,((%#&*!'5#$ 7*&8$*$-(,*!'(6$+"',"$+*3$6(!$,(63')#&#)$ *9&##*7-#$!($3(:#$012$:#:7#&3$+"($+(.-)$ %&#;#&$*$-(,*-$,(::.6'!4$"*--$(&$*6$ #3!*7-'3":#6!$+"#&#$6($*-,("(-$'3$3#&5#)<

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he Medium of Exchange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nternational Journal of Community Currency Research 15 (2011) D 47-51

IJCCR L’Accorderie and JEU in Quebec Table 1: An overview of differences between L’Accorderie and JEU community currency systems in Quebec

L’Accorderie

JEU

Founded

2002

1998

Part of a larger network

Yes

Approximate membership

750

120

Official goals

The alleviation of poverty and social exclusion; solidarity

To provide a universal exchange system; solidarity

Model

State model, legal non-profit status

Grassroot model, no legal status

Type of organisational structure

Formal society; boards of directors; executive board

Horizontal, acephalous and informal

Legal status

Registered non-profit

Unregistered; no legal status

Human resources

Full-time staff

Volunteers

Budget

Funding, $100,000

Minimal, shoestring

Transaction system

Centralized records

Decentralized records

Office space

Yes

Microcredit

Yes

Social activities

Regular, Monthly

Sporadic

Activity rooms

Yes

Buyer’s group

Yes

Medium of exchange

Based on time

Arbitrary point system

Values of exchange

Fixed on time; one hour of any work equals one hour, no exception

Recommendation that 60 points should equal approximately one hour of work.

Conclusions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

International Journal of Community Currency Research 15 (2011) D 47-51

IJCCR L’Accorderie and JEU in Quebec

!"#$%&'()'*!!*+(,(*)',*',-%'"(.%/#"'0#"1%+'2-($-'#/%'3(/4"5' Endnotes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

"'@/*(+AW(0(X/%+'YONNZ[='\*),/]#"'Q*/&'YONNL[='\*),/]#"'

B*$-%"#9#A\#(+*))%10%'YONN^[='J-#2()(9#)'YONKN[7' #'_#1/%),(&%+='\*),/]#"='\*),/]#"A81%+,='81,#*1#(+='G1].%$='

J-%/./**:%7' $';%'1+%',-(+',%/4'#+'#'+(4!"(3($#,(*)'*6'$*1/+%'+()$%'4#/:%,'

6*/$%+'#/%'#'$*4!"%<'+%,'*6'+*$(#"'/%"#,(*)+='*.`%$,(3($#,(*)+'*6' /1"%+'#)&'$*)+,%""#,(*)+'*6'0#"1%+'2-($-'#/%'/#,(*)#"(a%&'()',-%' )*/4+'*6'%<$-#)9%7' %&&@-(+')14.%/'%<$"1&%+',-%',/#)+#$,(*)+'2-($-'2%/%'&*)%'.5'

,-%'PPL'4%4.%/+'2-($-'#/%')*,'"*)9%/'$*)+(&%/%&'#$,(0%7

References H("*&%#1='?7='_%'H*++]='b7'YONNc['d_>?$$*/&%/(%'e'(""1+,/#,(*)' $*)$/X,%'&>1)%'!/#,(f1%'%<!"($(,%4%),'+,/1$,1/]%'g'!#/,(/'&%' ">#!!/*$-%'$%),/]%'+1/'"%'&]0%"*!!%4%),'&1'!*10*(/'&>#9(/'&%+' !%/+*))%+'%,'&%+'$*""%$,(0(,]+>7'F#++%/%""%+='h*"'KYK[='!!7'ZZ'A'cN7 H*1"(#))%='\7'YONNP['d_%+'+5+,X4%+'&>]$-#)9%'&%'!/*<(4(,]e'1)%' ]$*)*4(%'!*"(,(f1%'&1',%4!+'%,'&%'"#'$*)+*44#,(*)>7'S)' R%//#)&*'5'F1(9='C7='i(#4!*/$#/*AJ#1)(X/%='J7'YD&7['F*1/'1)%'j' #1,/%'k'$*)+*44#,(*)7'J%)+'%,']4%/9%)$%'&>1)%'$*)+*44#,(*)' !*"(,(f1%7'_>B#/4#,,#)='I*""%$,(*)'U*++(%/+'J$(%)$%+'B14#()%+' %,'J*$(#"%+='J]/(%'I*)+*44#,(*)+'%,'J*$(],]+e'F#/(+'!!7KLcAKcl7 H*1"(#))%='\7'YONNZ['d@-%'4*0%4%),'6*/'#)'%$*)*45'*6' +*"(&#/(,5e'E/.#)'#9/($1",1/%'#)&'"*$#"'%<$-#)9%',/#&()9'+5+,%4+' ()'G1%.%$>7'W%+%#/$-'()'D$*)*45'?),-/*!*"*95='h*"'OM='!!7 OZKAOcL7 I*-%)='H7'YKcc^[7'!"#$%#&'()*"+$&,$-&.#+'I*/)%""'E)(0%/+(,5' F/%++='S,-#$#7' i/%9*/5='I7'YKccZ[7'TI*2/(%+'#)&'I*)f1%+,e'@*2#/&+'#' J1.#",%/)#,(0%'G1#"(,5'@-%*/5'*6'\*)%5V$I*4!#/#,(0%'J,1&5'*6' J*$(%,5'#)&'B(+,*/5='h*"'l^='Q*7'O='!!7'KcP'A'OKL7'' -)(/0$12$345678$9):;#0$*(<=#$).>$*(&?<@A$B>>(#CC#>$@&$D&(E<.'$ F#.0'i7'?""%)'m'E)2()='_*)&*)7' J%56#)9='i7'YONNO['d@#$:"()9'+*$(#"'%<$"1+(*)'2(,-'$*441)(,5' $1//%)$(%+e'"%#/)()9'6/*4'_D@J',*'@(4%'H#):+>7'S),%/)#,(*)#"' C*1/)#"'*6'I*441)(,5'I1//%)$5'W%+%#/$-='h*"'Z='!!7'KAKK7

R*/',-%',(4%'.%()9='">?$$*/&%/(%'#!!%#/+',*'.%'%<!#)&()9' +,%#&("5'#)&'+%0%/#"'*,-%/'$*441)(,(%+'-#0%'#"/%#&5' 4#)(6%+,%&'#)'(),%/%+,'()'"#1)$-()9',-%(/'*2)'./#)$-7'S)' 6#$,='">?$$*/&%/(%'-#+'/%$%),"5'6*1)&%&'#'/%9(*)#"'.*#/&' 2(,-'/%!/%+%),#,(0%+'6/*4'%#$-'./#)$-'()'*/&%/',*'.%,,%/' #&4()(+,%/',-%')%,2*/:'#+'2%""'#+',*'()+,(,1,(*)#"(+%'#' 2#5',*'+-#/%'#)&'!/*0(&%'%<!%/,(+%7 '

International Journal of Community Currency Research 15 (2011) D 47-51

KĂŠkfrank to boost the resilience of locality Zsuzsanna Eszter Szalay Covinus University of Budapest Department of Business Economics zsuzsanna.szalay@uni-corvinus.hu

IJCCR Abstract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

Introduction

International Journal of Community Currency Research www.ijccr.net

"+&Q$($00&BQ$($009&RSGTF<&?*$&C.#1-,'-#&1,$$#& 6"#$%&6"3$6$#)&5-(&:,$($#)$2&'#&2$)-'0&4%& U",)*&BU",)*9&;GGT9&'#&C.#1-,'-#7&;GGHF<&A'#/$& )*$#9&2.$&)"&)*$&$/"#"6'/&/,'('(9&)*$&#$$2&$3$#& (),$#1)*$#$2&)"5-,2(&)*$69&4.)&-0("&)*$& )*$",$)'/-0&4-('(&5'2$#$2<&?*$&(:,$-2'#1&"+& =#)$,#$)&*$0:$2&)*$&/',/.0-)'#1&"+&-0)$,#-)'3$& '2$-(9&)*$&",1-#'('#1&"+&/'3'0&/"#+$,$#/$(9& :,$($#)-)'"#(9&)*$&'#)$#('+%'#1&"+&VW?A&/',/0$(& -#2&0-()&4.)&#")&0$-()&)*$&/,$-)'"#&"+&)5"&0'#IX 2',$/)",%&5$4(')$&"#&)*'(&(.4Y$/)<

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istorical background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nternational Journal of Community Currency Research 15 (2011) D 52-56

IJCCR Kékfrank

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

!"#$%2#*-&2$&/$567/2*'7D$!*(`.$X#27&F`-V$ <',#2-&&7$-"#$+&%*+$-2*'.()..)&'$&/$*++&:*'%#.$ )'$7)',$)'$PWWK$*.$&'#$&/$-"#$(&.-$2#'&:'#,$ R<2)'9$-"#$-2*'.)-)&'$#%&'&(4$)'$-"#$4#*2.$ 2#.-*<2*'-$&:'#2.$)'$-"#$%)-4>$=#$)'-2&,<%#,$*$ INSN;INNSD$-"#$%#'-2*++4$1+*''#,$#%&'&(4$ "&-$/&&,$F&<%"#2$-"*-$%&<+,$@#$<.#,$)'$").$&:'$ %"*'9#,$)'-&$*$/2##$(*27#-$#%&'&(4>$!"#$.-*-#; 2#.-*<2*'-$*',$)'$&-"#2$2#.-*<2*'-.$*.$:#++$*',$ &:'#,$%&(1*')#.$:#2#$+)T<),*-#,D$-"#)2$ +*-#2$%&+,$/&&,D$9)/-D$*',$.%"&&+$F&<%"#2.D$*.$ *%-)F)-4D$/&2$-"#$(&.-$1*2-D$.-&11#,>$!"#$ .)'9+#;<.#$%&(1+#(#'-*24$%<22#'%4$<',#2$-"#$ =<'9*2)*'$#%&'&(4$,#%+)'#,D$-"#$'<(@#2$&/$ '*(#$&/$=Ca?>$3!"#$'*(#$"*.$,<*+$ #(1+&4#,$,#%2#*.#,$,2*.-)%*++4$*',$-"#$)(1&2-$ %&''&-*-)&'D$(#*')'9$b-*.-4$(&2.#+c$*',$*+.&$ ,#1#',#'%4$)'%2#*.#,>$!"#.#$-#',#'%)#.$,),$ b)/$:#c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d$&/$%&<2.#$-"#4$:#2#$(&.-$ @*.#,$&'$1#2(*%<+-<2#D$*+.&$-"#$%&'.#T<#'%#.$ 1&1<+*2$)'$0&12&'D$:"#2#$-"#4$:#2#$*%%#1-#,$ :#2#$F#24$%&'-2&F#2.)*+> )'$*2&<',$ISW$1+*%#.>$!"#$,#'.)-4$&/$-"#$ 1*2-)%)1*-)'9$F#',&2.$:*.$")9"#2$'#*2$-"#$+&%*+$ The appearance of a new form of enterprise, (*27#-D$.&$)-$).$+)7#+4$-"*-$-").$*+.&$"#+1#,$-").$ the European Cooperative Society (*27#-$-&$.<2F)F#$)-.$#%&'&()%*+$,&:'-<2'>$ !"#$=Ca?$F&<%"#2.$:#2#$*',$*2#$F#24$ abbreviated as SCE (EC, 2003), based on the @#'#G)%)*+$@&-"$/&2$-"#$%&(1*'4$&/$!*(`.$ Latin Societas Cooperativa Europae - was an X#27&F`-V$*',$/&2$-"#$F&<%"#2$*%%#1-)'9$ important prerequisite to the introduction of %&(1*')#.>$e'$&'#$.),#$%*1)-*+$2#.&<2%#.$*2#$ the Kékfrank. %2#*-#,D$*',$&'$-"#$&-"#2$.),#$-"#$-<2'&F#2$).$ )'%2#*.#,>$$ C-$-"#$#',$&/$-"#$.&%)*+).(D$-"#$%)-)V#'.$&/$ 0&12&'$%2#*-#,$").-&24$@4$&29*').)'9$-"#$X*'; Y<2&1#*'$X)%')%D$-"#$)')-)*-)&'$&/$-"#$<')&'$&/$ The innovation: Kékfrank introduced -"#$Z#2(*'$1&1<+*-)&'$3[*94D$[\C8>$

by European Cooperative Society

The first idea !"#$2#9<+*-&24$*',$(*27#-$#'F)2&'(#'-$*-$-"#$ -)(#$&/$-"#$)'-2&,<%-)&'$&/$-"#$567/2*'7$:*.$ 2*-"#2$%&'%#'-2*-#,$*',$,#1#',#'-$<1&'$

!"#$*11#*2*'%#$&/$*$'#:$/&2($&/$#'-#212).#D$ -"#$Y<2&1#*'$A&&1#2*-)F#$0&%)#-4$;$*@@2#F)*-#,$ *.$0AY$3YAD$PWWO8D$@*.#,$&'$-"#$U*-)'$0&%)#-*.$ A&&1#2*-)F*$Y<2&1*#$;$:*.$*'$)(1&2-*'-$ 12#2#T<).)-#$-&$-"#$)'-2&,<%-)&'$&/$-"#$

International Journal of Community Currency Research 15 (2011) D 52-56

IJCCR Kékfrank

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

*+,)!"#$%&'#)56)5')&112%7&'1,)854+)4+,) %,12//,'7&452')2$)e20,%462')He20,%462'Dg3'`9L) >??\OI),'4%,A%,',3%6)2$)2',)630D%,:52')&%,) 63AA2%45':)54L)034),d4,'75':)e20,%462'h6) %,12//,'7&452'6)&)1%266D02%7,%)%,:52')56) 63AA2%45':)54L)8+51+)5'4,'76)42)&1+5,P,)/2',4&%E) %,$2%/)2')4+,)921&9)9,P,9( M$)&)12//3'54E)5'4,'76)42)5'4%2731,)&) 12/A9,/,'4&%ED12//3'54E)13%%,'1E);)5')V3':&%EL)54) +&6)4+,)A266505954E)42)&1+5,P,)4+56)'24)4+%23:+)&)0&'#L) 034)4+%23:+)&)A&E/,'4)5'64543452')H0E)546,9$)2%)0E) 234623%15':O())

Some data and facts G2/,)12'1%,4,)7&4&)&0234)!"#$%&'#L)&6)12/A9,/,'4&%E) 13%%,'1E)&'7)4+,)GC-)63AA2%45':)54I W

*+,)]V=D^M)_66`,$2:3'#SM$Da,).'54,)J5/54,7) J5&05954E)-3%2A,&')C22A,%&45P,)G215,4Eb)8&6) $23'7,7)0E);>\)/,/0,%6L),'4%,A%,',3%6)&'7) 5'75P573&96L)4+%23:+)A3%1+&6,)2$)\<Z)6+&%,6L),&1+) 82%4+);??)-3%26()*+36L)4+,)GC-)8&6)$23'7,7) 854+)\<LZ??),3%2)&34+2%5`,7)1&A54&9L)2')4+,)>Y4+) c2P,/0,%)>??YL)4+,)7&E)2$)4+,)6&5'4)2$)4+,)154E(

*+,)64%&4,:51)A&%4',%6)2$)4+,)GC-)&%,I

W M4)5'4%2731,7)&)',8)$2%/)2$),'4,%A%56,L)4+,)A&E/,'4) 5'64543452')$2%)4+,)2$$,%5':)2$)A&E/,'4)6,%P51,6)HFXL) >??RL)AA(YD;Z(OL) W M4)7,[5',7)854+5')4+,)A&E/,'4)6,%P51,6)4+,),/56652') &'7)&11,A4&'1,)2$)4+,)A&E/,'4)5'64%3/,'46)4+&4)56L) 12/A9,/,'4&%E)13%%,'15,6L)&'7)4+,)A&E/,'46)0E) 4,9,12//3'51&452'L)75:54&9)2%)M*)7,P51,6)HFXL)>??RL)AA( \@(O( =94+23:+)4+,)V3':&%5&')9,:569&452')5')&112%7&'1,)854+) 4+,)&02P,)7,61%50,7)75%,145P,)1&/,)5'42),$$,14)&)95449,)9&4,%) 4+&')4+,)$23'75':)2$)4+,)]V=D^M)_66`,$2:3'#S)M$Da,) .'54,)GC-bL)2')4+,);64)2$)c2P,/0,%)>??Y)HV3':&%5&') B&%95&/,'4L)>??Y&L)>??Y0OL)54)1&')0,)64&4,7L)4+&4)4+,) 1+&':,)8&6)42)0,),dA,14,7L)8+51+)+,9A,7)4+,)A%21,66)2$) 951,'65':()*+,)GC-)12397)'24)E,4),d,134,)4+,)A&E/,'4) 6,%P51,6)2')546)28'L)62)54)+&7)42)&6#)&)[5'&'15&9)5'64543452') W) He&f#&)&'7)e,:52')C%,754).'52'O)42)f25')4+,)GC-)&6) ) /,/0,%L)&'7)42)3'7,%4&#,)4+56)4&6#()) ) *+,)%,:39&42%E)&'7)/&%#,4),'P5%2'/,'4)+&7)$23%) ) 1+&%&14,%564516L)&6)$299286I) W

*2)2A,%&4,)!"#$%&'#)&6)&)12/A9,/,'4&%E)13%%,'1EL)&) 64%2':L)1%266D02%7,%)$2%/)2$),'4,%A%56,L)4+,)GC-)8&6) 1+26,'L)8+51+)/&7,)&)%,9&45P,9E)5'7,A,'7,'4L)6,9$D :2P,%'5':)2A,%&452')A266509,)5')&112%7&'1,)854+)4+,) A%5'15A9,)2$)6306575&%E)&AA,&%5':)&962)5')4+,)4%,&4E)2$) J5602'(

*+,)!"#$%&'#)8&6)03594)2')4+,)A&%4515A&45':):%23A)2$) &')&9%,&7E)2A,%&45':L)65':9,D36,)12/A9,/,'4&%E) 13%%,'1EL)62D1&99,7)A3%1+&6,)P231+,%()g,+5'7)024+) 8,%,)42)0,)$23'7)4+,)6&/,)6/&99):%23A)2$)A,2A9,L) ,'4+365&6451)A&4%5246()

W e&f#&)&'7)e,:52')C%,754).'52')) W C+&/0,%)2$)C2//,%1,)&'7)M'7364%E W M'7364%E)C2%A2%&452')2$)G2A%2')&'7)M46) -'P5%2'6 W .'5P,%654E)2$)a,64)V3':&%E)i&1394E)2$) -12'2/516 W )CMN)B&''j'5&)M'63%&'1,)C2/A&'E) *+56)9564)5'751&4,6)4+&4)4+,)6/&99):%23A)2$) ,'4+365&6451)A,2A9,)6311,,7,7)5')12'P5'15':)4+,) 7,15652')$2%/5':)A9&4$2%/6)2$)4+,)154E)42)63AA2%4) 4+,)5'545&45P,( W

*2)0,12/,)/,/0,%)2$)4+,)GC-L)4+,) %,12//,'7&452')2$)&)/,/0,%L)4+,)A3%1+&6,)2$) /5'5/3/);)H/&d5/3/)T?O)6+&%,6)2$);??)-3%26) ,&1+L)4+,)&11,A4&'1,)2$)4+,)64&434,6L)&'7)4+,) &AA%2P&9)2$)4+,)02&%7)2$)75%,142%6)2$)Z)/,/0,%6) 56)',,7,7()HB266,665':)/2%,)6+&%,6)72,6)'24) %,6394)5')64%2':,%)P245':)%5:+46(O)*+,)/,/0,%6) 12'6,'4)42)&11,A4)&'7)36,)!"#$%&'#)&6)921&9) 13%%,'1E(

*+,)/&5'):2&9)2$)4+,)GC-)56)42)645/39&4,),12'2/E) 5')G2A%2')&'7)546),'P5%2'6)854+)4+,)+,9A)2$)4+,) !"#$%&'#)12/A9,/,'4&%E)13%%,'1EL)5')&)1%266D 02%7,%)6,445':L)4+%23:+)4+,),'4,%A%56,6)2$)546)

International Journal of Community Currency Research 15 (2011) D 52-56

IJCCR Kékfrank

!"!#"$%&'"()*+$,-.(-'/0"'1+$)0,%"'*2'3*),334' 1$*5+)"5'-**5%',(5'%"$6.)"%7' 8

90"'1,1"$'6"$%.*('*2'/0"':;<2$,(<' )*!13"!"(/,$4')+$$"()4'=,##$"6.,/"5':2$>'?,%' 1$.(/"5'#4'/0"'@+(-,$.,('A,(<(*/"'B$.(/.(-'C/57' 0//1DEE???71"(FG"-4(4*!5,70+E.(5"HI"70/!37

90"'J.$%/'*2J.).,3'"H)0,(-"'/**<'13,)"'*('/0"'K/0' L,4&'MNON7'

90"')+$$"()4'=0//1DEE<"<2$,(<70+E5"E +/,36,(47101>'%.!.3,$34'/*'/0"'2*$.(/&'0,%'P' 5.22"$"(/'5"(*!.(,/.*(%D'QNN:2$&'ONNN:2$&' MNNN:2$&'QNNN:2$&'ON'NNN:2$',(5'MN'NNN:2$&'#+/' (*')*.(%'"H.%/&'.2'/0"%"',$"'(""5"5&'/0"'2*$.(/'),(' #"'+%"57

90"':;<2$,(<'(*/"'0,%'K'%")+$./4'2",/+$"%&' .()3+5.(-'?,/"$!,$<&'.(5.6.5+,3'%"$.,3'(+!#"$' ,(5'+3/$,R6.*3"/')*3*+$%7

:;<2$,(<'.%'ONNS'#,)<"5'#4'2*$.(/&'./'),('#"' ,)T+.$"5'?./0'2*$.(/'=O'U/VO:2$>'.('/0"'#$,()0"%' *2'W,G<,',(5'W"-.*('X$"5./'Y(.*('.('/?*'3*),/.*(%' .('Z*1$*(7'90"',)T+.$"!"(/'.%'3.!./"5D'*(34' !"!#"$%',(5'1,$/.).1,/.(-'6"(5*$%'!,4')3,.!' /0"')+$$"()47'90"'1,.5R.('2*$.(/',!*+(/'1,4%' .(/"$"%/',/'/0"'3"6"3'*2'/0"'#,%"'$,/"'*2'/0"'X"(/$,3' A,(<'*2'@+(-,$4&'2*$'/0"'#"("J./'*2'/0"',)T+.$"$' ,(5'/0"')*!!+(./47'[(34'/0"'J.$%/'*?("$'*2' :;<2$,(<'.%'"(/./3"5'/*'$")".6"'.(/"$"%/'=%0,$"5' ?./0'/0"')*!!+(./4'#4','$,/.*'OD\>']'*("'?0*' $")".6"%':;<2$,(<'2$*!'%*!"*("'"3%"'/0$*+-0',' /$,(%,)/.*('?.33'(*/'$")".6"'.(/"$"%/7

%/,$/.(-'%/$+)/+$"'*2':;<2$,(<'?,%'J.(,3')*(%+!"$R *$."(/"57'b2'/0"'"(/$"1$"("+$%'#+4'6*+)0"$%'2*$' :;<2$,(<&'./'.()$",%"%'/0"').$)+3,/.*('*2':;<2$,(<7' 90.%'.%','%")*(5'%1").,3./47' 8

90"'3*),3',//"(5,()"'"%/,#3.%0"5',')**1"$,/.6"'/*' !,<"'/0".$'$"3,/.*(%'%/$*(-"$7'90"'?0*3"':;<2$,(<' #,%"5'%+1134R)0,.('%0*+35'#+.35'+1'2$*!'./%' "(51*.(/7'b/'5"!,(5%','6"$4',)/.6"'")*(*!.)R *$-,(.F"$'?*$<7'X0,.(%'%0*+35')$",/"')3*%"5'3**1%7' 90.%'.%'(*/'("?a'/0.%'.%'/0"'"%%"()"'*2' )**1"$,/.6"("%%7'''

A+/'/0"$"',$"'*(34','2"?'),%"%&'?0"$"'/0"' )*!13"!"(/,$4')+$$"()4'#"3*(-%'/*',')**1"$,/.6"' =cbW'.('Z?./F"$3,(5&'W.6"$@[YWZ'.('[$"-*(&'YZ>&'%*' /0.%'.%','$,$./47'b/'.%')*+35'#"'%/,/"5'/0,/'%!,33',(5' 3*),3',$"'-**5&'#+/'#",+/.2+3'*(34'.2'/0"4'),('#"' #*+-0/'*$'%*35'?./0'*?(')+$$"()47'

:;<2$,(<'?,%'.(/$*5+)"5'#4','("?'2*$!'*2' "(/"$1$.%"D'd+$*1",('X**1"$,/.6"'Z*)."/4'=ZXd>'90.%' ?,4':;<2$,(<'+(./"%'/0"',$",%'%"1,$,/"5'#4'/0"' )*+(/$4R#*$5"$'.('")*(*!.),3',(5')+3/+$,3'?,4%',(5' !,<"%'/0"'#$*<"('$"3,/.*(%0.1%',3.6"',-,.(7'b/'.%'.(' ,))*$5,()"'?./0'/0"'3"-.%3,/.*(',(5'/0"',.!%'*2'/0"' dY7'90.%'.%','6"$4'.!1*$/,(/'.((*6,/.*(7'

9*'5"6"3*1'/0.%'%4%/"!&'%+11*$/'*2'/0"'3*),3',(5'(,/.*(,3' ")*(*!.)'3",5"$%',(5'"H1"$/%'?,%'?*(&',(5'/0"'J.$%/' @+(-,$.,('ZXd'?,%'2*+(5"5'/*'1"$2*$!'/0.%'/,%<&','3*(-' 3.)"(%.(-'1$*)"5+$"'?,%',))*!13.%0"5&'/0"'$+%0'*2'/0"' !"5.,'0,5'/*'#"'0,(53"57'90"'1,/$.*/%'*2'Z*1$*('$"-,$5' /0"'2*+(5"$%'*2'/0"'Z?.%%'cbW',%'"H,!13"%'/*'2*33*?a'/0"4' "6"('6.%./"5'/0"!'.('A,%"37'U+/+$"'*#G")/.6"%'.()3+5"'/0"' 8 90"':;<2$,(<'),('#"').$)+3,/"5'2$""34&'./'0,%'(*' .(/$*5+)/.*('*2'"3")/$*(.)&'#,(<'),$5'1,4!"(/%'#"%.5"%' "H1.$47 1,1"$'#,%"5'/$,(%,)/.*(%',(5'/0"'3,+()0.(-'*2':;<2$,(<R Z.()"'/0"':;<2$,(<'5*"%'(*/'1,4'.(/"$"%/&'./'.%'2*$"%"",#3"&' 3*,(',)/.6./47' /0,/'./'?.33').$)+3,/"'2,%/"$'/0,('/0"'.(/"$"%/R1,4.(-'2*$.(/7' 90"'$",3'/"%/'.%')*!.(-'*(34'(*?D'90"'!"!#"$%'*2'/0"'ZXd' ^))*$5.(-'/*'/0"'3*),3'!*("/,$4'1*3.)4'$"-,$5.(-'/0.%' 0,6"'/*'+%"'/0"'("?')+$$"()4'2*$'/0".$'/$,(%,)/.*(%',%' )+$$"()4&'/*'1$"6"(/'/0"'$"5"!1/.*('*2'/0"':;<2$,(<&'MS' .(/"(%.6"34',%'1*%%.#3"&'3.<"'.(','#.-'#,33R-,!"D'/0"'!*("4R _'`^9'$"5"!1/.*('/,H'.%')0,$-"5',/'/0"',)/'*2'$"5"!1/.*(7 #,33'!,4'(*/'2,33'5*?(&'(*$'-*'*+/%.5"'#4'#".(-'"H)0,(-"5' /*'2*$.(/7'90"'")*(*!.)'5"6"3*1!"(/')*()"1/'*2'/0"' )./.F"(%'*2'Z*1$*('),('#")*!"'$",3./4'*(34'.('/0.%'?,47

Summary: what has been done and future goals

:;<2$,(<'.%','6"$4'("?'/41"'*2'3*),3'.(./.,/.6"a'/0"$"',$"' %*!"'%1").,3./."%&'!*$"*6"$'$,$"'2",/+$"%',(5','6"$4' .((*6,/.6"')0,$,)/"$.%/.)',#*+/'/0.%'X*!13"!"(/,$4' X+$$"()4D' 8

:;<2$,(<'?,%')$",/"5'(*/'#"),+%"'*2'/0"'$",%*('/*' J.-0/'1*6"$/4&'#+/'#4','1,/$.*/.)')*!!+(./4&'?0*' ?,(/"5'/*'$"*$-,(.F"'/0"'*()"'*$-,(.)'%*).,3R ")*(*!.),3'$"3,/.*(%0.1%7'

b/'?,%'.(%1.$"5'#4'=,(5'#,%"5'*('/0"'("/?*$<'*2>',' %4%/"!'*2'%.(-3"'+%"'!",3',(5'6,),/.*('6*+)0"$%&',' 2*$!'*2'(*(R?,-"',33*?,()"%7'b/'!",(%'/0,/'/0"'

90"('?.33'#")*!"'/$+"'/0"'!*//*'*2':$.%/e2'C,)<("$&' 2,!*+%&'d+$*1"R$"(*?("5'3*(-R,-*'!,4*$'*2'Z*1$*(D' fL"$-./+$'(*('%+#!"$-./+$g&'/0,/'.%'f^5$.2/'#+/'(*/' %+#!"$-.(-g7

International Journal of Community Currency Research 15 (2011) D 52-56

IJCCR Kékfrank

Acknowledgements

Fo55$/%e<$J[[Y:$%=(&'$4(1*A*2%'*(,+$'($'"#$)#3&/%'*(,$%=(&'$ 0%;4#,'$*,+'*'&'*(,+$%,1$0%;4#,'$+#)6*2#+$"''0Q@@ !"#$%&'"()$*+$'"%,-.&/$.()$'"#$"#/0$%,1$#,2(&)%3#4#,'$(.$5+'67,$ eee:0+b%.:"&@1%'%@24+NOkVJ[V@NOO[gSoooi5'6:01. 894#'"$*,$'"#$0)#0%)%'*(,$(.$'"*+$%)'*2/#: E#)-(67'b<$!%47+$HNOJOIQ$F(40/#4#,'%);$2&))#,2;$%,1$'"#$ +'*4&/%'*(,$(.$/(2%/$#2(,(4;$HE)#+#,'%'*(,$3*6#,$*,$P(0)(,$(,$ NV'"$`%;$NOJOI$"''0Q@@-#-.)%,-:"&@/#'(/'#+@ Endnotes 0#)-(6%'bg'%4%+g-(b3%b1%+bg-/&=:"'4/$%,1$"''0Q@@ -#-.)%,-:"&@/#'(/'#+@A*b#'(g#+b-(b&,-g%g-#-.)%,-:01. !$5,$4;$(0*,*(,<$2(44&,*';$2&))#,2;$*+$'"#$*1#%/$.()4$(.$ 2(40/#4#,'%);$2&))#,2;<$%++&4*,3$'"%'$%//$.&,1%4#,'%/$,##1+$ G(=#)'+(,<$?%4#+$HNOO[IQ$`(,#;$i%/&#+$%,1$B'"*2%/$i%/&#+:$ F&)*,3$'"#$`*+4%'2"$^#'e##,$!"#4:$5,Q$S%+b/($q+(/,%*$H#1I<$ 2%,$=#$4#'$=;$*': B'"*2%/$E)(+0#2'Q$B2(,(4;<$P(2*#';<$%,1$B,6*)(,4#,'<$P0)*,3#)$ P2*#,2#D^&+*,#++$`#1*%$^i<$"''0Q@@eee:f%4#+)(=#)'+(,:2(4@ %)'*2/#@4(,#;6%/&#+%,1#'"*2%/6%/&#+:01. References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`5$a++b#.(3&,-@$5.Dc#$C,*'#Q$d9-.)%,-$2(40/#4#,'%);$ 2&))#,2;$+'&1;$#R2&)+*(,$'($Pe*'b#)/%,1$HOJ:OL:DOL:OL:NOJO:I$ "''0Q@@-#-.)%,-:"&@/#'(/'#+@+6%f2*g'%,&/4%,;&':"'4/:$ d()'#,<$W%6*1$HNOO[IQ$_3#,1%$.()$%$8#e$B2(,(4;<$^#))#''D d("/#)<$NOO[:

Pb%/%;<$q+&b+%,,%$HNOOkIQ$!"#$G#6(/&'*(,$(.$]#,'/#$`(,#;<$ c()-*,3$E%0#)<$\C$5PP8$JVkYDLOLJ<$F()6*,&+$C,*6#)+*';$(.$ ^&1%0#+'<$5,+'*'&'#$(.$^&+*,#++$B2(,(4*2+<$"''0Q@@#1(-:/*=:&,*D 2()6*,&+:"&@NkK@J@Pb%/%;[L:01.$ Pb9-#/;<$F+%=%$HNOJOIQ$F(40/#4#,'%);$F&))#,2;$%,1$'"#$ P'*4&/%'*(,$(.$S(2%/$B2(,(4;$"''0Q@@-#-.)%,-:"&@/#'(/'#+@ d(40/#4#,'#)g0#,bg#+g%g"#/;*g3%b1%+%3g#/#,-*'#+#:01. i%)3%<$5+'67,$HNOJOIQ$`%)-#'$B2(,(4;$e*'"(&'$F%0*'%/*+4$ HE)#+#,'%'*(,$3*6#,$*,$P(0)(,$(,$J['"$?%,&%);$NOJOI$"''0Q@@ -#-.)%,-:"&@/#'(/'#+@ 6%)3%g*+'6%,g0*%23%b1%+%3g-%0*'%/*b4&+g,#/-&/:"'4/

Websites: "''0Q@@eee:-#-.)%,-:"& "''0Q@@eee:2(40/#4#,'%);2&))#,2;:()3@ "''0Q@@eee:&#%:%2:&-@#,6@*f22)@ "''0Q@@eee:f%4#+)(=#)'+(,:2(4@ "''0Q@@%/'#),%'*6D3%b1%+%3:/%0:"&@ "''0Q@@"#/;*0#,b:/*,-0%)-:"&@

S*#'%#)<$^#),%)1$HNOOJIQ$W*#$c#/'$1#+$]#/1#+:$W%+$ _A-/h)&,3+=&2"<$_)#,%$i#)/%3$ 8%3;<$S7+b/j$H8@_IQ$!"#$E%,DB&)(0#%,$E*2,*2$%,1$'"#$(0#,*,3$(.$ '"#$=()1#)$JJ'"$(.$P#0'#4=#)$J[k[$<$"''0Q@@eee:=#)/*,#)D 4%&#):1#@/%+b/(D,%3;@/%b+/(,%3;D#,:"'4$ 894#'"<$5+'67,$HNOO[IQ$P&)6*6*,3$*,$+4%//$)#3*(,+Q$E(++*=*/*'*#+$ (.$'"#$l_,'m$F((0#)%'*6#$P(2*#';$4(1#/$*,$0)#+#,'$'*4#+$"''0Q@@ eee:+b()3(+:"&@*,1#R:0"0T (0'*(,U2(4g2(,'#,'n6*#eU%)'*2/#n*1UNJn5'#4*1UNL

8()'"<$E#'#)$HNOOYIQ$F(,+')&2'*,3$F*6*/$P(2*#';T$D$])##,$`(,#;$ *,$!)%,+*'*(,$\&,3%);<$G#6:$(.$5,':$E(/:$B2(,(4;<$i(/:$JL<$8(:$J<$ 00:$NkDMN<Q$"''0Q@@eee:f+'():()3@+'%=/#@01.0/&+@NMJNKOYO:01.<$$$ So5o:$/%e<$NOOY<$%=(&'$B&)(0#%,$F((0#)%'*6#$P(2*#'*#+<$\&,3%);$ "''0Q@@eee:2(40/#R:"&@-b/1%'@'OYOOOY[:"'4@ 'OYOOOY[:"'4p-%3;J$$ Soooi:$S%e<$NOO[<$%=(&'$'"#$(..#)*,3$(.$0%;4#,'$+#)6*2#+<$ \&,3%);$"''0Q@@eee:0+b%.:"&@1%'%@ 24+NOkVJ[k@NOO[gSoooi'6:01.$$ Soooi5:$S%e<$NOO[<$%=(&'$A*,%,2*%/$*,+'*'&'*(,+$%,1$A*,%,2*%/$ +#)6*2#+$

International Journal of Community Currency Research 15 (2011) D 52-56

The SOL: A Complementary Currency for the Social Economy and Sustainable Development

IJCCR

Maries Fare University of Lyon 2, Institut des Sciences de lâ&#x20AC;&#x2122;Homme marie.fare@univ-lyon2.fr

Abstract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

Introduction

1. Co-operation SOL

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

Three types of SOL

International Journal of Community Currency Research

=4$">?@"G'+-"*,$H3*+$2&")(+)"+4$"/)(+$E+"):"+4$" $E1$%'0$(+":%)0"+4$"+4'%,"-$/+)%")%"-)/'*2" $/)()0&"+)"/%$*+$"*"/))1$%*+'#$"$E/4*(.$" -/4$0$"):"-)/'*2"*(,"$/)2).'/*2"3-$:32($--"*(," +43-"/)05'($-"+4%$$"+&1$-"):">?@"'("*(" $2$/+%)('/"/*%,"IJ$2'22$"*(,"K4'+*A$%L"788MN<" =4$-$"*%$"();",$-/%'5$,"'("+3%(<"

www.ijccr.net

International Journal of Community Currency Research 15 (2011) D 57-60

IJCCR The SOL

2. Commitment SOL !"#$%&'(()*(#+*$,-./$0)(1$*'$23'('*#$ #45"0+6#$*)(#$15"#(#1$0+7$*'$(08#$9)1):;#$0+7$ 055'<+*0:;#$9';<+*03=$>'38?$.)8#$,@.$'3$!)(#$ A0+8B$)*$)1$(#01<3#7$>)*"$*)(#$0+7$)*$)1$<1#7$:=$ *)(#C:01#7$;'50;$#45"0+6#$15"#(#1?$!"#$;0**#3$ (#5"0+)1($)1$0$(<*<0;$0+7$D3##$53#7)*?$!"#$ 15"#(#$)1$:01#7$'+$#E<0;)*=F$'+#$"'<3$#E<0;1$ '+#$"'<3B$>"0*#9#3$*"#$*018?$!"#$':G#5*)9#$)1$*'$ #+"0+5#$+'+C('+#*03=$05*)9)*)#1$0+7$18);;1$'D$ #05"$>");#$7#9#;'2)+6$1'5)0;$*)#1$0+7$ 5'+9)9)0;)*=?$H+'*"#3$022;)50*)'+$)1$*"#$ 2'11):);)*=$'D$5'(:)+)+6$;'50;$2<:;)5$1#39)5#1$ >)*"$9';<+*03=$>'38$)+$'37#3$*'$7#9#;'2$ #45"0+6#1$:#*>##+$2#'2;#$>"'$7'+I*$"09#$ (<5"$('+#=?$

3. Dedicated SOL !"#$%J#7)50*#7$,-./$)1$0$9'<5"#3$0;;'50*#7$:=$ *"#$2<:;)5$1#5*'3$*'$12#5)K)5$*036#*$63'<21B$ 0;;'>)+6$*"#($*'$055#11$12#5)K)5$6''71$'3$ 1#39)5#1$1<)*0:;#$*'$3#05"$*"#$6'0;1$'D$*"#$,-.$ 15"#(#?$!")1$)1$0$*'';$D'3$2<:;)5$0<*"'3)*)#1?$ !"#$7#7)50*#7$,-.$"01$1#9#30;$0790+*06#1?$L*$ "#;21$)+5;<7#$(036)+0;)1#7$2#'2;#$)+$0$;036#3$ 5)35<)*B$6)9)+6$*"#($'22'3*<+)*=$*'$203*)5)20*#$ )+$'*"#3$,-.$+#*>'381$0+7$*'$90;'3)1#$*"#)3$ 05*)9)*)#1$0+7$50205)*)#1?$L+$*")1$>0=B$*"#$ 7)153)()+0*)'+$;)+8#7$*'$*307)*)'+0;$1'5)0;$ 9'<5"#31$7)1022#031?$A<*$)*$50+$0;1'$6<)7#$ 5'+1<(2*)'+$*'>0371$('3#$#+9)3'+(#+*0;;=$ D3)#+7;=$23'7<5*1? &<33#+*;=$*>'$5'(2'+#+*1$'D$*"#$,-.B$*"#$ 5'(()*(#+*$0+7$7#7)50*#7$'+#1B$3#(0)+$ 3#;0*)9#;=$<+7#9#;'2#7$)+$*"#$*#33)*'3)#1$'D$ )(2;#(#+*0*)'+?M$N'>#9#3$1'(#$;'50;)*)#1$OD'3$ #40(2;#$&03"0)4$A3)**0+=P$"09#$7#9#;'2#7$*"#$ 7#7)50*#7$,-.?$,)();03;=$*"#$5'(()*(#+*$,-.$ "01$:##+$#1*0:;)1"#7$)+$Q3#+':;#?$N'>#9#3B$ '9#30;;$*"#$,-.$1##(1$*"#3#D'3#$('3#$0$63##+$ ;'=0;*=$5037$;)8#$R#76#S$5037$'3$TU$5037V?

SOL: A multi-actor scheme

â&#x20AC;&#x153;The dedicated SOL has several advantages. It helps include marginalised people in a larger circuit, giving them opportunity to participate in other SOL networks and to valorise their activities and capacities. In this way, the discrimination linked to traditional social vouchers disappears.â&#x20AC;? @_UH.$1<22'3*#7$,-.$15"#(#$<2$*'$`]a$'D$ D<+7)+6$7<3)+6$#42#3)(#+*0*)'+?$W'<3$ '360+)b0*)'+1$'D$1'5)0;$#5'+'(=$1<22'3*$)*$<2$ *'$M]a$'D$D<+7)+6F$%&"cE<#$JZG#<+#3/$O0$ >'38#3I1$5'C'2#30*)9#$0+7$'+#$'D$*"#$>'3;7I1$ ;#07#31$)+$9'<5"#3$)11<#$0+7$(0+06#(#+*PB$ %&3Z7)*$&''2Z30*)D/$O0$5'C'2#30*)9#$:0+8PB$ XH&LW$0+7$XHLW$O*>'$(<*<0;$)+1<3#31P?$ X'3#'9#3B$*"#$,-.$15"#(#$'2#30*#1$)+$ 5';;0:'30*)'+$>)*"$(0+=$05*'31F d !"#$'360+)b0*)'+1$'D$1'5)0;$#5'+'(=$'3$*")37$ 1#5*'3B$>")5"$5'<;7$:#B$:=$1*0*<*#B$5'C '2#30*)9#B$(<*<0;)1*$'3$011'5)0*)9#$0+7$>")5"$ 5'<;7$'DD#3$6''71$0+7e'3$1#39)5#1$01$D0)3$ 23'7<5*1B$'360+)5$D''71B$1';)703)*=$*'<3)1(f$ !"#)3$0)($)1$*'$#+5'<306#$0+$#5'+'()5B$ 1<1*0)+0:;#$0+7$;'50;$7#9#;'2(#+*?$!"#$ 203*)5)20*)'+$'D$#05"$'360+)b0*)'+$*'$,-.$ +#*>'38$3#E<)3#1$0$5#3*)K)50*)'+?$!")1$ 5#3*)K)50*)'+$5'+*0)+1$D'<3$53)*#3)0?$!"#$K)31*$ 0+7$*"#$1#5'+7$03#$3#2'3*$*'$#*")50;$0+7$ 1'5)0;$)11<#1$Og5'+*3):<*#$*'$0+$#5'+'(=$ >"#3#$*"#$"<(0+$"01$('3#$2;05#g$0+7$ g7#9#;'2)+6$7#('530*)5$0+7$5''2#30*)9#$ 2305*)5#1/P?$!"#$*")37$53)*#3)'+$)1$ #+9)3'+(#+*0;$Og*'$5'+*3):<*#$*'$0$63##+#3$ #5'+'(=/P$0+7$*"#$;01*$3#D#31$*'$;'50;$ #5'+'()5$7#9#;'2(#+*$*'$gD'1*#3$*"#$ 53#0*)'+$'D$05*)9)*)#1B$*"#$1<1*0)+0:);)*=$'D$ G':1$0+7$)+9';9#(#+*$)+$*"#$*#33)*'3=/? d [#6)'+0;$6'9#3+(#+*$0+7$2<:;)5$0<*"'3)*)#1$ >"'$1<:1)7)b#$<2$*'$S]a$0+7$<1#$,-.$ 15"#(#$01$0$*'';$D'3$2<:;)5$2';)5=?$!"#$ )+*#630*)'+$'D$;'50;$0<*"'3)*)#1$)+$*"#$15"#(#$ 6)9#1$)*$0$")6";=$)++'90*)9#$7)(#+1)'+?$ L+7##7B$)*$)1$303#$*"0*$;'50;$0<*"'3)*)#1$ )+*#630*#$*"#1#$15"#(#1$0+7$<1#$('+#=$01$0$ *'';$'D$2<:;)5$2';)5=?$L+$*")1$5'+*#4*$*"#$,-.$)1$ )+$;)+#$>)*"$D'<3*"$6#+#30*)'+$15"#(#1$;)8#$ TU$5037$OA;0+5$0+7$W03#B$M]h]P?$

!"#$,-.$5<33#+5=$15"#(#$)1$'2#30*)'+0;$)+$ 1#9#+$W3#+5"$3#6)'+1$OH;105#B$HE<)*0)+#B$ A3)**0+=B$L;#$7#$W30+5#B$X)7)CY=3Z+Z#1B$T'37C Y01C7#C&0;0)1$0+7$["\+#CH;2#1P$0+7$#12#5)0;;=$ )+$5#3*0)+$;'50;)*)#1$)+$*"#1#$3#6)'+1$)+5;<7)+6$ D'3$#40(2;#$&03"0)4B$Q3#+':;#B$.);;#B$[#++#1B$ !'<;'<1#B$X<;"'<1#B$#*5?$U+*);$*"#$#+7$'D$M]]^$ )*$>01$1<22'3*#7$:=$0$@<3'2#0+$23'630(B$ @_UH.`B$D<+7#7$:=$*"#$@<3'2#0+$,'5)0;$W<+7?$ International Journal of Community Currency Research 15 (2011) D 57-60

IJCCR The SOL

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`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d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`%1,#a],/4(4K$0,4(9,ABC,-'Z'09)(45'0@, /.+5)&+$%,4-5'0%:,X.5,)5,0$D.)0$%,*'53,)(-0$4%)(K,53$, '($,'7,53$,9)7b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b)-.+5,5', -.00$(5+8,0$/4)(%,4,0$+45)6$+8,%/4++,%)L$9,%-3$/$:,A$6$04+, 46')9,'($,'53$0,$+$/$(5:,ABC,%-3$/$,0$D.)0$%,$+$-50'()-, $O&+4(45)'(%,-4(,*$,4964(-$9,5',$O&+4)(,53)%, 5$-3('+'K8@,4%,&')(5Z'7Z%4+$,R[BAS,%-3$/$@,-3)&%,-409%, &3$('/$('(,4%,53$,5$-3()-4+)58,'7,)5%,)/&+$/$(545)'(@, 4(9,*4-GZ'7b)-$@,23)-3,('5,'(+8,0$D.$%5,b)(4(-)4+, 3./4(,74-5'0%@,7.(9)(K,&0'*+$/%@,53$,&%8-3'+'K)-4+, )(6$%5/$(5,4(9,5$-3('+'K)-4+,G('2Z3'2,*.5,4+%',($$9%,5', *400)$0%@,$5-:,;('53$0,$O&+4(45)'(,7'0,53$,+'2,9)77.%)'(, $9.-45$,.%$0%:,F3)%,+$6$+,'7,-'/&+$O)58,4(9,b)(4(-)4+, /48,+)$,)(,53$,+4-G,'7,-)6)+,%'-)$58,)(,54G)(K,4K4)(,'7,4, 4%&$-5,/)K35,*$,4,%50'(K,*400)$0,7'0,53$,9$6$+'&/$(5,4(9, %-3$/$,)(50'9.-$9,70'/,53$,5'&:,V(+)G$,'53$0, 0$&0'9.-5)'(,'7,53$,ABC,%-3$/$:, -'/&+$/$(5408,-.00$(-8,%-3$/$%@,53$,ABC,9'$%,('5, 0$%.+5,70'/,4(,)()5)45)6$,'7,-)6)+,%'-)$58,RK04%%0''5%, )(('645)'(%S@,*.5,)5,)%,53$,&0'9.-5,'7,4(,4(4+8%)%,)(,4, Issues of SOL development 2'0GK0'.&,4(9,53$(,)5,24%,)/&+$/$(5$9,)(,$O&$0)/$(54+, 5$00)5'0)$%:,e$,0$/4)(%,3$+9,'(,4,&804/)9,2)53,4,%50'(K, B($,'7,53$,/4_'0,&')(5%,'7,)(5$0$%5,4*'.5,ABC,)%,5345,)5, )(b+.$(-$,'7,53$,5'&,RM3$D.$,]$_$.($0@,M0$9)5,M''&$045)6$@, -'/*)($%,%$6$04+,'6$04++,'*_$-5)6$%,2)53,530$$, d;NT,4(9,d4-)7S,9$%&)5$,-$054)(,9$-$(504+)L45)'(,45,53$, 9)/$(%)'(%,)(-+.9)(K,53$)0,'2(,9)77$0$(5,K'4+%,RT40$@, 0$K)'(4+,+$6$+:,f$,-4(,53$0$7'0$,4%%./$,5345,53)%, <==HS:,N(,74-5@,)5,-'/*)($%,530$$,-'/&+$/$(5408, %50.-5.0$,%'/$5)/$%,+$49%,5',+)/)5,53$,0''/,7'0, -.00$(-)$%,%-3$/$%,)(,4,%)(K+$,%-3$/$c,4,+'84+58,-409, /4('$.60$,'7,5$00)5'0)$%,4(9,-'//.()-45)'(,9)7b)-.+5)$%, &0'6)9)(K,4,&.0-34%)(K,&'2$0@,4,5)/$,$O-34(K$,%-3$/$, *$52$$(,K04%%0''5%,Rg$O&$0)/$(5$0%gS,4(9,5'&, R4%,F)/$,*4(G%S,4(9,4,6'.-3$0:,T)0%5,'7,4++@,)5,4++'2%,5', %5)/.+45$,+'-4+,4-5)6)5)$%,4(9,5',9$6$+'&,4,%'-)4+,$-'('/8, Rg53$'0)%5%gS,)%,-4.%)(K,+4-G,'7,-'++$-5)6$,4(9,+'-4+,54G)(K, 4K4)(,-'(50'+,'7,ABC:,e'2$6$0@,%)(-$,53$,$(9,'7,53$, ($52'0G,4(9,)5%,4-5)6)5)$%:,X$%)9$%,53)%@,)5,&0'/'5$%, -'(%./$0,0$%&'(%)*)+)58,)(,7'%5$0)(K,+'-4+,4(9,%.%54)(4*+$, $O&$0)/$(54+,&$0)'9,R%)(-$,53$,$(9,'7,<==hS@,53$,ABC,34%, -'(%./&5)'(,R4,9$b)($9,*04(9,4(9,4,-3405$0S@,%.-3,4%,74)0, $(5$0$9,4,($2,&34%$,'7,0$b+$-5)'(,4(9,0$'0K4()L45)'(, R%)(-$,<=I=S@,23)-3,/)K35,+$49,5',K0$45$0,70$$9'/,'7, 4K0)-.+5.0$@,74)0,5049$@,K''9%,4(9,%$06)-$%,&0'9.-$9,*8, +'-4+,'0K4()L45)'(%@,&.*+)-,%$06)-$%:,A$-'(9+8@,)5,455$/&5%, )/&+$/$(545)'(,5$00)5'0)$%: 5',4990$%%,%'-)4+,4(9,$-'('/)-,$O-+.%)'(,*8,K)6)(K, $O-34(K$,&'%%)*)+)5)$%,)(,ABC,($52'0G,2)53,-'//)5/$(5, ABC,4(9,9$9)-45$9,ABC:,ABC,34%,4(,$-'('/)-,)/&4-5:, F3$(,)5,&0'/'5$%,4,%.%54)(4*+$,9$6$+'&/$(5,*$-4.%$,)5, $(-'.04K$%,53$,%'+)940)58,4(9,%.%54)(4*+$,*$346)'.0,'7, "%'+)%5%1:,F3$,$(6)0'(/$(54+,'*_$-5)6$,)%,5',&0'/'5$,/'0$, International Journal of Community Currency Research 15 (2011) D 57-60

IJCCR The SOL

Endnotes !!"!#!$%&'$(!)!'$!*!+,-$%.!/0%!*10,-,$!(%!2345 "!6%!7.%/!(0,!1,8,&%+9,.(!*.1!(%!0*8,!9%-,!'.:%-9*('%.!%:!(0,!

234!$,,!(0,!/,;$'(,<!0((+<==///5$%&>-,$,*?5%-@= #!2,,!(0,!/,;$'(,<!0((+<==///5/,1@,A*-15A%5?7 $!2,,!(0,!/,;$'(,<!0((+<==///5.?$+**-+*$5.& %!60,!BCD"4!E.'('*('8,!;-'.@$!:-,$0!'1,*$!(%!(0,!B?-%+,*.!

B9+&%F9,.(!2(-*(,@F!*.1!(0,!2%A'*&!'.A&?$'%.!+-%A,$$5!E($! 9'$$'%.!'$!(%!+-%9%(,!*!;,((,-!9%1,&!:%-!/%-7'.@!&':,!;F!G'@0('.@! 1'$A-'9'.*('%.!*.1!,HA&?$'%.!%.!(0,!;*$'$!%:!@,.1,-I!-*A'*&!%-! ,(0.'A!%-'@'.I!-,&'@'%.!%-!;,&',:I!1'$*;'&'(FI!*@,!%-!$,H?*&! %-',.(*('%.5

References J&*.AI!K5!*.1!L*-,I!M5!NOPQPR!SC?,&!-T&,!+%?-!&,$!A%&&,A('8'(U$! &%A*&,$!1*.$!&*!9'$,!,.!V?8-,!1,!+-%W,($!1,!9%..*',$!$%A'*&,$!XY! ZZZ,$!K%?-.U,$!1,!&Y"$$%A'*('%.!1YBA%.%9',!2%A'*&,!N"B2R! #!6-*.$:%-9*('%.!,(!'..%8*('%.$!UA%.%9'[?,$!,(!$%A'*&,$!,.! B?-%+,!<![?,&&,$!$%-(',$!1,!A-'$,!X!\,@*-1$!'.(,-1'$A'+&'.*'-,$!)I! %-@*.'$U,$!+*-!&,!],.(-,!E.(,-1'$A'+&'.*'-,!1,!\,A0,-A0,!6-*8*'&I! B(*(!,(!2%A'U(UI!D.'8,-$'(U!]*(0%&'[?,!1,!4%?8*'.I!]0*-&,-%'I! J,&@'[?,I!^>QP!$,+(,9;-,!OPQP5! _,&'&&,I!`5!*.1!a0'(*7,-I!]5!NOPPbR!S4,!+-%W,(!234!<!+%?-!-,(-%?8,-! &,!$,.$!1,$!8*&,?-$Y5!E.!J&*.AI!K5!NB15R!M%..*',$!$%A'*&,$I!\*++%-(! BHA&?$'%.!,(!&',.$!G'.*.A',-$!OPPc=PbI!BA%.%9'A*I!`*-'$!++5 deO>^f5 L*-,I!M5!NOPP^R!S4,$!9%..*',$!A%9+&U9,.(*'-,$I!1,$!%?('&$!*?! $,-8'A,!1,!&*!\2B!Xg!fh!A%.@-i$!1?!\E3__!<!g4*!\2B!<!?.,! .%?8,&&,!-U@?&*('%.!1?!A*+'(*&'$9,g5!4'&&,I!QO!+5 L*-,I!M5!NOPPjRI!S4,!-T&,!1,$!-U$,*?H!1*.$!&*!+,-:%-9*('%.!1k?.,! '1U,!<!&k0'$(%'-,!1?!+-%W,(!234I!?.,!9%..*',!l!?('&'(U!$%A'*&,!,(! UA%&%@'[?,Y!D.+?;&'$0,1!9*$(,-Y$!1,@-,,!1'$$,-(*('%.I! D.'8,-$'(F!%:!4F%.!O5 m,$,&&I!25!NQ^O^RI!60,!n*(?-*&!BA%.%9'A!3-1,-!<!*!`&*.!(%!2,A?-,! *.!D.'.(,--?+(,1!BHA0*.@,!%:!(0,!`-%1?A($!%:!4*;%?-!oQ^QQp5! 6-*.$5!`0'&'+!`F,5!J,-&'.!<!n,%>q,-&*@5 M'A0,&,(('I!M5!*.1!_',(&'.1I!25!NOPPbR!S]%.A,+(!%:!`%&'('A*&! ]%.$?9,-'$9Y5!E.!4%..',I!\5!25!NB15R!r%?(0!"A('8'$9s".! E.(,-.*('%.*&!B.AFA&%+,1'*I!q%&5!OI!m-,,./%%1!`?;&'$0'.@I! a,$(+%-(!

International Journal of Community Currency Research 15 (2011) D 57-60

Building Local Resilience: The Emergence of the UK Transition Currencies Josh Ryan-Collins new economics foundation

IJCCR

josh.ryan-collins@new-economics.org

Abstract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

Introduction

International Journal of Community Currency Research www.ijccr.net

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

The Transition Network ;(#$;,5"*+'+%"$K#'<%,H$+*$5$-0%950$-,5**,%%'*$ )%/#)#"'$%&$4%))7"+'+#*$*##H+"-$'%$4,#5'#$ -,#5'#,$0%450$,#*+0+#"4#$5".$<#00I9#+"-$+"$'(#$ &54#$%&$'(#$'<+"$'(,#5'*$%&$40+)5'#$4(5"-#$5".$ 1#5H$%+0>$$;,5"*+'+%"$'(+"H+"-$.,5<*$+"*1+,5'+%"$ &,%)$1#,)5470'7,#$5".$#4%0%-6$5*$'(#$95*+*$&%,$

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

International Journal of Community Currency Research 15 (2011) D 61-67

IJCCR The UK Transition Currencies

!"#$%&'(()*+(+,-*"./.(/.(0+&1(,%2*($-+3("24/0+( !$2"!(-"&4/2/-"4/$3("35(/5+34/416(-$./4/0/416( /33$0"4/$36(2&+"4/0/41("35(2$!!+24/0+("24/$3'( )*+&+("&+(2%&&+34!1("&$%35(789("24/0+( 4&"3./4/$3(2$,,%3/4/+.("2&$..(4*+(:$&!56( ,"/3!1(/3(;3<!/.*=.-+">/3<(2$%34&/+.'7(

“The emphasis is very much open active local participation and identity, positivity, innovation, creativity and collective action.”

Transition Local Currencies

)*+(*"&5(2%&&+321(,$5+!("5$-4+5(#1("!!(A$%&( +G/.4/3<(4&"3./4/$3(/3/4/"4/0+.(/.(#&$"5!1(./,/!"&O

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

P F%./3+..+.("&+(+32$%&"<+5(4$($AA+&(5/.2$%34.( :*+3(2%.4$,+&.(%.+(4*+(2%&&+321(4$(-"1(A$&( <$$5.6(#%4("44+,-4.(#1()$43+.("35(?+:+.(4$( /34&$5%2+("(2$,-%!.$&1(5/.2$%34(:+&+( "#"35$3+5(5%+(4$(#%./3+..(5/.."4/.A"24/$3' P ;"2*(.2*+,+(*".("(:+#./4+("35(!+"Z!+4(!/.4/3<( "!!(-"&4/2/-"4/3<(#%./3+..+.("35(/3A$&,"4/$3( ".(4$(*$:(4*+(.2*+,+(:$&>.

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nternational Journal of Community Currency Research 15 (2011) D 61-67

IJCCR The UK Transition Currencies

!"#$%&##&#'()*'+*$%',)&'-,.*"/'0*"%/' 1**2&.3,$4&5'3'2&.1&%,36&'*7'()$1)'$#'/*%3,&/' ,*'3'8*138'1)3.$,9'*7',)&'1*%#":&.#;'1)*$1&<'' =*%&'*7',)&'*,)&.',).&&'1"..&%1$&#'*2&.3,&'7&&' !3#&/':&:!&.#)$2'#1)&:&#<''>*,)'>.$?,*%'3%/' @&(&#')34&'3':*.&'$%7*.:38':&:!&.#)$2' #1)&:&'($,)':&:!&.#'.&1&$4$%6'3':*%,)89' %&(#8&,,&.'"2/3,$%6',)&:'*%',)&'83,&#,'%&(#<

&77&1,'*%',*,38'*",2",'*.'366.&63,&'/&:3%/' CY&9%&#'LMZNO'R3)%'LMZLD<''J#',)&',.3%#$,$*%' 1"..&%1$&#'13%%*,'!&'S!3%G&/;5',)&.&'$#'6.&3,&.' $%1&%,$4&',*'1$.1"83,&',)&:'8*138895'&%)3%1$%6' 8*138'/&:3%/'3%/'1.&3,$%6'3':"8,$28$&.'&77&1,' ($,)$%'3'/&U$%&/'S8*138;'3.&3<''

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heoretical Roots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

Key Challenges 5 E)&'E.3%#$,$*%'1"..&%1$&#':3+*.'#"11&##'#*'73.' )3#'!&&%'3#'3(3.&%&##X.3$#$%6',**8#<'E)&9')34&' 6&%&.3,&/'3#,*%$#)$%6':&/$3'1*4&.36&'3%/' 132,".&/',)&'2"!8$1'$:36$%3,$*%'8*138895' %3,$*%3889'3%/'$%,&.%3,$*%3889<''=*'/*"!,',)&' 1*8*".7"8'3%/')$6)89'*.$6$%38'%*,&X/&#$6%')3#' 2839&/'3':3+*.'23.,'$%',)$#<'E)&'H$.&1,*.'*7' >.$?,*%'E*(%'B&%,.&5'7*.'&?3:28&5'#3$/'*7',)&' >.$?,*%'0*"%/',)3,'$,')3/'S/*%&':*.&'7*.' >.$?,*%;#'.&2",3,$*%',)3%'3%9,)$%6'#$%1&',)&'

International Journal of Community Currency Research 15 (2011) D 61-67

IJCCR The UK Transition Currencies

Table 1: Background information on the Transition currencies (Jan 2010)

Launch

ÂŁ In Circulation 4

No. Businesses

Population

Totnes

March 2007

c.5000

c.70 (2008)

8,000

Lewes

September 2008 (first issue), July 2009, (2nd issue)

c.15,000 (2nd issuance)

c.130

16,000

Stroud

September 2009

4,329

20,000

Brixton

September 2009

30,000

140

65,000

!"#$%"&#'()'*!+,%-",'./+&0+'"&'123345''6$+'7(&8(&' 9(-(0#$'()'7:;<+%$='>$+-+'9-"?%(&'"@'<:@+8='$:/+' +@%";:%+8'%$+'/:!0+'()'%$+'@,$+;+'"&'%+-;@'()' A(@"%"/+';+8":',(/+-:#+'%('<+':-(0&8'B133=3335'' 6$+-+'"@'!"%%!+'8(0<%'()'%$+'";A:,%'%$+'@,$+;+@'$:/+' $:8'"&'%+-;@'()',-+:%"&#':'@+&@+'()',(;;0&"%C'A-"8+' :&8'8"@,0@@"(&'"&'%$+')(0-':-+:@5''D(>+/+-=':'&0;<+-' ()',$:!!+&#+@'$:/+'+;+-#+8')(-'%$+'@,$+;+@':&8'%$+' +?"@%"&#='EF'@%+-!"&#G<:,H+8=';(8+!5''

a) Incentives for consumers and businesses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

b) Social justice challenges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

International Journal of Community Currency Research 15 (2011) D 61-67

IJCCR The UK Transition Currencies

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

â&#x20AC;&#x2DC;volunteer fatigueâ&#x20AC;&#x2122; remains a major challenge for the Transition currencies given the dependence on unpaid labour for much of the promotional and business engagement work

c) Financial sustainability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

2*9#($%"#$-#<#(-#(/#$+($8(<'*-$.'3+8&$?+&$ ,8/"$+?$%"#$<&+,+%*+('.$'(-$38)*(#))$ #(2'2#,#(%$=+&4A$$D%&+8-$*)$%"#$+(.>$*(*%*'%*9#$ %+$"'9#$38*.%$*($%+$*%)$,+-#.$'$?'/*.*%>$?+&$ 2#(#&'%*(2$?8(-*(2$T$%"&+82"$,#,3#&)"*<$'(-$ &#-#,<%*+($?##)$T$38%$'%$<&#)#(%$%"*)$-+#)$(+%$ 2#(#&'%#$#(+82"$?8(-*(2$%+$<'>$?+&$.'3+8&$ %*,#A$

d) Measurement and Evaluation R(#$,'M+&$-&'=3'/4$*($8)*(2$<'<#&$(+%#)$*)$*%$ %"'%$(+%$<+))*3.#$%+$%&'/4$"+=$%"#$/8&&#(/>$*)$ 3#*(2$8)#-$'(-$"+=$,'(>$(+%#)$'&#$'/%8'..>$*($ /*&/8.'%*+(A$$!"#$)/"#,#)$"'9#$%"8)$3##($ &#.*'(%$+($)*,<.#$3'.'(/#$+?$'//+8(%)$C*28&#)$+($ *))8'(/#$'(-$&#-#,<%*+($'(-$'-$"+/$'(-$ '(#/-+%'.$?##-3'/4$?&+,$38)*(#))#)$'(-$ /+()8,#&)$'3+8%$'/%8'.$8)'2#A$$!"#&#$*)$'$ )8)<*/*+($%"'%$'$/+()*-#&'3.#$<&+<+&%*+($+?$%"#$ (+%#)$)+.-$'&#$?+&$(+9#.%>U)+89#(*&$<8&<+)#)$ &'%"#&$%"'($<8&<+)#)$+?$(+&,'.$#;/"'(2#A$$$ V9*-#(/#$?+&$%"*)$/+,#)$?&+,$3+%"$'$).+=$-+=($ *($*))8'(/#$'?%#&$'($*(*%*'.$5"+(#>,++(6$<#&*+-$ '(-$%"#$(+(K&#-#,<%*+($<#&/#(%'2#$?+&$L#=#)$ ?+..+=*(2$%"#$GK>#'&$<*.+%$P'-,*%%#-.>$?#'%8&*(2$ M8)%$WG$*))8'(/#Q$="*/"$=')$+9#&$FXYA$$Z($ %#&,)$+?$'%%&'/%*(2$?8&%"#&$<83.*/$+&$/"'&*%'3.#$ )#/%+&$?8(-*(2@$#9*-#(/#$+?$*,<'/%$=*..$3#$ *,<+&%'(%$?+&$%"#$)/"#,#)A

e) Under-developed banking infrastructure and support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

International Journal of Community Currency Research 15 (2011) D 61-67

IJCCR The UK Transition Currencies

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

f) Challenges of scale and demand

\5 67/%&1@)+@/;/1.%)<%'4@&12'%410%&1@/'.;/1.%&1'.&.-.&)1'% (*)@&0&12%+)34+%E&1413/>%()''&A+,%&1%(4*.S(4,;/1.% .7*)-27%.7/%3-**/13,>%.)%'-'.4&14A+/%A-'&1/''/'%410% E&1413&4++,%/D3+-0/0%&10&@&0-4+'5%%P%(4*.&3-+4*%Z-/'.&)1% ?)-+0%A/%7)?%.7/%89%'./*+&12%A43B&12%*/'/*@/'%)<%.7/% +)34+%3-**/13&/'%3)-+0%A/%-.&+&'/0%.)%(*)@&0/%3);;-1&.,% E&1413/%<)*%+)34+%A-'&1/''/'%)*%E&1413&4++,%/D3+-0/0% */'&0/1.'%)<%.7/%4*/45

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

Looking to the future

T/'(&./%.7/'/%374++/12/'>%.7/*/%*/;4&1'%3)1'&0/*4A+/% )(.&;&';%4A)-.%.7/%<-.-*/%)<%.7/%6*41'&.&)1%3-**/13&/'% 410%4%1-;A/*%)<%4*/4'%4(4*.%<*);%.7/%<)-*%/D&'.&12% '37/;/'%4*/%0/@/+)(&12%.7/&*%)?1%;)0/+'5%%9/,%4*/4'%<)*% <-*.7/*%*/'/4*37%410%/D(+)*4.&)1%.)%&;(*)@/%.7/% /<</3.&@/1/''%)<%.7/%6*41'&.&)1%3-**/13&/'%4*/%4'%<)++)?'U% L5

67/%3*/4.&)1%)<%/+/3.*)1&3%(4,;/1.%410%.*40&12% ','./;'%')%.74.%.7/%3-**/13,%&'%1).%+&;&./0%.)%34'7% .*41'43.&)1'5%%67&'%?)-+0%74@/%4%1-;A/*%)<% 40@41.42/'%&13+-0&12U V W-37%A/../*%&1<)*;4.&)1%)1%7)?%.7/%3-**/13,%&'% 3&*3-+4.&12%4;)12'.%A-'&1/''/'%410%-'/*'%410%.7-'% ?74.%&1./*@/1.&)1'%?)-+0%A/%;)'.%-'/<-+%&1% /17413&12%.7/%'37/;/

1/<%K.7/%1/?%/3)1);&3'%<)-104.&)1$%410%.7/%6*41'&.&)1% `/.?)*B%74@/%*/3/1.+,%/;A4*B/0%)1%4%(*)a/3.%.)%3)10-3.% '3)(&12%*/'/4*37%)1%7)?%.)%/17413/%.7/%.*41'&.&)1% 3-**/13&/'%Y%6*41'&.&)1%H-**/13&/'%!5"%S%?7&37%?&++%A/% /D4;&1&12%4%1-;A/*%)<%.7/%4A)@/%4*/4'5

Acknowledgements 67&'%(4(/*%)*&2&14./0%<*);%4%+)34+%3-**/13,%'/;&14*%)*241&'/0% A,%1/<%K.7/%1/?%/3)1);&3'%<)-104.&)1$%410%67/%6*41'&.&)1% `/.?)*B>%'-(()*./0%A,%.7/%6-0)*%6*-'.5%%]&.7%.741B'%.)% ;/;A/*'%)<%.7/%:.*)-0%Q)-10>%C*&D.)1%Q)-10>%O/?/'%Q)-10%410% 6).1/'%Q)-10%<)*%.7/&*%4''&'.413/%&1%24.7/*&12%&1<)*;4.&)1%<)*% .7&'%4*.&3+/%410%.)%`)/+%O)127-*'.%410%W)++,%:3)..SH4.)%<)*% 3);;/1.'%)1%.7/%(4(/*5

V N(()*.-1&.&/'%.)%&13+-0/%.7/%E&1413&4++,%/D3+-0/0%)*% .7)'/%?7)%3411).%2/.%433/''%.)%4%A41B%433)-1.>%<)*% /D4;(+/%.7*)-27%-'&12%;)A&+/%(7)1/'%.)%'.)*/% 3*/0&.'%X

International Journal of Community Currency Research 15 (2011) D 61-67

IJCCR The UK Transition Currencies

Endnotes

References

!!"#$%&'$!()*+$,-%(+)!-.+#%!%&'!','$/')0'!+*!%&'!1$-)2(%(+)!

3(X(0!c0+)+,(02!JBCC^N!:1&'!P-)!"$-)0(20+!H'%-(<!V(X'$2(%>! P%#4>79!&%%?FGG@@@E0(X(0'0+)+,(02E0+,GP"!!f-00'22'4!Dg%&! O?$(<!BCC\h

3#$$')0('2!0-)!.'!*+#)4!()!5'%'!6+$%&72!$'0')%!.++89!:;+0-<! =+)'>79!?#.<(2&'4!.>!%&'!1$-)2(%(+)!)'%@+$8!()!A#)'!BCDCE "!"+$!,+$'!()*+$,-%(+)!+)!%&'!&(2%+$>!-)4!-(,2!+*!1$-)2(%(+)9!

2''F!&%%?FGG%$-)2(%(+)%+@)2E+$/!-)4!H+.!I+?8()2!.++89!1&'! 1$-)2(%(+)!I-)4.++8F!*$+,!+(<!4'?')4')0>!%+!<+0-<!$'2(<(')0'9! JK$'')!L++82!BCCMNE #!O00+$4()/!%+!%&'!"'4'$-%(+)!+*!P,-<<!L#2()'22'29!BCCC!<+0-<!

V+449!6E!LE9!D\\e9!1&'!P+0(+<+/>!+*!=+)'>9!3-,.$(4/'F!5+<(%>i! V+#%&@-(%'!JD\\\N!1&'!c0+<+/>!+*!=+)'>9!1+%)'2F!K$'')!L++82 V+#%&@-(%'9!HE9!JD\\gN!P&+$%!3($0#(%F!P%$')/%&')()/!;+0-<! '0+)+,('2!*+$!2'0#$(%>!()!-)!#)2%-.<'!@+$<49!1+%)'2F!K$'')! L++82i!

2&+?2!-$'!0<+2()/!'-0&!>'-$!Q!2''!1$-4'!;+0-<!=-)(*'2%+9!&%%?FGG V+#%&@-(%'9!HE9!JD\\\N!1&'!c0+<+/>!+*!=+)'>9!1+%)'2F!K$'')! @@@E*2.E+$/E#8G4'*-#<%E-2?RS(4TCU<+0T8''?%$-4'<+0-<E!!V'2?(%'! L++82 %&(29!2,-<<!.#2()'22'2!-00+#)%!*+$!%&'!,-W+$(%>!+*!?$(X-%'!2'0%+$! W+.2!()!%&'!YZF![\EB]!()!BCC^9!-$+#)4!D_E[!,(<<(+)!W+.2!+X'$-<< K'<<'$(9!3E9!:3&(',/-#'$!H'/(+,+)'>F!1&'+$>!-)4!5$-0%(0'!+*!-! ;+0-<!3#$$')0>79!a)%'$)-%(+)-<!A+#$)-<!+*!3+,,#)(%>!3#$$')0>! $!6E.E!%&(2!`(/#$'!(2!%&'!-,+#)%!+*!0#$$')0>!-0%#-<<>!()!0($0#<-%(+)! H'2'-$0&9!j+<!D_!JBCC\N!??E!gDb!^[ $-%&'$!%&-)!%&'!%+%-<!-,+#)%!+*!)+%'2!(22#'4E K'2'<<9!P(<X(+E!1&'!6-%#$-<!c0+)+,(0!k$4'$9!H'X(2'4!'4(%(+)E! %!a%!2&+#<4!.'!)+%'4!%&-%!-00#$-%'!4-%-!+)!%&'!(,?-0%!+*! ;+)4+)F!5'%'$!k@')9!D\[ME 1$-)2(%(+)!3#$$')0('2!(2!<(,(%'4!-2!%&'$'!&-2!.'')!X'$>!*'@! $+.#2%!',?($(0-<!2%#4('2!+*!%&'!20&','2E!! Z-&)9!HE!"E9!:1&'!$'<-%(+)!+*!&+,'!()X'2%,')%!%+!#)',?<+>,')%79! 1&'!c0+)+,(0!A+#$)-<9!A#)'!D\_D9!j+<E!eD9!6+E!DgB!JA#)E9!D\_DN9! &!O!$'0')%!2%#4>!+*!%&'!;'@'2!5+#)4!*+#)4!%&-%!^C]!+*!%$-4'$2! ??E!D^_bD\M *'<%!%&'!20&','!&-4!,-4'!<(%%<'!4(**'$')0'!%+!*++%*-<<E!P''! K$-#/-$49!A9!JBCC\N!:O!,(R'4b,'%&+4!0-2'!2%#4>!+*!%&'!;'@'2! Z'>)'29!AE=9!fD\_gh!JBCCMN!1&'!K')'$-<!1&'+$>!+*!c,?<+>,')%9! 5+#)4!-)4!(%2!0-?-0(%>!%+!.#(<4!$'2(<(')0'!()!%&'!0+,,#)(%>!+*! a)%'$'2%!-)4!=+)'>9!L6!5#.<(2&()/ ;'@'279!#)?#.<(2&'4!=O!%&'2(29!Y)(X'$2(%>!+*!c-2%!O)/<(-E ;'>2&+)9!OE!-)4!P(/)+$'%%-9!5E!JBCCMN!:O<<!/+)'!)+@F!%&'!,-%'$(-<9! ^!1&'!=b?'2-!20&','!()!Z')>-!-<<+@2!`()-)0(-<!?->,')%2!#2()/! 4(20#$2(X'!-)4!?+<(%(0-<!'$-2#$'!+*!.-)8!-)4!.#(<4()/!2+0('%>! ,+.(<'!?&+)'2!-)4!&-2!&'<?'4!$'X+<#%(+)(d'!%&'!*-$,()/!%$-4'E!! .$-)0&'2!()!L$(%-()7E!O)%(?+4'9!eCF!^\QDCDE P''!&%%?FGG@@@E2-*-$(0+,E0+E8'G()4'RE?&?S(4T^e[! ;('%-'$9!LE9!JBCCDN!1&'!"#%#$'!+*!=+)'>F!3$'-%()/!6'@!l'-<%&9! l+$8!-)4!-!l(2'$!l+$<49!;+)4+)F!3')%#$> P-0829!A9!JBCCBN!1&'!=+)'>!1$-(<9!O??')4(R![9!;+)4+)F!)'*!J%&'! )'@!'0+)+,(02!*+#)4-%(+)N9!??DDebDD^9!-00'22(.<'!-%!&%%?FGG @@@E)'@'0+)+,(02E+$/G/')G#?<+-42G1&']BC=+)'> ]BC1$-(<E?4*! P%+44'$9!A9!JBCC[N!H'0(?$+0-<!cR0&-)/'!6'%@+$82F!a,?<(0-%(+)2! *+$!,-0$+'0+)+,(0!2%-.(<(%> 1$-)2(%(+)!L$(2%+<9!JBCDCN!:O!L$(2%+<!5+#)4!*+$!%&'!3(%>!-)4!%&'! P+#%&@'2%79!-X-(<-.<'!-%!@@@E-/+$-2?-0'E+$/G4+0#,')%G?4*G 4+0#,')%DCCBm[mDC[DE?4*!f-00'22'4!BB)4!A#)'!BCDCh l-<8'$9!L9!I+<<()/'$9!3EP9!3-$?')%'$9!PEHE!U!Z()d(/9!OE!JBCCeN! nH'2(<(')0'9!O4-?%-.(<(%>!-)4!1$-)2*+$,-.(<(%>!()!P+0(-<! '0+<+/(0-<!2>2%',2oE!c0+<+/>!-)4!P+0('%>!\!JBN!?[E l-$49!L9!-)4!;'@(29!AE9!JBCCBN!5<#//()/!%&'!;'-82F!,-8()/!%&'! ,+2%!+*!'X'$>!?+#)4!%&-%!')%'$2!>+#$!<+0-<!'0+)+,>9!)'*!J)'@! '0+)+,(02!*+#)4-%(+)!

International Journal of Community Currency Research 15 (2011) D 61-67

A Report from Vermont (USA): The VBSR Marketplace creates mutual credit at statewide level Amy M. Kirschner Vermont Sustainable Exchange

IJCCR

amy@changethemarket.com

Abstract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

Introduction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

International Journal of Community Currency Research www.ijccr.net

Vermont Sustainable Exchange 9)%+.1B&'1?"&3$"+*%B$/&"&'21".1"6$%('1&?"3*/"*" +'1B"3./&'%0"2.&3",'(#+$($1&*%0",)%%$1,.$/" B'.1B">*,<".1&'"&3$"JKLM/7";'%$"%$,$1&+0?"5%'(" JKKLINMMO?"&3$"9)%+.1B&'1"P)%%$1,0"Q%'G$,&"" @9PQA",.%,)+*&$-"*"#*#$%?"H.*&I.//)$-"/,%.#" 23.,3"3*-"+.(.&$-"/),,$//7"!&".&R/"#$*<?"&3$%$" 2$%$"*>')&"JSM"#$'#+$"+./&$-"*/"($(>$%/">)&" /),,$//?"*/"-$H.1$-">0"*",'1/./&$1&"H+'2"'5" ,)%%$1,0?"2*/"1$=$%"*,3.$=$-"*1-"&3$"

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

International Journal of Community Currency Research 15 (2011) D 68-72

IJCCR The VBSR Marketplace

!"##$%&'()!$**+%!()&%),+*#"%')-%.)-*"$%.) '/+)01)-%.)/-2)3++%)&%'+*4&+5+.)3()6"!-6)-%.) %-'&"%-6)#+.&-7)1/+)*+!+%'6()!"#86+'+.)-) 9-2'+*2):+;*++)-')'/+)0%&4+*2&'()"<),+*#"%') 5&'/)-)'/+2&2)8*"=+!')+>86"*&%;)2$!!+22)<-!'"*2) <"*)!"##$%&'()!$**+%!&+27)

#"*+)#-&%2'*+-#)3$2&%+22)-22"!&-'&"%2C) #-U&%;)&')'/+)6-*;+2')3$2&%+22)-22"!&-'&"%)&%) '/+)2'-'+)5&'/&%)'/+)%+>')<+5)(+-*27)

?"2'@AB?C),1D).&.)-)2&;%&E&!-%')-#"$%')"<) *+2+-*!/)&%'")#$'$-6)!*+.&')2(2'+#27)9-%() 86-'<"*#2)5+*+)+>86"*+.C)3"'/)8*"8*&+'-*()-%.) "8+%)2"$*!+C)3+<"*+).+!&.&%;)"%)'/+)F6"3-6) D>!/-%;+)G*-.&%;)1(2'+#)HFDG1I)86-'<"*#) .+4+6"8+.)3()G/+)A$2&%+22)D>!/-%;+)HGAD>I)&%) J3+*.++%C)1!"'6-%.7)G/+)FDG1)'*-.&%;)2(2'+#) !"#3&%+2)2$2'-&%-3&6&'())#+'/"."6";()-%.) 8*-!'&!+2)5&'/)'/+)#"2')'+!/%"6";&!-66() -.4-%!+.)!*+.&')!6+-*&%;)<$%!'&"%-6&'()-4-&6-36+) '".-(7)

G/+),A1K)9-*U+'86-!+)5-2).+2&;%+.)'")3+)-) 2'-%.-*.)#+#3+*2/&8)3+%+E&')-4-&6-36+)'")-66) MCVOOW)#+#3+*2)"<),A1K7))G/+)9-*U+'86-!+C) 8"5+*+.)3()FDG1C)&2)-%)"%6&%+)6&2'&%;)-%.) #$'$-6)!*+.&')-!!"$%'&%;)2+*4&!+)-!!+22&36+) '/*"$;/)'/+),A1K)5+32&'+)-%.)'*-.+2)-*+) !"%.$!'+.)5&'/)X,A1K)G*-.+))B*+.&'2Y7)D-!/) !*+.&')&2)+Z$-6)'")QM01)-2)*+Z$&*+.)3()'/+)[K1) <"*)'->@*+8"*'&%;)8$*8"2+27)

â&#x20AC;&#x153;...the idea of starting a community currency should not be mistaken as simply a novel approach or quick fix for a lackluster economy. Persistence in selling the benefits and educating after the business has activated their account is required and a dedicated staff is necessary.â&#x20AC;?

The VBSR Marketplace

G/+)9-*U+'86-!+)5-2)&%&'&-66()2+')$8)5&'/) 2+6+!'+.),A1K)#+#3+*2)'")3+)T"$%.&%;) 9+#3+*27)G/+2+)3$2&%+22+2)-*+)6+-.+*2)&%) ,A1KC)&%'+*+2'+.)&%)&%%"4-'&4+)+!"%"#&!) .+4+6"8#+%')&.+-2C)-%.)-62")8*"4&.+)!"*+) ;"".2)-%.)2+*4&!+2)'")'/+)9-*U+'86-!+7)G/+() *+!+&4+.)-)3+;&%%&%;)!*+.&')6&%+)H&%),A1K)G*-.+) B*+.&'2I)5"*'/)QVCOOO7)G/+2+)!*+.&')6&%+2C)-%.) '/+)!*+.&')5"*'/&%+22)"<)'/+2+)T"$%.&%;) 9+#3+*2C)-*+)'/+)3-!U3"%+)"<)'/+)9-*U+'86-!+) -%.)"%+)"<)'/+)U+()&%%"4-'&"%2)"<)'/&2)8*"=+!'7

D-!/),A1K)#+#3+*)/-2)-)A-2&!)J!!"$%')'") '*-.+)'/+)!*+.&'2)'/+()+-*%)3()2+66&%;);"".2)-%.) 2+*4&!+2)'")'/"2+)&%&'&-6)T"$%.&%;)9+#3+*27) Vermont Business for Social A-2&!)J!!"$%'2).")%"')!"#+)5&'/)-)!*+.&')6&%+) Responsibility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nternational Journal of Community Currency Research 15 (2011) D 68-72

IJCCR The VBSR Marketplace

!"#$%&'()$*+(,&%-*.&/$&.0$&01-.-)%,&%-2($,()+*.)-3-/-%4$ 5*,$%6($7&,'(%+/&8(9$-.8/:0-.;$8,(0-%$8/(&,-.;$)*5%<&,($ -1+/(1(.%&%-*.9$1&-.%(.&.8(9$%&=$,(+*,%-.;$&.0$ 3,*'(,&;($5:.8%-*.)$5*,$!>"?$1(13(,)@$

Innovations A6($!>"?$7&,'(%+/&8($-)$/(&0-.;$%6($<&4$<-%6$&$.:13(,$ *5$-..*2&%-*.)$-.$%6($8*11:.-%4$8:,,(.84$<*,/0@$A6()($ 8&.$3($):11&,-B(0$&)C$D*11:.-%4$E(,8(+%-*.9$D,(0-%$ F,&.%-.;9$"&/()$E,*8())9$&.0$>:-/0-.;$&$?()%*,&%-*.$ #8*.*14@$

Community Perception

Sales Process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

>4$+&,%.(,-.;$<-%6$&$3:)-.())$&))*8-&%-*.9$%6($ 7&,'(%+/&8($6&)$*2(,8*1($%6($+(,8(+%-*.$%6&%$ 8*11:.-%4$8:,,(.8-()$&,($8*:.%(,G8:/%:,(@$!"#$:)()$%6($ %(,1$H%,&0(I$<6-86$-)$.(:%,&/$&.0$&/,(&04$1(&.-.;5:/$%*$ 3:)-.())$*<.(,)@$7&.4$*5$%6(1$&/,(&04$0*$%6-)$*.$&$*.(G Building a Restoration Economy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

Credit Granting

International Journal of Community Currency Research 15 (2011) D 68-72

IJCCR The VBSR Marketplace

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

Challenges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

(%2*8;(%4$&$7)-+:#%#.('$2)-,)-&'()%$@-#2#%'*<$ ,&99#;$:<$'"#$E#-1)%'$P#4(9*&'8-#B$&%;$&%$PQR$ @&$*)6$,-).('$*(1('#;$*(&:(*('<$2)1,&%<$&*9)$ -#2#%'*<$,&99#;BD$N8'8-#$2"&%4#9$')$'"#$ 2)-,)-&'#$7)-1$)7$EC>$')$#%98-#$'"&'$('$9'&<9$ -))'#;$(%$2)118%('<$&%;$'-8#$')$('S9$9)2(&*$ 1(99()%$6(**$:#$#?,*)-#;D$

Progress to date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

Figure 1:

Vermont Public Radio employees at their 2010 listener picnic wearing tshirts purchased through the VBSR Marketplace

!Figure 1: Photo Courtesy of Vermont Public International Journal of Community Currency Research 15 (2011) D 68-72

IJCCR The VBSR Marketplace

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

1$#$)*('$&0%*3%0!$%`ACH%C*.$0!$,%-*; *($,"0/#$%0!"0%7/))%()"-$%0!$%0$-!&*)*.+6% 0,"/&/&.%"&1%'",8$0/&.%"22$02%/&0*%0!$%!"&12%*3% -**($,"0/#$%'$'?$,24 ^$%)**8%3*,7",1%0*%2!",/&.%*<,%(,*.,$22%"&1% )$22*&2%)$",&$1%0*%*0!$,%/&0$,$20$1% -*''<&/0/$2%7!*%",$%/&0$,$20$1%/&%1$#$)*(/&.% "%2/'/)",%-*&-$(04%P*''<&/0/$2%*3%()"-$%"&1% /&0$,$20%-*<)1%?$%7$));2$,#$1%?+%"(()+/&.%0!/2% $E-!"&.$%'*1$)%0*%"),$"1+%$E/20/&.% '$'?$,2!/(;?"2$1%"22*-/"0/*&24%

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

Looking Forward `ACH%/&%-<,,$&0)+%*,."&/a/&.%-*))"?*,"0/#$% $33*,02%"'*&.%`ACH%<2$,2%2<-!%"2%0!$%FSHT% D",8$0()"-$%"&1%/2%7$))%<&1$,7"+%7/0!%/&/0/")%

International Journal of Community Currency Research 15 (2011) D 68-72

Time Banking in Social Housing: A Toolkit for Co-production in Public Services Ruth Naughton-Doe University of Bristol, School for Policy Studies, 8 Priory Road, Bristol, BS8 1TZ

IJCCR

ruth.naughton-doe@bristol.ac.uk

Abstract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

Introduction

International Journal of Community Currency Research www.ijccr.net

!"#$%&'()"(*%"+%'%,-##.("/0%,.11$(,0%2"/3%'(% $456","/%+-,"'6%-&7$,/"8$%/-%*1-2%+-,"'6%,'5"/'6% '(9%,-#&'/%+-,"'6%$4,6.+"-(:%!3$%#-+/% $+/'&6"+3$9%;-1#%-;%/"#$%&'()"(*%"+%/3$%<5$1+-(% /-%5$1+-(=%#-9$6%&'+$9%-(%"(9"8"9.'6% $4,3'(*$+%"(%'%,-##.("/0:%>%($2%;-1#%-;%/"#$% &'()"(*%3'+%1$,$(/60%$#$1*$9%"(%?5",$@%'%+-,"'6% $(/$151"+$%/3'/%"#56$#$(/+%/"#$%&'()"(*%"(% 5.&6",%+$18",$+%"(%'(%"((-8'/"8$%2'0:%?5",$% -5$1'/$+%/"#$%&'()"(*%'+%'%<#$'(+%/-%'(%$(9% /--6=%/-%51-#-/$%',/"8$%,"/"A$(+3"5@%1$9.,$% 2$6;'1$%9$5$(9$(,0%'(9%.6/"#'/$60%/1'(+;-1#% 5.&6",%+$18",$+%"(/-%,-B51-9.,/"-(:%C(%'%+-,"$/0% 23$1$%/3$%"#5',/%-;%1$,$++"-(%"+%"(,1$'+"(*60% D.$+/"-("(*%/3$%;./.1$%-;%-.1%5.&6",%+$18",$+@% ?5",$%+.**$+/%/"#$%&'()"(*%,'(%3$65%1$B;-,.+% 5.&6",%+$18",$%9$6"8$10%'(9%2-1)%"(%'(%$;E","$(/% 2'0%/3'/%$#5-2$1+%&-/3%"(9"8"9.'6+%'(9% ,-##.("/"$+%/-%*$($1'/$%2$66B&$"(*:%!3"+% '1/",6$%2"66%&1"$E60%1$8"$2%;-1#+%-;%/"#$%&'()"(*% "(%/3$%FG%/-%+$/%/3$%+,$($%;-1%'%9"+,.++"-(%-;% ?5",$=+%'551-',3%/-%/"#$%&'()"(*%"(%5.&6",% +$18",$+%.+"(*%'%,'+$%+/.90%-;%/3$"1%2-1)%"(%'% 3-.+"(*%'++-,"'/"-(:

Person to person time banking: ‘The Traditional Model’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

International Journal of Community Currency Research 15 (2011) D 73-76

IJCCR Time Banking in Social Housing

!"#$%&'(#%)*%+*#%)'$,)&%-".&%,)/01)23%2456) %5*%2.'##7).$)#+2'#)'"83+&.87)9"$,%,)8.:%)('$45) ;.83)&%#'8%,)<+!%&$:%$8)*'*%&;+&4= )

Person to agency time banking: ‘The Welsh Model’

?3.#58)83%).$,.!.,"'#)%@23'$<%5)&%:'.$) !'#"'(#%6)N*.2%)5%%)8.:%)('$4.$<)'5)B:%'$5)8+) '$)%$,)8++#C)8+):%%8)+83%&)+"82+:%5)5"23)'5) .$2&%'5%,)*'&8.2.*'8.+$6)&%,"2%,),%*%$,%$276) '28.!%)2.8.D%$53.*)'$,)"#8.:'8%#7)2+G*&+,"28.+$=))

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

Spice Innovations N*.2%).5)'),7$':.2)5+2.'#)%$8%&*&.5%)83'8)'**#.%5) 83%)?%#53):+,%#)+9)8.:%)('$4.$<),.&%28#7)8+) *"(#.2)5%&!.2%5)5"23)'5)523++#56)*&.5+$5)'$,) 3+"5.$<)'55+2.'8.+$5=))/+::"$.87)2"&&%$2.%5) 3'!%)#+$<)(%%$)&%<'&,%,)'5)*&+!.,.$<):+&%) 83'$)'$)'#8%&$'8.!%)%2+$+:.2)5758%:6)("8)N*.2%) %:(&'2%)8.:%)('$4.$<).$)')$+!%#);'7)8+) ,.&%28#7).$F#"%$2%)'$,)&%9+&:)*"(#.2)5%&!.2%5=)

Benefits of the Welsh Model and Spice X!.,%$2%)9&+:)2'5%)58",.%5)5"<<%585)83'8) *%&5+$)8+)'<%$27)8.:%)('$4.$<),+%5)%$2+"&'<%) 2.8.D%$5)8+)(%2+:%):+&%)'28.!%).$)83%.&) 2+::"$.87)'$,).$2&%'5%5)*%+*#%C5);%##G(%.$<=)) E"&83%&:+&%6);3.#58)8.:%)('$4.$<),+%5)$+8) $%2%55'&.#7)#%',)8+)2+G*&+,"28.+$6).8)3%#*5)8+) 5+;)83%)5%%,5)+9),%!%#+*:%$8)HI&%<+&76)JKKLM6)

International Journal of Community Currency Research 15 (2011) D 73-76

IJCCR Time Banking in Social Housing

!"#$%&''(")%!*+,$*-+$%&"%+.*$*&$./!%*)*)&"+/,$)"$!$ #)0+,*)12+$3!45$6/!%*)%!2247$*-),$'&#+2$&8+/%&'+,$*-+$ #)9:)%(2*)+,$&9$,(,*!)"!12+$9("#)"0$!,$*-+$*)'+$1!";$ 1+%&'+,$'!)",*/+!'+#$!"#$</+3!/#,=$!/+$0)8+"$(,)"0$ ,.!/+$%!.!%)*45$>##)*)&"!2247$!22$'+'1+/,$-!8+$ &..&/*(")*)+,$*&$,.+"#$*-+)/$%/+#)*,$!"#$/),;$ %&'.2+?)*)+,$!/+$/+'&8+#$!,$*-+$*/!",!%*)&"$),$"&*$1!,+#$ &"$!"$)"#)8)#(!2$+?%-!"0+$1+*3++"$8(2"+/!12+$.+&.2+5$

8&2("*++/7$!"#$*)'+$%/+#)*,$!/+$!$3!4$&9$/+3!/#)"0$ *+"!"*,5$6!/*)%).!*)&"$)"$*)'+$1!";$,%-+'+,$-!,$!22$*-+$ !9&/+'+"*)&"+#$1+"+:)*,$*&$,&%)!2$+?%2(,)&"$!"#$3+22R 1+)"07$!,$3+22$!,$'++*)"0$*-+$-&(,)"0$!,,&%)!*)&"=,$/+')*$ &9$./&8)#)"0$,&%)!224$/+,.&",)12+$,+/8)%+,5$

>9*+/$)#+"*)94)"0$*-+$3!4,$)"$3-)%-$*)'+$%/+#)*,$%&(2#$1+$ (,+9(27$A.)%+$3&/;+#$3)*-$G")*+#$E+2,-$*&$#+8+2&.$!$*)'+$ %/+#)*$,4,*+'$3-+/+$*+"!"*,$+!/"$%/+#)*,$9&/$!**+"#)"0$ @&3+8+/7$*-+$+8)#+"%+$,(..&/*)"0$A.)%+$),$"&*$ /+,)#+"*,$'++*)"0,7$./&8)#)"0$9++#1!%;$!"#$-+2.)"0$*&$ !%!#+')%!224$/&1(,*$!"#$'&,*$&9$*-+$+8)#+"%+$),$+)*-+/$ /("$+8+"*,5$S+,)#+"*,$*-+"$,.+"#$%/+#)*,$&"$!$'+"($&9$ ./&#(%+#$14$A.)%+$*-+',+28+,$&/$14$*-+$*-)";$*!";$*-+$ /+3!/#,$!"#$!%*)8)*)+,5$A.)%+$1()2*$'(*(!224$1+"+:)%)!2$ B+3$C%&"&')%,$D&("#!*)&"$3-&$1&*-$-!8+$8+,*+#$ .!/*"+/,-).,$3)*-$2&%!2$1(,)"+,,+,$,(%-$!,$!$/&%;$ )"*+/+,*,$)"$*-+$,(%%+,,$&9$*)'+$1!";)"05$A.)%+=,$!../&!%-$ %2)'1)"0$%+"*/+7$!"$!/*,$%+"*/+7$H!/#)99$L2(+,$/(014$ ),$.)&"++/)"07$),$,*)22$1+)"0$#+8+2&.+#$!"#$),$("#+/$ 0/&("#$!"#$!$-!)/#/+,,+/,7$!22$&9$3-&'$3+/+$)"*+/+,*+#$ /+,+!/%-+#5$E-)2,*$./&'),)"07$*-+$+8)#+"%+$"++#,$*&$1+$ )"$1&*-$)"%/+!,+#$./&,.+%*,$9&/$.(12)%)*4$!"#$3)#+/$ /&1(,*24$,(1,*!"*)!*+#5 ,&%)!2$/+,.&",)1)2)*4$&1I+%*)8+,5$$T&%!2$>(*-&/)*)+,$!%%+.*$ A.)%+$H/+#)*,$*&$!%%+,,$,3)'')"0$!"#$*-+$04'$*&$-+2.$ '++*$*-+)/$&1I+%*)8+$&9$+"0!0)"0$,&%)!224$+?%2(#+#$.+&.2+$ Spice and Housing 3)*-$*-+)/$,+/8)%+,5$>,$!"$!##+#$1+"+:)*7$'!"4$&9$*-+$*)'+$ 1!";$/+3!/#,$!/+$9&/$-+!2*-4$!%*)8)*)+,$'+!")"0$.+&.2+$ F&$9(224$+?.2!)"$A.)%+=,$!../&!%-$*-),$!/*)%2+$3)22$#),%(,,$ 1+"+:)*$9/&'$1&*-$+!/")"0$!"#$,.+"#)"0$*-+)/$*)'+$ *-+$./!%*)%!2$!..2)%!*)&"$&9$*-+$'+*-&#&2&04$3-+"$ %/+#)*,5$A.)%+$%&",*!"*24$#+8+2&.,$*-+)/$/+3!/#,$1!,+#$&"$ !..2)+#$*&$,&%)!2$-&(,)"05$G")*+#$E+2,-$@&(,)"0$ (,+/,=$./+9+/+"%+,$!"#$)"$*-+$2&"0$*+/'$-&.+$*&$./&8)#+$ >,,&%)!*)&"$)"$H!/#)99$/+%+"*24$%&"*/!%*+#$A.)%+$*&$ +#(%!*)&"$!"#$*/!)")"0$%&(/,+,5$C8+"*(!2247$A.)%+$!)',$*&$ )'.2+'+"*$*)'+$1!";)"0$!,$!$'+*-&#$&9$)"%/+!,)"0$ 3&/;$3)*-$!22$-&(,)"0$!,,&%)!*)&",$)"$H!/#)99$*&$+,*!12),-$ *+"!"*$.!/*)%).!*)&"5$6+/,&"$*&$.+/,&"$*)'+$1!";)"0$-!,$ !$@&(,)"0$B+*3&/;7$3-)%-$+"%&(/!0+,$.!/*"+/,-).$ ./+8)&(,24$1++"$+,*!12),-+#$)"$-&(,)"0$!,,&%)!*)&",7$1(*$ 3&/;)"0$1+*3++"$-&(,)"0$!0+"%)+,5$$ 3)*-$2)')*+#$,(%%+,,$#(+$*&$*-+$*)'+$%&",(')"0$"!*(/+$&9$ '&")*&/)"0$*-+$)"#)8)#(!2$*/!",!%*)&",$!"#$*-+$ â&#x20AC;&#x153;Research into the housing /+%&0"),+#$"+%+,,)*4$*&$+'.2&4$!$9(22$*)'+$%&&/#)"!*&/5$ A.)%+=,$"+3$!../&!%-$-&.+,$*&$/+8)*!2),+$*)'+$1!";)"0$)"$ association is still underway, but -&(,)"07$!"#$3-)2,*$%&"*)"()"0$*&$./&8)#+$*-+$1+"+:)*,$&9$ preliminary findings suggest a *)'+$1!";)"0$*&$/+,)#+"*,7$!2,&$-&.+,$*&$9(2:)2$*-+$,&%)!2$ number of benefits such as /+,.&",)1)2)*)+,$!"#$.!/*)%).!*)&"$&1I+%*)8+,$&9$G")*+#$ increased participation, joint E+2,-5 G")*+#$E+2,-$-!#$!$./&12+'$*&$,&28+7$!,$!$,&%)!2$-&(,)"0$ ./&8)#+/$*-+4$/+%&0"),+#$*+"!"*$.!/*)%).!*)&"$!,$0&&#$ ./!%*),+5$F+"!"*$.!/*)%).!*)&"$),$*-&(0-*$*&$)'./&8+$ ,+/8)%+,$14$'!;)"0$*-+'$'&/+$/+,.&",)8+$!"#$ .+/,&"!2),+#7$*&$./&'&*+$+'.&3+/'+"*$!"#$*&$/+#(%+$ *(/"&8+/5$@&3+8+/7$.!/*)%).!*)&"$)")*)!*)8+,$-),*&/)%!224$ ,*/(002+$*&$+"0!0+$*-+$'!"47$9/+J(+"*24$9!)2)"0$*&$+"0!0+$ ,&%)!224$+?%2(#+#$0/&(.,$!"#$)",*+!#$+"0!0)"0$*-+$,!'+$ ,'!22$0/&(.$&9$!%*)8+$*+"!"*,$3-)%-$2+!#,$*&$/+#(%+#$ .&,)*)8+$)'.!%*,$&9$.!/*)%).!*)&"$KA)''&",$!"#$L)/%-!227$ MNNOP5$D(/*-+/'&/+7$G")*+#$E+2,-$/+%&0"),+#$*-!*$ '+*-&#,$&9$.!/*)%).!*)&"$3+/+$"&*$#)8+/,+$+"&(0-$*&$ !..+!2$*&$!22$*+"!"*,7$!"#$*-+4$3!"*+#$*&$/+3!/#$*+"!"*,$ 3-&$3+/+$!2/+!#4$.!/*)%).!*)"05$ F)'+$1!";,$3+/+$,++"$!,$!$.&,,)12+$,&2(*)&"$*&$*-+,+$ &(*2)"+#$./&12+',5$Q"$&/#+/$*&$1&&,*$*-+$.&,)*)8+$)'.!%*,$ &9$.!/*)%).!*)&"7$*)'+$%/+#)*,$&99+/$)"%+"*)8+,$*&$ .!/*)%).!*+5$>##)*)&"!2247$!$#)8+/,+$'+"($&9$3!4,$*&$+!/"$ *)'+$%/+#)*,$!**/!%*,$'&/+$.+&.2+$*-!"$*-+$*/!#)*)&"!2$

working and uptake of healthy activities among tenants.â&#x20AC;? Successes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

International Journal of Community Currency Research 15 (2011) D 73-76

IJCCR Time Banking in Social Housing

!"!#!$#%&'$'()%*!+)%',-.%/%'012'.1/%)%,,'3%13)%' #1'41)5"#%%2'$"&'3$2#!-!3$#%'!"'#.!,'.1,#%)6'

Challenges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

Conclusion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

References S14$!2&A'76'DJWWOK'MS%>1"&'%"8$8%/%"#'$"&' 3$2#!-!3$#!1"V'5,%2'$"&'-1//5"!#>'-1;321&5-#!1"'10' 35+)!-',%24!-%,B6'X5+)!-'<&/!"!,#2$#!1"'R%4!%:6 =$."A'U6'DJWWWK'Y1'Z12%'7.21:'<:$>'X%13)%6' U,,%"#!$)'S11?,'T#&V'Q$,.!"8#1"'[=6 =5//!",A'\6'<"&'Z!))%2A'=6'DJWWOK'M=1;321&5-#!1"A' ,1-!$)'-$3!#$)'$"&',%24!-%'%00%-#!4%"%,,B6'T1"&1"V' ]XZ6 L15-$5)#A'Z6'DGHHGK'M^14%2"/%"#$)!#>BA'336'IO_GW`'!"' S52-.%))A^6A'^12&1"A'=6'$"&'Z!))%2A'X6'D%&,6K'7.%' L15-$5)#'U00%-#V'9#5&!%,'!"'^14%2"/%"#$)!#>A'@%/%)' @%/3,#%$&V'@$24%,#%2'Q.%$#,.%$06 L15-$5)#A'Z6'DGHOOK'[!,-!3)!"%'$"&'X5"!,.V'#.%'S!2#.' 10'#.%'X2!,1"6'T1"&1"V'<))%"'T$"%6 L15-$5)#A'Z6'DGHOHK'7.%'@!,#12>'10'9%*5$)!#>A'41)6'G6' <"'a"#21&5-#!1"6'T1"&1"V'<))%"'T$"% ^2%812>A'T6'DJWWHK'M=.$"8%'#$?%,'#!/%V'%*3)12!"8' ,#25-#52$)'$"&'&%4%)13/%"#$)'!,,5%,'10'#!/%' +$"?!"86B'a"#%2"$#!1"$)'\152"$)'10'=1//5"!#>' =522%"->'R%,%$2-.6'b1)'GcA'33'GH;cJ6 E$F&!"A'<6'DGHIJK'M7.%'#1?%"'%-1"1/>V'$'&%-$&%' )$#%2B6'\152"$)'10'$33)!%&'+%.$4!152'$"$)>,!,A'GdA'33' `cG;``d6 Y%%&.$/A'=6'DJWWOK'MR%$)!,!"8'#.%'31#%"#!$)'10'-1; 321&5-#!1"V'Y%81#!$#!"8'!/3214%/%"#,'!"'X5+)!-' 9%24!-%,B6'91-!$)'X1)!->'$"&'91-!%#>A'OA'JA'JJG;JcG6 Y%%&.$/A'=6'DJWWHK'=1;321&5-#!1"V'$"'%/%28!"8' %4!&%"-%'+$,%'012'$&5)#',1-!$)'-$2%'#2$",012/$#!1"6' 91-!$)'=$2%'a",#!#5#%'012'U*-%))%"-%%6 9%>0$"8A'^6'DJWWJK'M7$-?)!"8'91-!$)'U*-)5,!1"':!#.' -1//5"!#>'-522%"-!%,V')%$2"!"8'021/'TU79'#1'7!/%' S$"?,6B'a"#%2"$#!1"$)'\152"$)'10'=1//5"!#>'=522%"->' R%,%$2-.A'e6 9%>0$"8A'^6'DJWWc$K'MMQ!#.'$')!##)%'.%)3'021/'/>' 02!%"&,6B'U4$)5$#!"8'#!/%'+$"?,'$,'$'#11)'012' -1//5"!#>',%)0;.%)3AB'T1-$)'%-1"1/>A'GIV'cA'JdO;Je`6 9%>0$"8A'^6'DJWWc+K'M^21:!"8'-1.%,!4%'-1//5"!#!%,' 1"%'0$4152'$#'$'#!/%V',1-!$)'%*-)5,!1"A'$-#!4%' -!#!F%",.!3'$"&'#!/%'+$"?,B6'a"#%2"$#!1"$)'\152"$)'10' f2+$"'$"&'R%8!1"$)'R%,%$2-.A'4'JOA'cA'eHH;OWe6 9%>0$"8A'^6'DJWW`$K'M7!/%'+$"?,V'2%:$2&!"8' -1//5"!#>',%)0;.%)3'!"'#.%'!""%2'-!#>gB'=1//5"!#>' [%4%)13/%"#'\152"$)A'cHA'GA'eJ;OG6 9%>0$"8A'^6'DJWW`+K'MQ12?!"8']5#,!&%'#.%'S1*V' =1//5"!#>'=522%"-!%,A'7!/%'S$"?,'$"&'91-!$)' a"-)5,!1"6B'\152"$)'10'91-!$)'X1)!->A'ccA'GA'`H;OG6 9!//1",A'R6'$"&'S!2-.$))A'\6'DJWWOK'M7%"$"#' 3$2#!-!3$#!1"'$"&'91-!$)'@15,!"8'!"'#.%'fE6B'@15,!"8' 9#5&!%,A'JJA'`A'33'dOc;dHd6

International Journal of Community Currency Research 15 (2011) D 73-76

The Colours of Money: Artmoney as Community Currency Mark Banks CRESC (ESRC Centre for Socio-Cultural Change) Department of Sociology, Open University, Walton Hall, Milton Keynes, MK7 6AA m.o.banks@open.ac.uk

IJCCR

Abstract 1.-2*(#3$ /6$ '$ >*22B(/-3$ >B..#(>3$ 8'6#7$ *($ -"#$ @.*7B>-/*($ '(7$ #I>"'(A#$ *+$ *./A/('0$ '.-D$ ?./-/>'0$ *+$ -"#$ >*07$ '(7$ *8J#>-/F#$ ('-B.#$ *+$ >*(F#(-/*('0$ -.'(6'>-/*(6E$ -"#$ T'(/6"$ '.-/6-$ <'.6$ =.'#22#.$ b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c$ a"'-$ '0-#.('-/F#$ 7*#6$ /-$ @.#6#(-$ '(7$ 5"'-$ #>*(*2/>$ +B-B.#6$ K*.$ @'6-6N$ 7*#6$ /-$ '(-/>/@'-#c$ d.#6#(-/(A$ @.#0/2/('.3$ b/(7/(A6$ +.*2$ /(-#.F/#5$ .#6#'.>"$ 5/-"$ '.-_2*(#3$@.*7B>#.6E$ -"/6$'.-/>0#$ *B-0/(#6$ 6*2#$ *+$-"#$ 2*-/F#6$+*.$8#>*2/(A$ /(F*0F#7$/($-"/6$'.-M>B..#(>3$@.*J#>-E$'(7$6*2#$*+$-"#$>*(-.'7/>-/*(6$'(7$ >"'00#(A#6$.'/6#7$/($/-6$@.*7B>-/*($'(7$>/.>B0'-/*(D$

Introduction !"#$%&'()$*+$,(-#.('-/*('0$1.-2*(#34$5'6$ +*.2#7$83$/($9::;$83$-"#$'.-/6-$<'.6$=.'#22#.$ '(7$/6$0*>'-#7$/($-"#$?*@#("'A#($6B8B.8$*+$ C.#7#./)68#.AD$!"#$%&'()4$/6$8*-"$A'00#.3$'(7$ >0#'./(A$"*B6#$+*.$-"#$@.*7B>-/*($'(7$ >/.>B0'-/*($*+$%'.-2*(#34E$'($'0-#.('-/F#$ >B..#(>3$-"'-$-')#6$-"#$2'-#./'0$+*.2$*+$ 8'()(*-#6E$8B-$/6$B(/GB#$/($-"#$6#(6#$-"'-$#'>"$ (*-#$/6$'$@/#>#$*+$*./A/('0$'.-D$1.-2*(#3$/6$ @.*7B>#7$83$'.*B(7$9HHH$'.-/6-6$'(7$/6$-.'7#7$ '(7$#I>"'(A#7$5/-"$*-"#.$'.-/6-6E$8B3#.6$'(7$ 8B6/(#66#6$'.*B(7$-"#$A0*8#D$

International Journal of Community Currency Research www.ijccr.net

@B.>"'6#7$+*.$OHH$T'(/6"$=.*(#.$K>B..#(-03$ '8*B-$UOHE$OV$QB.*$*.$WXYNOD$C/AB.#6$9$'(7$O$ @.*F/7#$#I'2@0#6$*+$'.-2*(#3D

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`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a"/0#E$>B..#(-03E$-"#$-.'(6'>-/*('0$@*66/8/0/-/#6$ '.-2*(#3$RS<$'(7$-"#$('2#E$6/A('-B.#$'(7$ *+$'.-2*(#3$.#2'/($0/2/-#7E$=.'#22#.$>0'/26$ ('-/*('0/-3$*+$-"#$'.-/6-D$!"#$*(03$*-"#.$@.*F/6*$ -*$"'F#$8*BA"-$"/6$6-#.#*E$>*2@B-#.$'(7$+./7A#$ /6$-"'-$'.-2*(#3$2B6-$8#$'($*./A/('0$5*.)$*+$ 5/-"$'.-2*(#3$'(7$#F#($B6#7$/-$-*$b/('(>#$'$ '.-D$</)#$>*(F#(-/*('0$>B..#(>3E$'.-2*(#3$"'6$'$ 2'.)#-$@./>#D$Q'>"$@/#>#$*+$'.-2*(#3$/6$ International Journal of Community Currency Research 15 (2011) D 77-81

IJCCR The Colours of Money

!"#$%&"'()*%+,-"#.&/%0!1-"2%.3&#,%2#,#3&"% 2(..-22-2/%

+"!,')-7%5&2%&32'%.').-#<-*%&2%&)%#,$3#.#!% ."#!#D(-%'6%(":&)%8-)!"#C#.&!#')%&)*%!1-% .',,'*#C#.&!#')%'6%&"!#2!#.%2$&.-2%;%2#).-%')-% '6%!1-%."#!#.#2,2%3-<-33-*%:7%4"&-,,-"%5&2%!1&!% A Critique of Conventional Money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

Figure 1:

Lars Kraemmer: ‘Celestine’ (Front and back images)

International Journal of Community Currency Research 15 (2011) D 77-81

IJCCR The Colours of Money

Figure 2:

Birthe Lindhart: Art Money No 177 (front and back images)

!"#$%&%'(&)!%$*(&#+&!*%,&-#./%/01&!)2&(0#)#3/0&./+(4&&5'(1(& 6$(1%/#)1&'!7(&"(()&!22*(11(2&$1/)8&2!%!&8()(*!%(2&+*#3& !&-*#9(0%&$)2(*%!:()&;/%'&!*%3#)(<&-*#2$0(*1&;'/0'& '!1,&%#&2!%(,&/)7#.7(2&!*#$)2&=>&6$(1%/#))!/*(1&;/%'& !*%3#)(<&!*%/1%1,&0#3-.(3()%(2&"<&3!%(*/!.&+*#3&?>&/)@ 2(-%'&/)%(*7/(;1&;/%'&!&+$*%'(*&1$"@1!3-.(&#+&%'(1(& !*%/1%1,&%'(&3!9#*/%<&#+&;'#3&;(*(&"!1(2&/)&A#-()'!8(),& !)2&#%'(*&-!*%1&#+&B()3!*:C &&

-*#7/2(&!&1%/3$.!%/)8&0#33()%!*<&#*&1#0/!.&0*/%/6$(&'!1,& #+&0#$*1(,&!&.#)8&%*!2/%/#)&K%'/):&B$0'!3-,&B!./&#*& B("#*2LC&5'(&!*%/1%/0&!%%*!0%/#)&#+&!*%3#)(<&;!1&!.1#& *(.!%(2&%#&%'(&%(0')/0!.&2(3!)21,&!)2&3!%(*/!.&6$!./%/(1,& #+&!*%3#)(<&/%1(.+C&M1&#)(&!*%/1%&0#33()%(2&ID&+#$)2&/%&!& 0'!..()8(&%#&3!:(&!*%&/)&!&13!..&1/N(JC&5'(&-*#2$0%/#)&#+& !*%3#)(<&%'$1&#++(*(2&!&3(!)1&#+&!*%/1%1&%(1%/)8& %'(31(.7(1&!1&!*%/1%1&G&!)2&1#&0#$.2&"(&1(()&%#&()'!)0(& %'(&-*!0%/0(&#+&!*%&/)&/%1(.+C&&

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

The Meanings of Artmoney?

International Journal of Community Currency Research 15 (2011) D 77-81

IJCCR The Colours of Money

!"#$"%&"'($)!)$%*+(,-#(./!!-#*%01(2-#"(#)'%$)3( )0'(#"&-3/*%-0)#+(%'").4(5.()0()3*"#0)*%&"(*-( .*)*"(6%0)0$"7()0'()($8)33"01"(*-(*8"( $-0&"0*%-0)3(2-0"+("$-0-2+7()#*2-0"+(9).( :/'1"'(*-(;"()(.+2;-3(-,()(,/*/#"(!-..%;3"( 9-#3'(98"#"()3*"#0)*%&"(,-#2.(-,("<$8)01"( #"./2"'(!#"$"'"0$"4(5.(-0"()#*%.*(!/*(%*7(*8"( )**#)$*%-0(-,()#*(2-0"+(9).(*8)*(%*(./11".*"'()0( =)0)#$8%.*%$>(!-..%;%3%*+7()(9-#3'(98"#"( )3*"#0)*%&"(.+.*"2.(-,("<$8)01"($-/3'( '".*);%3%."(*8"(!#"?"2%0"0$"(-,(-#'%0)#+( 2-0"+4(@-9"&"#7(98)*(9).(!"#8)!.(./#!#%.%01( 9).(*8"(1"0"#)3(3)$A(-,()0+(!-3%*%$)3(&%"9.(8"3'( ;+(*8"(.)2!3"(B()#*2-0"+(9).(0-*(9%'"3+(.""0( ).()**#)$*%&"(,-#(-&"#*3+(!-3%*%$)3(#").-0.C( %0'""'7(%*(-,*"0()!!")#"'().(%,(*8"()#*2-0"+( !#-'/$"#.(9"#"($-0.$%-/.3+(0-0?(-#()!-3%*%$)3( )0'(/02-&"'(;+(#)'%$)3(!-..%;%3%*%".(-#(,-#2)3( !-3%*%$)3(%0*"0*4( D/#*8"#2-#"7(,-#()(.%10%6%$)0*(0/2;"#7(*8"( )!!")3(-,()#*2-0"+(3)+(0-*(%0(%*.(!-*"0*%)3(,-#( $8)33"01%01(*8"()/*8-#%*+(-,(.*)*"(2-0"+7(-#( %0.*)33%01(.-2"()3*"#0)*%&"(.+.*"2(-,("<$8)01"7( ;/*(,-#()$*/)33+(/!8-3'%01(*8-."($-0&"0*%-0)3( .+.*"2.(;+(!#-&%'%01(-!!-#*/0%*%".(,-#( '"&"3-!%01(!"#.-0)3(%0$-2"()0'()$$"..(*-( $-0./2"#.()0'(2)#A"*.C(*8/.(,-#()(0/2;"#(-,( )#*%.*.()#*2-0"+(9).(:/'1"'(*-(;"()(#"3)*%&"3+( .%2!3"(9)+(*-(!#-'/$"()#*(,-#(.)3"7(,-#()(6%<"'( !#%$"7(-#()(2")0.(-,(!#-2-*%01(*8"2."3&".().( )#*%.*.(*-(!-*"0*%)3(;/+"#.C()#*2-0"+7(*8"07(9).( .%2!3+()(3-9?%0!/*($-22-'%*+(-#()0()**#)$*%&"( 2)#A"*%01('"&%$"4(@"#"("2!8).%.(9).(-,*"0( !3)$"'(-0(*8"(&%#*/".(-,()#*2-0"+().()(.-/#$"( -,(%0$-2"C(*-(."33(-0">.()#*2-0"+(*8#-/18(*8"( )#*2-0"+(9";.%*"(!#-&%'"'(98)*(-0"()#*%.*.( *"#2"'()(=1--'(.2)337(.*")'+(%0$-2">7()0'( )0-*8"#(.%2!3+(.*#".."'(*8"(!#%0$%!)3(;"0"6%*( ;"%01(=E($)0(.!#")'(2+(9-#A(9-#3'9%'"7(98%3"(E( $)0()3.-(")#0(2-0"+(9%*8(%*>(4(E0(*8%.(1#-/!7( "&"0(*8"(.-$%)3(;"0"6%*.(-,()#*2-0"+(9"#"(-,*"0( /0'"#!3)+"'(-#(.-2"*%2".('%.#"1)#'"'7(9%*8( )#*%.*.(*"0'%01(*-(/0'"#.*)0'()#*2-0"+().()( 2")0.(*-($-0&"0*%-0)3("$-0-2%$("0'.4(E0'""'7( -0"()#*%.*(,-/0'()#*2-0"+()!!")3%01(;"$)/."( *8"(*8-#0+()0'('%,6%$/3*(%../".(-,(8-9(*-(!#%$"( -0">.()#*(9).(2)'"(").%"#(;+(*8"( !#"'"*"#2%0"'(6%<"'(!#%$"(-,()#*2-0"+C().(8"( $-22"0*"'F((=G*8"(!#%$"(%.(.*")'+4(E('-(0-*(8)&"( *-(*8%0A(-,()(!#%$"4(E(8)*"(H!#%$%01I>4 E0()#*2-0"+7(*8%.(0"$"..)#+(=$-2!3"*%-0>(-,(*8"( $-22-'%6%$)*%-0(!#-$"..(%.($-0&"0%"0*3+(*)A"0( -/*(-,(*8"(8)0'.(-,(*8"()#*%.*4(J3")#3+7(*8"07( )#*2-0"+(2%18*(;"(&%"9"'().(.%2!3+()0-*8"#( 2")0.(-,(."33%01()#*7()(0%$8"(!#-'/$*7(#)*8"#( *8)0()(!-*"0*%)3()3*"#0)*%&"(*-(*8"($-0&"0*%-0)3(

â&#x20AC;&#x153;the meanings and uses of artmoney are many and varied, and often contradictory or run counter to the intentions of its founderâ&#x20AC;? )#*(2)#A"*C(-#()0()3*"#0)*%&"(-#($-22/0%*+( $/##"0$+C(%0(*8%.(."0."(%0.*#/2"0*)3%*+()0'( =$-3'(*#)0.)$*%-0.>("0&%.)1"'(;+(K#)"22"#( 2%18*(0-*(0"$"..)#%3+(;"(0"1)*"'(;+()#*2-0"+(?( ;/*("08)0$"'(;+(*8"24( L/$8(')*)(!#-&%'".(-03+()(;#%",(.0)!.8-*7(;/*( ./,6%$"(*-(.)+(*8"(2")0%01.()0'(/.".(-,()#*? 2-0"+()#"(2)0+()0'(&)#%"'7()0'(-,*"0( $-0*#)'%$*-#+(-#(#/0($-/0*"#(*-(*8"(%0*"0*%-0.( -,(%*.(,-/0'"#.(B(-01-%01(#".")#$8()%2.(*-( "<!3-#"(*8"."($-2!3"<%*%".(,/#*8"#4

Discussion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

International Journal of Community Currency Research 15 (2011) D 77-81

IJCCR The Colours of Money

!"#$%&'(#)'*+%&*',-#+.#/#012*#0*#'*.,0(*/,-+/#'$&*+%&*+* 3$+%'*,!*-,%%$-0#%4*-5/05"$'2*#0*#'*.,0(*-,%-$)05+/6 #&$+/#'0#-*+%&*3+0$"#+/6)"+-0#-+/2*#0*,!!$"'*+*-(+//$%4$*0,* -,%7$%0#,%+/*3,%$1*$-,%,31*+%&*+*3$+%'*,!* "$)",&5-#%4*#0*8*#0*9,5/&*0($"$!,"$*.$*+*3#'0+:$*0,* #3+4#%$*0(+0*0($"$*#'*+*'0+./$*+%&*5%#;#$&*'$%'$*,!*9(+0* +"03,%$1*3$+%'*,"*"$)"$'$%0'<*

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eferences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

International Journal of Community Currency Research 15 (2011) D 77-81

Complementary Currency Open Source Software in 2010 Matthew Slater Developer of mutual_credit Drupal module and Co-founder of Community Forge matlats@gmail.com

IJCCR

http://communityforge.net

Abstract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

Introduction !"#$%&'()&*%+&#',-.%/)0'&$%*"'%,#'-1%)2%3)34 /)55'&/#6-%57*76-%/&'1#*%$)2*86&'9%1#$/7$$#3:% *"'%#$$7'$%631%/"6--'3:'$%*"'%(&);'/*$% /)--'/*#0'-.%26/'%#3%5''*#3:%*"'%3''1$%)2%*"'% 5)0'5'3*<%!"'%#3*'3*#)3%#$%3)*%*)%56='%1#&'/*% /)5(6&#$)3$%+7*%*)%*6='%6%"#:"'&%0#'89%8#*"% /)3/&'*'%'>65(-'$<

International Journal of Community Currency Research

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

E--%(&);'/*$%731'&%/)3$#1'&6*#)3%"60'%57-*#(-'% #3$*63/'$%#3%7$'%631%6&'%)('3%$)7&/'< !"'%*'&5%F6$$)/#6*#)3F%#$%7$'1%#3%*"#$%&'()&*%*)% 5'63%6%1#$*#3/*%57*76-%/&'1#*%'>/"63:'%/#&/-'9% 7$#3:%#*$%)83%/7&&'3/.9%631%8")$'%*&63$6/*#)3$% 611%7(%*)%G'&)<

The Playing Field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

www.ijccr.net International Journal of Community Currency Research 15 (2011) D 82-87

IJCCR Open Source Currency Software in 2010

Table 1: Summary of Open Source currency platforms

Platform

Developers

Instances

Easy set-up?

JAVA

Many

www.cyclos.org

MS asp

200 in one

Yes

www.ces.org.za

CClite

PERL

few

www.hughbarnard.org

4th Corner Exchange

Php

10 - 20

Yes

www.fourthcornerexchange.com

Drupal

No/Yes

Cyclos CES

Drupal/ Community Forge

URL

www.drupal.org/project/ mutual_credit www.communityforge.net

Opensourcecurrency

Inoshi

200 in one

www.opensourcecurrency.org

Cyclos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

Community Exchange System (CES) J/(&(27',/%0'.'7/.&&G/%%)&'0%B+0+2)'(2'!.1+')%-2;'!K3'(&' .',/++'-+<'&+/B(#+')*.)'*%&)&'%B+/'LMM'HKE#*.27+&H;'+.#*' -()*'()&'%-2'#@//+2#"'.25'&+1./.)+'5.).<.&+>'?)&'7/%-(27' 1%1@$./()"'0.C+&')*(&'2+)-%/C'.'B+/"'7%%5'#*%(#+>' N+&1()+'&)($$'<+(27'.'%2+G0.2'*./5$"',@25+5'&%,)-./+' 1/%A+#);'()'(&'*%&)(27'.'7$%<.$'2+)-%/C'%,'0@)@.$'#/+5()' &"&)+0&;'-*(#*'./+')/.5(27'<+)-++2'+.#*'%)*+/'80%/+'%2' H(2)+/)/.5(27H'$.)+/:>

Fourth Corner Exchange R%@/)*'!%/2+/'KE#*.27+'(&'.',.0($"'%,'OK43'$(C+'7/%@1&'(2' )*+'=%/)*'K.&)'S3J>'4*+(/'1*1TQ"3UO'.11$(#.)(%2'-.&' -/())+2',%/'0@$)(1$+'(01$+0+2).)(%2&'%,')*.)'&1+#(D(#' 0%5+$>'J$)*%@7*'5+B+$%10+2)'*.&'0%&)$"'&)%11+5;' OK43$(2C'SV'*.&'0.C+')*+(/'%-2'.5.1).)(%2&')%')*+' &%,)-./+'.25'(01$+0+2)+5'-()*'&+B+/.$'OK43' .&&%#(.)(%2&>

Complementary Currencies module for Drupal J'N/@1.$'0%5@$+',%/'-+<'5+B+$%1+/&')%'(01$+0+2)'.' #%01$+0+2)./"'#@//+2#"'-()*(2'.'&%#(.$'2+)-%/C(27' ,/.0+-%/C>'?)'1/%B(5+&')*+'+E1+#)+5'0@)@.$'#/+5()' .##%@2)(27',+.)@/+&;'B+/"'D$+E(<$+',%/0&',%/'+2)+/(27' +E#*.27+&;'.25'.(0&')%'0++)')*+'2++5&'%,'.'-(5+'/.27+'%,' (22%B.)(B+'1/%A+#)&>

Community Forge !%00@2()"'R%/7+;'(&'.'&0.$$'=I6'<.&+5'(2'I+2+B.;' %,,+/(27',/++'(01$+0+2).)(%2'%,'N/@1.$'.(0+5'1/(0./($"'.)' OK43'.&&%#(.)(%2&>'?)'(&'7.(2(27'1%1@$./()"'1./)(#@$./$"'(2' R/+2#*'&1+.C(27'K@/%1+>

OSCurrency CCLite

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nternational Journal of Community Currency Research 15 (2011) D 82-87

IJCCR Open Source Currency Software in 2010

!"#$%&$'()*%$+%,-.(/$.%0'-1 2 !"#$%&'()*%+,%&)/3)%#/.3-%/.('$453/.6% /.(-'('04/.6%0.4%)$#(-4%#/(-#%)0#%7-3$,-%$.-% 8-'*%"0'6-%,5(50"%3'-4/(%-93)0.6-: 2 -"../$;%0%&0*%$+%033$5.(/.6%&/()$5(%,$.-*% 7*%</.4/.6%('5#(=>0()&0*#%()'$56)%#$3/0"% .-(&$'?#

Community organisations often find software a traumatic subject. The more courageous implementers and designers are trawling the net trying to work out what each software package does, how they compare, and which is best for them, and whether they can afford it.

2 0$1'2344$(25;%0.%0((-,>(%($%,0?-%0.%0""% -,7'03/.6%#(0.40'4%,$4-"%$+%@35''-.3/-#@% 0.4%($%,0?-%#$+(&0'-%&)/3)%&/""%#5>>$'(%/(;% #$%()0(%3$,,5./(/-#%30.%4-#/6.%0.4%5#-%()-/'% $&.%35''-.3/-#;%75(%0""%&/""%7-%#$,-)$&% 3$,>0(/7"-: 0((-,>(#%0(%70"0.3-4%3$,>0'/#$.#:% N,>"-,-.(-'#%</.4%()-,#-"8-#%#/+(/.6%()'$56)% "/#(#%/.3"54/.6%4-04%>'$B-3(#;%'-04*%'$""-4% The Issues #-'8/3-#;%0.4%)0'4=3$'-%0>>"/30(/$.#%0.4%()-'-% /#%0",$#(%.$%/.+$',0(/$.%080/"07"-%+'$,%$()-'% 1. Making software options accessible /,>"-,-.(-'#:%N.%>'03(/3-%()-'-%0'-%'-04*% to implementers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

2. Encouraging good governance N(@#%&-""%?.$&.%()0(%3$,>"-,-.(0'*%35''-.3*% >'$B-3(#%)08-%0%)/6)%+0/"5'-%'0(-;%0.4%&/4-"*% 03?.$&"-46-4%()0(%()/#%/#%"0'6-"*%45-%($%>$$'% 6$8-'.0.3-%#('53(5'-#%7-/.6%5.07"-%($%#5#(0/.% 0.%/./(/0"%<"5''*%$+%/.(-'-#(:%M)-'-%0'-%80'/$5#% &0*#%/.%&)/3)%#$+(&0'-%3$5"4%#5>>$'(% 6$8-'./.6%03(/8/(/-#1

International Journal of Community Currency Research 15 (2011) D 82-87

IJCCR Open Source Currency Software in 2010

! "#$%&'()'%*+,-./#$/0+.%#+1-%*2&$/3+#$4&-/0 ! "#$%&'()'%*+5$-51$+6,-+,.7$+4$$%+'%.8&'7$+(-/+ .+6,'1$

3. Intertrading

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igure 1: System intertrading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igure 2: Inter-system imbalance

O'*:/$+Q+0,-60+,-6+'%&$/&/.#'%*+:0:.11)+6-/?0+ 4$&6$$%+3:&:.1+8/$#'&+81$./'%*+8'/81$0A+G,'0+ 3$&,-#+'0+6-/?0+6$11+4$8.:0$+4-&,+5./&'$0+:0$+ &,$'/+1-8.1+8://$%8)D+.%#+3.'%+.88-:%&0D+.%#+ I$/-+4.1.%8$+'0+/$&.'%$#+'%+5/'%8'51$A O'*:/$+R+0,-60+6,.&+,.55$%0+6,$%+&,$+ '%&$/&/.#'%*+.88-:%&0+*$&+&--+1./*$+'%+$'&,$/+ #'/$8&'-%+.%#+8.:0$+1'L:'#'&)+5/-41$30A+G,$+ 0-1:&'-%+'0+(-/+&,$+.00-8'.&'-%+&-+8-%0&/.'%+&,$+ '%&$/&/.#'%*+.88-:%&D+F:0&+.0+.11+&,$+-&,$/+ .88-:%&0+,.7$+3'%'3:3+.%#+3.C'3:3+1'3'&0A+

International Journal of Community Currency Research 15 (2011) D 82-87

IJCCR Open Source Currency Software in 2010

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

4. Modularisation

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

5. Supporting innovation L#>#8/<#)'$%)#$%.%)#$/;$%88$-"#'#$3%--#)'$6&-$ <)/,)#''$*+$-"#$3/>#3#+-$*'$>#)4$'8/.$ (/3<%)#:$-/$#F&*>%8#+-$-#("+*(%8$#+:#%>/)'=$ !"*'$*'$6#(%&'#R S !"#)#$*'$%83/'-$A#)/$*+>#'-3#+-$*+$'/;-.%)#$ *-'#8;T$%+4$*+>#'-3#+-$*'$%8.%4'$:*)#(-#:$%-$ *3<8#3#+-%-*/+'9$%+:$3/'-$/;$-"#$'/;-.%)#$*'$ 6&*8-$64$6&'4$<#/<8#$*+$-"#*)$'<%)#$-*3#=

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

Q;$%88$-"#$'/;-.%)#$&+:#)$:*'(&''*/+9$/+84$ 74(8/'$*'$*+'&8%-#:$;)/3$-"#$</''*68#$:#3*'#$/;$

International Journal of Community Currency Research 15 (2011) D 82-87

IJCCR Open Source Currency Software in 2010

!"#$%&!'(&)$%&*+&('',&-$.*$!/0,#"',/"$',(/#$ /*$#"(112$/*$&,3!(4!3!")2$/*$+5(&(/",,#$1*&$"6,$ 15"5&,2$(/7$!#$($7!#!/8,/"!0,$"*$"6,$!//*0("*&#-$ 9*''5/!")$85&&,/8)$%&*:,8"#2$,0,/$;6,/$ 15/7,72$8(/$&(&,3)$(11*&7$"*$45!37$"6,!&$*;/$ #*1";(&,$1&*'$#8&("862$),"$/*<*/,$!#$15/7!/+$ %5&,$#*1";(&,$7,0,3*%',/"$4,8(5#,$"6,&,$!#$/*$ 7!&,8"$(/7$',(#5&(43,$!'%(8"-

Closing Thoughts

N 9*537$8&,7!"$5/!*/#$(/7$#!'!3(&$3*8(3<4(#,7$ *&+(/!#("!*/#$4,"",&$5#,$(##,"#$;!"6$($99P E0,&(33$H$;*537$'(>,$"6,$1*33*;!/+$ &,8*'',/7("!*/#S T-

U,0,3*%,&#$/,,7$"*$8*33(4*&(",$*/$(/$FGH$"*$ 1(8!3!"(",$!/",&"&(7!/+$4,";,,/$(##*8!("!*/#2$ (/7$/,";*&>#$*1$(##*8!("!*/#

V-

H/7,%,/7,/"$#*1";(&,$&,0!,;#$#6*537$4,$ 8*''!##!*/,7W,/8*5&(+,7-

X-

G*",/"!(3$#*5&8,#$*1$3*/+$",&'$15/7!/+$/,,7$ "*$4,$!7,/"!B!,7$(/7$8*5&",7-

=6,&,$!#$'586$"(3>$(/7$!/0,#"',/"$!/$?0!&"5(3?$ 85&&,/8!,#2$,#%,8!(33)$1&*'$8*&%*&("!*/#$3!>,$ Y@(8,4**>$(/7$A**+3,-$=6,#,$'()$4&*(73)$B!"$"6,$ 7,B!/!"!*/$*1$8*'%3,',/"(&)$85&&,/8!,#2$45"$ Z"6,)$*11,&$/*/,$*1$"6,$4,/,B!"#$;6!86$;,$(&,$ 8*/8,&/,7$;!"62$4,!/+$'*#"3)$7!&,8"$%&*C!,#$1*&$ 6(&7$85&&,/8!,#$!/",/7,7$"*$,/8*5&(+,$ #%,/7!/+$!/$#*8!(3$/,";*&>#-$D*',*/,$#6*537$ 4,$3**>!/+$!/"*$%!++)<4(8>!/+$"6,$8*'',&8!(3$ "**3#$<$5#!/+$"6,$E%,/#*8!(3$FGH$"*$45!37$($99$ ,8*#)#",'-

=6,$0(35,W8*#"$*1$"6,$#*1";(&,$/,,7#$"*$4,$ 4,"",&$8*''5/!8(",7$"*$"6,$%*",/"!(3$5#,&#F$U&5%(3$'*753,$#6*537$4,$45!3"$"*$&5/$ 9)83*#$(#$($4(8>$,/7$(88*5/"!/+$%(8>(+,-

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nternational Journal of Community Currency Research 15 (2011) D 82-87