International Journal of Complementary Currency Research - Special Issue

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International Journal ofCommunity Currency Research

Volume 15 (2011) Special issue

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

Complementary Currencies: The State of the Art

IJCCR 15 (2011) Special Issue (Section D)Edited by Noel Longhurst and Gill Seyfang

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International Journal of Community Currency Research 15 (2011) D i i

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

International Journal of Community Currency Research

www.ijccr.net

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

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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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t of t

?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.

t of t

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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 co-author of Eminent Corporations.

www.david-boyle.co.uk

Endnotes

!$k7'*#5$-.$B$[',/#$]XJJX^$]#5:^2$!"#$`'.#,$E"%.6#+)b$E7++#.<,$+#8'+9$8+'9$>+-)*'*/#$*'$#e<%)"2$f%+*")<%.2$\'.5'.2$XhJ:"$G$S-)"#+2$a$E'"+))'.$%.5$a$?#)<'**$S-)"#+$]ITUU^2$D*%93$D<+-32$>5#/3"-2$=#4$l'+1:#$D##$444:",3#+-'.:<':71:$

1. The problem of naming and classifying

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

T(%&5*%0%#'&0(,*'&535%*&3")0&3'&5*,5,0"#+&;320&',&67"89&'25,8,+"%0&"#&3&=8%G"68%&-*3)%;,*@4&368%&',&"#$879%&-7*'(%*&9%:%8,5)%#'0&,-&'(%&)3''%*>&!%$'",#&O&9"0$700%0&'(%&5*"#$"58%0&,-&3&//&'25,8,+2>&!%$'",#&U&5*,5,0%0&3&9"0'"#$'",#&6%';%%#&8,$384&$,))7#"'24&3#9&$,)58%)%#'3*2&$7**%#$"%04&630%9&,#&'(%&0$(%)%0V&5*,<%$'0>&!%$'",#&W&

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

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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

www.ijccr.net

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

2. Principles of a typology

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3. Ideal types according to projects

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s” “One possible conclusion is that there is no easy way of building a common typology, unless its purpose is made clearer.”

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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

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

Nature of projects

Space considered Purpose Guiding principle

Denomination (English / Spanish / French)

“CCs”“CCs”“CCs”“CCs”“CCs”

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 (pre-existing 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 orientating the economy

Market Complementary currencies / Monedas complementarias / Monnaies complémentaires

Outside “CCs”Outside “CCs”Outside “CCs”Outside “CCs”Outside “CCs”

Territorial Sovereign space Sovereignty Redistribution or political control

National currencies / monedas nacionales / monnaies nationales

Economic Clients of a for-profit organization

Profit Purchasing power capture

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

Table 1: Ideal-types of currency schemes

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'*<1"*"#&"-),+)1(6%1)!(."$#*"#&9)&7"*9"1."9)

“We propose a second level of typology, distinguishing four generations, each combining in a different way the three previous ideal-types. These generations are characterized by a specific monetary organization and specific relationships with the socio-economic world and with governments (local or central) as well.”

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-+''/+47&=.))+$,1&"--.+-&!)+&5!,;+4&51&$!'"*$!/&,.))+$,1&)+-+)<+-2&,*$')!)1&'*&'0+&9")-'&!$4&-+,*$4&%+$+)!'"*$-&-,0+#+-&30+)+&$*&5!,;"$%&"-&)+>.")+4&5+,!.-+&*?&'0+&"$,*$<+)'"5"/"'1&()"$,"(/+7&@$9/*3-&A"+&,*$<+)-"*$&?)*#&$!'"*$!/&

,.))+$,1&'*&,*#(/+#+$'!)1&,.))+$,16&!)+&(*--"5/+2&!$4&+<+$&()*#*'+4&'0)*.%0&!&5*$.-&)!'+2&30+)+!-&*.'9/*3-&!)+&?*)#!//1&"#(*--"5/+&A@'0!,!&B*.)6&*)&4+'+))+4&51&,*$<+)-"*$&,*-'-&AC+%"*67&=*#(/+#+$'!)1&,.))+$,"+-&*?&'0"-&

%+$+)!'"*$&!)+&.-+!5/+&"$&'0+&,.))+$'&+,*$*#",&-(0+)+2&3"'0&'0+&()"$,"(/+&*?&,*D.-+&3"'0&$!'"*$!/&,.))+$,"+-7&E0+1&!"#&!'&41$!#"F"$%&/*,!/&+,*$*#",&!,'"<"'1&51&)+D/*,!/"F"$%&!&-+)"+-&*?&4!"/1&,*$-.#('"*$&+:(+$-+-7&E0+&-.,,+--&*?&

'0*-+&-,0+#+-&)+>.")+-&'0.-&'0+&"$,/.-"*$&*?&-#!//&/*,!/&+$'+)()"-+-&!$4&-0*(-2&!$4&-*#+'"#+-&5"%%+)&*$+-7&G!)'$+)-0"(-&3"'0&/*,!/&%*<+)$#+$'-&#!1&(/!1&!$&"#(*)'!$'&)*/+&"$&'0"-&-.,,+--2&+-(+,"!//1&30+$&/*,!/&'!:+-&,!$&5+&(!"4&

3"'0&,*#(/+#+$'!)1&,.))+$,1&*)&30+$&/*,!/&(.5/",&-+)<",+-&,!$&5+&!,,+--+4&3"'0&"'7&&

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&!$4&'0+1&?*,.-&*$&

+$<")*$#+$'!/&"--.+-&#*)+&'0!$&$+<+)&5+?*)+7&P./'"(/+:"'1&/+!4-&'*&,*-'/1&()*O+,'-&'0!'&!)+&4"?9",./'&'*&+$%"$++)&!$4&'0!'&)+>.")+&!&,*#(/+:&%*<+)$!$,+7&Q*,!/&%*<+)$#+$'-2&+$'+)()"-+-&

A?)*#&-#!//&*$+-&'*&#!O*)&9")#-62&$*$D()*9"'&*)%!$"F!'"*$-2&$!'"*$!/&()*%)!##+-&!$42&"$&'0+&R.)*(+!$&J$"*$2&R.)*(+!$&()*%)!##+-2&0!<+&'*&5+&%!'0+)+4&!)*.$4&'0*-+&()*O+,'-7&8$&+:(+)"#+$'!'"*$&(0!-+&!((+!)-&'*&5+&$+,+--!)1&

5+?*)+&/!.$,0"$%&'0+&()*O+,'&*$&!&/!)%+)&-,!/+7&E0+&IJ&()*O+,'&!"#+4&!'&"$,"'"$%&-.-'!"$!5/+&5+0!<"*.)-&'0)*.%0&'0+&4"-')"5.'"*$&*?&!&,*#(/+#+$'!)1&,.))+$,1&"$&)+/!'"*$&3"'0&'0*-+&5+0!<"*.)-S&/*,!/&*)&*)%!$",&()*4.,'&

,*$-.#('"*$2&?!")&')!4+2&3!-'+&)+,1,/"$%777&E0+&T)+$,0&NUQ&()*%)!##+2&"#(/+#+$'+4&-"$,+&KLLV2&"-&!$*'0+)&,!-+&*?&?*.)'0&%+$+)!'"*$&-,0+#+&30*-+&!),0"'+,'.)+&"-&$*'!5/1&,*#(/+:7&@'&,*#5"$+-&!&/*1!/'1&,!)4&?*)&-.-'!"$!5/+&

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

5. Conclusion

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+&

Gene-ration

Significant cases

Currency scheme types

Guiding principle Content overview

G1 LETS, trueque, CES

Mostly community

Reciprocity first; various distance to market

Inconvertible schemes; quite small openness to external economic activities

G2 Time banks, Accorderie

Community Reciprocity first; various distance to local governments

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

G3 Ithaca Hour, Regio, Palmas, BerkShares

Local and complementary

Market first; generally distant from local governments

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

G4 NU, SOL Mostly complementary

Market first, with links to governments and reciprocity

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

Table 2: Four CC Generations since the 1980s

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

Endnotes

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

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:

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%

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

Critical Success Factors

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B$2*25&7%/&5*+$-%/+$%*"#%-,55#--%+/%*"#%5,$$#)56%2)57,.#C

D B"+25#%+/%5,$$#)56%.#-2;)%*+%-,2*%7+5&7%5+).2*2+)-%&).%;+&7

D B+-*%$#5+'#$6%3#5"&)2-3-%*+%#)-,$#%-,-*&2)&(272*6%+/%*"#%-6-*#3%2*-#7/

D E+'#$)&)5#%-*$,5*,$#-%&).%1$+5#--#-%/+$%.#52-2+)%3&F2);%&).%5+)G725*%$#-+7,*2+)

D :&)&;#3#)*%-*$,5*,$#-%&).%1$+5#--#-%/+$%.&6%*+%.&6%#/G252#)56

D :&$F#*2);%&).%HI

D 9.,5&*2+)%&).%*$&2)2);8%

J+,%3&6%"&'#%&%4#77K5"+-#)%.#-2;)L%$#5+'#$%&77%5+-*-L%"&'#%;$#&*%;+'#$)&)5#%&).%3&)&;#3#)*%(,*%2/%)+K+)#%F)+4-%&(+,*%6+,$%-6-*#3L%,).#$-*&).-%4"6%6+,%&$#%.+2);%2*%+$%"+4%2*%4+$F-L%*"#)%6+,%3&6%(#%4&-*2);%6+,$%*23#8

!"2-%1&1#$%/+5,-#-%+)%*"#%$+7#%+/%#.,5&*2+)&7%-*$&*#;2#-%2)%231$+'2);%*"#%1$&5*25#%+/%5+33,)2*6%5,$$#)52#-8

On the money:Getting the message outJohn Rogers

Value for People

john.rogers@valueforpeople.co.uk

Abstract

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

www.ijccr.net

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

J+;2%O#$$&L%O&-#(&77%B+&5"

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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

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

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

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$&0*$'

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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:%

“If we want to improve the sustainability rate of community currencies, we need to raise skill levels both for designing and participating in them”

out !"#$%&'&%#($%)($)*&%&'+"$+&%#(+,-*(+!()-'&#%-"'($%)(

*$%$#-"'(!.('/'+-*'01$"+&2&3$%+'(%--)(-%!4#,(5%!67-)#-(+!(8-($87-(+!(+$5-(3$"+($%)(&%+-#"$+-(4'-(!.(+,-(24""-%2/(&%+!(+,-&"()$&7/(7&9-'0(:+(',!47)(8-(-$'/(+!(4'-($%)(&+(',!47)(,-73(+,-*(+!('!79-(+,-&"(3"!87-*';(*--+(+,-&"(%--)'($%)($2,&-9-(+,-&"(#!$7'0(!"#$%!&'()<(#!!)(6-8'&+-($%)(=7/-"'>(*!+&9$+&%#(*-''$#-'(&%('&*37-(7$%#4$#->(%-6(*-*8-"(-9-%+'>("-#47$"('!2&$7(-9-%+'>('&*37-(+"$&%&%#>('3-2&$7(!..-"'0!"#$%*&+)%,&$%!&'(-(&)-!7!#/(?(3"-$2,&%#>(+-2,%&2$7(!"($2$)-*&2(7$%#4$#-0

Designers of new systems

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

!"#$%*&+)%,&$%!&'(-(&)-!7!#/(?(3"-$2,&%#>(*4*8!CD4*8!($%)(*/'+&=&2$+&!%0

Organisers and Administrators

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

Funders and public decision makers

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

!"#$%!&'()-(8!+,(G4$%+&+$+&9-(-9&)-%2-(H'+$+&'+&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'(%--)'(!.(-$2,(#"!430K!*-(6&77(3"-.-"(+!("-$)($2$)-*&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

Conclusions

M!*37-*-%+$"/($%)(2!**4%&+/(24""-%2&-'("-3"-'-%+($()-2$)-'C!7);(6!"7)6&)-(*!9-*-%+(+,$+(&'(2!%'+$%+7/(-9!79&%#(%-6()-'&#%'($%)(.!"*'(!.(!"#$%&'$+&!%0B,-(!4+6$")(9$"&-+/(2$%(!8'24"-(+,-(2!**!%$7&+&-'(8-+6--%('/'+-*'<("-7-$'&%#(7!2$7(3!+-%+&$7(.!"(6-$7+,(2"-$+&!%>(',$"&%#(6-$7+,(7!2$77/>(9$74&%#(3-!37-($'($''-+'>("-2&3"!2&+/>(9$74&%#($%)("-6$")&%#(-''-%+&$7(6!"50(B,-'-(2!**!%(9$74-'($%)(#!$7'($"-(-''-%+&$7(*-''$#-'(+,$+(%--)(+!(8-(27-$"7/($"+&247$+-)($%)(2!**4%&2$+-)(+!('3-2&=&2($4)&-%2-'(N(3$"+&2&3$%+';()-'&#%-"';($)*&%&'+"$+!"'($%)()-2&'&!%(*$5-"'(C(4'&%#(9$"&!4'(7$%#4$#-'($%)(*-+,!)'0

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

Educational strategy or tool

Audiences Aims Delivery Agents

Books & Articles Decision makers

General public

Persuasion

Information

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-richard-douthwaite

Magazine General public

Designers

Information

Share stories

Community Currency Magazinehttp://www.community currenciesmag.net/dp/

Design Guides Designers

Administrators

Specialist information

Community Currency Guideby Bernard Lietaer and Gwendolyn Hallsmithhttp://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

Decision makers

Policy analysts

Analysis

International Journal of Community Currencies Researchhttp://www.ijccr.net

Bibliography of Community Currencies Researchhttp://www.community currencies-literature.de/1.introduction/

Community Currencies Research Grouphttp://www.complementarycurrency.org/community currenciesResearch.html

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

General advice & information

General public

Information Complementary Currency Resource Centerhttp://www.complementarycurrency.org/

Time Banks USAhttp://www.timebanks.org/

Time Banks UKhttp://www.timebanking.org/

Time Banking Waleshttp://www.timebankingwales.org.uk/

LETSystems Home Pagehttp://www.gmlets.u-net.com/

LETS in Australiahttp://www.lets.org.au/

LETSLink UKhttp://www.letslinkuk.net/

LETS Link-Uphttp://www.lets-linkup.com/

Videos General public

Persuasion The Money Fixhttp://themoneyfix.org/

La Double Face de la Monnaiehttp://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.htmhttp://www.timebanking.org/

Lyttleton Time Bank, New Zealand:http://www.lyttelton.net.nz/timebank

Oliver Dudok van Heel talks about Lewes Poundhttp://transitionculture.org/2010/01/22/oliver-dudok-van-heel-on-local-currencies-transition-and-the-lewes-pound/

Conferences Designers

Participants

Dissemination

Networking

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

Germany, 2004http://www.newmediaexplorer.org/sepp/COMMUNITY CURRENCIESurrencies_in_Europe2_2004.pdf

New Zealand, 2009http://www.transitiontowns.org.nz/node/1470

Annual Time Banking congresses c/oTimebanks USA and Timebanks UK

Webinars(internet seminars)

Enquirers

Designers

Training

Value for Peoplehttp://valueforpeople.co.uk/letsmakemoney

Internet discussion groups

Enquirers

Participants

Designers

Researchers

Advocates!

Share knowledge, experiments, updates and inquiries

CC Open Collective is a moderated online forum (skype chat): contact Les Squires (skype name: LSquiresSkype)

Time Banks Forumhttp://forums.timebanks.org/

Training Enquirers

Participants

Designers

Training

Time Banks USAhttp://www.timebanks.org/

Time Banks UKhttp://www.timebanking.org/

Value for Peoplehttp://valueforpeople.co.uk/training

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#

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

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

What is Regiogeld?

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

Complementary Currencies in Germany:The Regiogeld System

Christian Thiel

University of Augsberg, Germany

christian.thiel@phil.uni-augsburg.de

Abstract

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

www.ijccr.net

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

How did Regiogeld originate?

B+41(4+0/&1,&3#,+/&(.&%*+&1/+#,&('&%*+&9+$)#.E!$4+.%1.+&+5(.()1,%&[1081(&9+,+00&=O\]^EO_67?;&U+&"$("(,+/&/+)-$$#4+&#,&#&)+%*(/&('&1.5$+#,1.4&3(%*&%*+&8+0(51%:&('&)(.+:&#./&(8+$#00&+5(.()15&#5%181%:;&U1,&L$+14+0/&='$++&)(.+:?&,*(-0/&$-,%&#./&$(%&01>+&#00&%*+&4((/,&#./&%*+$+3:&3+&3+%%+$&#./&)($+&+'T151+.%&)(.+:&=9+,+00&O_`_A&O6?;&9+,+00&#./&*1,&'(00(H+$,&"-$,-+/&=H1%*(-%&,-55+,,?&#&"(01%15#0&)(.+:&$+'($)&#./&#0,(&1)"0+)+.%+/&,)#00&,5#0+&0(5#0&)(.+:&+M"+$1)+.%,&=a1+/+$+44+$&O__b?;&

I*+&)(,%&'#)(-,&%((>&"0#5+&1.&%*+&!-,%$1#.&%(H.&('&cd$40&3+%H++.&O_6^&#./&O_6`;&D.&%*+&)1//0+&('&%*+&H($0/&+5(.()15&5$1,1,&%*+&)#:($&"#1/&%*+&,#0#$1+,&#./&H#4+,&('&%*+&"-3015&+)"0(:++,&H1%*&0(5#0&)(.+:;&e-+&%(&%*+&.+4#%18+&1.%+$+,%&(.&1%2&1%&H#,&1))+/1#%+0:&-,+/&%(&"#:&0(5#0&%#M+,&#./&'++,;&[*($%0:&#'%+$2&1%&H#,&#0,(&#55+"%+/&1.&0(5#0&,*(",;&[((.&#&51$5-0#%1(.&H1%*&#&*14*&8+0(51%:&5#)+&1.%(&3+1.4;&I*1,&#00(H+/&%*+&)-.151"#01%:&%(&T1.#.5+&,+8+$#0&Z(3E5$+#%1.4&)+#,-$+,;&I*+&-.+)"0(:)+.%&$#%+&/1)1.1,*+/&/$#,%15#00:&#./&cd$40&,%#$%+/&%(&3+&#&)(/+0&'($&(%*+$&5$1,1,E$1//+.&%(H.,;&W-%&%*+.&%*+&!-,%$1#.&5+.%$#0&3#.>2&'+#$1.4&'($&1%,&)(.("(0:&'($&)(.+:&5$+#%1(.2&,%(""+/&%*+&+M"+$1)+.%&=L1,*+$&O_66S&<.>+.&O__bS&c+$.+$&O_\_A&\\?;&

I*+&L$+14+0/&X(8+)+.%&H#,&%*+.&"$(*131%+/&/-$1.4&I*1$/&B+15*&#./&'($)+/&-"&#4#1.&O_N7&#,&#&=)#$41.#0?&"(01%15#0&"#$%:;&c1%*&%*+1$&/(4)#%15&#./&"#$%0:&.#%1(.#01,%15&#$4-)+.%#%1(.&%*+:&,5#$+/&#H#:&%*+&"("-0#5+;&I*1,&5*#.4+/&1.&%*+&O_]7,&H*+.&%*+&L$+14+0/&)(8+)+.%&)1M+/&H1%*&#.%*$("(,("*:&#./&%*+&

m 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.

m !"!#$%&$'&!(')*+%,-'"*.!"!&/)'

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What is the status quo? 1

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

What does the future bring?

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

It seems that despite extensive marketing, it is very hard for Regiogeld to achieve acceptance and therefore a significant penetration of the regional markets

m Endnotes

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

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X-5`$':/..J!b..$%%$!<>??UA!c'$-.1$'07!W&.$%d*$!;$1-&./'-,-$*#.1!0#*59!;$1-&1$'0!/',!Z$*`2$#1!-:!;$1-&./':/./1$:$.%7!e.)#6'-,9$0!0-)'&:/!%9$,-,J!e.-3$*,-%S!&+!8*-$*J!"$)/*%:$.%!&+!1$&1*/)9S!

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j-,9$*J!Q*3-.1!<@UPPAG!]%/:)!]5*-)J!<b0$')9-!V&:)/.SJ!D$(!k&*`A

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Introduction

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

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

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

Yasuyuki Hirota

mig@olccip.net

http://www.olccip.net

Abstract

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www.ijccr.net

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Some Japanese CCs during and just after the “boom”

Toshiharu Katô’s “Ecomoney”: a CC promoted by a MITI bureaucrat

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The currency movement’s boom in Japan was triggered by the success of a TV documentary called “Ende’s Money-Go-Around”, originally broadcast in 1999

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MIAC CC initiatives: whom were they for?

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Recent currency schemes to emerge

Revival of old coins as local currency at Kan’onji, Kagawa

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

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Back to the rice standard: another local currency at Toyota, Aichi

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0*(0)L&,35%(,%*((3*0(%<",</":-%0.3',-'(!%()*#%*%

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Conclusion

I-%()'-%<*<"3%)*-%5"+,#-(3*("5$%'(%'-%(3."%()*(%

A*<*#%0*#%?,*-(%*#%*+,.#(%*#5%6*3'"(!%,4%

0,+</"+"#(*3!%0.33"#0'"-%()*(%0*##,(%?"%

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*(("#(',#%-),./5%?"%<*'5$%),&"6"3$%(,%()"%4*0(%

()*(%A*<*#"-"%<3,+,("3-%*#5%<3*0('(',#"3-%

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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%%

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

n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

Endnotes

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

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

Introduction

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

The Athens Timebank

8.%&/$2%+,&-"#"$$%$&'(##%)'3&*)&1#%%'%&*+&"&8*0%&E")@&#()&<3&,.%&1#%%@&<#")'.&/A&,.%&J(#/-%")&K%,?/#@&/A&L/0%);M&?.*'.&*+&"&K/)41/9%#)0%),"$&H#5")*+",*/)&A/'(+*)5&/)&"++*+,*)5&?/0%)&?./&"#%&9*',*0+&/A&9*/$%)'%7&I/?%9%#;&,.%&8*0%&E")@&*+&")&"',*9*,3&,/,"$$3&

+%-"#",%2&A#/0&,.%&#%+,&K1H&"',*9*,*%+;&?.*'.&0%")+&,.",&")3/)%&'")&-"#,*'*-",%&")2&*,&*+&"&#($%&,.",&)/4/)%&?*$$&2*+'(++&?.%,.%#&")3&0%0<%#&."+&<%%)&'/))%',%2&,/&,.%&/,.%#&"',*9*,*%+&/A&,.%&K1H&NA/#&,.%&+"@%&/A&'/)O*2%),*"$*,3&<(,&"$+/&/A&,.%&*)'$(+*9%)%++&/A&,.%&+'.%0%:7&

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

P)&*0-/#,"),&A%",(#%&,.%&+'.%0%&"20*)*+,#",/#+&."9%&/-,%2&A/#&*+&,.",&/A&,.%&,*0%&'(##%)'3&%=-*#3&2",%;&%757&,.%&,*0%&./(#+&5"*)%2&%=-*#%&+*=&0/),.+&"A,%#&,.%3&."9%&<%%)&5"*)%2&<3&"&0%0<%#7&8.%&/#5")*+%#+&%=-%',&,.",&<3&+%,,*)5&")&%=-*#3&2",%;&,.%&,*0%&'(##%)'3&?*$$&'*#'($",%&%AO*'*%),$3&?*,.*)&,.%&+'.%0%;&*)+,%"2&/A&<%*)5&"''(0($",%2&<3&+/0%&0%0<%#+&?.*$%&

Alternative Exchange Systems in Contemporary Greece Irene Sotiropoulou

Department of Economics, University of Greece

isotiropoulou@econ.soc.uoc.gr

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&

www.ijccr.net

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5"&"#$&;/%%$0"&"+'$&HI$8"$'($%&JKLKM&"#$&>+'$&G-01&+)&%$)/'+0:&+")&!8$%-"+!06&2$)8+"$&"#$&B+0-0;+-,&8%!(,$')&"#$&8-%$0"&?@A&+)&3-;+0:&-02&2$)8+"$&"#$&3-;"&"#-"&"#$&>+'$&G-01&2-"-(-)$&0$$2)&8$%)!00$,&3!%&+")&;$0"%-,&'-0-:$'$0"4&>#$.&-,)!&!%:-0+)$&$2/;-"+!0-,&*!%1)#!8)6&*#$%$&8$!8,$&3%!'&5"#$0)&-02&!"#$%&@%$$1&;+"+$)&8-%"+;+8-"$6&+0&!%2$%&"!&,$-%0&'!%$&-(!/"&>+'$&G-01+0:4&

The Ovolos Currency in the cities of Patras and Thessaloniki

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

;/%%$0;.4&>#+)&#-)&;%$-"$2&-&8$;/,+-%&)+"/-"+!06&*#$%$&,!;-,+".&!3&"%-0)-;"+!0)&+)&0!"&,+01$2&0$;$))-%+,.&"!&"#$&U(-)$&;+"+$)V4&>#$&A7!,!)&!%:-0+)$%)&)$$&"#+)&-)&-0&-27-0"-:$6&*#+;#&*+,,&'-1$&A7!,!)&-0&!0,+0$&"$;#0!,!:.&8,-"3!%'&-7-+,-(,$&"!&-,,&8$!8,$&,+7+0:&+0&"#$&;!/0"%.6&$0-(,+0:&"#$'&"!&$F8$%+'$0"&/)+0:&8-%-,,$,&;/%%$0;.&*#+,$&"%-0)-;"+0:&,!;-,,.&0!&'-""$%&*#$%$&"#$.&,+7$4&

>#$&'-+0&+2$-&!3&"#$&A7!,!)&);#$'$&+)&"#-"&"#$&'$'($%)&;-0&/)$&"#$&A7!,!)&;/%%$0;.&H*#+;#&+)&7+%"/-,6&$4:4&!0&"#$&'-+0&;!'8/"$%&).)"$'&-02&!0&$-;#&'$'($%W)&2+:+"-,&)'-%"&;-%2M&+0)"$-2&!3&$/%!&;/%%$0;.&3!%&"#$+%&"%-0)-;"+!0)&*+"#&'$'($%)4&>!&-7!+2&-(/)$)&!3&"#$&).)"$'&(.&;!'8-0+$)6&"#$.&#-7$&0!"&8$%'+""$2&2!/(,$&8%+;+0:6&$4:4&"#$&+"$')&!%&)$%7+;$)&)!,2&-%$&8%+;$2&-02&8-+2&+0&A7!,!)&!0,.4&X-;#&'$'($%&#-)&-0&$Y/-,&)-.&!0&"#$&'-0-:$'$0"&!3&"#$&);#$'$4&>!&-;#+$7$&"#+)&$Y/-,+".&+0&8%-;"+;-,&"$%')&-02&8-%"+;/,-%,.&+0&2$;+)+!0='-1+0:&8%!;$2/%$)6&"#$&'-+0&;!!%2+0-"!%)&#-7$&2$,-.$2&,-/0;#+0:&"#$&;/%%$0;.&+0&!%2$%&"!&)-3$:/-%2&"#$&;#$;1)=-02=(-,-0;$)&3$-"/%$&!3&"#$&);#$'$&(.&/)+0:&@%$$1&,$:+),-"+!04&>#$%$3!%$6&-&0!0=8%!B+"&!%:-0+)-"+!0&HZ[\]^_`aM&#-)&($$0&;%$-"$2&&(-)$2&+0&D-"%-)&;+".&-02&0-'$2&UA7!,!)&b$)$-%;#&-02&c!;/'$0"-"+!0&E$0"$%&3!%&I!;+-,&E/%%$0;.V&*#+;#&+)&%$)8!0)+(,$&3!%&)/8$%7+)+!0&!3&"#$&);#$'$6&8%!7+2$)&"#$&'$'($%)&*+"#&2!;/'$0"-"+!0&-02&8$%3!%'&%$)$-%;#&-;"+7+"+$)4&>#$&'$'($%)&!3&"#$&!%:-0+)-"+!0&#-7$&(.&,-*&$Y/-,&%+:#")&-02&!(,+:-"+!0)&-02&"#$&!%:-0+)-"+!0&+)&"#$&U/'(%$,,-&!%:-0+)-"+!0V&3!%&"#$&$0"+%$&);#$'$4&>#$&(-)+;&+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$)+:0-"+!0&!3&+"e&"#$&'$'($%)&!3&A7!,!)&;-,,&+"&UI!;+-,&E/%%$0;.V4&>#$.&*-0"$26&B+%)"&"!&)#!*&"#$&)!;+-,&!%+$0"-"+!0&!3&"#$&$0"+%$&8%!C$;"&-02&)$;!02&"!&-7!+2&:+7+0:&-0.&3-,)$&+'8%$))+!0)&!3&,!;-,+)"&!%&)$;$))+!0+)"&+2$-)&H+3&"#$.&;-,,$2&+"&U,!;-,&;/%%$0;.VM&!%&!3&;!'8$"+0:&*+"#&$/%!&;/%%$0;.&H$4:&+3&"#$.&0-'$2&+"&UE!''/0+".&E/%%$0;.V&+"&'+:#"&($&;!03/)$2&*+"#&"#$&X/%!8$-0&E!''/0+".&;/%%$0;.M4&>#$&"+",$&U)!;+-,V&+)&'!%$&"#-0&-&*!%26&($;-/)$&"#$&8,-0&

The main idea of the Ovolos scheme is that the members can use the Ovolos currency (which is virtual, e.g. on the main computer system and on each member’s digital smart card) instead of euro currency for their transactions with members.

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

The Local Alternative Unit of Volos city

42')/.#+$)P$,'-"+,!?')Q"!,)GRSTUVW)XYZ[[ZV\UVW)]SY^_Z)D)RX]H)@+()*.-7+$$6)<$+""'&),.)8')$+%"#2'&).")`%"')ab,2)KLaL)!"),2')#!,6).*)c.$.(=)."),2')0+(,)d'",-+$)#.+(,).*)e-''#';)42')Q"!,)!()&!3!,+$)."$6)+"&)@!$$)8')%('&)@!,2!"),2')*-+7'@.-:).*),2')01#2+"3')+"&)5.$!&+-!,6)f',@.-:)g)@2!#2)#.?'-(),2')'",!-')#.%",6).*)h+3"'(i+;)P,),2')7.7'",=),2')7'78'-(2!<)!()-+,2'-)$.@)8'#+%('),2'6)2+?')".,)<-.#''&'&)@!,2)'1,'"(!?')<%8$!#!,6)6',=)3!?'"),2+,),2')(#2'7')!()."),2')<-.#'(().*)-'(.$?!"3)('?'-+$)<-+#,!#+$)!((%'(;)

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'),.)<+-,!#!<+,')+"&)+#,%+$$6)!,)!()+)$.#+$)8%(!"'((),2+,).**'-(),2')('-?'-).*),2')"',@.-:;)>"),2').,2'-)2+"&=),2')*%"&!"3).*),2')<-.F'#,)!()%<.")!,()7'78'-()."$6;)42')-%$'()+&.<,'&)*.-),2')/.#+$)P$,'-"+,!?')Q"!,)%(')+-')-+,2'-)(,-!#,l),2'6)3!?')+")+7.%",).*)aLL)/PQ)86)-'3!(,-+,!."=)8%,)&'8,)*.-)+"6)7'78'-)#+"".,)3',).?'-)aLL)/PQ)'!,2'-;)>*)#.%-('=),2')!((%'),2'6)+-')#%--'",$6)&!(#%((!"3)!(),2'),.,+$)7."'6)?.$%7'),-+<=)';3;),2')7."'6)?.$%7')@!$$)8')$!7!,'&),.)aLL/PQ)<'-)<'-(.")!")+?'-+3')+"&),2')N%'(,!."),2'6)+-')#%--'",$6)*+#!"3)!()2.@),2')(#2'7')#+")!"F'#,)7.-')#%--'"#6)!",.),2')(6(,'7)@!,2.%,)!7<.(!"3)+"6)A&%,6B).-)A,+1B)."),-+"(+#,!."()+"&)@!,2.%,)F'.<+-&!(!"3),2')'",!-')<-.F'#,)86)!"J$+,!.").-)$+#:).*),-%(,)!"),2')(6(,'7;)

The ‘Money Back System’5: A Hybrid or Sui Generis scheme in Crete and Dodecanese

42')h."'6)9+#:)56(,'7)!()+)"',@.-:)#.78!"!"3)'1#2+"3'),-+&')8%,)+$(.)7."',+-6)'$'7'",(;)42')"',@.-:)2+()8''")#-'+,'&)86)+)<-!?+,')#.7<+"6=)@2!#2)+$(.).@"),2')!",'$$'#,%+$)<-.<'-,6)-!32,().*),2')(6(,'7;)9%()#.7<+"!'().*)d-',')+"&)m.&'#+"'(')#..<'-+,')+()(<."(.-().*),2')(6(,'7)@2!$').,2'-)$.#+$)#.7<+"!'()G(%<'-)7+-:',(=)<+(,-!'(=)#$.,2')(,.-'(=)#+*n(=)*%-"!,%-')(,.-'(=)#!"'7+(=)',#H)+-')86)#.",-+#,)#.77'-#!+$)<+-,"'-().*),2')7+"+3!"3)#.7<+"6;)42')(6(,'7)2+()8''")(.)(%##'((*%$)(!"#')(%77'-)KLLo)@2'")!,)@+()'(,+8$!(2'&=),2+,)+*,'-)(.7')7.",2()$.#+$)(2!<)+"&)+!-)#.7<+"!'()(,+-,'&)<+-,!#!<+,!"3)+"&),2')(#2'7')@+()'1,'"&'&),.),2')'",!-')#.%",-6l)+##.-&!"3),.),2')<-.F'#,=),2')%('&),!#:',().*)7+((),-+"(<.-,)7'+"(=)".)7+,,'-)!")@2!#2)<+-,).*),2')#.%",-6)2+?')8''")%('&=)#+")8')-'p%('&)+,),2'),2'!-)

ece !"#$!%&'(%&)*'+"',)-'.""/0'%!/'0*1($2*0'31"#'+4*'

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

The Exchange Networks

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

%!/'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'd1"#'+4*'%!!")!2*#*!+0'"3'+4*'!*+9"1:'+4%+'%1*'"5*!'+"'%&&'$!+*1!*+')0*106'9*'0**'%'51*(%&*!2*'"3'0*1($2*0N'/*!+%&'2%1*6',)0$!*00'2"!0)&+$!.6'#)0$2'&*00"!06'%124$+*2+)1%&'/*0$.!6'51$!+$!.'0*1($2*06'4"#*"5%+4-'%!/'%&+*1!%+$(*'+4*1%5-=/$*+'2"!0)&+$!.6'4"+*&'%!/'1*0+%)1%!+'0*1($2*06'*+27'e"9*(*16'.$(*!'+4%+'+4*1*'$0'%!'"5+$"!'3"1'%'51$(%+*'51"E$&*'"!'+4*'!*+9"1:6'$+'$0'!"+'2&*%1'94*+4*1'+4*'%!!")!2*#*!+0'31**&-'%22*00$,&*'"!'+4*'9*,'%1*'+4*'"!&-'"!*07'

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'd1**',%S%%10'%1*'1*.)&%1&-'"1.%!$0*/'$!'0*(*1%&'%1*%0'"3'I+4*!06',)+'%&0"'$!'#%!-'"+4*1'2$+$*0'"3'T1**2*7'C4*$1'/$05*10$"!6'("&)#*'%!/'1*.)&%1$+-'4%(*'.1*%+&-'$!21*%0*/'0$!2*'?@@X7'

C4*'31**'!*+9"1:0'4%(*'%'/$33*1*!+'5%++*1!N'+4*-'%1*'"!&$!*'!*+9"1:06'+4*'#*#,*10'"3'94$24'2%!'!"+$3-'94*!'+4*-'9%!+'+"'.$(*'0"#*+4$!.'%9%-'3"1'31**'"1'94*!'+4*-'!**/'%!-+4$!.'+4%+'#$.4+',*'%(%$&%,&*',)+'!"+'-*+'%!!")!2*/'"!&$!*6'"1'+4*-'.*+'$!0+%!+&-'!"+$E$*/'94*!'0"#*+4$!.'$0'%(%$&%,&*',-'%!-'!*+9"1:'#*#,*17'C4*1*'%1*'+41**'"!&-'31**'!*+9"1:0'$!'T1**2*6',)+',"+4'2"(*1'+4*'*!+$1*'2")!+1-N'"!*'$0'd1**2-2&*'<<'$!'T1**2*6'94$24'

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,!)+5'(1'8#0+1)'!15'J0+))!%.1(4(K',$#'#0+&'!%).'0!9+'

*+*,+-)'(1'.#0+-'L-++4'"(#(+)O'J0+'5()#(1"#(9+'/+!#$-+)'./'

#0()'1+#3.-4'!-+'!M'!')+H!-!#+'/.-$*'/.-'+W"0!1:+'./'

)+-9("+)'!*.1:'#0+'1+#3.-4'*+*,+-)'!15',M'!'X%(,-!-&YK'

30+-+'*+*,+-)'"!1'%+15'!15',.--.3',..4)'!*.1:'#0+*O

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"-+!#+5'.$#'./')3!HH(1:'!15')0.HH(1:'#.'5+)"-(,+'H!-#(+)'

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!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'

Introduction

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The STRO-CA approach

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Complementary Currencies for Sustainable Local Economies in CentralAmericaErik Brenes

PhD Candidate, Universita dellas Calabria / Regional Advisor Andean Region - STRO

brenes@socialtrade.org / brenes@unical.it

www.ijccr.net

Abstract

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Coopevictoria: a Case Study

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aComplementary 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.

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).

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

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 C3 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 C3 Design and supervised by STRO-office in Brasil (Instrodi). www.circuitocompras.com.br

C3-Uruguay Uruguay 2010 C3 National in scope, designed and executed by STRO-Uruguay office. www.c3uruguay.com.uy

Table 2: STRO complementary currency projects in Latin America

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Image 1: Businesses in local community accepting Coopvictoria UDIS in September 2009

Conclusion

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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#$-%2'2)2#7)Y'&%B%&*.)Y#$+

S#41'(6)b8)?PJJI'@.)D*""+(%,4)D+$$#(&%#-N)')-"'77)&/'(6#)1*$)')6$##()#&*(*"4.)<(A%$*("#(,'7)'(2)Y7'((%(6)!)EE)?U@.)\_[=\\U8

K%77%'"-)D8)X)!72$%26#):8)?)PJJI@.)D-)412/&).+#&3#-9,&%.&2C%";%+)#.&#*&E#5%"&FG5(%.12&>-%4).1&'5(202/7)Y*7%&4)Y$#--.)G8g8

Introduction

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

T/"(4451#/.#2/44#(4$%#,/<,4/<,.#$%&'#%.,')#>)(=/4/("#$%+/%U.'+,"/+(4#/""%:(./%"$#/"#.')&#%9#+%&&*"/.5#+*))'"+5#$5$.'&$?#R,/$#)'$'()+,#$*<<'$.$#.,(.#(#9*.*)'#&*4./+*))'"+5#$%+/'.5#+%*47#6'#':%4:/"<1#':'"#/"#.,'#$%*.,')"#+%*".)/'$#OJ2("1#@AAPQ?

Banco Palmas: A Significant Example in Latin America

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

HEC-Paris / Fundação Getulio Vargas São Paulo, Brazil

Abstract

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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$')/?%@)%*.>%-+'%)#*.%'$(.+,>%

“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%1.+2%#$%$344,)&#+5%/,**3+#&-%/3))'+/-%#+#&#.&#6'$%.+7%#&%".$%.+%'8&).,)7#+.)-%4,0#&#/.0%#*4./&%9,)%&"'#)%.//'4&.+/':%/)'7#1#0#&-%.+7%'6,03&#,+;%<&%#$%/0'.)%&".&%&"#$%/3))'+&%.+7%93&3)'%'6,03&#,+%,9%9)''%.//'$$%&,%*,+'&.)-%)'/,3)$'$%=,307%1)'.2%&"'%$/.0'%,9%.44),4)#.&'%&'/"+,0,5-%.//'$$%9,)%&"'%1.$'%,9%&"'%4-).*#7%#+%>).?#0;%>'/.3$'%$3$&.#+.10'%'/,+,*#/%$&).&'5-%/.+%,+0-%1'%)'./"'7%&"),35"%&"'%'*')5'+/'%,9%$,/#.0%&'/"+,0,5-:%0,/.00-%.7.4&.10'%.+7%'.$-%&,%)'40#/.&'%@A,7)#53'$%'&%.0:%BCCDE;%F$%>).?#0%#$%1'/,*#+5%,+'%,9%&"'%*,$&%$#5+#(#/.+&%$#&'$%,9%/,**3+#&-%/3))'+/-%7'6'0,4*'+&%#+%G.&#+%F*')#/.%&"),35"%#&$%'8'*40.)-%*,7'0%,9%$,/#.0%/3))'+/-:%$",307%.00%&"'%)'5#,+.0%/,3+&)#'$%9,00,=%&"'%$.*'%4.&"H%I,307%&"'%/,+&),0%.+7%+,)*.0#?.&#,+%,9%$,/#,J&'/"+#/.0%#++,6.&#,+$%1-%.%/'+&).0#?'7%#+$&#&3&#,+%7'/)'.$'%&"'%).&'%,9%/)'.&#6#&-%,9%/,**3+#&-%/3))'+/-%$-$&'*$H

Recent and future currency innovation in 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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

Ecoelce: waste against energy barter

^,='6'):%>).?#0%#$%0'$$%2+,=+%9,)%#&$%=.$&'%'+')5-%1.)&')%/.00'7%P/,'0/'%0.3+/"'7%#+%BCC_%1-%&"'%I,'0/':%&"'%&"#)7%1#55'$&%'+')5-%7#$&)#13&,)%,9%&"'%+,)&"%'.$&%)'5#,+%,9%>).?#0;%<&%#$%.%$-$&'*%="')'%4',40'%4.-%&"'#)%'0'/&)#/#&-%1#00%=#&"%)'/-/0#+5%$,0#7%=.$&':%.%1.)&')%$-$&'*%,9%=.$&'%.5.#+$&%'+')5-%1.$'7%,+%*3&3.0%.44)'/#.&#,+;%!"#$%#$%.%1.)&')%,9%#+73$&)#.0%)'/-/0#+5%$,0#7%=.$&'%9,)%'0'/&)#/.0%'+')5-%/)'7#&%1,+3$%,+%&"'%/,+$3*')%.//,3+&%,9%&"'%0,=%#+/,*'%4,430.&#,+;%<+%&"'%/#&-%,9%O,)&.0'?.:%Z]%1.)&')%/'+&')$%".6'%/,00'/&'7%`:_CC%&,+$%,9%=.$&':%5'+').&#+5%.%/)'7#&%,9%Aa%ZDD:CCC]%.$%'+')5-%1,+3$%9,)%&"'%/3$&,*')$\%.//,3+&$%,9%*,)'%&".+%bBC:CCC%1'+'(#/#.)#'$;%K#+/'%&"'%1'5#++#+5%,9%&"'%4),c'/&:%.1,3&%Zde%,9%&"'%4),5).*%/0#'+&$%4.#7%&"'#)%'+&#)'%'0'/&)#/.0%1#00%@G#*.:%BCC]E;

Cubo Card: musical community currency

G.3+/"'7%#+%BCC`%1-%M.10,%I.4#0f%#+%I3#.1g%#+%&"'%$&.&'%,9%h.&,%V),$$,:%&"'%I31,%I.)7%#$%.%

l !"##$%&'()!$**+%!(),-&!-).//",0)+1!-.%2+)"3)2""40).%4)0+*5&!+0),&'-&%).)#$0&!)!"##$%&'(6)"*)!$/'$*./)!"//+!'&5+)!.//+4)7$8"9:;)

!"#$%&'())*+(,*-$./&'0)-0,*)&(,1*2$3*-$(2&*$4%&-(&%055(,-&%/)67%0%-*$2*+)/&*28&%/)674*2*1/8&'0)-0,*)&/2-/,5,$%/%9&8$%%/4$2*-$21&5,(80'-%&*28&%/,.$'/%&-#,(01#&-#/&$2-/,2/-:&;$-#&-#/$,&(<2&',/8$-&%=%-/4&>?0+(&?*,8@9&50+)$'&*28&5,$.*-/&$2%-$-0-$(2%&%055(,-&-#/4&5,(.$8$21&%/,.$'/%9&4/*)%9&-$'A/-%&-(&'(2'/,-&#(0%/%&/-':B&>C/4(%&/-&*)9&DEEFGHI@:

<&*0'/()8.0+4)"%)'-+)+1!-.%2+)"3)5"/$%'.*(),"*=)3"*)#$0&!)*+!"*4&%26)*+-+.*0./)*""#)*+%'6)"*)8.%4)#.*=+'&%26)'-&0)!$**+%!()8+!.#+).)5+!'"*)"3)/"!./)#$0&!)!$/'$*+)4+5+/">#+%'9)?-+)0.#+)(+.*6).0)'"")#$!-)"3)!$**+%!(),.0)!*+.'+4).%4)%"')+%"$2-)+1!-.%2+46)'-+)&%@/.'&"%)/+4)'")'-+)0(0'+#)!"//.>0+).%4)0-",+4)'-+)%+!+00&'()"3)+1!-.%2+.8/+).!'&5&'&+0)4&5+*0&@&!.'&"%),&'-&%)'-+)!"##$%&'()&%)"*4+*)'")8./.%!+)'-+)#"%+'.*()!*+.'&"%),&'-)&'0)!&*!$/.'&"%9)A+%!+3"*'-6)B:6;;;)7$8")7.*4).*+)&%)!&*!$/.'&"%)&%).)=&%4)"3)C"!./)D1!-.%2+)?*.4&%2)E(0'+#6)&%!/$4&%2)%"')"%/()&%4+>+%4+%')#$0&!)3+0'&5./0)8$')./0")*+0'.$*.%'6)-"'+/6)D%2/&0-)/+00"%06)'.''""06)8""=0F)G%)+/+!'*"%&!)!.*4),&//)8+)/.$%!-+4)&%)H;:;)ID0>.J")7$8"6)H;;KL9

Arassussa: water management against sustainable house barter

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

*+./)G*.00$00.)!$**+%!(6)./0")$0+4).0).)!"##$%&'()!$**+%!()3"*)'-+)+1!-.%2+)"3)/"!./)"*2.%&!).2*&!$/'$*./)>*"4$!'&"%)&%)"*4+*)'")2&5+)4&*+!'&"%0)3"*)-+./'-().%4)%.'$*./)>*"4$!'0)!"%0$#>'&"%)I7U7T6)H;;KL9

The Hub: currency creation as a community animation tool

?-+)A$8)V)ER")U.$/")&0)'-+)%.#+)"3)'-+)%+',"*=6).)>/.!+),-+*+)"%+)#++')>+">/+)3*"#)!&5&/6)>$8/&!).%4)>*&5.'+)"*2.%&W.'&"%0),-"),.%')'")!-.%2+)'-+)0"!&+'()3"*).)8+''+*),"*/49)G0)'-+)-+.*')"3)'-&0)0'*$!'$*+)&0)'-+)!"">+*.'&"%6)!"//.8"*.'&"%).%4)0-.*&%26)'-+)&4+.)"3).)!"##$%&'()!$**+%!()'")!"%%+!')'-+)#+#8+*0).>>+.*0)&%)H;;K).%4),&//)8+)&%'*"4$!+4)&%)H;:;)8()7+/0")E+=&2$!-&6)O.*&.%.)X&!"//+''&).%4)X.*Y.*.)?-.#&W9)Z%'&/)%",6)'-+)!"%!+>')&0)8.0+4)"%)5.*&"$0)0(0'+#0),&'-)4&33+*+%')!-.//+%2+0[).),++=/()8.*'+*)3.&*)8+',++%)#+#8+*06).)/"!./)!$**+%!()3"*)+1'+*%./)'*.%0.!'&"%),&'-)0>+!&./)4&0!"$%'6).)>+*#.%+%')0+*5&!+)+1!-.%2+)0(0'+#6).%4).%)+#+*2+%!()%")!-.*2+)#&!*"!*+4&')3$%4)$0+4)3"*)'-+)#+#8+*0)&%)/"!./)!$**+%!(6)%.'&"%./)!$**+%!(6)"*),"*=&%2)-"$*09)?-+)>$*>"0+)&0)'")!*+.'+).%)+!"%"#&!)!$/'$*+)"3).8$%4.%!+6),&'-).)>"00&8/+)!"//.8"*.'&"%)"3)'-+)M%0'&'$'")M%"5.#+%'+).%4)'-+)M%0'&'$'")D/"06)'-*"$2-).)0"!&./)%+',"*=),&'-).8"$')\;)>.*'&!&>.%'0)&%0&4+).%4)"$'0&4+)?-+)A$8)I?-+)A$86)H;:;L9

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`)a&5+*+'6)H;;HL9)

“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.”

l!"#$%&'#$()**+,&-.$(+//#,(.$0.0-#*0$1#-2&3#1$

24)'#$2/#$52/-$)6$2$7&1#/$%&#31$)6$23-#/,2-&'#$

&,0-&-+-&),0$)6$#8("2,9#$&,(3+1&,9$0#/'&(#$

#8("2,9#$42/-#/&,9:$9))10$42/-#/$*2/;#-:$2,1$

4));$42,;0<$!"#0#$/#(#,-$9/200/))-0$

&,,)'2-&),0$0")+31$9&'#$+0$-"#$")5#$)6$6+-+/#$

5/)9/#00$&,$-"&0$%&#31$,)-$),3.$&,$=/2>&3$4+-$230)$

&,$?2-&,$@*#/&(2<$A)*53#*#,-2/.$()**+,&-.$

(+//#,(.$0.0-#*0$2/#$),3.$2$-))3:$2$*#2,:$2$

*)123&-.$-)$/#2("$2,$#,1:$2$'&0&),:$2$3),9B-#/*$

0-/2-#9.<$A),0#C+#,-3.:$&,,)'2-&),0$*+0-$4#$

*21#$),$4)-"$)5#,:$53+/23$2,1$0+6%&(&#,-$

(+//#,(.$-))30D$2,1$&-0$200)(&2-#1$'&0&),$-)$

/#2("$2$0)(&#-.$)6$1#*)(/2(.:$0+0-2&,24&3&-.:$

5/)05#/&-.$-"/)+9"$2$0)3&12/&-.$2,1$#()3)9&(23$

#(),)*.<$!"#$4&99#0-$("233#,9#$&0$,)$*)/#$&,$

-"#$6/##$2,1$#20.$2((#00$)6$7#23-"$'23+2-&),$

-))30:$4+-$*)/#)'#/$&,$-"#$&,-#9/2-&),$)6$2$

9#,+&,#$93)423$()33#(-&'#$&,-#33&9#,(#$7&-"&,$-"#$

0("#*#$-"/)+9"$2,$#-"&(23$3#21#/0"&5$2,1$

9)'#/,2,(#<

Conclusion

=/2>&3$&0:$(+//#,-3.:$2$0&9,&%&(2,-$0&-#$&,$-"#$%&#31$

)6$()**+,&-.$(+//#,(.$&,$?2-&,$@*#/&(2<$!"#$

320-$1#(21#:$2,1$#05#(&233.$-"#$.#2/0$)6$EFFG$

2,1$EFHF$"2'#$4/)+9"-$2$/#23$#')3+-&),$&,$&-0$

(),0&1#/2-&),$20$2$0-/),9$0)(&)B-#(",&(23$

&,,)'2-&),$6)/$#(),)*&($&,(3+0&),$)6$

()**+,&-.$-"/)+9"$*),#-2/.$2+-")/&-.$2,1$

2+-),)*.<$I,1##1:$7#$J+0-$2,23.0#1$2$"&9"$

1#'#3)5*#,-$&,$-"#$320-$1#(21#$-"/)+9"$'2/&)+0$

&,,)'2-&'#$0("#*#0$2,1$-"#$2((#5-2,(#$)6$2,$

#8#*532/.$*)1#3$)6$()**+,&-.$42,;$7&-"$&-0$

0)(&23$(+//#,(.<$K'#,$&6$-"#$*2J)/&-.$)6$

()**+,&-.$(+//#,(.$0.0-#*0$2/#$&,$-"#$

,)/-"#/,$2,1$1#'#3)5#1$()+,-/&#0:$?2-&,$

@*#/&(2:$2,1$#05#(&233.$=/2>&3$"2'#$2,$

&*5)/-2,-$#85#/&#,(#$&,$-"&0$%&#31$2,1$2$0-/),9$

5)-#,-&23$6)/$&-0$6+-+/#$5/)9/#00<

L#'#/-"#3#00:$20$()**+,&-.$(+//#,(.$

&,,)'2-&),$2,1$(&/(+32-&),$0-24&3&-.$-)-233.$

1#5#,10$),$2$1#*)(/2-&($*2,29#*#,-$0.0-#*:$

7)+31$-"#$5)00&43#$(),-/)3$)6$-"#$A#,-/23$=2,;$

)6$=/2>&3$%&,233.$1#0-/).$-"&0$(/#2-&'&-.$-"/)+9"$

")*)9#,&02-&),$2,1$0-2,12/1&>2-&),M$N)+31$2$

5+43&($*2,29#*#,-$)6$-"&0$%&#31$"#35:$)/$,)-:$-)$

2("&#'#$#(),)*&($0+0-2&,24&3&-.M$I,1##1$

()**+,&-.$(+//#,(.$0-&33$,##10$2$3)-$)6$

&,,)'2-&),$-)$(/#2-#$2,$#66#(-&'#$0+0-2&,243#$

#(),)*&($2,1$5)3&-&(23$-))3$-"/)+9"$*2-#/&23$

2,1$&**2-#/&23$#8("2,9#$&,(#,-&'#$7&-"$

()**+,&-.$(+//#,(.$(&/(+32-&),$(),-/)3$-"2,;0$

-)$)5#,$/+3#0$9)'#/,2,(#<$@553&#1$/#0#2/("$

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$3)(23$()**+,&-.$5/)J#(-M$

Endnotes

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

"!H5%*1!IG!,%--'#./0!2)#C*!&%#J/!(1>(1*1#/!/51!95%41!%=!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')()@

#!BX!;7+777+777+!.#!/51!K()L.4.)#!#)/.%#)4!-%#10+!.*!1W')4!/%!G:+:::+:::!Y!9./5!)#!1M,5)#31!()/1!%=!6@6I@

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

%!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)/!*%,.)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*!

950!%>1()/%(*!%=!*%,.)4!,'((1#,0!*0*/1-*!/5)/!1#3)31!.#!),/.?./.1*!/5)/!)(1!(1*1(?1&!=%(!2)#C.#3!)#&!Z.#)#,.)4!.#*/./'/.%#*!)(1!*'2D1,/!/%!>(1?1#/.?1!)#&!>'#./.?1!,%#/(%4+!1M1(,.*1&!20!/51!A1#/()4!K)#C@!"#&11&+!/51!,%#/(),/')4!,4)'*1*!/5)/!,%#*/./'/1!/51!413)4!=()-19%(C*!/5)/!'#&1(>.#!/51!?)(.%'*!/0>1*!%=!*%,.)4!,'((1#,0!*0*/1-*+!)*.&1!=(%-!&1/1(-.#.#3!4%3.*/.,)4!)#&!%>1()/.%#)4!)*>1,/*!%=!/51!='#,/.%#.#3!%=!*%,.)4!,'((1#,0!*0*/1-*+!)4*%!*1(?1!/%!&1/1(-.#1!/51!,'((1#,0!,0,41!],(1)/.%#+!&.*/(.2'/.%#+!.**'.#3+!)#&!(1&1->/.%#!%=!*%,.)4!,'((1#,0^!)#&!/%!&1Z.#1!/51!413)4!)#&!(13'4)/%(0!=()-19%(C!)>>4.,)241!/%!/51!*>1,.Z.,!*0*/1-!.#!W'1*/.%#@

)*BX!I88+777+!.#!/51!K()L.4.)#!#)/.%#)4!-%#10+!.*!1W')4!/%!6_G+EEE!Y!9./5!)#!1M,5)#31!()/1!%=!6@6I@

!+!H51!34%2)4!,'4/'()4!#1/9%(C!,%##1M.%#+!%(!A'.(,'./%!U%()!&%!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)(&@!

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

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@

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4"#("#&U8"6%8&Z8%B5$B#>5%&*+,,-./&05B(8>&#B5$5Je&8$7&B#$9"8>&?8$)%T&>#;8>&8$7&"#;6>895"e&(%%6#%&5$&%5B(8>&B6""#$B(#%&*%5B(8>&J5$#e.&8%&8&N6?>(B&N5>(Be&($%9"6J#$9&B5$%(%9#$9&A(9E&J5$#98"e&N5>(Be/&R5"A(BET&S$9#"$89(5$8>&f56"$8>&5H&D5JJ6$(9e&D6""#$Be&2#%#8"BE&Z5>&F[&NN/ghY-\/

i"#B5&1E5J8%&O/&f"/&*+,,-./&1E#&#$7&5H&J5$#e&8$7&9E#&H696"#&5H&B(=(>(P89(5$/&Z#"J5$9T&DE#>%#8&;"##$&N6?>(%E($;&B5JN8$e/

f8B)%5$&1(J&*+,,-./&K"5%N#"(9e&A(9E569&;"5A9Ej&1E#&9"8$%(9(5$&95&8&%6%98($8?>#&#B5$5Je/&06%98($8?>#&I#=#>5NJ#$9&D5JJ(%%(5$:&Q5$75$/

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Introduction

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The Founding Principles and Organisational Structures

!"#$P.12/$31.-*.3&<$4.))#1#-*#$/"&/$%#$(72#1'#4$.2$.-$/"#.1$)(,-4.-C$31.-*.3<#2$&-4$(1C&-.2&/.(-&<$2/1,*/,1#A$D2$&$2#<)^31(*<&.+#4$2(*.&<$#*(-(+0$.-./.&/.'#8$<ED**(14#1.#$&//#+3/2$/($&<<#'.&/#$3('#1/0$&-4$2(*.&<$#R*<,2.(-$C,.4#4$70$/"#$31.-*.3<#$()$#*(-(+.*$.-4#3#-4#-*#$:;.<(4#&,$_$F#$;(22H$=>>X@`$%".<#$IJK$.2$+(1#$&$C1&221((/2$.-./.&/.'#$7&2#4$(-$'(<,-/##1$

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

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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

www.ijccr.net

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If we were to caricaturise, we might say that one currency tries to work from within the system while the other tries to operate outside of the system.

!"#$%#&'()$!"*!$+#$,(--#,!#)$(.&$)*!*/$012$.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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

The Medium of Exchange

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

L’Accorderie JEU

Founded 2002 1998

Part of a larger network

Yes 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 No

Microcredit Yes No

Social activities Regular, Monthly Sporadic

Activity rooms Yes No

Buyer’s group Yes No

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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

S(%/2*-+<$.($'&.$)=&)$-56%%/#*(#1($&2*$789$*/$2/)$"'($)=($'&A($A(*1"A$/3$(C%=&2>(T$)=($3/#A(#$1'$4&'(*$/2$)1A($.=1-($)=($-&))(#$1'$4&'(*$/2$&2$&#41)#&#+$0/12)$'+')(A:$U('01)($/3$)=1'<$4/)=$&#($'1A1-&#$12$)=($'(2'($)=&)$)=(+$&))(A0)$)/$#&)1/2&-1'($,&-"('$/3$(%/2/A1%$'/-1*&#1)+$12$)=(1#$(C%=&2>($.=1%=$A&+$4($

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

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

/#,(*)#"(+%&'()',-%'6*/4#"'%$*)*457'81/'/%+1",+'+199%+,',-#,'()&(0(&1#"+'2-*'#&-%/%',*',-%'0#"1%+'*6'+*"(&#/(,5'#)&'$**!%/#,(*)'#/%'4*/%'"(:%"5',*'.%$*4%'4%4.%/+'*6'$*441)(,5'$1//%)$5'+5+,%4+'#)&',*'/%4#()'#$,(0%7'

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

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

Endnotes

!'@-%')#4%'(+'#')%*"*9(+4'2-($-'+,%4+'6/*4'#$$*/&='4%#)()9'&%#"7'@-%'"(,%/#/5',/#)+"#,(*)'*6'">?$$*/&%/(%'2*1"&'.%'T@-%'U%#"%/(%V='#'!"#$%'2-%/%'&%#"+'#/%'4#&%7

"'@/*(+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

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Introduction

!"#$%&'(&)*$&'#+,-(),./).,-0&+-/)",&$#(.,'#1&2'3'('"#&"+&)*$&0-4".,&5')*'#&)*$&/"66.#')%7&')&$#-40$(&$8/*-#1$&"+&'#+",6-)'"#9&$#$,1%9&($,3'/$&-#2&6-)$,'-0&4$)5$$#&)*$&:-,)'/':-#)(&"+&)*$&-/)'3')%&),-2$;<&=)&(*".02&#")&,.0$9&4.)&($,3$&)*$&/')'>$#(&-#2&/"66.#')%9&("&')&'(&-#&'6:",)-#)&:-,)&"+&)*$&/"66"#&:,":$,)%<&?*-)&6$-#(9&)*-)&)*$&6"#$%&(%()$69&-(&/"66"#&:,":$,)%&(*".02&($,3$&)*$&/"":$,-)'"#&5')*'#&)*$&0"/-00%&",1-#'>$2&-#2&#-).,-0&",2$,&$3"03$2&/"66.#')%<&&

Historical background

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Kékfrank to boost the resilience of localityZsuzsanna Eszter Szalay

Covinus University of Budapest Department of Business Economics

zsuzsanna.szalay@uni-corvinus.hu

Abstract

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

www.ijccr.net

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The first idea

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The innovation: Kékfrank introduced by European Cooperative Society

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The appearance of a new form of enterprise, the European Cooperative Society - abbreviated as SCE (EC, 2003), based on the Latin Societas Cooperativa Europae - was an important prerequisite to the introduction of the Kékfrank.

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Summary: what has been done and future goals

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k Acknowledgements

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Endnotes

!$5,$4;$(0*,*(,<$2(44&,*';$2&))#,2;$*+$'"#$*1#%/$.()4$(.$2(40/#4#,'%);$2&))#,2;<$%++&4*,3$'"%'$%//$.&,1%4#,'%/$,##1+$2%,$=#$4#'$=;$*':

References

>?@>.A*2*%/$?(&),%/$(.$'"#$B&)(0#%,$C,*(,$D$B&)(0#%,$E%)/*%4#,'$%,1$F(&,2*/$G#3&/%'*(,$HBFI$8($JKLM@NOOL$(.$NN$?&/;$NOOL$(,$'"#$P'%'&'#$.()$%$B&)(0#%,$F((0#)%'*6#$P(2*#';$HPFBI$"''0Q@@#&)D/#R:#&)(0%:#&@S#RC)*P#)6@S#RC)*P#)6:1(T&)*U>?QSQNOOLQNOVQOOOJQOONKQB8QEWX

>?@>.A*2*%/$?(&),%/$(.$'"#$B&)(0#%,$C,*(,$D$B&)(0#%,$E%)/*%4#,'$%,1$F(&,2*/$W*)#2'*6#$NOOV@YK@BF$(,$0%;4#,'$+#)6*2#+$*,$'"#$*,'#),%'*(,%/$4%)-#'Z$HE%;4#,'$P#)6*2#$W*)#2'*6#$IQ$"''0Q@@#&)D/#R:#&)(0%:#&@S#RC)*P#)6@S#RC)*P#)6:1(T&)*U>?QSQNOOVQLJ[QOOOJQOOLYQB8QEWX

NOOV@YK@BF$W*)#2'*6#$(.$'"#$B&)(0#%,$E%)/*%4#,'$%,1$F(&,2*/$"''0Q@@#&)D/#R:#&)(0%:#&@S#RC)*P#)6@S#RC)*P#)6:1(T&)*U>?QSQNOOVQLJ[QOOOJQOOLYQ\CQEWX$

]#+#//<$P*/6*($HJ[OYIQ$!"#$8%'&)%/$B2(,(4*2$>)1#)<$^#)/*,:$"''0Q@@%00)(0)*%'#D#2(,(4*2+:()3@#=((-+@,#(@,#(N:"'4<$0&=/*+"#1$*,$\&,3%)*%,$NOOK:

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d()'#,<$W%6*1$HNOO[IQ$_3#,1%$.()$%$8#e$B2(,(4;<$^#))#''Dd("/#)<$NOO[:

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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.$$

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E#)-(67'b<$!%47+$HNOJOIQ$F(40/#4#,'%);$2&))#,2;$%,1$'"#$+'*4&/%'*(,$(.$/(2%/$#2(,(4;$HE)#+#,'%'*(,$3*6#,$*,$P(0)(,$(,$NV'"$`%;$NOJOI$"''0Q@@-#-.)%,-:"&@/#'(/'#+@0#)-(6%'bg'%4%+g-(b3%b1%+bg-/&=:"'4/$%,1$"''0Q@@-#-.)%,-:"&@/#'(/'#+@A*b#'(g#+b-(b&,-g%g-#-.)%,-:01.

G(=#)'+(,<$?%4#+$HNOO[IQ$`(,#;$i%/&#+$%,1$B'"*2%/$i%/&#+:$F&)*,3$'"#$`*+4%'2"$^#'e##,$!"#4:$5,Q$S%+b/($q+(/,%*$H#1I<$B'"*2%/$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.

Pb%/%;<$q+&b+%,,%$HNOOkIQ$!"#$G#6(/&'*(,$(.$]#,'/#$`(,#;<$c()-*,3$E%0#)<$\C$5PP8$JVkYDLOLJ<$F()6*,&+$C,*6#)+*';$(.$^&1%0#+'<$5,+'*'&'#$(.$^&+*,#++$B2(,(4*2+<$"''0Q@@#1(-:/*=:&,*D2()6*,&+:"&@NkK@J@Pb%/%;[L:01.$

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Websites:

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"''0Q@@eee:2(40/#4#,'%);2&))#,2;:()3@

"''0Q@@eee:&#%:%2:&-@#,6@*f22)@

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"''0Q@@"#/;*0#,b:/*,-0%)-:"&@

Introduction

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-)2',*%'+&"$/)()0&"*(,"/)(+%'53+$"+);*%,-"

-3-+*'(*52$",$#$2)10$(+<"=4$">?@"'-"+4$"%$-32+"

):"*("'(:)%0*2";)%A'(.".%)31";4)"'("BCCD"

$E*0'($,+4$",'::$%$(+"0),$2-"):"$E'-+'(."

/)012$0$(+*%&"/3%%$(/'$-"-/4$0$-"'("+4$"

;)%2,<"F+"*'0-"+)"5)+4"'(+%),3/$"*"($;"/)(/$1+"

):";$*2+4"()+"$E/23-'#$2&"5*-$,")("0)($&"*(,"

+)":)-+$%"+4$"-)/'*2"$/)()0&")%"+4'%,"-$/+)%<"

Three types of SOL

=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%(<"

1. Co-operation SOL

=4$"O/)P)1$%*+')(">?@Q"'-"*"2)&*2+&"$P/*%,"

/%$*+$,"+)"1%)0)+$"+4$"-)/'*2"$/)()0&"

*/+'#'+'$-"*(,"%$-1)(-'52$"/)(-301+')(<"=4$"

/3%%$(/&"3('+"'-"'("R3%)-"IB"S"T"B8">?@N<"=4$"

/3%%$(/&"'-"2'(A$,"+)"+4$"R3%)"()+")(2&"+)"*#)',"

1%)52$0-"):"/)(#$%-')(";'+4"+'0$P5*-$,"

-/4$0$-"53+"*2-)"'(G2*+')(<">?@"'-"5*/A$,"5&"

R3%)"'(")%,$%"+)"-*:$.3*%,">?@U-"/3%%$(/&<"V3+"

+4'-"-$/3%'+&"'("R3%)"'-"2'0'+$,"5$/*3-$"*"

O-)2'-+QB"/*(()+"/)(#$%+">?@"'("R3%)<"!("

)%.*('W*+')("):"-)/'*2"$/)()0&"/*(".'#$">?@"

1)'(+-"+)"*"O-)2'-+QL";4)"/*("3-$"+4$0"*(&;4$%$"

'("+4$">?@"($+;)%AL"'<$<"'("*22")%.*('W*+')(-"):"

-)/'*2"$/)()0&";4'/4"1*%+'/'1*+$"+)">?@<"=4$"

>?@"1)'(+-"5$*%"O,$03%%*.$QX"+4$"O-)2'-+Q";4)"

,)$-"()+"3-$"4'-">?@"2)-$-"+4$0".%*,3*22&L"

;4'/4"$(/)3%*.$-"+4$"O-)2'-+Q"+)"-1$(,"+4$0"

'(-+$*,"):"-*#'(."+4$0<"=4$"/*(/$22$,">?@"

1)'(+-"*%$"'(#$-+$,"'("*"03+3*2":3(,L"0*(*.$,"

5&"*22"+4$"O-)2'-+-Q"+)"-311)%+"-)/'*2"$/)()0&"

1%)Y$/+-<"=4$"*'0"):"O,$03%%*.$Q"'-"+)"'(/%$*-$"

+4$"/'%/32*+')("#$2)/'+&"):">?@L":)-+$%"$E/4*(.$-"

*(,"*#)',"-*#'(.-"*//)%,'(."+)">'2#')"Z$-$22"

IBC[DN<

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

University of Lyon 2, Institut des Sciences de l’Homme

marie.fare@univ-lyon2.fr

www.ijccr.net

Abstract

=4'-"1*1$%"%$#'$;-"$E1$%'$(/$";'+4"=4$">?@L"*"#$%& "'(()#*+'#$" *(,"'(+$%$-+'(." /)012$0$(+*%&"

/3%%$(/&" -/4$0$" ;4'/4" 4*-" 5$$(" +$-+$," '(" 6%*(/$" -'(/$" 7889<" F+" *'0-" +)" /)(+%'53+$" +)" +4$"

,$#$2)10$(+" ):" +4$" -)/'*2" *(," -)2',*%'+&" $/)()0&L" *(," /)(+%'53+$" +);*%,-" -3-+*'(*52$"

,$#$2)10$(+<" =4$" >?@" '-" +4$" %$-32+" ):" *(" '(:)%0*2" ;)%A'(." .%)31";4)" '("BCCD" $E*0'($,+4$"

,'::$%$(+"0),$2-"):" $E'-+'(." /)012$0$(+*%&"/3%%$(/'$-" -/4$0$-" '(" +4$" ;)%2,<"F+"*'0-" +)" 5)+4"

'(+%),3/$" *" ($;" /)(/$1+" ):";$*2+4" ()+" $E/23-'#$2& "5*-$," )("0)($&" *(," +)" :)-+$%" +4$" -)/'*2"

$/)()0&" )%" +4'%," -$/+)%<" =4%$$" ,'::$%$(+" +&1$-" ):" >?@" *%$" ,$-/%'5$,X" \)P)1$%*+')(" >?@L"

\)00'+0$(+" >?@L"*(,"J$,'/*+$,">?@L" *(," +4$"1*1$%"%$G2$/+-" )(" +4$" /3%%$(/&U-" -+%$(.+4-"*(,"

;$*A($--$-L"*(,",$#$2)10$(+*2"'--3$-":)%"+4$":3+3%$<

2. Commitment SOL

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

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

!"#$,-.$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'37CY01C7#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?$

@_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$M]h]P?$

L “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.”

L ! "#$%&'(%)*+$,-'(%./$0%1,23',%340$,53$,64+.$%,'7,%'-)4+,$-'('/8,4(9,%.%54)(4*+$,9$6$+'&/$(5,4(9,346$,4,%.%54)(4*+$,*$346)'.0:,

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`%1,#a],/4(4K$0,4(9,ABC,-'Z'09)(45'0@,'($,'7,53$,9)7b)-.+5)$%,)%,5',$O&+4)(,53$,-'/&+$O)58,4(9,)(('645)'(,'7,53$,ABC,%-3$/$:,T'0,$O4/&+$@,53$,)9$4,'7,-'/*)()(K,4,-'Z'&$045)'(,ABC,R)(,U.0'%S,4(9,4,-'//)5/$(5,ABC,R*4%$9,'(,5)/$S,24%,('5,4(,$4%8,54%G,7'0,53$,&0'_$-5,4-5'0%,5',.(9$0%54(9:,X$%)9$%@,53$,-'//.()-45)'(,-4/&4)K(,0$D.)0$%,7.(9%:,N5,)%,9)7b)-.+5,5',46')9,'($,'53$0,$+$/$(5:,ABC,%-3$/$,0$D.)0$%,$+$-50'()-,5$-3('+'K8@,4%,&')(5Z'7Z%4+$,R[BAS,%-3$/$@,-3)&%,-409%,4(9,*4-GZ'7b)-$@,23)-3,('5,'(+8,0$D.$%5,b)(4(-)4+,)(6$%5/$(5,4(9,5$-3('+'K)-4+,G('2Z3'2,*.5,4+%',($$9%,5',$9.-45$,.%$0%:,F3)%,+$6$+,'7,-'/&+$O)58,4(9,b)(4(-)4+,4%&$-5,/)K35,*$,4,%50'(K,*400)$0,7'0,53$,9$6$+'&/$(5,4(9,0$&0'9.-5)'(,'7,53$,ABC,%-3$/$:,

Issues of SOL development

B($,'7,53$,/4_'0,&')(5%,'7,)(5$0$%5,4*'.5,ABC,)%,5345,)5,-'/*)($%,%$6$04+,'6$04++,'*_$-5)6$%,2)53,530$$,9)/$(%)'(%,)(-+.9)(K,53$)0,'2(,9)77$0$(5,K'4+%,RT40$@,<==HS:,N(,74-5@,)5,-'/*)($%,530$$,-'/&+$/$(5408,-.00$(-)$%,%-3$/$%,)(,4,%)(K+$,%-3$/$c,4,+'84+58,-409,&0'6)9)(K,4,&.0-34%)(K,&'2$0@,4,5)/$,$O-34(K$,%-3$/$,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,($52'0G,4(9,)5%,4-5)6)5)$%:,X$%)9$%,53)%@,)5,&0'/'5$%,-'(%./$0,0$%&'(%)*)+)58,)(,7'%5$0)(K,+'-4+,4(9,%.%54)(4*+$,-'(%./&5)'(,R4,9$b)($9,*04(9,4(9,4,-3405$0S@,%.-3,4%,74)0,4K0)-.+5.0$@,74)0,5049$@,K''9%,4(9,%$06)-$%,&0'9.-$9,*8,+'-4+,'0K4()L45)'(%@,&.*+)-,%$06)-$%:,A$-'(9+8@,)5,455$/&5%,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$,/'0$,

-'(%)%5$(5,&04-5)-$%,2)53,53$,&0)(-)&+$%,'7,%.%54)(4*+$,9$6$+'&/$(5,*8,%5)/.+45)(K,0$%&'(%)*+$,-'(%./&5)'(:,T'0,$O4/&+$,)5,7'%5$0%,53$,9$-0$4%$,'7,$/)%%)'(%,'7,K0$$(3'.%$,K4%,$/)%%)'(%,0$+45$9,5',504(%&'05,530'.K3,53$,9$6$+'&/$(5,'7,+'-4+,&0'9.-5)'(@,4+%',530'.K3,53$,&0'/'5)'(,'7,+'-4+,&0'9.-5%@,'0K4()-,'0,('5:,ABC,)%,)(,+)($,2)53,"&'+)5)-4+,-'(%./$0)%/`%1,'*_$-5)6$%,23)-3,")%,53$,-3')-$,'7,&0'9.-$0%,4(9,&0'9.-5%,2)53,53$,4)/,'7,-34(K)(K,$53)-4++8,'0,&'+)5)-4++8,'*_$-5)'(4*+$,)(%5)5.5)'(4+,'0,/40G$5,&04-5)-$%:,F3$)0,-3')-$%,40$,)(7'0/$9,*8,455)5.9$%,4(9,64+.$%,0$K409)(K,)%%.$%,'7,_.%5)-$@,74)0($%%@,('(Z$-'('/)-,)%%.$%,5345,-'(-$0(,&$0%'(4+,4(9,74/)+8,2$++Z*$)(K@,4(9,$53)-4+,'0,&'+)5)-4+,4%%$%%/$(5,'7,746'04*+$,4(9,.(746'04*+$,*.%)($%%,4(9,K'6$0(/$(5,&04-5)-$1,Rd)-3$+$55)@,<==JS:,ABC,-4(,*$,.%$9,4%,4(,)(-$(5)6$,5',$(-'.04K$,53$,49'&5)'(,'7,4,-$054)(,58&$,'7,*$346)'.0@,3$0$@,/'0$,0$%&'(%)*+$,*$346)'.0,+)G$,%.%54)(4*+$,-'(%./&5)'(,RT40$@,<==>S:

F3$,%50$(K53,'7,ABC,)%,53$,%8($0K8,&0'9.-$9,*8,53$,/.+5)&+$%,4-5'0%:,X.5,)5,0$D.)0$%,*'53,)(-0$4%)(K,53$,9)6$0%)58,'7,*.%)($%%$%,'7,%'-)4+,$-'('/8,4(9,53$,/$/*$0%3)&,*4%$,7'0,2)9$()(K,53$,04(K$,'7,464)+4*+$,K''9%,4(9,%$06)-$%,4(9,53$,&0'6)%)'(,'7,7.(9%:,

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L Endnotes

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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! 5̀!*.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!`*-'$!++5deO>^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!`?;&'$0'.@I!a,$(+%-(!

Introduction

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

The Transition Network

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;(#$;,5"*+'+%"$)%/#)#"'$+*$(+-(06$.#4#"',50+*#.$5".$"%"I(+#,5,4(+450$+"$*',74'7,#$5".$470'7,#>$$E4(#)#*$5,#$50)%*'$500$"%'I&%,I1,%M+'$5".$)5+"06$.#1#".#"'$%"$/%07"'##,$

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

new economics foundation

josh.ryan-collins@new-economics.org

Abstract

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

www.ijccr.net

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

!"#$%&##&#'()*'+*$%',)&'-,.*"/'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,&#,'%&(#<

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

Theoretical Roots

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

E)&'&1*%*:$1'3.6":&%,#'7*.',)&'E.3%#$,$*%'1"..&%1$&#'3.&'*7,&%'+"#,$U$&/'!9'.&7&.&%1&',*',)&'$/&3'*7',)&'S8*138':"8,$28$&.;<''E)$#'$/&3'$#'!3#&/'"2*%'K$1)3./'Y3)%;#'C3%/'83,&.'Y&9%&#;D'%*,$*%'*7',)&'#2&%/$%6':"8,$28$&.'&77&1,'3,',)&'%3,$*%38'8&4&8'*7',)&'&1*%*:95'()&.&!9'3%'$%1.&3#&'$%'6*4&.%:&%,'#2&%/$%65'$7',.3%#83,&/'$%',*')$6)&.'8&4&8#'*7'1*%#":2,$*%'!9'$%/$4$/"38#5'13%')34&'3'2.*2*.,$*%3,&89'6.&3,&.'

&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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

I*88*($%6',)$#'8$%&'*7'3.6":&%,5',)&'E.3%#$,$*%'1"..&%1$&#'13%'!&'#&&%'3#'2.*:*,$%6',)&'S:&/$":'*7'&?1)3%6&;'7"%1,$*%'*7':*%&9'3,',)&'&?2&%#&'*7',)&'S#,*.&'*7'438"&;'7"%1,$*%<''E)&',&%#$*%'!&,(&&%',)&'#"11&##7"8'7"8U$8:&%,'*7',)&#&',(*'7"%1,$*%#'*7':*%&9'($,)$%'3'#$%68&'"%$,'*7'311*"%,'C,)&',)$./'7"%1,$*%D'$#'($/&89'#&&%'3:*%6#,':*%&,3.9',)&*.$#,#'3#'*%&'*7',)&':3$%'13"#&#'*7'$%#,3!$8$,9'$%',)&':*/&.%'U$3,X!3#&/':*%&,3.9'#9#,&:'CH*//'LMM]O'H*",)(3$,&'LMMMD<'

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&',)&'

Launch £ 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 37 20,000

Brixton September 2009 30,000 140 65,000

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

!"#$%"&#'()'*!+,%-",'./+&0+'"&'123345''6$+'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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

N(-'<0@"&+@@+@='%$+';:"&'+,(&(;",'"&,+&%"/+')(-':,,+A%"&#'%$+',0--+&,C'"@'%$+')-++';:-H+%"&#'>$",$'"%'"@'$(A+8'>"!!'!+:8'%(':&'"&,-+:@+'"&')((%):!!5''D(>+/+-='

")'%$+';:"&'0@+-@'()'%$+',0--+&,C':-+',0@%(;+-@'>$(':!-+:8C'$(!8'%$+'/:!0+@':8/(,:%+8'<C'%$+'@,$+;+='<0@"&+@@+@';:C')++!'%$+'"&,-+:@+8')((%):!!'+))+,%'"@'&+#!"#"<!+5'O''

6$+',(@%'%('<0@"&+@@+@'()'8+:!"&#'>"%$'%>(',0--+&,"+@'"@':!@(':-#0:<!C'#-+:%+-'%$:&')(-',(&@0;+-@5''90@"&+@@+@',:&&(%=':%'A-+@+&%='<:&H'%$+'!(,:!',0--+&,"+@='$+&,+'%$+C';0@%'@A+&8'%$+',0--+&,C'(&'@0AA!"+@='())+-'"%':@'A:C;+&%'%('@%:))='#"/+'"%':@',$:&#+'(-'0@+'"%'A+-@(&:!!C'")'%$+C':-+'%('H++A'"%'"&',"-,0!:%"(&5''P$"!@%'%$"@',(0!8'<+'@++&':@':8/:&%:#+'"&'%+-;@'()'%$+'#(:!@'()'%$+'@,$+;+'%('+&,(0-:#+'!(,:!',"-,0!:%"(&'()';(&+C='@(;+'()'%$+'%-:&@"%"(&'@,$+;+@'$:/+'$:8'+?A+-"+&,+'()'<0@"&+@@+@'!+:/"&#'%$+'@,$+;+'<+,:0@+'%$+C':-+'0&:<!+'%('@A+&8'%$+',0--+&,C':&8Q(-'@++',$:&#"&#'"%'<:,H'%('EF'@%+-!"&#':@':K':',(@%':&8'<K'+/"8+&,+'%$:%'%$+'@,$+;+'"@'&(%'>(-H"&#':8+M0:%+!C5

b) Social justice challenges

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

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

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

e) Under-developed banking infrastructure and support

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

‘volunteer fatigue’ remains a major challenge for the Transition currencies given the dependence on unpaid labour for much of the promotional and business engagement work

s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

f) Challenges of scale and demand

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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/;/

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!5 P1%&13);/%.)%.7/%3-**/13,%;4142/;/1.%A)0,%A-&+.%&1.)%.7/%','./;%.)%'-'.4&1%410%0/@/+)(%&.5%%P24&1%.7/%&1.*)0-3.&)1%)<%/+/3.*)1&3%(4,;/1.'%3)-+0%;4B/%.7&'%3)1'&0/*4A+,%/4'&/*%Y%;/*3741.'%410%3-'.);/*'%4*/%Z-&./%-'/0%.)%(4,&12%4%[G%.*41'43.&)1%<//%<)*%-'&12%3*/0&.%34*0'%<)*%/D4;(+/5

[5 67/%&1@)+@/;/1.%)<%4%E&1413&4+%&1<*4'.*-3.-*/%A)0,%)<%');/%B&10%.)%4++)?%-'/*'%410%A-'&1/''/'%.)%7)+0%.*41'&.&)1%3-**/13,%A41B%433)-1.'%410%3)10-3.%;-37%)<%.7/%40;&1&'.*4.&)1%410%*/3)13&+&4.&)1%?)*B%&1@)+@/0%&1%;4142&12%4%3-**/13,%'37/;/5

\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

F5 67/%&1.*)0-3.&)1%)<%');/%<)*;%)<%C-'&1/''S.)SA-'&1/''%;-.-4+%3*/0&.%.*40&12%','./;%)*%3);;/*3&4+%A4*./*%','./;%.)%&13/1.&@&'/%A-'&1/''/'%?7)%4*/%&1@)+@/0%&1%.7/%'37/;/%.)%.*40/%?&.7%/437%).7/*%410%.)%2&@/%.7/;%400&.&)14+>%1)1S&1./*/'.%A/4*&12%3*/0&.%+&1/'5%67&'%'7)-+0%4+')%&13/1.&@&'/%;)*/%+)34+%')-*3&12%)<%2))0'%410%'/*@&3/'%410%&13*/4'/%*/2&)14+%/3)1);&3%*/'&+&/13/%Y%'.-0&/'%'-22/'.%.7/%:?&''%]MI%;-.-4+%3*/0&.%'37/;/%74'%3)-1./*S3,3+&34+%(*)(/*.&/'>%<)*%/D4;(+/%K:.)00/*%!""F$5%

^5 67/%()''&A&+&.,%)<%&1./2*4.&12%')3&4+%3-**/13&/'%Y%'-37%4'%.&;/%A41B&12%)*%O=6:%Y%&1%.)%.7/%74*0%3-**/13,%;)0/+'>%.4((&12%&1%.)%(/)(+/J'%-10/*-.&+&_/0%'B&++'%410%4A&+&.&/'

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

s Endnotes

!!"#$%&'$!()*+$,-%(+)!-.+#%!%&'!','$/')0'!+*!%&'!1$-)2(%(+)!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-<!2&+?2!-$'!0<+2()/!'-0&!>'-$!Q!2''!1$-4'!;+0-<!=-)(*'2%+9!&%%?FGG@@@E*2.E+$/E#8G4'*-#<%E-2?RS(4TCU<+0T8''?%$-4'<+0-<E!!V'2?(%'!%&(29!2,-<<!.#2()'22'2!-00+#)%!*+$!%&'!,-W+$(%>!+*!?$(X-%'!2'0%+$!W+.2!()!%&'!YZF![\EB]!()!BCC^9!-$+#)4!D_E[!,(<<(+)!W+.2!+X'$-<<

$!6E.E!%&(2!`(/#$'!(2!%&'!-,+#)%!+*!0#$$')0>!-0%#-<<>!()!0($0#<-%(+)!$-%&'$!%&-)!%&'!%+%-<!-,+#)%!+*!)+%'2!(22#'4E

%!a%!2&+#<4!.'!)+%'4!%&-%!-00#$-%'!4-%-!+)!%&'!(,?-0%!+*!1$-)2(%(+)!3#$$')0('2!(2!<(,(%'4!-2!%&'$'!&-2!.'')!X'$>!*'@!$+.#2%!',?($(0-<!2%#4('2!+*!%&'!20&','2E!!

&!O!$'0')%!2%#4>!+*!%&'!;'@'2!5+#)4!*+#)4!%&-%!^C]!+*!%$-4'$2!*'<%!%&'!20&','!&-4!,-4'!<(%%<'!4(**'$')0'!%+!*++%*-<<E!P''!K$-#/-$49!A9!JBCC\N!:O!,(R'4b,'%&+4!0-2'!2%#4>!+*!%&'!;'@'2!5+#)4!-)4!(%2!0-?-0(%>!%+!.#(<4!$'2(<(')0'!()!%&'!0+,,#)(%>!+*!;'@'279!#)?#.<(2&'4!=O!%&'2(29!Y)(X'$2(%>!+*!c-2%!O)/<(-E

^!1&'!=b?'2-!20&','!()!Z')>-!-<<+@2!`()-)0(-<!?->,')%2!#2()/!,+.(<'!?&+)'2!-)4!&-2!&'<?'4!$'X+<#%(+)(d'!%&'!*-$,()/!%$-4'E!!P''!&%%?FGG@@@E2-*-$(0+,E0+E8'G()4'RE?&?S(4T^e[!

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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!

V+#%&@-(%'9!HE9!JD\\\N!1&'!c0+<+/>!+*!=+)'>9!1+%)'2F!K$'')!L++82

K'<<'$(9!3E9!:3&(',/-#'$!H'/(+,+)'>F!1&'+$>!-)4!5$-0%(0'!+*!-!;+0-<!3#$$')0>79!a)%'$)-%(+)-<!A+#$)-<!+*!3+,,#)(%>!3#$$')0>!H'2'-$0&9!j+<!D_!JBCC\N!??E!gDb!^[

K'2'<<9!P(<X(+E!1&'!6-%#$-<!c0+)+,(0!k$4'$9!H'X(2'4!'4(%(+)E!;+)4+)F!5'%'$!k@')9!D\[ME

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!??E!D^_bD\M

Z'>)'29!AE=9!fD\_gh!JBCCMN!1&'!K')'$-<!1&'+$>!+*!c,?<+>,')%9!a)%'$'2%!-)4!=+)'>9!L6!5#.<(2&()/

;'>2&+)9!OE!-)4!P(/)+$'%%-9!5E!JBCCMN!:O<<!/+)'!)+@F!%&'!,-%'$(-<9!4(20#$2(X'!-)4!?+<(%(0-<!'$-2#$'!+*!.-)8!-)4!.#(<4()/!2+0('%>!.$-)0&'2!()!L$(%-()7E!O)%(?+4'9!eCF!^\QDCDE

;('%-'$9!LE9!JBCCDN!1&'!"#%#$'!+*!=+)'>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*G4+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-%(+)!

Introduction

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

Vermont Sustainable Exchange

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A Report from Vermont (USA):The VBSR Marketplace creates mutual credit at statewide levelAmy M. Kirschner

Vermont Sustainable Exchange

amy@changethemarket.com

Abstract

!"#$%&'&()%*($+)#,(*%'-*%(.'/0'1($%'%%&(()%12%&(()%3010'/%+)(*#1%$4$1(3%-25%#-%2&()'1#2-%#-%1"(%

61'1(%27%8()32-19%:1%#$%+'//(*%1"(%8;6<%=')>(1&/'+(%'-*%#$%'-%#--2.'1#.(%&')1-()$"#&%,(15((-%'%

$1'1(5#*(%3(3,()$"#&%'$$2+#'1#2-?%8()32-1%;0$#-($$($%72)%62+#'/%<($&2-$#,#/#14%@8;6<A%'-*%'%

+0))(-+4%*($#B-%'-*%3'-'B(3(-1%2)B'-#C'1#2-?%8()32-1%60$1'#-',/(%DE+"'-B(%@86DA9%!"#$%

&)2F(+1%#$%'%$#B-#G#+'-1%$1(&%72)5')*%#-%1"(%+2330-#14%+0))(-+4%52)/*%'$%#1%3'>($%&')1#+#&'1#2-%

#-%'%3010'/%+)(*#1%$4$1(3%'%3(3,()$"#&%,(-(G#1%72)%,0$#-($$($%1"'1%,(/2-B%12%'-%'/)('*4%(E#$1#-B%

'-*%5(//H($1',/#$"(*%,0$#-($$%'$$2+#'1#2-9

www.ijccr.net

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

Vermont Business for Social Responsibility

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

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

The VBSR Marketplace

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

“...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.”

ce !"#$%&'()$*+(,&%-*.&/$&.0$&01-.-)%,&%-2($,()+*.)-3-/-%4$

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Community Perception

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Sales Process

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Building a Restoration Economy

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A,&0($D,(0-%)9$-5$%6(4$1((%$%6($,(P:-,(1(.%)$*5$%6($8,(0-%$

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,(0:8()$%6($8*)%$*5$3*,,*<-.;@$

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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

!)$;&'#3$)=#-$TU$EHCI$1#1:#-9$"&=#$&2'(=&'#;$'"#(-$&22)8%'$&%;$9'&-'#;$'-&;(%43$-#,-#9#%'(%4$&$1(?$)7$N)8%;#-$&%;$H&9(2$022)8%'9D$M-#1(81$022)8%'9$6(**$%)'$:#$9'&-'#;$8%'(*$&**$VU$,*&2#9$(%$'"#$N)8%;#-$P#=#*$&-#$.(**#;3$6"(2"$(9$&%'(2(,&'#;$:<$'"#$#%;$)7$'"(9$<#&-D$

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

!Figure 1: Photo Courtesy of Vermont Public Radio.

Figure 1: Vermont Public Radio employees at their 2010 listener picnic wearing t-shirts purchased through the VBSR Marketplace

ce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

FSHT%$",&2%-,$1/02%0!,*<.!%-*&3$,$&-$%3$$2%"&1%&$72)$00$,%"1#$,0/2/&.4%C!$+%!"#$%-!*2$&%&*0%0*%"--$(0%-,$1/02%3*,%'$'?$,2!/(%3$$2%"2%0!/2%(",0%*3%0!$%-"2!%?<1.$0%-*&0,/?<0$2%0*%20"33%2")",/$2%"&1%?$&$G/02%7!/-!%-<,,$&0)+%-"&&*0%?$%2!/30$1%0*%0,"1$4%

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/")%

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%

Introduction

!"#$%&'()"(*%"+%'%,-##.("/0%,.11$(,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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

Time Banking in Social Housing:A Toolkit for Co-production in Public ServicesRuth Naughton-Doe

University of Bristol, School for Policy Studies, 8 Priory Road, Bristol, BS8 1TZ

ruth.naughton-doe@bristol.ac.uk

Abstract

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

www.ijccr.net

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

Person to agency time banking: ‘The Welsh Model’

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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=)

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Benefits of the Welsh Model and Spice

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

@&3+8+/7$*-+$+8)#+"%+$,(..&/*)"0$A.)%+$),$"&*$!%!#+')%!224$/&1(,*$!"#$'&,*$&9$*-+$+8)#+"%+$),$+)*-+/$./&#(%+#$14$A.)%+$*-+',+28+,$&/$14$*-+$*-)";$*!";$*-+$B+3$C%&"&')%,$D&("#!*)&"$3-&$1&*-$-!8+$8+,*+#$)"*+/+,*,$)"$*-+$,(%%+,,$&9$*)'+$1!";)"05$A.)%+=,$!../&!%-$),$.)&"++/)"07$),$,*)22$1+)"0$#+8+2&.+#$!"#$),$("#+/$/+,+!/%-+#5$E-)2,*$./&'),)"07$*-+$+8)#+"%+$"++#,$*&$1+$/&1(,*24$,(1,*!"*)!*+#5

Spice and Housing

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

Successes

S+,+!/%-$)"*&$*-+$-&(,)"0$!,,&%)!*)&"$),$,*)22$("#+/3!47$1(*$./+2)')"!/4$:)"#)"0,$,(00+,*$!$"('1+/$&9$1+"+:)*,$,(%-$!,$)"%/+!,+#$.!/*)%).!*)&"7$I&)"*$3&/;)"0$!"#$(.*!;+$&9$-+!2*-4$!%*)8)*)+,$!'&"0$*+"!"*,5$Q*$),$*&&$+!/24$*&$#),%(,,$%&R./&#(%*)&"$3-)%-$),$!$2&"0$*+/'$0&!27$1(*$)"%/+!,+#$.!/*)%).!*)&"$),$!$,)0"$*-!*$)*$3)22$#+8+2&.5$

U"+$,(%%+,,$-!,$1++"$3-+/+$A.)%+$-!,$)"*/&#(%+#$*-+$,4,*+'$)"*&$!$,(..&/*+#$-&(,)"0$,+/8)%+$9&/$-&'+2+,,$.+&.2+5$>/0(!124$*-+$'&,*$+?%2(#+#$)"$,&%)+*47$-&'+2+,,$.+&.2+$!/+$*/!#)*)&"!224$8+/4$#)9:)%(2*$*&$+"0!0+$)"$1&*-$8&2("*++/)"0$!"#$*+"!"*$.!/*)%).!*)&"5$V+,.)*+$1+)"0$1+"+:)%)!2$*&$-+!2*-$!"#$3+22R1+)"07$*/!#)*)&"!2$'&#+2,$&9$,+/8)%+,$-!8+$"&*$,(%%+,,9(224$+"0!0+#$*-),$0/&(.$)"$*-+,+$!%*)8)*)+,5$A.)%+$3&/;)"0$)"$!$%/+!*)8+$3!4$-!,$

“Research into the housing association is still underway, but preliminary findings suggest a number of benefits such as increased participation, joint working and uptake of healthy activities among tenants.”

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

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Introduction

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The Colours of Money:

Artmoney as Community CurrencyMark 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

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www.ijccr.net

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2(..-22-2/%

A Critique of Conventional Money?

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Figure 1:Lars Kraemmer: ‘Celestine’ (Front and back images)

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The Meanings of Artmoney?

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Figure 2:Birthe Lindhart: Art Money No 177 (front and back images)

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

)#*(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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

oney “the meanings and uses of art-

money are many and varied, and often contradictory or run counter to the intentions of its founder”

oney !"#$%&'(#)'*+%&*',-#+.#/#012*#0*#'*.,0(*/,-+/#'$&*+%&*+*

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

References

P#33$/>*X<*FLMTRG*IE($*K$0",),/#'*+%&*K$%0+/*Y#!$B*F,"#4#%+//1*)5./#'($&*LMNZG*#%*H,/!!>*A<*F$&<G*E($*P,-#,/,41*,!*X$,"4*P#33$/>*W"$$*J"$''>*[$9*=,":<

P#33$/>*X<*FQNNRG*E($*J(#/,',)(1*,!*K,%$1*F,"#4#%+//1*)5./#'($&*LMNOG>*Z"&*\&#0#,%>*],50/$&4$>*Y,%&,%<*

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$%+7*%*)%*6='%6%"#:"'&%0#'89%8#*"%/)3/&'*'%'>65(-'$<

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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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

Complementary Currency Open Source Software in 2010 Matthew Slater

Developer of mutual_credit Drupal module and Co-founder of Community Forge

matlats@gmail.com

http://communityforge.net

Abstract

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

www.ijccr.net

Cyclos

!"#$%&'(&')*+'&%,)-./+'(01$+0+2).)(%2'./0'%,')*+'3%#(.$'

4/.5+'6/7.2(&.)(%2'83496:;'<.&+5'(2'=+)*+/$.25&>'?)'(&'.2'

%1+2'&%@/#+;'A.B.;'#%01/+*+2&(B+'1.#C.7+'@&+5'(2'

(2#/+.&(27$"'$./7+'1/%A+#)&'./%@25')*+'-%/$5>''4*(&'.'

/%<@&)'.25'D$+E(<$+'.##%@2)(27'.11$(#.)(%2;'-*(#*'#.2'

0.2.7+'#%01$+E'7/%@1'&)/@#)@/+&;'0@$)(1$+'#@//+2#(+&;'

<@&(2+&&'/@$+&;'.25'+B+2'1.1+/'2%)+&'-()*'&+/(.$'2@0<+/&>'

F%-+B+/'()'(&',.0%@&$"'-+.C'%2'7/.1*(#'D$+E(<($()";'

#%2)+2)'0.2.7+0+2);'.25'&%#(.$'2+)-%/C(27',+.)@/+&>'4*+'

1/%A+#)',%#@&'(&'%2'3496'(01$+0+2).)(%2&'/.)*+/')*.2'/+G

@&.<$+'&%,)-./+;'.25')*(/5'1./)"'5+B+$%1+/&'D(25'()'

.-C-./5')%'-%/C'-()*>'3+B+/.$'H%2+G%,,H'1/%A+#)&'*.B+'

5+1$%"(27'()'.&'.'<.#C'+25'.##%@2)(27'1.#C.7+'5+&1()+')*+'

$.#C'%,',%/0.$'5%#@0+2).)(%2>'4*+'I+/0.2'4.@&#*/(27'

2+)-%/C'1(#C+5'@1'!"#$%&'.25'2%-'@&+'()'/%@)(2+$";'+B+2'

#%2)/(<@)(27'<.#C'#%5+>'

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'$.)+/:>

CCLite

##O()+'(&'.'P+/$'1.#C.7+',%/'$%#.$'+E#*.27+')/.5(27'&"&)+0&'

8OK43:;'<.2C(27'.25'%)*+/'.$)+/2.)(B+'0%2+"'&"&)+0&>'

Q@$)(G/+7(&)/";'0@$)(G#@//+2#";'-+<'&+/B(#+&'<.&+5'

)/.2&.#)(%2&'.25')+01$.)+5')%'7(B+'0@$)(G$(27@.$'

#.1.<($()(+&>

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

N+B+$%1+5'<"'0+0<+/&'%,')*+'J@&)(2'4(0+'KE#*.27+;')*(&'

1/%A+#)'(&'2%-'@25+/'5+B+$%10+2)',%/')*+'W."'J/+.'

!%00@2()"'KE#*.27+>'X*($+')*+'1$.),%/0;'?2&%&*('(&'2%)'

-+$$'C2%-2;'0@#*'.))+2)(%2'*.&'<++2'7(B+2')%'%1+22+&&;'

&%')*.)')*+'&"&)+0'1$@7&'(2'+.&($"')%')*+'/+&)'%,')*+'-+<>

Platform Developers Instances Easy set-up? URL

Cyclos JAVA 4 Many No www.cyclos.org

CES MS asp 1 200 in one Yes www.ces.org.za

CClite PERL 1 few No www.hughbarnard.org

4th Corner Exchange

Php 1 10 - 20 Yes www.fourthcornerexchange.com

Drupal/ Community Forge

Drupal 1 30 No/Yes www.drupal.org/project/mutual_credit

www.communityforge.net

Opensourcecurrency Inoshi 1 200 in one No www.opensourcecurrency.org

Table 1: Summary of Open Source currency platforms

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

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"-:

The Issues

1. Making software options accessible to implementers

A$#(%.-&%>'$B-3(#%0(%()-%,$,-.(%0'-%+$35#-4%$.%()-%/##50.3-%$+%>0>-'%.$(-#;%-/()-'%'->'-#-.(/.6%)$5'#%$'%.0(/$.0"%35''-.3*:%C0>-'%/#%0%(0.6/7"-%0.4%/,,-4/0(-%+$',%$+%,$.-*%&)/3)%()-%70.?#%0'-%#--?/.6%($%>)0#-%$5(;%5#-+5"%+$'%#,0"";%40*%($%40*%-93)0.6-#;%75(%/(#%4'0&703?#%0'-%5.4-'=0>>'-3/0(-41

2 D/6)%3$#(%$+%>'/.(/.6%#-35'-%.$(-#

2 E-'*%)0'4%($%,$./($'%()-%8-"$3/(*

2 F5/(07"-%$."*%+$'%+03-=($=+03-%-93)0.6-

G)/"-%>0>-'%)0#%0%'$"-%($%>"0*;%/(%&/""%.-8-'%3$,>-(-%&/()%()-%)/6)%(-3)%#-'8/3-#%0.4%3$.8-./-.3-%()0(%,$4-'.%70.?/.6%$++-'#:%!%4/6/(0"%703?%-.4%$++-'#%,0.*%7-.-</(#1

2 A$'-%&0*#%($%3$.453(%('0.#03(/$.#;%8/0%&-7%+$',;%FAF;%>$/.(%$+%#0"-%#&/>-%30'4#;%0.4%-8-.%05($,0(-4%('0.#03(/$.#:

2 H-((-'%($$"#%($%,$./($'%-3$.$,*

2 I0#/-'%($%(&-0?%()-%'5"-#

2 I0#/-'%($%-9(-.4%3'-4/(%J*$5%30.@(%)$"4%0%.-60(/8-%70"0.3-%$+%>0>-'K

2 L)-0>-'%($%#30"-

D$&-8-'%3$,,5./(*%$'60./#0(/$.#%$+(-.%</.4%#$+(&0'-%0%('05,0(/3%#57B-3(:%M)-%,$'-%3$5'06-$5#%/,>"-,-.(-'#%0.4%4-#/6.-'#%0'-%('0&"/.6%()-%.-(%('*/.6%($%&$'?%$5(%&)0(%-03)%#$+(&0'-%>03?06-%4$-#;%)$&%()-*%3$,>0'-;%0.4%&)/3)%/#%7-#(%+$'%()-,;%0.4%&)-()-'%()-*%30.%0++$'4%/(:%M)-%$."*%/.+$',0(/$.%080/"07"-%($%()-,%/#%/.%()-%+$',%$+%0%+-&%>$$'"*%,0/.(0/.-4%"/#(#%$.%()-%&-7%&/()%.$%'-8/-&%0.4%.$%

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

I8-'*%LL%3$,,5./(*%4$&.%($%()-%#/,>"-#(%PIMF%)0#%/(#%$&.%#-(%$+%'5"-#%0.4Q$'%/.6'0/.-4%&0*#%$+%4$/.6%()/.6#;%&)/3)%>'$8/4-%70''/-'#%($%()-%04$>(/$.%$+%#$+(&0'-:%H*%3$.('0#(%,$#(%$+%()-%#$+(&0'-%080/"07"-%&0#%4-#/6.-4%7*%0.4%+$'%3$,,5./(/-#%&)$%)04%()-%'-#$5'3-#:%F$%()-'-%/#%0%>'$7"-,%$+%0%"03?%$+%6-.-'0"%>5'>$#-%#$+(&0'-:

G-%.--4%($%7-%75/"4/.6%5>%3$,,5./(/-#%$+%5#-'#;%&)$%#5>>$'(%-03)%$()-'%&/()%4-#/6.%3)$/3-#%0.4%#$+(&0'-%/,>"-,-.(0(/$.#;%0#%&-""%0#%)0.4"/.6%-.R5/'/-#%+'$,%#('0.6-'#:%M)-%M05#3)'/.6-.%0'-%#('--(#%0)-04%/.%()/#%'-#>-3(%&/()%0%3$,,5./(*%$+%8$"5.(--'%4-8-"$>-'#%&)$%3$""07$'0(-%($%,0.06-%,$#(%$+%()-%.-(&$'?%03'$##%S-',0.*%0.4%!5#('/0:%%T-6'-((07"*%()-'-%/#%.$%)0'4%/.+$',0(/$.%07$5(%()/#%/.%I.6"/#):

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

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.

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

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

.+6,'1$

! 9$6./#'%*+&,$+&/.#$/0+.%#+4$,.7'-:/0+6,'8,+

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! <-11$8&'%*+($$0+(/-3+$7$/)+3$34$/+&-+

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! >$15'%*+6'&,+7-1:%&$$/+.%#+&.0?+

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! >'*,1'*,&'%*+&,$+:0$/0+6,-+3-0&+%$$#+&-+

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$8-%-3'8+.&&.8?0+-%+&,$+3'##1$+81.00$0A

3. Intertrading

E%$+-(+&,$+3.F-/+4.//'$/0+&-+.8,'$7'%*+08.1$+'%+.+

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Figure 2: Inter-system imbalance

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5. Supporting innovation

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Closing Thoughts

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