Culture Coin: a Commons-Based, Complementary Currency for the Arts and Its Impact on Scarcity, Virtue, Ethics, and the Imagination
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Complementary Currencies: Mutual Credit Currency Systems and the Challenge of Globalization
Complementary Currencies: Mutual Credit Currency Systems and the Challenge of Globalization Clare Lascelles1 Abstract Complementary currencies—currencies operating alongside the official currency—have taken many forms throughout the last century or so. While their existence has a rich history, complementary currencies are increasingly viewed as anachronistic in a world where the forces of globalization promote further integration between economies and societies. Even so, towns across the globe have recently witnessed the introduction of complementary currencies in their region, which connotes a renewed emphasis on local identity. This paper explores the rationale behind the modern-day adoption of complementary currencies in a globalized system. I. Introduction Coined money has two sides: heads and tails. ‘Heads’ represents the state authority that issued the coin, while ‘tails’ displays the value of the coin as a medium of exchange. This duality—the “product of social organization both from the top down (‘states’) and from the bottom up (‘markets’)”—reveals the coin as “both a token of authority and a commodity with a price” (Hart, 1986). Yet, even as side ‘heads’ reminds us of the central authority that underwrote the coin, currency can exist outside state control. Indeed, as globalization exerts pressure toward financial integration, complementary currencies—currencies existing alongside the official currency—have become common in small towns and regions. This paper examines the rationale behind complementary currencies, with a focus on mutual credit currency, and concludes that the modern-day adoption of complementary currencies can be attributed to the depersonalizing force of globalization. II. Literature Review Money is certainly not a topic unstudied. -
Volume 23 - Issue 2
IJCCR International Journal of Community Currency Research SUMMER 2019 VOLUME 23 - ISSUE 2 www.ijccr.net IJCCR 23 (Summer 2019) – ISSUE 2 Editorial 1 Georgina M. Gómez Transforming or reproducing an unequal economy? Solidarity and inequality 2-16 in a community currency Ester Barinaga Key Factors for the Durability of Community Currencies: An NPO Management 17-34 Perspective Jeremy September Sidechain and volatility of cryptocurrencies based on the blockchain 35-44 technology Olivier Hueber Social representations of money: contrast between citizens and local 45-62 complementary currency members Ariane Tichit INTERNATIONAL JOURNAL OF COMMUNITY CURRENCY RESEARCH 2017 VOLUME 23 (SUMMER) 1 International Journal of Community Currency Research VOLUME 23 (SUMMER) 1 EDITORIAL Georgina M. Gómez (*) Chief Editor International Institute of Social Studies of Erasmus University Rotterdam (*) [email protected] The International Journal of Community Currency Research was founded 23 years ago, when researchers on this topic found a hard time in getting published in other peer reviewed journals. In these two decades the academic publishing industry has exploded and most papers can be published internationally with a minimal peer-review scrutiny, for a fee. Moreover, complementary currency research is not perceived as extravagant as it used to be, so it has now become possible to get published in journals with excellent reputation. In that context, the IJCCR is still the first point of contact of practitioners and new researchers on this topic. It offers open access, free publication, and it is run on a voluntary basis by established scholars in the field. In any of the last five years, it has received about 25000 views. -
The Macro-Economics of Crypto-Currencies: Balancing Entrepreneurialism and Monetary Policy
ENTREPRENEURSHIP & POLICY WORKING PAPER SERIES The Macro-Economics of Crypto-Currencies: Balancing Entrepreneurialism and Monetary Policy Eli Noam In 2016, the Nasdaq Educational Foundation awarded the Columbia University School of International and Public Affairs (SIPA) a multi-year grant to support initiatives at the intersection of digital entrepreneurship and public policy. Over the past three years, SIPA has undertaken new research, introduced new pedagogy, launched student venture competitions, and convened policy forums that have engaged scholars across Columbia University as well as entrepreneurs and leaders from both the public and private sectors. New research has covered three broad areas: Cities & Innovation; Digital Innovation & Entrepreneurial Solutions; and Emerging Global Digital Policy. Specific topics have included global education technology; cryptocurrencies and the new technologies of money; the urban innovation environment, with a focus on New York City; government measures to support the digital economy in Brazil, Shenzhen, China, and India; and entrepreneurship focused on addressing misinformation. With special thanks to the Nasdaq Educational Foundation for its support of SIPA’s Entrepreneurship and Policy Initiative. Table of Contents Abstract . 1 1. Introduction . 2. 2. A History of Governmental and Private Moneys . 2 A. United States . 3 . B. Other Examples of Private Moneys . .4 . 3. The Emergence of Electronic Moneys . 5 A. Electronic Moneys . 5 B. Distributed Ledger Technology . 6. C. Blockchain Technology . 6 D. Cryptocurrencies. 8 E. An Illustration of a Bitcoin Transaction . 9 4. Advantages and Drawbacks of Crypto-Currencies . 10 A. Advantages . 10 B. Problems . 11 C. The Potential for Improvements . 15 5. The Impact of Cryptocurrencies on Macro-Economic Policy . -
Complementary Currencies: an Analysis of the Creation Process Based on Sustainable Local Development Principles
sustainability Article Complementary Currencies: An Analysis of the Creation Process Based on Sustainable Local Development Principles Francisco Javier García-Corral 1,* , Jaime de Pablo-Valenciano 2 , Juan Milán-García 2 and José Antonio Cordero-García 3 1 Research Group: Almeria Group of Applied Economy (SEJ-147), University of Almeria, 04120 Almeria, Spain 2 Department of Business and Economics, Applied Economic Area, University of Almeria, 04120 Almeria, Spain; [email protected] (J.d.P.-V.); [email protected] (J.M.-G.) 3 Department of Law, Financial and Tax Law, University of Almeria, 04120 Almeria, Spain; [email protected] * Correspondence: [email protected] Received: 1 July 2020; Accepted: 13 July 2020; Published: 15 July 2020 Abstract: Complementary currencies are a reality and are being applied both globally and locally. The aim of this article is to explain the viability of this type of currency and its application in local development, in this case, in a rural mountain municipality in the province of Almería (Spain) called Almócita. The Plus, Minus, Interesting (PMI); “Flying Balloon”; and Strength, Weakness, Opportunity (SWOT) analysis methodologies will be used to carry out the study. Finally, a ranking of success factors will be carried out with a brainstorming exercise. As to the results, there are, a priori, more advantages than disadvantages of implementing these currencies, but the local population has clarified that their main concern is depopulation along with a lack of varied work. As a counterpart to this and strengths or advantages, almost all the participants mention the support from the Almócita city council and the initiatives that are constantly being promoted. -
D5.5 Implementation of Digital Social Currency Infrastructure
FP7 – CAPS - 2013 D-CENT D5.5 Implementation of digital social currency infrastructure Project no. 610349 D-CENT Decentralised Citizens ENgagement Technologies Specific Targeted Research Project Collective Awareness Platforms D5.5 Implementation of digital social currency infrastructure Version Number: V1 Lead beneficiary: Dyne Due Date: 30 Sept 2015 Author(s): Denis Roio, Marco Sachy Editors and reviewers: Harry Halpin, Robert Bjarnason Dissemination level: PU Public X PP Restricted to other programme participants (including the Commission Services) RE Restricted to a group specified by the consortium (including the Commission Services) CO Confidential, only for members of the consortium (including the Commission Services) Approved by: Francesca Bria Date: 30 September 2015 This report is currently awaiting approval from the EC and cannot be not considered to be a final version. Page 1 of 35 FP7 – CAPS - 2013 D-CENT D5.5 Implementation of digital social currency infrastructure Contents 1 Introduction ............................................................................................................................................................. 3 2 Overview of features ............................................................................................................................................. 4 2.1 Why a toolkit ................................................................................................................................................... 4 2.2 Basic workflow ............................................................................................................................................... -
The Path to Mainstream Finance: Exploring Complementary
SIT Graduate Institute/SIT Study Abroad SIT Digital Collections Independent Study Project (ISP) Collection SIT Study Abroad Spring 2018 The aP th to Mainstream Finance: Exploring Complementary Currencies and Interest-Free Lending Ema Di Fruscia SIT Study Abroad Follow this and additional works at: https://digitalcollections.sit.edu/isp_collection Part of the Finance Commons, Finance and Financial Management Commons, Growth and Development Commons, and the International and Area Studies Commons Recommended Citation Di Fruscia, Ema, "The aP th to Mainstream Finance: Exploring Complementary Currencies and Interest-Free Lending" (2018). Independent Study Project (ISP) Collection. 2803. https://digitalcollections.sit.edu/isp_collection/2803 This Unpublished Paper is brought to you for free and open access by the SIT Study Abroad at SIT Digital Collections. It has been accepted for inclusion in Independent Study Project (ISP) Collection by an authorized administrator of SIT Digital Collections. For more information, please contact [email protected]. Running title: THE PATH TO MAINSTREAM FINANCE The Path to Mainstream Finance: Exploring Complementary Currencies and Interest-Free Lending Ema Di Fruscia SIT Switzerland: Banking, Finance, & Social Responsibility THE PATH TO MAINSTREAM FINANCE 1 Acknowledgements This research was supported by my professors, lecturers, and peers at the SIT: Switzerland Banking, Finance, & Social Responsibility program, especially Goran Jovanovic. In addition, I was greatly aided by those individuals who were generous with their time and thoughts and allowed me to conduct interviews with them. I thank my colleagues, Zoë, Paula, Evan, and Ike, as well as my mentor, Marianne, and President, Jean at Monnaie Léman, who provided insight and expertise that greatly assisted the research. -
The Complementary Currency As an Element of the Social Innovation in the Entrepreneurship
Studia commercialia Bratislavensia Volume 5; Number 20 (4/2012); pp. 597-606 DOI: 10.2478/v10151-012-0013-8 ISSN 1337-7493 The Complementary Currency as an Element of the Social Innovation in the Entrepreneurship Viera Kubičková1 – Ladislav Bažó2 – Roman Staňo3 Abstract The article presents the complementary currency systems as an element of the social innovation in the entrepreneurship. It offers solution for the present economic prob- lems created by the influence of the economic crisis. The important factors are high unemployment rate and exclusion of the marginalized social groups. The evaluation of the complementary currency systems and confrontation with the empirical studies of foreign and domestic authors presents the knowledge that the local currency systems especially in the time of economic crisis have an important contribution for all interest- ed groups – entrepreneurship sector, public sector and private sector in the local economy. Key words Social innovation, Social Entrepreneurship, Complementary Currency JEL Classification: E42, M14, L26, Z13 Introduction The realization of the individual short timed economical targets created destruc- tion of the world economy and its influence on the wide social groups. It is necessary to implement the solidarity, sharing the positive economical effects and loyal partner- ship into the economical relations. The social and solidarity economy is the concept, which realizes economical targets of the entrepreneurship subjects by the respect of the social and solidarity principles. The target of the article is to accent the system of the complementary changes as the element of the social innovation. We are concentrated on the basic principles of the functions of community currencies and their identification by the entrepreneurship subjects. -
From Complementary Currency to Institution: a Micro-Macro Study of the Sardex Mutual Credit System
Laura Sartori and Paolo Dini From complementary currency to institution: a micro-macro study of the Sardex mutual credit system Article (Accepted version) (Refereed) Original citation: Sartori, Laura and Dini, Paolo (2016) From complementary currency to institution: a micro-macro study of the Sardex mutual credit system. Stato e Mercato: Quadrimestrale di Analisi Dei Meccanismi e Delle Istituzioni Sociali, Politiche ed economiche, 107 . pp. 273-304. ISSN 0392-9701 DOI: 10.1425/84070 © 2016 The Authors This version available at: http://eprints.lse.ac.uk/67135/ Available in LSE Research Online: November 2016 LSE has developed LSE Research Online so that users may access research output of the School. Copyright © and Moral Rights for the papers on this site are retained by the individual authors and/or other copyright owners. Users may download and/or print one copy of any article(s) in LSE Research Online to facilitate their private study or for non-commercial research. You may not engage in further distribution of the material or use it for any profit-making activities or any commercial gain. You may freely distribute the URL (http://eprints.lse.ac.uk) of the LSE Research Online website. This document is the author’s final accepted version of the journal article. There may be differences between this version and the published version. You are advised to consult the publisher’s version if you wish to cite from it. From complementary currency to institution: A micro-macro study of the Sardex mutual credit system Laura Sartori University of Bologna Paolo Dini London School of Economics and Political Science 1. -
' A'history'of'alternative'currencies'
' A'History'of'Alternative'Currencies' ! ' Garrick'Hileman' ! ! ! ! Abstract:'Alternative'currencies,'which'are'defined'as'any'nonElegal'tender'medium'of' exchange,'have'been'a'regular'feature'of'the'economic'landscape'over'the'last'halfE millennia.'A'survey'of'this'history'finds'that'alternative'currencies'often'arise'out'of'similar' socioEeconomic'circumstances'and'then'cease'to'circulate'within'a'relatively'short'time' after'their'introduction.'This'pattern'of'decline'is'explained'largely'by'three' forces:'regulation,'technological'innovation,'and'–'most'commonly'–'insufficient'demand' due'to'factors'such'as'transaction'inefficiencies,'low'institutional'support,'and'diminished' social'motivation.'PresentEday'alternative'currencies,'such'as'bitcoin'and'the'Brixton' pound,'show'both'similarities'and'differences'with'past'alternative'currencies.'Bitcoin'in' particular'possesses'several'radical'new'characteristics,'including'a'relatively'decentralized' structure,'efficient'transactions'across'borders,'global'awareness,'and'support'from' powerful'institutions.' ' ' JEL:'E40,'E42,'E49,'E50,'E51,'E58,'E59' ' Keywords:'money,'currencies,'alternative'currencies,'community'currencies,'parallel'currencies,' bitcoin,'Brixton'pound,'black'market' ' ' ' ' ' ' ' ' ' ' Garrick'Hileman'([email protected])' London'School'of'Economics' Economic'History'Department' Houghton'Street' London'WC2A'2AE' England' ' © Garrick'Hileman'2013' Last'updated:'29'October'2014' I. Introduction! ' In'an'influential'1974'paper'economist'Benjamin'Klein'stated'“few'areas'of'economic' -
Cryptocurrency: a New Investment Opportunity? David Kuo Chuen LEE Singapore University of Social Sciences
Singapore Management University Institutional Knowledge at Singapore Management University Research Collection Lee Kong Chian School Of Lee Kong Chian School of Business Business 3-2018 Cryptocurrency: A new investment opportunity? David Kuo Chuen LEE Singapore University of Social Sciences Li GUO Singapore Management University, [email protected] Yu WANG Singapore University of Social Sciences DOI: https://doi.org/10.3905/jai.2018.20.3.016 Follow this and additional works at: https://ink.library.smu.edu.sg/lkcsb_research Part of the Finance and Financial Management Commons, and the Technology and Innovation Commons Citation LEE, David Kuo Chuen; GUO, Li; and WANG, Yu. Cryptocurrency: A new investment opportunity?. (2018). Journal of Alternative Investments. 20, (3), 16-40. Research Collection Lee Kong Chian School Of Business. Available at: https://ink.library.smu.edu.sg/lkcsb_research/5784 This Journal Article is brought to you for free and open access by the Lee Kong Chian School of Business at Institutional Knowledge at Singapore Management University. It has been accepted for inclusion in Research Collection Lee Kong Chian School Of Business by an authorized administrator of Institutional Knowledge at Singapore Management University. For more information, please email [email protected]. Published in Journal of Alternative Investments, Winter 2018, 20 (3) 16-40. https://doi.org/10.3905/jai.2018.20.3.016 Cryptocurrency: A New Investment Opportunity? DAVID LEE KUO CHUEN, LI GUO, AND YU WANG 1 DAVID LEE KUO he invention of Bitcoin by Satoshi will argue that their value is higher than Linux CHUEN Nakamoto (Nakamoto [2008]) and lower than the Internet—yet both are is a professor at Singapore in 2008 spurred the creation facilitators rather than an asset class. -
Proof of Work and Proof of Stake Consensus Protocols: a Blockchain Application for Local Complementary Currencies
Proof of Work and Proof of Stake consensus protocols: a blockchain application for local complementary currencies Sothearath SEANG∗ Dominique TORRE∗ February 2018 Abstract This paper examines with the help of a theoretical setting the proper- ties of two blockchains' consensus protocols (Proof of Work and Proof of Stake) in the management of a local (or networks of local) complementary currency(ies). The model includes the control by the issuer of advantages of the use of the currency by heterogeneous consumers, and the determination of rewards of also heterogeneous validators (or miners). It considers also the resilience of the validation protocols to malicious attacks conducted by an individual or pools of validators. Results exhibit the interest of the Proof of Stake protocol for small communities of users of the complementary cur- rency, despite the Proof of Work Bitcoin like system could have advantages when the size of the community increases. JEL Classification: E42, L86 Keywords: payment systems, heterogeneous agents, Proof of Work, Proof of Stake, blockchains, complementary currencies. 1 Introduction In recent years, the blockchain technology (BCT) has sparked a lot of interest around the world and its applications are being tested across many sectors such as ∗Universit´eC^oted'Azur - GREDEG - CNRS, 250 rue Albert Einstein, 06560 Valbonne, France. E-mails: [email protected], [email protected] 1 finance, energy, public services and sharing platforms. Although the technology is still immature and going through numerous experiments, the potentially diverse benefits and opportunities derived from its decentralised and open-to-innovation nature have drawn much attention from researchers and investors. -
Complementary Currencies Strengthening the Social and Solidarity Economy: Case Studies from Kenya
Working Paper 2013 Complementary Currencies strengthening the Social and Solidarity Economy: Case studies from Kenya William O . Ruddick, Institute for Leadership and Sustainability. Co-Founder Koru-Kenya Lucero Mariani, Agglo Rouen en Transition, France Prepared for the special session on Alternative Finance and Complementary Currencies as part of the International Conference on Potential and Limits of Social and Solidarity Economy organized by UNRISD and ILO in cooperation with NGLS and other partners∗ May 2013 The United Nations Non-Governmental Liaison Service The UN Non-Governmental Liaison Service (NGLS) was established in 1975 by several UN agencies as an inter-agency programme to promote and develop constructive relations between the United Nations and civil society. NGLS aims at facilitating consistent and meaningful space for civil society participation in the intergovernmental deliberations at the UN. As part of this effort, NGLS tries to ensure that the perspectives of marginalized groups and underrepresented constituencies are better heard in processes of global governance. NGLS, Palais des Nations 1211 Geneva 10, Switzerland Tel: +41 (0)22 9172076 [email protected] www.un-ngls.org Copyright © United Nations Non-Governmental Liaison Service This is not a formal NGLS publication. The responsibility for opinions expressed in signed studies rests solely with their author(s), and availability on the NGLS Web site (www.un-ngls.org) does not constitute an endorsement by NGLS of the opinions expressed in them. No publication or distribution