IJCCR
International Journal of Community Currency Research
Volume 15 (2011) Special issue
COMPLEMENTARY CURRENCIES: STATE OF THE ART edited by Noel Longhurst and Gill Seyfang
www.ijccr.net Complementary Currencies: The State of the Art
IJCCR 15 (2011) Special Issue (Section D) Edited by Noel Longhurst and Gill Seyfang
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Noel Longhurst and Gill Seyfang
IJCCR
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International Journal of Community Currency Research www.ijccr.net
International Journal of Community Currency Research 15 (2011) D i i Editorial: Yet another moment of truth?
David Boyle
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International Journal of Community Currency Research 15 (2011) D 1-3 1 3+%<*-<%/$ V$ *"#,$ 9-6"*$ "%(#$ 8'+$ 9##*-.6$ *"#-+$ So you have to take any '4.$ .##5)2$ %.5$ *"')#$ %+'7.5$ *"#92$ -8$ *"#$ #<'.'9,$)-.1): predictions along these lines =#4$ 9'.#,$ #.*+#3+#.#7+)$ %+#$ %/4%,)$ with a pinch of salt. We have '3*-9-)*-<:$!"#,$%/4%,)$ &#/-#(#$*"#,$ %+#$%*$*"#$ been here before; we will (#+,$ <7)3$ '8$ <"%.6#:$ _-)-*$ *"#$ %..7%/$ B-6-*%/$ undoubtedly be here again. But `'.#,$ S'+792$ %.$ -.*#+.%*-'.%/$ #(#.*$ "#/5$ &,$ the articles in this issue of IJCCR *"#$ /#%5-.6$ #/#<*+'.-<$ 9'.#,$ <'.)7/*%.<,$ E'.)7/*$a,3#+-'.2$-)$*'$3/7.6#$,'7+)#/8$-.*'$*"-)$ are evidence that this is one of )%9#$ %*9')3"#+#$ '8$ #Y3#<*%*-'.:U$!"#$ those moments of possibility. <'93/#9#.*%+,$ <7++#.<,$ 4'+/52$ #/#<*+'.-<$ '+$ 1.-**#52$ '.$ <'.)*%.*$ 4%*<"$ 8'+$ *"#$ #Y3#<*#5$ c !"#$ 6+'4-.6$ +#%/-M%*-'.$ &,$ /'<%/$ 9#))-%": 6'(#+.9#.*$-.$*"#$CZ2$.'*$07)*$*"%*$*"#,$<%.$ D'$,'7$"%(#$*'$*%1#$%.,$3+#5-<*-'.)$%/'.6$*"#)#$ %<*2$&7*$*"%*$*"#,$97)*$5':$[-+9-.6"%9$%.5$ /-.#)$ 4-*"$ %$3-.<"$'8$ )%/*:$ ?#$ "%(#$ &##.$ "#+#$ f))#Y$ "%(#$ %/+#%5,$ /%7.<"#5$ *"#-+$ '4.$ '+#N$4#$4-//$7.5'7&*#5/,$&#$"#+#$%6%-.:$[7*$ &%.1)2$ [-+9-.6"%9$ -.$%$ O-*$ '8$ .')*%/6-%$8'+$ Editorial: Yet moment of another truth?
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Editorial: Yet moment of another truth? 9%+1#*#+):$!"#,$ %+#$#Y<-*#5$&,$<'93/#Y-*,$4"#.$4"%*$ -)$ David Boyle is a fellow of the New Economics Foundation, co-founder R &%5/,$ .##5#52$%&'(#$%//$#/)#$4-*"$.#4$1-.5)$'8$ 9'.#,2$-)$ of Time Banking UK, and the author of a number of books about the )-93/-<-*,:$ !"#,$ 4%.*$ *'$ )'/(#$ *"#$ #.*-+#$ 9'.#*%+,$ future of money including Money Matters and, most recently, he is co- CC author of Eminent Corporations.
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International Journal of Community Currency Research 15 (2011) D 1-3 3 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 IJCCR [email protected]
Abstract
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International Journal of Community Currency Research 15 (2011) D 4-10 4 !"#$"%&'"#()#*+,'-*&)%)-.$",%#*,+*//*#0()1)#2* “One possible conclusion is that .%!*#)0$",%*3*0,%04'!)#5* there is no easy way of building a common typology, unless its 2. Principles of a typology purpose is made clearer.”
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deal types according to projects 0-'0".4*!"#$"%0$"S)*+).$'-)#*1.;)*.*!"++)-)%0)*"%* $()"-*S)->*%.$'-)I5*L("-!2*.*$><,4,&>*#(,'4!*%,$* W#*.*0,%#)`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
International Journal of Community Currency Research 15 (2011) D 4-10 5 !"#$%&'()*+,-./0*12(3*4#&45678%$*7##$9#:*(3* 537%9$(325=*9'*>(<;3*A#<*725(<*#E&*6<#>(7*32#8$=* 3#;57(;53*<5=5>(&5=*(&*;%(<37*#&53*(3*#9B(#83$'* 32%65*;#&57%<'*3'375;30*F53(=5*C8(=(&C* %4?&#E$5=C5=*9'*#935 International Journal of Community Currency Research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lassifying “CCs” (#""&(-"&20,3&.#)'&-)+,2)3,(5#1,62),4#, 6/""#)6&#',62),4#,6-&)#3,6-.!0#.#)(2"1, R 6-)6#&:#3,;&(5-/(,2)1,"#7#"#)6#,(-,#6-)-.&6, 6/""#)6&#'8,@0-'#,#%2.!0#',&)60/3#,G#".2), CC "2(&-)20#'8,95-'#,6/""#)6&#',62),4#,6-&)#3, "#*&-,'65#.#'8 IJ 6-../)&(1,6/""#)6&#'8,@0-'#,#%2.!0#',&)60/3#, (&.#,42)A&)*,'65#.#'8, @/""#)61,'65#.#',(52(,!"&.2"&01,!/"'/#,2), 4. Moves: generations of schemes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able 1: *#)#"2(&-),3-#',)-(,!/(,2),#)3,(-,(5#,7-".#"P, Ideal-types of 26(&:&(&#'D,2&.&)*,2(,(5#&",!"-(#6(&-),E(5"-/*5,2, 2)3,(5#1,2"#,!"-*"#''&:#01,("2)'7-".#3+,'&)6#,2, currency schemes Nature of Space considered Purpose Guiding Denomination projects principle (English / Spanish / French) “CCs” Territorial Geopolitical space Defining, protecting and Redistribution Local currencies / (territory politically strengthening a territory or political Monedas locales / defined) control Monnaies locales Community Social space (pre- Defining, protecting and Reciprocity Community currencies / existing or ad hoc strengthening a Monedas sociales / community) community Monnaies sociales Economic Economic space Protecting, stimulating or Market Complementary currencies / (production and orientating the economy Monedas complementarias / exchange) Monnaies complémentaires Outside “CCs” Territorial Sovereign space Sovereignty Redistribution National currencies / monedas or political nacionales / monnaies control nationales Economic Clients of a for- Profit Purchasing For-profit currencies / profit organization power capture Monedas para lucro / Monnaies à but lucratif International Journal of Community Currency Research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lassifying “CCs”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“We propose a second level of typology, >(*"#)%9)>"11)%9)&()%#+)<"$9(#9)'#)>%#&)(:) distinguishing four generations, each combining 7"1<)%#-)'#)6%<%6'&+)&()<$(.'-")9"$.'6"94)07"+) in a different way the three previous ideal-types. %$")<8$"1+)*8&8%1)6$"-'&)9+9&"*9)>7"$"'#) These generations are characterized by a specific 9"$.'6"9)%$").%18"-)>'&7)&'*"4)@9)967"*"9) <$(.'-'#!)7"1<)&()<"(<1")'#)%)6(*<1"*"#&%$+) monetary organization and specific relationships >%+)>'&7)9(6'%1)<$(!$%**"9=)&7"+):$"S8"#&1+) with the socio-economic world and with -"."1(<)<%$&#"$97'<9)>'&7)1(6%1)!(."$#*"#&9) governments (local or central) as well.” ($)9(6'%11+)($'"#&"-):(8#-%&'(#9=)%#-)&7"+)%$") 9(*"&'*"9)-'$"6&1+)'*<1"*"#&"-),+)1(6%1) T7'1")&'*")'9):$"S8"#&1+)6(#9'-"$"-)%9)%)!8'-") !(."$#*"#&94)07")@66($-"$'")967"*"):$(*) :($)";67%#!").%18"=)'&)'9)#(&)&7")(#1+)(#")%#-)'&) \8","6)/B%#%-%3=)&7%&)7%9),""#)'*<1"*"#&"-) 9(*"&'*"9)&(&%11+)-'9%<<"%$94)07")6$86'%1)<('#&) 9'#6")2HHE=)$"U'#."#&9)<8$")&'*")967"*"9=),+) '9)68$$"#6+)'#6(#."$&','1'&+)/&7(8!7):$%8-)'9) %--'#!)*'6$(6$"-'&)%#-)!$(8<"-)<8$67%9"9) <(99',1")>'&7)<%<"$)68$$"#6'"934)07'9)-("9)#(&) <(99','1'&'"9)&()&7")&'*").%18%&'(#)<$'#6'<1")(:) <$"."#&)&7")6(U89")(:)68$$"#6'"9)/&$%#9%6&'(#9) $"6'<$(6%1)";67%#!"4) <%'-),+)%)6(*,'#%&'(#)(:)'#&"$#%1)%#-)#%&'(#%1) 07'$-)!"#"$%&'(#)967"*"9)9&%$&)>'&7)&7")I&7%6%) 68$$"#6'"93=)"9<"6'%11+)>7"#)";'9&'#!):($*%1) R(8$)";<"$'"#6")'#)EFFE=)>7'67)-"$'."9):$(*) 9*%11)"#&"$<$'9"9)($)97(<9)%$")'#618-"-)'#)&7") &7")C50D)*(-"14)]8$'#!)&7")2HHH9=)&7"+)7%.") 967"*"4)R(>"."$=)&7(9")967"*"9)%$") ,""#),((9&"-),+)&7")"*"$!"#6")(:)^"$*%#) 67%$%6&"$'K"-),+)&7")>"%?#"99)(:)<%$&#"$97'<9) $"!'()967"*"9)/1'?")&7")B7'"*!%8"$3=)J$%K'1'%#) ($)"."#)$"1%&'(#97'<9)>'&7)9867):($*%1) 6(**8#'&+),%#?9)%#-)68$$"#6'"9)/1'?") "6(#(*'6)%6&'.'&'"9=)%9)>"11)%9)>'&7)1(6%1) N($&%1"K%[9)J%#6()Y%1*%93)%#-)LD)J"$?D7%$"[9) !(."$#*"#&94)07"+)*(9&1+)$":"$)&()6(**8#'&+) 9866"994)I*<1"*"#&"-)'#)%#)(,.'(89)"6(#(*'6) 68$$"#6'"9)"9&%,1'97"-),+)1(6%1)#(#U<$(A'&) <8$<(9"=)&7"+)6(#9&'&8&")6(*<1"*"#&%$+) ($!%#'9%&'(#9)&7%&)%'*)%&)<$(.'-'#!)&7")*"%#9) 68$$"#6+)967"*"9_)7%.'#!)%)&7"'$)&"$$'&($'%1) /$"6'<$(6'&+3)&()9%&'9:+)#""-9)&7%&)%$")8#*"&),+) %*,'&'(#=)&7"+)%$")1(6%1)68$$"#6'"9)%9)>"114) *%$?"&)%6&'.'&'"9)($)<8,1'6)9"$.'6"94)I#)9(*") 07"+)%$")!"#"$%11+)'*<1"*"#&"-),+)#(#U<$(A'&) 6%9"9=)7(>"."$=)&7"$")7%9),""#)9(*")<1%6"):($) ($!%#'K%&'(#9)%#-)9(*"&'*"9)%$(8#-)%)1(6%1) *%$?"&)";67%#!")($=)%&)%)1"99"$)";&"#&=):($) 6((<"$%&'.")($)6(**8#'&+),%#?)/':)&7"+)>"$") <8,1'6)<%$&#"$97'<9)%#-)1(!'694)V,9"$.%&'(#9)(#) '*<1"*"#&"-),+)1(6%1)!(."$#*"#&9)&7"*9"1."9) International Journal of Community Currency Research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lassifying “CCs”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onclusion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ene- Significant Currency Guiding principle Content overview ration cases scheme types G1 LETS, Mostly Reciprocity first; Inconvertible schemes; quite trueque, community various distance to small openness to external CES market economic activities G2 Time banks, Community Reciprocity first; Inconvertible schemes with Accorderie various distance to time currencies; frequent local governments partnerships, especially with local governments G3 Ithaca Hour, Local and Market first; generally Convertible schemes; local Regio, complementary distant from local businesses are included; Palmas, governments interest of partnerships with BerkShares local governments G4 NU, SOL Mostly Market first, with links Complex schemes oriented complementary to governments and toward consumer reciprocity responsibility or / and Table 2: economic activities re- Four CC orientation and other purposes; Generations since the 1980s partnerships are necessary International Journal of Community Currency Research 15 (2011) D 4-10 9 !"#"$#$%&'(#)"*'#+,&$-)$.),$/"0"&%-!1)(-23)4$0") Endnotes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lassifying “CCs”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eferences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`)S"^"+#"-("0")J!"58"-)M?$$02:N3) "/$#+!&$-)$.)??,)&,)'"0!(&-#1)#&-I"2)!$) MRFF]N3)J$'&(#)^$-"1)a$0I,8$5:)P('&#&!(!&$-) !"'8-$#$%&'(#)50$%0",,)M>&!8)!8")+,")$.)&-!"0-"!) ?$44&!!"")b"5$0!3)RFFc=RFF]3)P$-2(!&$-)5$+0)#") (-2)4$7&#")2"/&'",N3)!$)!8"&0)('I-$>#"2%4"-!) Z0$%0d,)2")#K8$44"3)Z(0&,: (,)()I"1)"#"4"-!)$.)5+7#&')5$#&'&",3)(-2)!$)!8"&0) e"--"21)^(0%0&!)(-2)f&"!("0)T"0-(02)MRFF\N3) +,")(,)()!$$#).$0)"-/&0$-4"-!(#),$#+!&$-,:) b"%&$-(#>g80+-%"-:)H"+")a"%")9+)-('88(#!&%"4) a$8#,!(-23)^h-'8"-`)b&"4(--)i"0#(%:)B0(-,#(!"2)&-) P0"-'8)`)^$--(&",)bV%&$-(#",)`)2")-$+/"##",)/$&",) /"0,)+-")50$,5V0&!V)2+0(7#"3)Z(0&,`)[2&!&$-,)?8(0#",) fV$5$#2)^(1"03)RFFE: Z$#(-1&)e(0#)MCDQ]N3)XB8")['$-$41)(,);-,!&!+!"2) Z0$'",,X3)&-`)?$-0(2)Y0"-,7"0%3)e(0#)Z$#(-1&)(-2) j(001)a:)Z"(0,$-)M[2,:N3)B0(2")(-2)^(0I"!)&-)!8") [(0#1)[45&0",:)['$-$4&",)&-)j&,!$01)(-2)B8"$013) H">)k$0I`)P0"")Z0",,3)55:)R\L=R]F: International Journal of Community Currency Research 15 (2011) D 4-10 10 On the money: Getting the message out John Rogers Value for People [email protected] IJCCR Abstract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essons of experience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nternational #)5+,$&;#%&%)#4%;#)#$&*2+)%+/%-,-*&2)&(7#% -6-*#3-8 J+,%3&6%"&'#%&%4#77K5"+-#)%.#-2;)L%$#5+'#$%&77% Journal of 5+-*-L%"&'#%;$#&*%;+'#$)&)5#%&).%3&)&;#3#)*% Community (,*%2/%)+K+)#%F)+4-%&(+,*%6+,$%-6-*#3L% Critical Success Factors ,).#$-*&).-%4"6%6+,%&$#%.+2);%2*%+$%"+4%2*% Currency 4+$F-L%*"#)%6+,%3&6%(#%4&-*2);%6+,$%*23#8 !"#%/#4%-6-*#3-%*"&*%"&'#%7&-*#.%&%7+);%*23#% Research -"+4%*"&*%2*%2-%1+--2(7#%*+%-,-*&2)%&%7+5&7% !"2-%1&1#$%/+5,-#-%+)%*"#%$+7#%+/%#.,5&*2+)&7% 5,$$#)56%+'#$%&%7+);%1#$2+.8% -*$&*#;2#-%2)%231$+'2);%*"#%1$&5*25#%+/% 5+33,)2*6%5,$$#)52#-8 www.ijccr.net International Journal of Community Currency Research 15 (2011) D 11-16 11 Why Educate about Community -1(#$'1067%0"#%$1/"#$%0"#%41*=-1(#$'106:%0"#%5*$#% Currencies? $#'1)1#+0%0"#%9"*)#%'6'0#5<%!"1'%5*+#0&$6% -1(#$'106%&)'*%'.33*$0'%$#&)%#/*)*21/&)%-1(#$'106% !"#$#%&$#%'#(#$&)%$#&'*+'%,*$%#-./&01+2%3#*3)#% 46%#+&4)1+2%)*/&)%/*55.+101#'%0*%5*41)1'#% &4*.0%/*55.+106%/.$$#+/1#'7 3#*3)#%0*%-*%#''#+01&)%/*+'#$(&01*+%9*$;%&+-% Practical reasons 5&1+0&1+%#+(1$*+5#+0&)%3$*H#/0'<%>#*3)#%+##-% 0*%2$&'3%0"#%#/*)*21/&)%4#+#?10'%*,%/*55.+106% 8,%9#%9&+0%0*%153$*(#%0"#%'.'0&1+&41)106%$&0#%*,% /.$$#+/1#'< /*55.+106%/.$$#+/1#':%9#%+##-%0*%$&1'#%';1))% Political reasons )#(#)'%4*0"%,*$%-#'12+1+2%&+-%3&$01/13&01+2%1+% Getting the out message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conomic reasons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sychological reasons #/*+*51/%'0&41)106<%!"#6%21(#%3#*3)#%0**)'%0*% >&$01/13&+0'%*,0#+%/*55#+0%*+%0"#%-1,,#$#+0% "#)3%0"#5'#)(#'%&+-%0"#1$%/*55.+101#'% #/*+*51/&))6<%>#*3)#%+##-%0*%.+-#$'0&+-%0"#% @,##)A%*,%3&$01/13&01*+%1+%&%)*/&))6%*9+#-%&+-% #/*+*51/%-15#+'1*+'%*,%/*55.+106% 5&+&2#-:%1+0#$#'0=,$##%5*+#6%'6'0#5<% K-./&01+2%&4*.0%/*55.+106%/.$$#+/1#'%"#)3'% /.$$#+/1#'< .'%0*%'##%"*9%0"#'#%5#/"&+1'5'%/&+%3)&6%&%$*)#% 1+%*.$%3#$'*+&)%&+-%/*55.+106%#/*+*51#'%*,% “If we want to improve the sustainability #C/"&+2#< rate of community currencies, we need to raise skill levels both for designing and participating in them” Audiences and Messages !"#%;#6%&.-1#+/#'%,*$%5#''&2#'%&4*.0% Social reasons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cological reasons Actual and Potential Participants E%5*+#0&$6%5*+*/.)0.$#%-*51+&0#-%46%&% "&+-,.)%*,%3*9#$,.)%+&01*+&)%/.$$#+/1#'%"&'%0"#% J#%+##-%0*%-#5*+'0$&0#%0"#%4#+#?10'%*,% '&5#%#,,#/0'%&'%5*+*=/$*331+2%1+%&%)&+-'/&3#%F% /*55.+106%/.$$#+/1#'%0*%3*0#+01&)%3&$01/13&+0'% #C0$#5#%'3#/1&)1'&01*+%&+-%#,?1/1#+/6%&0%0"#% &+-%'.33*$0#$'<%E0%0"#%'&5#%015#%9#%+##-%0*% 3$1/#%*,%$#'1)1#+/#%1+%0"#%,&/#%*,%/"&))#+2#'<% "12")12"0%0"#%3$&/01/&)%/"&))#+2#'%*,%-#'12+1+2:% G*+#0&$6%-1(#$'106%51$$*$'%#/*)*21/&)% International Journal of Community Currency Research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-7'-6,-"-(6&+,!4+($)$3+$+&!%>(!%-C*$%(!"(6!*$%(8$%)'( Q!"-(2!!")&%$+-)($%)('+"$+-#&2('433!"+(8/(.4%)-"'($%)( 6,!("-.4'-($)9&2-(!"(+"$&%&%#>(7-$9&%#('+"42+4"-'($%)( &%'+&+4+&!%'(.!"(-)42$+&!%$7(-..!"+'(C(2!**&''&!%&%#( 3"!2-''-'(+!(2,$%2-0 3"!.-''&!%$7(-)42$+&!%$7(*$+-"&$7'($%)(*$5&%#(.477(4'-(!.( +,-(&%+-"%-+;(*47+&*-)&$($%)('!2&$7(%-+6!"5&%#(C(6!47)( Funders and public decision makers ,-73()&''-*&%$+-(+,&'(#"-$+('!2&$7(&%%!9$+&!%(-9-%(.4"+,-"( $%)(-%,$%2-(&+'(-..-2+&9-%-''0 F4%)-"'($%)(3487&2()-2&'&!%(*$5-"'(%--)(+!(5%!6(6,$+( 2!**4%&+/(24""-%2&-'($"-;(6,$+('3-2&=&2(8-%-=&+'(+,-/( 8"&%#(+!(6,&2,(#"!43'($%)(6,$+(-9&)-%2-(+,-"-(&'(.!"( -..-2+&9-%-''0 International Journal of Community Currency Research 15 (2011) D 11-16 13 Educational Audiences Aims Delivery Agents strategy or tool Books & Articles Decision Persuasion Various authors: makers Bernard Lietaer: http://www.lietaer.com/ Information Margrit Kennedy: http://www.margritkennedy.de/ General Thomas Greco: http://www.reinventingmoney.com/ public Richard Douthwaite: http://www.postcarbon.org/person/36218-richard- Getting the out message douthwaite R Magazine General Information Community Currency Magazine CC public http://www.community currenciesmag.net/dp/ IJ Share stories Designers Design Guides Designers Specialist Community Currency Guide information by Bernard Lietaer and Gwendolyn Hallsmith Administrators http://www.global-community.org/gc/newsfiles/25/ Community%20Currency%20Guide.pdf The Lewes Pound How To Guide by Oliver Dudok van Heel:http://www.thelewespound.org/assets/docs/ Lewes_Pound_How_To_Guide.pdf Research Researchers Analysis International Journal of Community Currencies summaries Research Decision Specialist http://www.ijccr.net makers information Bibliography of Community Currencies Research Policy analysts http://www.community currencies-literature.de/ 1.introduction/ Community Currencies Research Group http://www.complementarycurrency.org/community currenciesResearch.html Table 1: Educational Strategies and Resources for Complementary Currencies (continued overleaf) International Journal of Community Currency Research 15 (2011) D 11-16 14 Educational Audiences Aims Delivery Agents strategy or tool General advice General Information Complementary Currency Resource Center & information public http://www.complementarycurrency.org/ Time Banks USA http://www.timebanks.org/ Getting the out message Time Banks UK R http://www.timebanking.org/ CC Time Banking Wales IJ http://www.timebankingwales.org.uk/ LETSystems Home Page http://www.gmlets.u-net.com/ LETS in Australia http://www.lets.org.au/ LETSLink UK http://www.letslinkuk.net/ LETS Link-Up http://www.lets-linkup.com/ Videos General Persuasion The Money Fix public http://themoneyfix.org/ La Double Face de la Monnaie http://mareauxcanards.ouvaton.org/films.php? choix_film=25 Search for “community currencies” and “complementary currencies” on You Tube: http:// www.youtube.com Videos about Time Banking: http://www.timebanks.org/videos.htm http://www.timebanking.org/ Lyttleton Time Bank, New Zealand: http://www.lyttelton.net.nz/timebank Oliver Dudok van Heel talks about Lewes Pound http://transitionculture.org/2010/01/22/oliver-dudok- van-heel-on-local-currencies-transition-and-the-lewes- pound/ International Journal of Community Currency Research 15 (2011) D 11-16 15 Educational Audiences Aims Delivery Agents strategy or tool Conferences Designers Dissemination Various organisations e.g. USA, 2004 Participants Networking http://www.smallisbeautiful.org/local_currencies/ 2004_conference_report.html Germany, 2004 Getting the out message http://www.newmediaexplorer.org/sepp/COMMUNITY R CURRENCIESurrencies_in_Europe2_2004.pdf CC IJ New Zealand, 2009 http://www.transitiontowns.org.nz/node/1470 Annual Time Banking congresses c/o Timebanks USA and Timebanks UK Webinars Enquirers Training Value for People (internet http://valueforpeople.co.uk/letsmakemoney seminars) Designers Specialist information Internet Enquirers Share CC Open Collective is a moderated online forum discussion groups knowledge, (skype chat): contact Les Squires (skype name: Participants experiments, LSquiresSkype) updates and Designers inquiries Time Banks Forum Researchers http://forums.timebanks.org/ Advocates! Training Enquirers Training Time Banks USA http://www.timebanks.org/ Participants Specialist information Time Banks UK Designers http://www.timebanking.org/ Value for People http://valueforpeople.co.uk/training International Journal of Community Currency Research 15 (2011) D 11-16 16 Complementary Currencies in Germany: The Regiogeld System Christian Thiel University of Augsberg, Germany IJCCR [email protected] Abstract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ntroduction ,3$#0@X%+3,&%$=#,3$#0'8(",K(3,0"()=#;,"("+,()#("6# *%'$0""%)#'%$01'+%$9# !"#$%&%'()#*)(+%$#,"#-%'.("/#+0)01'21)#$),*$#02# *(*%'#'%*)(+%#34%#51'0#($#(#.%6,1.#02# %7+4("8%9#:4%$%#1"02;,+,()#3%"6%'$#('%#+())%6# What is Regiogeld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nternational Y]#1*#30#RPZ#.0"34$9#:4%#'%8,0"()#+1''%"+,%$# ("6#*0$$,@)%#2131'%#6%&%)0*.%"3$9#!3#,$#@($%6# 4(&%#.1)3,*)%#*1'*0$%$V#34%/#C("3#30#@,"6#34%# Journal of 0"#./#U#/%('#%34"08'(*4,+#'%$%('+4#C4,+4#C($# '%8,0"()#*1'+4($,"8#*0C%'=#$3'%"834%"#34%#)0+()# 60"%#,"#34%#+0"3%73#02#(#$0+,0)08,+()# Community %+0"0./=#+'%(3%#.0'%#+00*%'(3,0"=#,"+'%($%# 6,$$%'3(3,0"9#N0'#34,$#('3,+)%#0"%#02#./#'%$1)3$#,$# $*0"$0'$4,*#20'#"0"W*'0;,3W0'8(",K(3,0"$=# Currency *('3,+1)('#,.*0'3("3V#L%8,08%)6#,$#(# %"+01'(8%#34%#'%8,0"()#,6%"3,3/=#4%)*#$0),6,2/# *4%"0.%"0"#C4,+4#0',8,"(3%6#,"#34%#21$,"8#02# $0+,()#3,%$=#'%61+%#3'("$*0'3=#%"20'+%#(# Research 6,22%'%"3#.0&%.%"3$=#(#.0"%/W'%20'.W $1$3(,"(@)%#("6#'%$*0"$,@)%#+0"$1.%'$^# 0',%"3%6=#("#%$03%',+#("6#$%&%'()# @%4(&,01'#("6#$0#0"9# '%8,0"(),K(3,0"W0',%"3%69#:4%$%#.0&%.%"3$# www.ijccr.net 20'.#L%8,08%)6#'%8('6,"8#,3$#+0"$3'1+3,0"$#("6# International Journal of Community Currency Research 15 (2011) D 17-21 17 There are big differences in the W+,1/+&%*+,+&'-./#)+.%#0&+0+)+.%,&('& construction of the almost 30 5(.,%$-5%1(.2&%*+$+&#$+&,+8+$#0&)($+& /1''+$+.5+,&5(.5+$.1.4&+;4;&%*+&$#%+&('&+M5*#.4+2& active regional currencies in %*+&,5("+&('&51$5-0#%1(.2&%*+&/+,14.&#./& Germany. One of the most /+.()1.#%1(.&('&%*+&8(-5*+$,&($&%*+&/-$#%1(.& important (and among the ('&8#01/1%:;&X#.:&B+41(4+0/&,:,%+),&%$:&%(&)#>+& makers most controversial) ,()+%*1.4&.+H&#./&,"+51#0&01>+&5(1.,&'($& Regiogeld System 5(00+5%($,2&1.50-,1(.&('&YCIE,:,%+),2& concerns the question of value: 5()31.#%1(.&('&C-$(E&#./&"+$'($)#.5+&3#,+/& some Regiogelder are backed by ,:,%+),2&5#,*0+,,&"#:)+.%&"$(5+/-$+,2& The +0+5%$(.15&)(.+:2&5(("+$#%18+,2&(H.&,*(",&+%& R Euros, other are backed by 5+%+$#;&I*1,&4$+#%&8#$1+%:&$+4#$/1.4&%*+& CC goods and services. ,5*+)+,&5(.,%$-5%1(.2&1%,&($4#.1K#%1(.#0& IJ /+,14.2&1.,%1%-%1(.#0&+)3+//1.4&#./&1/+(0(415#0& !"#$%&'$()&%*+,+&'-./#)+.%#0&,1)10#$1%1+,2& (3Z+5%18+,&0+#/,&%(&%*+&@-+,%1(.A& %*+$+&#$+&314&/1''+$+.5+,&1.&%*+&5(.,%$-5%1(.&('& %*+�)(,%&67%18+&$+41(.#0&5-$$+.51+,&1.& 9+$)#.:;&<.+&('&%*+&)(,%&1)"($%#.%&=#./& #)(.4&%*+&)#>+$,&)(,%&5(.%$(8+$,1#0?& How did Regiogeld originate? 5(.5+$.,&%*+&@-+,%1(.&('&8#0-+A&,()+& B+41(4+0/&1,&3#,+/&(.&%*+&1/+#,&('&%*+&9+$)#.E B+41(4+0/+$&#$+&3#5>+/&3:&C-$(,2&(%*+$&#$+& !$4+.%1.+&+5(.()1,%&[1081(&9+,+00&=O\]^EO_67?;& 3#5>+/&3:&4((/,&#./&,+$815+,;& U+&"$("(,+/&/+)-$$#4+&#,&#&)+%*(/&('& D.&%*+&C-$(E3#,+/&,:,%+)&#&5(.,-)+$&F3-:,G& 1.5$+#,1.4&3(%*&%*+&8+0(51%:&('&)(.+:&#./& %*+&$+41(.#0&)(.+:&H1%*&*1,&C-$(,;&I*+.&*+&5#.& (8+$#00&+5(.()15%181%:;&U1,&L$+14+0/&='$++& "-$5*#,+&4((/,&1.&(.+&('&%*+&3-,1.+,,+,& )(.+:?&,*(-0/&$-,%&#./&$(%&01>+�&%*+&4((/,& #,,(51#%+/&H1%*&%*+&,:,%+);&I*+&"#:++&5#.& #./&%*+$+3:&3+&3+%%+$&#./&)($+&+'T151+.%& +1%*+$&-,+&1%&'($&*1,J*+$&,*(""1.4&($&418+&1%&%(& )(.+:&=9+,+00&O_`_A&O6?;&9+,+00&#./&*1,& %*+&B+41(4+0/&($4#.1K#%1(.&#./&$+5+18+&%*+& '(00(H+$,&"-$,-+/&=H1%*(-%&,-55+,,?&#&"(01%15#0& 8#0-+&1.&C-$(&5-$$+.5:&1.&$+%-$.;&L($&%*1,&$+E )(.+:&$+'($)&#./�,(&1)"0+)+.%+/&,)#00& +M5*#.4+&)(,%&B+41(4+0/&($4#.1K#%1(.,& ,5#0+&0(5#0&)(.+:&+M"+$1)+.%,& /+)#./&#&'++&('&N&%(&O7&P;&Q#$%&('&%*1,&5(8+$,& =a1+/+$+44+$&O__b?;& %*+1$&+M"+.,+,&#./&%*+&$+,%&1,&/(.#%+/&%(& I*+&)(,%&'#)(-,&%((>&"0#5+&1.&%*+&!-,%$1#.& 5())-.1%:&5*#$1%1+,;&I*+&#/8#.%#4+,&('&%*1,& %(H.&('&cd$40&3+%H++.&O_6^&#./&O_6`;&D.&%*+& ,:,%+)&#$+A&1%&1,&+#,:&%(&-./+$,%#./2&H1%*&0(HE )1//0+&('&%*+&H($0/&+5(.()15&5$1,1,&%*+&)#:($& $1,>&'($&%*+&3-,1.+,,+,&=%*+:&5#.&$+E+M5*#.4+& "#1/&%*+&,#0#$1+,&#./&H#4+,&('&%*+&"-3015& %*+&+#$.+/&$+41(.#0&)(.+:&%(&C-$(,?&#./&R& +)"0(:++,&H1%*&0(5#0&)(.+:;&e-+&%(&%*+& #3(8+�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cd$40&,%#$%+/&%(&3+& ($4#.1K#%1(.&(.0:&"$(81/+,&%*+&#/)1.1,%$#%1(.& #&)(/+0&'($&(%*+$&5$1,1,E$1//+.&%(H.,;&W-%&%*+.& =1)"0+)+.%#%1(.2&5(.%$(001.4&+%&5+%+$#?&#./& %*+&!-,%$1#.&5+.%$#0&3#.>2&'+#$1.4&'($&1%,& 5*#$4+,&,()+&'++,&'($&%*1,&,+$815+;&!55($/1.40:2& )(.("(0:&'($&)(.+:&5$+#%1(.2&,%(""+/&%*+& %*+&3-,1.+,,+,&5#.&1.5$+#,+&%*+1$&T1.#.51#0& +M"+$1)+.%&=L1,*+$&O_66S&<.>+.&O__bS& ,(08+.5:2&3+5#-,+&%*+:&)($+&($&0+,,&4+%&%*+& c+$.+$&O_\_A&\\?;& 8(-5*+$,&'($&'$++;&U(H+8+$2&%*1,&1,&/1'T15-0%&%(& I*+&L$+14+0/&X(8+)+.%&H#,&%*+.&"$(*131%+/& 5(.8+:;&I*+&3-,1.+,,+,&'+#$&.(%&%(&4+%&$1/&('& /-$1.4&I*1$/&B+15*&#./&'($)+/&-"#1.&O_N7& %*+1$&B+41(4+0/&$+8+.-+,&#,&%*+$+&1,&.(&$+E #,&#&=)#$41.#0?&"(01%15#0&"#$%:;&c1%*&%*+1$& +M5*#.4+&1.&C-$(;&I*+&5(.,-)+$,&/(.V%&$+#00:& /(4)#%15&#./&"#$%0:&.#%1(.#01,%15& *#8+&#&"$('(-./&$+#,(.&%(&)#>+&#.&+''($%&'($& #$4-)+.%#%1(.&%*+:&,5#$+/&#H#:&%*+&"("-0#5+;& B+41(4+0/&#,&%*+$+&#$+&.(&5*#$1%#30+&#,"+5%,& I*1,&5*#.4+/&1.&%*+&O_]7,&H*+.&%*+&L$+14+0/& 5(..+5%+/&H1%*&1%;& )(8+)+.%&)1M+/&H1%*&#.%*$("(,("*:&#./&%*+& International Journal of Community Currency Research 15 (2011) D 17-21 18 !"!#$%&$'&!(')*+%,-'"*.!"!&/)' (!#!'!&/2D)!?',&?'(,&/!?'/*'+#!,/!'/2!%#'*(&' 01,#/)+2'34456'7789' -*+,-'"*&!<9'Z!&+!','+*&$#!))'(,)'2!-?',&?' ,//!&?!?'O<'3bW';!*;-!9'c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hat is the status quo? (,<'*>'?!"D##,$!'/*$!/2!#'(%/2'/2!' =++*#?%&$'/*'/2!',D/2*#e)'#!)!,#+2'/2!#!',#!',/' ,&/2#*;*)*;2%+,-',))D";/%*&'*>'?!"*+#,/%+' /2!'"*"!&/',O*D/'Q7'F!$%*$!-?';#*R!+/)'%&' ,&?'+2,#%/,O-!'"*&!<9' B!#",&<9'f&-<'3b'*>'/2!"',#!'&*/'%&'/2!' T*#!'*.!#'/2!'U!('G*+%,-'T*.!"!&/)')%&+!' D"O#!--,',))*+%,/%*&',&?'"*)/'*>'/2!)!',#!' /2!'34VW)'2,?';#*>*D&?'!>>!+/)'*&'S#!%$!-?9'=)' 2!,.%-<'",#N!/%&$X*#%!&/!?';#*R!+/)9'7K',#!'%&' /2!'%?!,'*>'#D)/%&$'"*&!<'?%>>D)!?'%&'!+*-*$ International Journal of Community Currency Research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egiogeld The System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hat does the future bring? .%&/'$&**&3.$"!$.%&$)+33&))$"*$.%&$?%/&0;9+&'$ H&;/";&,64$I+.$&@&!$6&)1/.&$/.)$3&'.9/!$,&@&,$"*$ G'"0$JEEY$."$JEEZ8$.%&'&$#9)$9$(/!6$"*$ &3"!"0/3$)/;!/:/39!3&8$.%&$?%/&0;9+&'$)./,,$ *"'09./"!$A""04$[@&'7#%&'&$/!$\&'09!7$ 9..'93.)$0"'&$/!.&'&).$;,"A9,,7$.%&!$'&;/"!9,,7$ H&;/";&,6$1'"2&3.)$911&9'&64$5/!3&$JEEZ$#&$ =53%'"&6&'$JEEK>4 %9@&$"A)&'@&6$9$3&'.9/!$),"#6"#!$9!6$&@&!$ .%&$3",,91)&$"*$)&@&'9,$/!/./9./@&)4$R.$)&&0)$.%9.$ L&.M)$!"#$.9(&$9$ 6&)1/.&$&N.&!)/@&$09'(&./!;8$/.$/)$@&'7$%9'6$*"'$ It seems that despite extensive )%"'.$,""($"!$.%&$ H&;/";&,6$."$93%/&@&$933&1.9!3&$9!6$.%&'&*"'&$ marketing, it is very hard for "@&'9,,$).'+3.+'&)$"*$ 9$)/;!/:/39!.$1&!&.'9./"!$"*$.%&$'&;/"!9,$ .%&$9@&'9;&$ Regiogeld to achieve acceptance 09'(&.)4$[)1&3/9,,7$/!$A/;;&'$3/./&)$9!6$ H&;/";&,64$B%&$3"'&$ &3"!"0/39,,7$+!6&'6&@&,"1&6$'&;/"!)$.%&'&M)$ and therefore a significant "*$&93%$)7).&0$/)$ "!,7$,/..,&$A+)/!&))$@",+0&$#/.%$H&;/";&,64$ penetration of the regional 0").,7$9$)09,,$;'"+1$ ]97A&$H&;/";&,6$!&&6)$&N/)./!;$=&3"!"0/3$9!6$ markets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nternational Journal of Community Currency Research 15 (2011) D 17-21 20 Endnotes References !!"#$!%&!'&(!)*&+$,,-&./'!/.0!&*1/.-2/%-&./'!'$3$'!-%!-,!0-+4-5#'%!%&! X/*%,59J!TY.%$*!<@UUOA!"-$!DZ[\X$($1#.1!]-'3-&!T$,$'',7! 1$%!/5%#/'!/.0!*$'-/6'$!0/%/7!89$!.#:6$*,!)*$,$.%$0!9$*$!5&:$! T$,59-59%'-59$*!T*#.0*-^!@FU@!\!@UU>_UPJ! The Regiogeld The System ;/0-`/'-,:#,R7!Q.!g$'':/..J!c/-\e($!/.0!;##0!c&&):/.,! R Q%R,!.&%!$/,S!%&!$,%-:/%$!9&(!:#59!%#*.&3$*!-,!5*$/%$0!6$5/#,$! [)'/0$.N!))7!PP\K? -%!-,!,#))&,$0!%9/%!;$1-&1$'0!5-*5#'/%$,!(-%9!/!9-19$*!3$'&5-%S! CC %9/.!%9$!M#*&! a-$%/$*J!X$*./*0!<>??>A!"/,!T$'0!0$*!o#`#.+%G!p6$*!0-$! 2$*,%q*$*-,59$!Z-*`#.1!0$,!$C-,%-$*$.0$.!T$'0,S,%$:,!#.0! b'%$*./%-3$.!9-$*2#J!<;-$:/..!=$*'/1J!WY.59$.A D-$0$*$11$*J!T$*9/*0!<@UUIA!"/,!j*$-1$'0\]S.0*&:G!jY*!#.0! Z-0$*!$-.!/'%$*./%-3$,!T$'0,S,%$:J!<=$*'/1!+Y*!M%9-`!#.0! T$,$'',59/+%J!Z-$.A [.`$.J!Z$*.$*!<@UUIA!W&0$''3$*,#59$!:-%!,&2-/')4'-59%-1$:! X&0$.!#.0!T$'0J!<=/*$'J!['0$.6#*1A ;$1-&1$'0!$7=7!<>?@?AJ!3-$($0!b#1#,%!@I!>?@?J!9%%)G__ (((7*$1-&1$'070$ ]59*&$0$*J!;&'+!<>??LA!fV&::#.-%S!MC59/.1$!/.0!8*/0-.1! ]S,%$:,!-.!T$*:/.SR7!Q.%$*./%-&./'!l&#*./'!&+!V&::#.-%S! V#**$.5S!;$,$/*597!=&'!@?J!))7!>O\O> ]%$-.$*J!;#0&'+!<@U@UA!"-$!c$*.)#.`%$!0$*!,&2-/'$.!j*/1$!-.!0$.! a$6$.,.&%($.0-1`$-%$.!0$*!T$1$.(/*%!#.0!o#`#.+%J!<;#0&'+! ]%$-.$*!=$*'/1J!"&*./59A ]%$-.$*J!;#0&'+!<@U>>A!D/%-&./'q`&.&:-,59$*!c#*,J!<9%%)G__ (((70*$-1'-$0$*#.170$_0&(.'&/0_PO?7)0+!m?L7?O7>??UnA =&'`:/..J!c*-,%$*!<>??FA!;$1-&./'!\!#.0!%*&%20$:!1'&6/'7! ]&'-0/*-,59$!r`&.&:-$!-:!])/..#.1,+$'0!2(-,59$.!;$1-&./'-%d%! #.0!T'&6/'-%d%7!M-.$!$C)'&*/%-3$!]%#0-$!2#!;$1-&./'(d9*#.1$.J! International Journal of Community Currency Research 15 (2011) D 17-21 21 What have Complementary Currencies in Japan really achieved? Revealing the hidden intentions of different initiatives Yasuyuki Hirota IJCCR [email protected] http://www.olccip.net Abstract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ntroduction A brief history of CCs in Japan up to the “boom”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nternational ,)1)2.#/)$0%.-%66%5$505"051)'%5$%0&5'%J"'0KL'5"$% 5$0)*$"05.$"227%-"/.4'%(7%P)*$"*,%:5)0")*%"'% 3.4$0*78%*)1)"25$+%&.A%0&)%1)*7%3.$3)#0%.-% @X4*)"5%95##4D%5$%&5'%,5--)*)$0%A*505$+'8%(40%5$% Journal of &"15$+%"$.0&)*%/)"$'%.-%)B3&"$+)%-.*% !"#"$%0&5'%'7'0)/%'0"*0),%0.%,)325$)%5$%<===% Community 3.//4$505)'%&"'%())$%0*"$'-.*/),%.1)*%7)"*'% A&)$%0&)%#4(253%5$'4*"$3)%'7'0)/%A"'% (7%0&)%4$5M4)%5$0)*#*)0"05.$'%"$,%0&)% 5$0*.,43),%-.*%)2,)*27%3"*)C 3.$3)#04"2%/"$5#42"05.$%.-%!"#"$)')% Currency L304"227%X4*)"5%95##4%A"'%$.0%-*))%-*./% #*./.0)*'%"$,%#*"30505.$)*'C%%N0%5'%5/#.''5(2)%0.% !"#"$)')%7)$%(40%5$%/.'0%3"')'%4'),%0&)%.-Y535"2% Research ,)"2%A50&%"22%0&.')%'7'0)/'%A&53&%)B5'0;),?%5$% 34**)$37%0.%("3F%0&5'%'7'0)/C%%Z$)%07#53"2%3"')% !"#"$%A50&%'.%-)A%A.*,'8%'.%"22.A%/)%0.%#53F% 3&"*+)'%0&)%()$)Y535"*7%[==%7)$%;\W]%[C[Q?<% 4#%0&)%/.'0%*)2)1"$0%3"')'%.$27C www.ijccr.net #)*%&.4*%0.%#"7%0&)%3.$0*5(40.*%><=%7)$%;\W]% International Journal of Community Currency Research 15 (2011) D 22-26 22 !"#$%&'()&*+,&-.(&/012&*"$+%&34567&48&69:.& 48&67.&6.e6E44B<&4(&II<&9(&67.&H';'(.<.& ).;4<96&379=.&67.&5.:'9(9(>&#,&-.(&/012&,"##%& ='(>@'>."&&&G7.&II&:4?.:.(6&5.'D7.)&96<& 9<&<;.(6&845&'):9(9<65'69?.&;@5;4<.<"&&A(467.5& D=9:'e&9(&H';'(&9(&+,,$&'()&<9(D.&67.(&<6'56.)& 4(.&' CC 74@5&48&D'5.&9<&34567&:@D7&:45.&67'(&67.& IJ Toshiharu Katô’s “Ecomoney”: a CC D455.<;4()9(>&':4@(6&48&).;4<96&9(&-.("&&G7.& promoted by a MITI bureaucrat ).;4<96&9<&'D6@'==-&E.=43&67.&:9(9:@:&3'>.&9(& H';'(F&<4&96&9<&5'67.5&).<9>(.)&845&?4=@(6..5<& G7.&VQD4:4(.-Z&7'<&:').&<9>(9f9D'(6& 374&)4&(46&7'?.&64&3455-&'E4@6&67.95&9(D4:.& 8446;59(6<&4(&67.&H';'(.<.&II& International Journal of Community Currency Research 15 (2011) D 22-26 23 !"#$%&'()$*"#"!()+",-.).$/$#$'&%$)0*"!"#$()1#%") $6605%$260"98"%-0"B0D8".//:0D/"10$2/"%-$%"%-0.D"^309%!"%4" &#"%2$')!"#$()&#.3"')#"%$45))62$'$)+",-.)&-4")7$)4"!$) %-./"6411:2.%8"./"^D05$.3H!"_ 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/2'S6/$/1<:'?0"8+'"$8'C$89&,0 !#+A,'),&'-+(&),+'EYY'"$$/9$6+&',/'(9<'(0/-$'0)6+' 20/1'#0/896+0&'",'ZNN'<+$'#+0'.)7/*0"11+:'&/'"' 19&9()'-/978'(+'+B9)5"7+$,',/'[N'<+$'/$'"##7<)$*' ,4)&'0",+> References !/4$&/$:'34"071+0&'PO\ZMQ'VRC?C'"$8',4+'!"#"$+&+' 1)0"67+:W';,"$2/08'K$)5+0&),<'F0+&&:';,"$2/08>' Y",]:'?/&4)4"09'PO\\ZQ'VS6/1/$+<'^'20/1',4+'()*' ("$*',/'491"$+'&/6)+, International Journal of Community Currency Research 15 (2011) D 22-26 26 Alternative Exchange Systems in Contemporary Greece Irene Sotiropoulou Department of Economics, University of Greece [email protected] IJCCR Abstract 8.*+&-"-%#&*+&"&<#*%A&#%-/#,&/A&+%9%#"$&+'.%0%+&,.",&%=*+,&,/2"3;&F%-,%0<%#&QRMR;&*)&1#%%'%&")2& -%#0*,&,.%*#&0%0<%#+&,/&-%#A/#0&,#")+"',*/)+&?*,./(,&")3&/AO*'*"$&'(##%)'37&8.%&#%-/#,&'/9%#+& -"#"$$%$& '(##%)'3& +'.%0%+;& %='.")5%& )%,?/#@+& ")2& +%9%#"$& #%$",%2& *)*,*",*9%+& ,.",& '/($2& <%& '."#"',%#*+%2&"+&"$,%#)",*9%&%='.")5%&/#&)/)40"*)+,#%"0&0/2%+&/A&%'/)/0*'&"',*9*,37& Introduction 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`aM&#-)&($$0&;%$-"$2&&(-)$2&+0&D-"%-)& >+'$&G-01+0:4& ;+".&-02&0-'$2&UA7!,!)&b$)$-%;#&-02& c!;/'$0"-"+!0&E$0"$%&3!%&I!;+-,&E/%%$0;.V& *#+;#&+)&%$)8!0)+(,$&3!%&)/8$%7+)+!0&!3&"#$& The main idea of the Ovolos scheme is that );#$'$6&8%!7+2$)&"#$&'$'($%)&*+"#& the members can use the Ovolos currency 2!;/'$0"-"+!0&-02&8$%3!%'&%$)$-%;#&-;"+7+"+$)4& (which is virtual, e.g. on the main computer >#$&'$'($%)&!3&"#$&!%:-0+)-"+!0&#-7$&(.&,-*& system and on each member’s digital smart $Y/-,&%+:#")&-02&!(,+:-"+!0)&-02&"#$& !%:-0+)-"+!0&+)&"#$&U/'(%$,,-&!%:-0+)-"+!0V&3!%& card) instead of euro currency for their "#$&$0"+%$&);#$'$4& transactions with members. >#$&(-)+;&+2$-&($#+02&A7!,!)&+)&"#-"&"#$& ;,-))+;-,&H$4:4&)"-"$M&;/%%$0;+$)6&$)8$;+-,,.&-3"$%& "#$&+0"$%%/8"+!0&!3&$Y/+7-,$0;$&*+"#&:!,2&+0& The Ovolos Currency in the cities of LOdL6&;%$-"$&)/%=7-,/$)&"#-"&-%$&!/"&!3&;!0"%!,& Patras and Thessaloniki (.&"#$&$;!0!'.&-02&0!0=%$)8!02+0:&"!&%$-,& $;!0!'.6&$4:4&%$-,&8%!2/;"+!04&E!0"%-%.&"!&"#-"6& >#$&A7!,!)&8%!C$;"&)"-%"$2&+")&!%:-0+)+0:&+0& "#$&)!;+-,&;/%%$0;.&*+,,&;+%;/,-"$&-02&($& N-0/-%.&JKKO&-02&+"&+)&(-)$2&+0&D-"%-)&;+".& ;!0)/'$2&-)&+"&+)&8%!2/;$24& HP$)"=I!/"#&;!-)"&!3&"#$&;!/0"%.M&(/"&-,)!&%/0& +0&>#$))-,!0+1+&H)$;!02&'-C!%&;+".&+0&"#$&?!%"#& 5&)+:0+B+;-0"&3$-"/%$&!3&"#$&;/%%$0;.&+)&"#$& !3&@%$$;$M6&-)&*$,,4J&<")&'$'($%)&*$%$&-%!/02& 2$)+:0-"+!0&!3&+"e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nternational Journal of Community Currency Research 15 (2011) D 27-31 28 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l) '1,'",)+"6).,2'-)!",'-'(,'&H),.)2+?')&!-'#,) ,2'6)3!?')+")+7.%",).*)aLL)/PQ)86)-'3!(,-+,!."=) !"*.-7+,!.")+"&)<+-,!#!<+,!.")!")&!(#%((!."() 8%,)&'8,)*.-)+"6)7'78'-)#+"".,)3',).?'-)aLL) +"&)&'#!(!."()+8.%,),2')<-.F'#,;)) /PQ)'!,2'-;)>*)#.%-('=),2')!((%'),2'6)+-') #%--'",$6)&!(#%((!"3)!(),2'),.,+$)7."'6)?.$%7') I2+,)!()+$(.)?'-6)!",'-'(,!"3)+8.%,)>?.$.()!() ,-+<=)';3;),2')7."'6)?.$%7')@!$$)8')$!7!,'&),.) ,2+,)!,)@+()(,+-,'&)86)+)3-.%<).*)'",-'<-'"'%-(=) a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he ‘Money Back System’ : A Hybrid Sui Generis !&'+=)!*),2!()@+(),.).**'-),2'7),2').<<.-,%"!,6) or scheme in Crete and ,.)8%6)8+(!#)3..&()@!,2.%,)"''&!"3)'%-.) Dodecanese #%--'"#6)*.-),2!(;) 42')h."'6)9+#:)56(,'7)!()+)"',@.-:) #.78!"!"3)'1#2+"3'),-+&')8%,)+$(.)7."',+-6) '$'7'",(;)42')"',@.-:)2+()8''")#-'+,'&)86)+) The Local Alternative Unit of Volos <-!?+,')#.7<+"6=)@2!#2)+$(.).@"),2') city !",'$$'#,%+$)<-.<'-,6)-!32,().*),2')(6(,'7;)9%() 42')/.#+$)P$,'-"+,!?')Q"!,)GRSTUVW) #.7<+"!'().*)d-',')+"&)m.&'#+"'(')#..<'-+,') +()(<."(.-().*),2')(6(,'7)@2!$').,2'-)$.#+$) XYZ[[ZV\UVW)]SY^_Z)D)RX]H)@+()*.-7+$$6) <$+""'&),.)8')$+%"#2'&).")`%"')ab,2)KLaL)!") #.7<+"!'()G(%<'-)7+-:',(=)<+(,-!'(=)#$.,2') ,2')#!,6).*)c.$.(=)."),2')0+(,)d'",-+$)#.+(,).*) (,.-'(=)#+*n(=)*%-"!,%-')(,.-'(=)#!"'7+(=)',#H)+-') e-''#';)42')Q"!,)!()&!3!,+$)."$6)+"&)@!$$)8')%('&) 86)#.",-+#,)#.77'-#!+$)<+-,"'-().*),2') @!,2!"),2')*-+7'@.-:).*),2')01#2+"3')+"&) 7+"+3!"3)#.7<+"6;) 5.$!&+-!,6)f',@.-:)g)@2!#2)#.?'-(),2')'",!-') 42')(6(,'7)2+()8''")(.)(%##'((*%$)(!"#') #.%",6).*)h+3"'(i+;)P,),2')7.7'",=),2') (%77'-)KLLo)@2'")!,)@+()'(,+8$!(2'&=),2+,) 7'78'-(2!<)!()-+,2'-)$.@)8'#+%('),2'6)2+?') +*,'-)(.7')7.",2()$.#+$)(2!<)+"&)+!-)#.7<+"!'() ".,)<-.#''&'&)@!,2)'1,'"(!?')<%8$!#!,6)6',=) (,+-,'&)<+-,!#!<+,!"3)+"&),2')(#2'7')@+() 3!?'"),2+,),2')(#2'7')!()."),2')<-.#'(().*) '1,'"&'&),.),2')'",!-')#.%",-6l)+##.-&!"3),.),2') -'(.$?!"3)('?'-+$)<-+#,!#+$)!((%'(;) <-.F'#,=),2')%('&),!#:',().*)7+((),-+"(<.-,) 7'+"(=)".)7+,,'-)!")@2!#2)<+-,).*),2')#.%",-6) 2+?')8''")%('&=)#+")8')-'p%('&)+,),2'),2'!-) International Journal of Community Currency Research 15 (2011) D 27-31 29 !"#$!%&'(%&)*'+"',)-'.""/0'%!/'0*1($2*0'31"#'+4*' %!/'1*!*9'+4*'(%1$*+-'3"1'!*J+'-*%1'%!/'51"($/*'9$+4' 5%1+$2$5%+$!.'2"#5%!$*06',)+'"3'2")10*6'+4*-'2%!!"+',*' 0**/0'%!-'"+4*1'5*10"!'3"1'31**7' )0*/'%.%$!'3"1'5),&$2'+1%!05"1+7'8%24'*!+*151$0*' V!*'1*2*!+'/*(*&"5#*!+'$0'+4*'W"."FC$#$0'X'!*+9"1:' %!!")!2*0'$!'5),&$2'94$24'5%1+'"3'+4*'51$2*'%'2)0+"#*1' ;YZ[\']^_`a'R',-'9"1/'"3'4"!")16'$!'T1**:A'94$24'0+%1+*/' 5%-0'2%!',*'5%$/'$!'+$2:*+0';31"#'<=>'+"'<=?@'"3'+4*'51$2*A 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"3'+4*#'51"($/*'+4*'0**/0'3"1'31**'%!/'+4*1*'$0'"!&-'%' 0"#*+4$!.'$0'%(%$&%,&*',-'%!-'!*+9"1:'#*#,*17'C4*1*'%1*' ;&""0*A'",&$.%+$"!'"3'+4*'1*2*$(*1'+"'2)&+$(%+*'+4*'0**/06' +41**'"!&-'31**'!*+9"1:0'$!'T1**2*6',)+',"+4'2"(*1'+4*' *!+$1*'2")!+1-N'"!*'$0'd1**2-2&*'<<'$!'T1**2*6'94$24' International Journal of Community Currency Research 15 (2011) D 27-31 30 !"#$!%%&'()'*+*,+-'./'#0+'(1#+-1!#(.1!%'2-++"&"%+' Acknowledgements 1+#3.-4'#0!#'0!)')#!-#+5'(1'678')+9+-!%'&+!-)'!:.;'#0+' .#0+-'()'<=>?@ABCD'EF'GH-.1.$1"+5'I0!-()+BJ.K'L(9+B(#B h'!*':-!#+/$%'#.'q-'r.+%'s.1:0$-)#'G61(9+-)(#&'./'t!)#'81:%(!MK' !3!&M'1+#3.-4K'30("0'()',!)+5'(1'J0+))!%.1(4('!15'!%).' /.-'0()'".**+1#)'!15')$::+)#(.1)'.1'!1'+!-%(+-'9+-)(.1'./'#0()' H!H+-K'!)'3+%%'!)'/.-'0()'+5(#(1:'!59("+O' .-:!1()+)'/-++',!N!!-)'(1'"..H+-!#(.1'3(#0'#0+'"(#&' *$1("(H!%(#&O' J0+'H!H+-'5-!3)'.1'!'u0q'-+)+!-"0''H-.:-!**+'30("0')#!-#+5' (1'2+,-$!-&'FVVfO'J0+'l(-)#'H0!)+'(19.%9+5'm$!%(#!#(9+'-+)+!-"0K' J0+'#0(-5'/-++'1+#3.-4'()'L(9+B!15BJ!4+'GPQ@RBS=>RMETK' (1'.-5+-'#.'$15+-)#!15'!15'+WH%.-+'#0+'#0+.-+#("!%'/-!*+3.-4' 30("0'()'#0+'*.)#'-+"+1#%&'"-+!#+5'GU$1+'FVEVM'!15'(#'()' ./'#0+')"0+*+)O'J0+')+".15'H0!)+'Gm$!1#(#!#(9+'-+)+!-"0M'()' ,!)+5'(1'8#0+1)'!15'J0+))!%.1(4(K',$#'#0+&'!%).'0!9+' )"0+5$%+5'#.')#!-#'(1'q+"+*,+-'FVEVO' *+*,+-)'(1'.#0+-'L-++4'"(#(+)O'J0+'5()#(1"#(9+'/+!#$-+)'./' J0()'H!H+-'5.+)'1.#'(1"%$5+'!1&',(,%(.:-!H0&'1.-'+9+1'#0+' #0()'1+#3.-4'!-+'!M'!')+H!-!#+'/.-$*'/.-'+W"0!1:+'./' #0+.-+#("!%'/-!*+3.-4',+(1:'$)+5'(1'#0+'u0q'-+)+!-"0'H-.i+"#K' Exchange systems in systems Greece Exchange )+-9("+)'!*.1:'#0+'1+#3.-4'*+*,+-)'!15',M'!'X%(,-!-&YK' !)'3+'.H#+5'#.'H-+H!-+'!'*.-+'.-'%+))'X#+"01("!%Y'-+H.-#O'p/' R 30+-+'*+*,+-)'"!1'%+15'!15',.--.3',..4)'!*.1:'#0+*O ".$-)+K'!1&'5+l("(+1"&'./'#0()'H!H+-'()'#0+'!$#0.-v)' -+)H.1)(,(%(#&O CC 8')H+"(!%'#&H+'./'/-++',!N!!-)'()')3()0(1:'H!-#(+)'GZ=>C[' IJ \]C\^^\_`a'>Dbcd]M'30("0'+*+-:+5'(1'8#0+1)'Ee')(1"+' FVVf'!15'J0+))!%.1(4('Eg''(1'FVEVO'73()0(1:'()'!'#+-*' "-+!#+5'.$#'./')3!HH(1:'!15')0.HH(1:'#.'5+)"-(,+'H!-#(+)' Endnotes 30+-+'H+.H%+',-(1:'#0+(-'"%.#0+)K')0.+)'!15'!""+)).-(+)' !15'"!1'#!4+'.#0+-'"%.#0+)K'+#"'/.-'/-++O'h#'()'!'%(4+'!'/-++' !''333O+1.3O:-' ,!N!!-K'/."$)(1:'.1'"%.#0(1:O' "'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+(-'"$--+1"&O' Epilogue: Other Projects #'J0()'()'30!#'0!5',++1'-+:()#+-+5'!#'II'j.-%5'k!H'!,.$#' p9.%.)'(1'U!1$!-&'FVVfw'0##Hwxx J0+-+'!-+')+9+-!%'.#0+-'H!-!%%+%'"$--+1"&'H-.i+"#)'30("0K' 333O".*H%+*+1#!-&"$--+1"&O.-:x""q!#!,!)+x*!H)x +(#0+-'!-+'(1'H-+H!-!#(.1')#!:+'.-'0!9+'1.#'+//+"#(9+%&' 3.-%5*!HOH0Hy!"#(.1z%()#{)|%+|".$1#-&h5z}eO' )#!-#+5'3.-4(1:'!#'!%%O' $'333O#+*B*!:1()(!O:-' J0+'#3.'H-.i+"#)'.1'#0+'I.*H%+*+1#!-&'I$--+1"&'j.-%5' % k!H'%."!#+5'(1'h+-!H+#-!'"(#&K'(1'I-+#+'()%!15K'!-+')#(%%' 'k.-+'(1/.-*!#(.1'G(1'L-++4'.1%&M'"!1',+'/.$15'.1'#0+'3+,)(#+' 0##Hwxx333O*.1+&,!"4)&)#+*O:-x0.*+O0#*%O' ,+(1:'5+)(:1+5O'8'H-+9(.$)'H-.i+"#K').*+'&+!-)'!:.K''#0!#' (1#+15+5'#.'+)#!,%()0'#(*+',!14)'(1')+9+-!%'L-++4'"(#(+)' &'q+#!(%)'./'#0+'H-.H.-#(.1'./'#("4+#)'!""+H#+5',&'+!"0' $15+-'#0+')$HH.-#'./'L-++4')#!#+'5(5'1.#')#!-#'!#'!%%K' H!-#("(H!#(1:'".*H!1&'"!1',+'/.$15'!#'0##Hwxx ,+"!$)+'l(1!1"(1:'H-.9+5'#.',+'m$(#+'5(/l("$%#O'n.3+9+-K' 333O*.1+&,!"4)&)#+*O:-xtH(W+(-()+()~FV7+H#+*,+- #0+-+'()')#(%%':-!))-..#)'(1#+-+)#'(1'J(*+'o!14)'(1')+9+-!%' ~FVFVEVOH5/O' H!-#)'./'#0+'".$1#-&O' ''333OH+%(#(O:-'J0+-+'()'!%).'!'9+-)(.1'./'#0+'3+,)(#+'(1't1:%()0' !#'0##Hwxx333OH+%(#(O:-xH!:+)|+1:xH+%(#(|+1:O0#*O' p1+'3.$%5')!&'#0!#':(9+1'#0+'".1#+*H.-!-&'l(1!1"(!%' "-()()K'!)'3+%%'!)'#0+'H!-#("$%!-')(#$!#(.1'./'L-++4' ('81.#0+-'#+-*'$)+5'/.-'#0+*'()'X%!15-!"+)YO' +".1.*&K'!%%'+W()#(1:')"0+*+)'!-+'./':-+!#'(1#+-+)#' )'333O%.:.B#(*()O:-' ,+"!$)+'#0+&'+*+-:+'!#'#0+'#(*+'./':-+!#'"0!%%+1:+)'/.-' !* L-++4'+".1.*&'!15')."(+#&O'J0()'3(%%'!%).'*+!1'#0!#'#0+&' '0##Hwxx)4.-.)O+)H(9O1+#x' *(:0#'.//+-'+W!*H%+)'.-'+WH+-(+1"+'(1'1.1B*.1+#!-&' !!'0##Hwxx/-++"&"%+O3(4()H!"+)O".*x/-++"&"%+|:-' +".1.*("'!"#(9(#&'#0!#'3(%%'"-+!#+'1+3'H!##+-1)'./' !"'333OW!-()+#.O:-' #-!1)!"#(.1)O'J0+'-+)+!-"0'H-.i+"#K'3(#0(1'#0+'/-!*+3.-4' ./'30("0'#0()'-+H.-#'0!)',++1'H-+H!-+5K'!##+*H#)'#.' !#'0##Hwxx53)+H!-+O1(1:O".*x (19+)#(:!#+'#0.)+'1+3'+".1.*("'#-+15)'!15'#0+(-'%(14'#.' !$'333O)3()0(1:O:-' #0+':-+!#+-'/-!*+3.-4'./'l(1!1"(!%'".15(#(.1)'#0!#'H+.H%+' !%'0##Hwxx)3()0(1:B#0+))O,%.:)H.#O".*xO' ./'L-++"+'!-+'+WH+-(+1"(1:'!#'#0()'#(*+O' International Journal of Community Currency Research 15 (2011) D 27-31 31 Complementary Currencies for Sustainable Local Economies in Central America Erik Brenes PhD Candidate, Universita dellas Calabria / Regional Advisor Andean Region - STRO [email protected] / [email protected] IJCCR Abstract !"#$%&'(%$&#)*+&*&,$-*,$&("&%$.$*%-)/+01&/'23$'$+#/+0&*+,&.42$%5/./+0&-('23$'$+#*%6& -4%%$+-/$.&2%(7$-#.&/+&#)$&%$0/(+1&#)$&8(-/*3&9%*,$&:%0*+/.*#/(+&;$+#%*3&!'$%/-*&<89=:>;!?& )*.&*--4'43*#$,&'*+6&3$..(+.&3$*%+#&*+,&,$5$3(2$,&-('23$'$+#*%6&-4%%$+-6&'$#)(,.& *3(+0&@/#)&.#%*#$0/$.&#(&.#/'43*#$&/#.&-/%-43*#/(+1&A4#&'(.#&("&*33&#(&-%$*#$&.#*A3$1&,/5$%./B/$,& *+,&%$./3/$+#&3(-*3&$-(+('/$.&/+&#)$&-/#/$.&@)$%$&2%(7$-#.&*%$&/+&%$.$*%-)1&$C$-4#/(+&*+,D(%& .42$%5/./(+E&9)/.&%$2(%#&/+#%(,4-$.&#)$&89=:>;!&*22%(*-)&#(&-('23$'$+#*%6&-4%%$+-6& ,$5$3(2'$+#1&*+,&%$B3$-#.&(+&#$+&6$*%.&("&-4%%$+-6&/++(5*#/(+&*+,&,$5$3(2'$+#&/+&;$+#%*3& !'$%/-*E Introduction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nternational (%0*+/H*#/(+.&3/I$&J$@&K-(+('/-.&L(4+,*#/(+& *+,&#)$&9%*+./#/(+&9(@+.&'(5$'$+#E The STRO-CA approach Journal of 89=:&/+#$%5$+#/(+&/+&;$+#%*3&!'$%/-*&.#*%#$,& 89=:>;!&)*.&,$5$3(2$,&*+&/++(5*#/5$& Community A*-I&/+&MNNM&#)%(40)&/#.&("B/-$&/+&O(+,4%*.&*+,& .4.#*/+*A3$&3(-*3&$-(+('/-&,$5$3(2'$+#& (+$&./+03$&2%(7$-#&("&-('23$'$+#*%6&-4%%$+-6& *22%(*-)&#)*#&*/'.&#(&-%$*#$&.#%(+01&.#*A3$&*+,& Currency @/#)&3(-*3&2*%#+$%&;:P!Q&<=$,&,$& ,/5$%./B/$,&3(-*3&$-(+('/$.1&%$./3/$+#&#(&(4#./,$& Research ;('$%-/*3/H*-/(+&;('4+/#*%/*&!3#$%+*#/5*?E& .)(-I.&"%('&#)$&@(%3,&$-(+('6&*+,&/#.& K5$+&#)(40)&#)$&2%(7$-#&/.&+(&3(+0$%&.42$%5/.$,& 03(A*3/H*#/(+&2%(-$..E&9)/.&*22%(*-)&/.& A6&89=:>;!1&#)$&.6.#$'&.#/33&"4+-#/(+.&4+,$%& -(+.#*+#36&/'2%(5$,&A6&#)$(%$#/-*3&*+,&U/+> www.ijccr.net International Journal of Community Currency Research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nternational Journal of Community Currency Research 15 (2011) D 32-38 33 Complementary 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 currency vouchers. The vouchers are backed by the institution/enterprise who accepts them as means of methods 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 in Sustainable Local Central Economies America purchase of goods and services, the methodology incentives local “purchases” and improves R the sales of the participants of the network. The methodology has been strengthened and updated by STRO with: CC IJ - 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 The focus is to stimulate circulation of local currency by developing local bio-energy technologies (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 This method is adapted from the Local Alchemy method of the New Economics Foundation nuestro (APLN) (NEF). Starts with a workshop to raise awareness among local actors about the impact of their Table 1: spending and investment behavior on the local economy. In Central America, some 5% of the STRO-CA participants, mostly (prospective) entrepreneurs continue in a coaching trajectory which bring approaches to their entrepreneurial project idea in practice which consequently will stimulate local currency sustainable local circulation. The coaching has proven to be very effective with informal sector entrepreneurs economic development (who are generally too small to qualify for mainstream business advisory services like credits). International Journal of Community Currency Research 15 (2011) D 32-38 34 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 Sustainable Local Economies in Sustainable Local Central Economies America R Cooperativa Integral Ecuador 2010 LBC Fund and supervised by CC Pachamama Foundation IJ 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 Table 2: STRO and executed by STRO- complementary currency Uruguay office. projects in Latin www.c3uruguay.com.uy America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nternational Journal of Community Currency Research 15 (2011) D 32-38 35 Sustainable Local Economies in Sustainable Local Central Economies America R CC IJ Image 1: Businesses in local community accepting Coopvictoria UDIS in September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nternational Journal of Community Currency Research 15 (2011) D 32-38 36 Conclusion #,*'&,+*#),+7% )&5+,#?+*#),$% 0#*"% (&)Q'/*$% -'-#/+*'-%*)%7)/+7%'/),)9#/%-':'7)(9',*< !"#$%&'()&*%"+$%#,*&)-./'-%*"'%0)&1%*"+*%2!34% #$% .,-'&*+1#,5% #,% 6',*&+7% 89'&#/+% #,:)7:#,5% B 8@*'&% /'&*+#,% +9).,*% )@% /)9(7'9',*+&;% /)9(7'9',*+&;% /.&&',/#'$<% =,% /),/7.$#),>% 0'% /.&&',/;% 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-#9',$#),$%)@%*"'%85',-+%HJ%P7)E+7%()7#/;< #9(+/*D$/+7'% 9',*#),'-% #,% *"'% (&':#).$% ()#,*<% U)$*% &'$.7*$% #,% *"'% $")&*% &.,% +&'% B !"'% +((&)+/"% #$% '+$#7;% +-Q.$*+E7'% +,-% S.+7#*+*#:'%&+*"'&%*"+,%S.+,*#*+*#:'>%0"',%,)*% $/+7+E7'% *)% 7)/+7%&'+7#*#'$>%9+1#,5% #*% +% $*&),5% (&)('&7;% 'R(7+#,'-% )&% .,-'&$*))->% *"#$% 9+;% (7+,,#,5% *))7% @)&% 9#--7'% +,-% 7),5% *'&9% -#$/).&+5'% 7)/+7% (')(7'% +,-D)&% @.,-#,5% $.$*+#,+E7'%-':'7)(9',*<% )&5+,#?+*#),$< in Sustainable Local Central Economies America R B 4,'% )@% *"'% 9+#,% +-:+,*+5'$% #$% *"+*% 2!34O$% B 8$% )*"'&% &'$'+&/"'&% GP)9'?>% HIIVN% "+:'% CC 9'*")-)7)5#'$% 9+R#9#?'% 7)/+7% .$+5'% )@% +7&'+-;%()#,*'-%).*>%*"'&'%#$%+%/)9(7'*'%7+/1% IJ &'$).&/'$%9+1#,5%#*%$)9'*#9'$%+,%+@@)&-+E7'% )@% #,$*#*.*#),+7% $.(()&*% *)% (&)Q'/*$% #,:)7:#,5% $)7.*#),% @)&% 7)/+7% /)99.,#*#'$% )&% /)9(7'9',*+&;% /.&&',/#'$<% =,% $)9'% F+*#,% Images 2 and 3: Coopevictoria’s UDIS note front and reverse International Journal of Community Currency Research 15 (2011) D 32-38 37 !"#$%&'()&*+(,$%#-.)-+&/)'00$*'&/#-)'$#)*1,#()-##"#2) References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`%&5#()Y8)?I\\a@)!"#$%"&'()*+,&+-%./*#-0).1&+(2&3#-"4&25#.#067)) b%71*$2)Y$#--.)c#3)d*$5.)G8S8!8 9 C%('774.) 0$*"*,%(6) ,/#) DE) '00$*'&/.) #%,/#$) ,*) 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Sustainable Local Economies in Sustainable Local Central Economies America G(%A#$-%2'2)2#7)Y'&%B%&*.)Y#$+ 9 D+7,+$'7) 0$*2+&,%A%,4) ?O#11.) PJJQ@) 3/%&/) 7%(5-) ,/#) R (*,%*() *1) &+7,+$#.) 3/%&/) +-+'774) "#'(-) -*&%'7) S#41'(6)b8)?PJJI'@.)D*""+(%,4)D+$$#(&%#-N)')-"'77)&/'(6#)1*$)') 1*$"',%*(-.)'(2)/+"'()'&,%A%,%#-),/',)'$#)(*,)(#&#--'$4) 6$##()#&*(*"4.)<(A%$*("#(,'7)'(2)Y7'((%(6)!)EE)?U@.)\_[=\\U8 CC IJ %(,#(2#2),*)%(&$#'-#)0$*2+&,%A%,4R) K%77%'"-)D8)X)!72$%26#):8)?)PJJI@.)D-)412/&).+#&3#-9,&%.& 9 S*7%2'$%,4) (#,3*$5-) ?T'(&#.) PJJU@)3/%&/)'$#)1*$"-) *1) 2C%";%+)#.&#*&E#5%"&FG5(%.12&>-%4).1&'5(202/7)Y*7%&4)Y$#--.)G8g8 %(,#6$',%*() '(2) %(,#$'&,%(6) '"*(6) *$6'(%H',%*(-) ,/',) -+00*$,) #'&/) *,/#$) "+,+'774) 0$*"*,%(6) &*(B7+#(,) '&,%*(-) ,/',) -,$#(6,/#()#'&/)*1) ,/#)"#";#$-) *$) '77) *1) ,/#")-%"+7,'(#*+-74R)'(2R) 9 LD'$'&*7#-M) 3/%&/) '$#) ,/#) *$6'(%H#2) $#6%*(-) *1) ,/#) V'0',%-,'-) '+,*(*"*+-) &*""+(%,%#-) %() D/%'0'-.) T#>%&*8) 9 W,) 3%77) ;#) %"0*$,'(,) ,*) %(,#6$',#) ,/#-#) '(2) 2$'3) 3%2#$) &*(&7+-%*(-)1*$)-+-,'%(';7#)7*&'7)#&*(*"%&) 2#A#7*0"#(,R) ',)7#'-,)3#)*3#)%,),*)1+,+$#)6#(#$',%*(-8 International Journal of Community Currency Research 15 (2011) D 32-38 38 Community Currency Progress in Latin America: Evolution in Brazil of a Socio-Technical Innovation for Economic Sustainability Christophe Place IJCCR HEC-Paris / Fundação Getulio Vargas São Paulo, Brazil Abstract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ntroduction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anco Palmas: A Significant Example F*)%3'1#GCE#/"#H(3("1#DE#/"#I"/.'7#J.(.'$#%9# in Latin America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nternational ("7#Y+.%6')#@AAV#("7#*$'7#/"#N@#6().')# ';3')/&'".(./%"#/"#)'+'".#5'()$#("7#.%#3)'$'".# +%&&*"/.5#&()8'.1#%)#Z')+(7%$#K%&*"/.()/%$# Journal of $%&'#';'&34()5#$+,'&'$#("7#3)%&/$/"<# 7'#R)*'[*'#/"#J3("/$,1#$3)'(7#%"#NG#%9#.,'#@G# /""%:(./%"$?#!"7''71#/.#$''&$#.,(.#.,'#&%$.# Community X'"'=*'4("#$.(.'$#OJ,'3,()71#@AAVQ? $/<"/S/+(".#$/.'#%9#+*))'"+5#';3')/&'".(./%"#%9# Currency -(./"#0&')/+(1#>)(=/41#,($#(#+').(/"#/&3%).("+'# R,'#J%+/(4#R)(7'#Y)<("/=(./%"#/$#+*))'".45# /"#.,'#.)'"7#%9#+%&&*"/.5#+*))'"+5# 3)%&%./"<#)*)(4#7':'4%3&'".#3)%\'+.$#4/"8'7# Research 7':'4%3&'".#/"#.,/$#)')'"'$1#@AAVQ?#Z%)'%:')1#.,'#J%+/(4#R)(7'# International Journal of Community Currency Research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X%:(&(,(2*;)33,%&;$(2:*(C2*;"2$(&)%*)9*$*%27* &%(2"2:(*"$(2*+2-)7*$%*2S,&1$-2%(*)9*IT*Z55*P>* :);&$-*;,""2%;/*$%?*&(:*$3),%(*)9*;&";,-$(&)%*()* $%?*7&(C*$%*&%(2"2:(*"$(2*$"),%?*4Y*$+)12*&(D* (C2*<2%("$-*M$%8*7&(C),(*$%/*B"21&),:* E)*"2;2&12*(C):2*%$(&)%$-*)"*:);&$-*3)%2/*-)$%:>* $,(C)"&'$(&)%D*A);&$-*;,""2%;&2:*%22?*(C2*:$32* International Journal of Community Currency Research 15 (2011) D 39-46 40 !"#$%&'#('%!&)#%!*'+#%,-%&)#%!*'"#%-.'/)&0)%'!' /!11!%&.'($%2'&#')%3$1-')&3'3!"-',!*$-'4!1)&.'#1' “For the first time the Central Bank of -5$),!*-%+-6'&#'+#%&1#*')&3'+)1+$*!&)#%'!%2'&0$3'&#'!,#)2'!' Brazil recognised the existence of %!&)#%!*'-+#%#")+'2)3#12-1'&01#$70'!'+#"4-&)&)#%'/)&0' community banks and social currency &0-'#(8)+)!*'"#%-.9':3'3#+)!*'+$11-%+)-3'!1-'1-+#7%);-2'!3' (##2'#1'&1!%34#1&',#$+0-136'&0-.'!1-'%#&')%(1)%7)%7'&0-' and their importance as social "#%-.')33$-'1-3&1)+&)#%'*!/'#('&0-'<-%&1!*'=!%>'!%2' technology that generates financial &0-1-(#1-'2#%?&'3$((-1'(1#"'!%.'#(8)+)!*'#17!%'+#%&1#*9' inclusion.” @%2--26'&0-.'#%*.'%--2'&#')%(#1"'&0-'<-%&1!*'=!%>'!%2'A-' Banco Banco Palmas, Brazil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International Journal of Community Currency Research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anco Palmas, Brazil *)123&-.$-)$/#2("$2,$#,1:$2$'&0&),:$2$3),9B-#/*$ R 0-/2-#9.<$A),0#C+#,-3.:$&,,)'2-&),0$*+0-$4#$ *21#$),$4)-"$)5#,:$53+/23$2,1$0+6%&(&#,-$ CC IJ (+//#,(.$-))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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�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nternational Journal of Community Currency Research 15 (2011) D 39-46 44 Endnotes 950!%>1()/%(*!%=!*%,.)4!,'((1#,0!*0*/1-*!/5)/!1#3)31!.#! ),/.?./.1*!/5)/!)(1!(1*1(?1&!=%(!2)#C.#3!)#&!Z.#)#,.)4!.#*/./'/.%#*! !!"#!$%#&'()*+!)!,%--'#./0!,'((1#,0!.*!21.#3!4)'#,51&!.#!6778! )(1!*'2D1,/!/%!>(1?1#/.?1!)#&!>'#./.?1!,%#/(%4+!1M1(,.*1&!20!/51! 9./5!:+;6:!<1,1*!.#!,.(,'4)/.%#!=%(!2.%&.1*14!>'(,5)*1!)#&! 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(1*1)(,5!%(.1#/1&!/51*.*@!V1)#QU()#h%.*!i%'214+!A4)'&1! 1,%#%-.1*+!.#!/51!-1&.'-!)#&!4%#3!/1(-+!2)#C.#3!.#*/./'/.%#*! <1(.3)'&+![.3'14!j)*'0'C.!$.(%/)+!S%>5.1!$'1/+!A5(.*/%>51! /5)/!)(1!>)(/#1(*!%=!%(3)#.L)/.%#*!/5)/!'*1!*%,.)4!,'((1#,.1*+! A1*1//.+!A14.#)!k5./)C1(+!A)(4%*!f1!U(1./)*!5)?1!)4*%!>)(/.,.>)/1&! )9)C1#!/%!/51!)&?)#/)31*!%=!C11>.#3!2)#C!&1>%*./*!)>>4.1&!.#! .#!/5.*!>)>1(!/5(%'35!'*1='4!(1=1(1#,1*@!H51!)'/5%(!)4*%! .#?1*/-1#/*!.#!/51!4%,)4!1,%#%-0@! ),C#%941&31*!f(!N.44!S10=)#3+!<(%=1**%(!A%4.#!A@!k.44.)-*+!)#&! %!BX!877+!.#!/51!K()L.4.)#!#)/.%#)4!-%#10+!.*!1W')4!/%!EII!Y!9./5! f(!i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nternational Journal of Community Currency Research 15 (2011) D 39-46 45 References 5H&3B95?#"&+,,-/&<=8(>8?>#&5$& @AAA/H8B#%75?"8%(>/5";/?"C/&D5$%6>9#7&9E#&FG9E&5H& !"#$#%&'"()&*+,,-./&0123&456$789(5$:&!5;598/& U8"BE&+,F,/ <=8(>8?>#&5$&@AAA/%5B(8>9"87#/5";C/&D5$%6>9#7&9E#& K"(J8=#"8&O#>5b%8&*+,,-./&U5#78%&%5B(8(%:&B>6?#%&7#& FG9E&5H&I#B#J?#"&+,,-/ 9"5B8&$8&<";#$9($8&#&5&N"5_#95&03Q&$8&4"8$^8T&>(^r#%& DKDI&*+,,-./&2#>89L"(5%&9MB$(B5%/&D#$9"5&K5N6>8"&7#& 8&%#"#J&>#J?"878%/&S$&4SR Banco Palmas, Brazil R3Z30&! R 3B95?#"&+,,-:&0]5&K86>5/&K"#%#$989(5$/&0]5&K86>5T& #J#";d$B(8&78&9#B$5>5;(8&%5B(8>T&"#=(%(98$75&5& D2S'&4W1W230/ J5=(J#$95&78&9#B$5>5;(8&8N"5N"(878&B5J5& CC IJ #%9"89M;(8&7#&7#%#$=5>=(J#$95&%6%9#$9`=#>u/&2#=(%98& '%N8^5&D6?5&*+,,-./&K"5_#95&7#&(JN>#J#$98^]5&7#& 7#&<7J($(%9"8^]5&Kv?>(B8:&2(5&7#&f8$#("5T&4i'Y J5#78%&B5JN>#J#$98"#%&#J&B5J6$(787#%&N#/& '! International Journal of Community Currency Research 15 (2011) D 39-46 46 L’Accorderie and Le Jardin D’Échange Universel (JEU) in Quebec: A comparative case study Mathieu Lizotte and Gérard Duhaime Department of Sociology, Laval University IJCCR [email protected]; [email protected] Abstract !".2$3&3#1$*(+3&1#2$/%($()$/"#$+(2/$2,**#22),<$*(++,-./0$*,11#-*0$202/#+2$.-$/"#$31('.-*#$()$ 6,#7#*8$9&-&4&a$ Introduction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nternational %.<<$*(-*#-/1&/#$(-$/"#.1$<(*&<$71&-*"#2$<(*&/#4$ The Founding Principles and .-$6,#7#*$*./0$&-4$-(/$(-$/"#$%"(<#$-#/%(1OA$ Organisational Structures Journal of !"#$P.-4.-C2$&1#$7&2#4$(-$&$Q,&<./&/.'#$2/,40$()$ 7(/"$#R*"&-C#$202/#+$%".*"$.-*<,4#2$ST$ !"#$P.12/$31.-*.3&<$4.))#1#-*#$/"&/$%#$(72#1'#4$ Community .-/#1'.#%2$%./"$+#+7#128$U$.-/#1'.#%2$%./"$ .2$.-$/"#.1$)(,-4.-C$31.-*.3<#2$&-4$ Currency *((14.-&/(128$=>$"(,12$()$3&1/.*.3&/(10$ (1C&-.2&/.(-&<$2/1,*/,1#A$D2$&$2#<)^31(*<&.+#4$ (72#1'&/.(-8$&2$%#<<$&2$&1*".'&<$4&/&$31('.4#4$ 2(*.&<$#*(-(+0$.-./.&/.'#8$ International Journal of Community Currency Research 15 (2011) D 47-51 47 !"##$%&'()&%*"+*,#,%')-.&!.)/�)'") 1.&+/%'.2"1&!)"24/%&0/'&"%06)B%)'.&0)2,4/25<) 12"#"',)+"!/+),3!./%4,)/%5)!""1,2/'&"%6)7.,) +>?!!"25,2&,)&0)2/'.,2),3!,1'&"%/+)./0)&'0) 8"2#,2)&0)/)2,4&0',2,5)%"%912":&')"24/%&0/'&"%) 8"$%5&%4)"24/%&0/'&"%0)./*,)!"##&'',5)+"%4) -&'.)/)'2/5,#/2;<)-.&+,)'.,)+/'',2)&0)%"%9 ',2#)/%%$/+)8$%5&%4)"8)YOLL L’Accorderie and L’Accorderie JEUand in Quebec 8/!&+&'/',)2,+/'&"%0.&10)"8),!"%"#&!)0"+&5/2&'() ?)8$++9'&#,)0'/88)/+0")/++"-0)'.,#)'")"88,2) @,'-,,%)&'0)#,#@,206)B%)!"%'2/0'<)CDE)0'2&*,0) 01,!&/+)/00&0'/%!,)'")0"#,)"8)&'0)#,#@,206)U"2) R '")"88,2)/)$%&*,20/+),3!./%4,)0(0',#)-.&!.) &%0'/%!,<)'.,)0'/88)#/()/!')/0)/)0"2')"8) CC -"2;0<)&%)'.,"2(<)&%5,1,%5,%'+()"8)0'/',) #/'!.#/;,2)8"2)#,#@,20)-.")./*,)$24,%') IJ /$'."2&'()/%5)%/'&"%/+)@"25,206)?0)F"$+&/%%,) %,,50)"2)./*,)./5)5&8:&!$+'()&%):&%5&%4),3!./%4,) ./0)%"',5<)'.,)CDE)"24/%&0/'&"%/+)0'2$!'$2,) 1/2'%,206)B%)!"%'2/0'<)CDE)5",0)%"')./*,)/%() 0'2&*,0)'")@,)G."2&H"%'/+<)/!,1./+"$0)/%5) "8:&!&/+)8$%5&%4)/%5)&0)2$%),%'&2,+()@() *"+$%',,206)A.&+,)/)5,*"',5)!"%'&%4,%')"8) If we were to caricaturise, we might say *"+$%',,20)#/()/24$/@+()/!!"#1+&0.)/0)#$!.) that one currency tries to work from /0)/)8$++9'&#,)0'/88<)&')&0)5"$@'8$+)&')!/%)5")0")/0) -,++)/%5)-&'.)'.,)0/#,)2,4$+/2&'()&%)'.,)+"%4) within the system while the other tries to 2$%6)7.,)#/&%',%/%!,)"8)5,*"',5)*"+$%',,20) operate outside of the system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nternational Journal of Community Currency Research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’Accorderie and L’Accorderie JEUand in Quebec :*4$,"((3#$!($%*4$:(&#$(&$-#33$*,,(&)'69-4<$@3$ :',&(,&#)'!<$B%#,'L',*--4/$!"#4$(;;#&$:',&(,&#)'!$ R X*&O$YFZGM[$*&9.#)/$!($':%(3#$#>.*-'!4$(;$ -(*63$'6$-#9*-$!#6)#&$.%$!($EFDDD$*!$*$&*!#$(;$ +*9#3$+"#6$6(!$*--$+(&A$'3$(;$#>.*-$5*-.#$ CC J Founded 2002 1998 Part of a larger Yes Yes network Approximate 750 120 membership Official goals The alleviation of poverty and social To provide a universal exchange system; exclusion; solidarity solidarity Model State model, legal non-profit status Grassroot model, no legal status Type of Formal society; boards of directors; Horizontal, acephalous and informal organisational executive board structure L’Accorderie and L’Accorderie JEUand in Quebec Legal status Registered non-profit Unregistered; no legal status R Human resources Full-time staff Volunteers CC IJ 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 Table 1: An overview of differences between Medium of exchange Based on time Arbitrary point system L’Accorderie and JEU community currency Values of exchange Fixed on time; one hour of any work Recommendation that 60 points should systems in Quebec equals one hour, no exception equal approximately one hour of work. Conclusions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,*'6*/4'#)'%$*)*4($'+,/#,%95'()'.*,-',-%'()6*/4#"' $';%'1+%',-(+',%/4'#+'#'+(4!"(3($#,(*)'*6'$*1/+%'+()$%'4#/:%,' %$*)*45=',-/*19-'%<$-#)9%+='#)&'()',-%'6*/4#"'%$*)*45=' 6*/$%+'#/%'#'$*4!"%<'+%,'*6'+*$(#"'/%"#,(*)+='*.`%$,(3($#,(*)+'*6' ,-/*19-'4($/*$/%&(,'#)&'!#/,($(!#,()9'()',-%'4*),-"5' /1"%+'#)&'$*)+,%""#,(*)+'*6'0#"1%+'2-($-'#/%'/#,(*)#"(a%&'()',-%' .15%/>+'9/*1!7'@-(+'(+'!#/,($1"#/"5'(4!*/,#),',*'(,+'!**/%/' )*/4+'*6'%<$-#)9%7' 4%4.%/+'2-%/%'%0%/5'&*""#/'+#0%&'.5'4#:()9'"*$#"' %&&@-(+')14.%/'%<$"1&%+',-%',/#)+#$,(*)+'2-($-'2%/%'&*)%'.5' L’Accorderie and L’Accorderie JEUand in Quebec %<$-#)9%+'$#)'.%'1+%&',*'(4!/*0%',-%(/'4#,%/(#"'2%""A ,-%'PPL'4%4.%/+'2-($-'#/%')*,'"*)9%/'$*)+(&%/%&'#$,(0%7 R .%()9'()',-%'6*/4#"'%$*)*457' CC 81/'&#,#'+199%+,+',-#,',-%'4*+,'%$*)*4($#""5'01")%/#."%' IJ 4%4.%/+'#/%'4*/%'"(:%"5',*'.%'#'4%4.%/'*6'.*,-' References $*441)(,5'$1//%)$5'+5+,%4+'#+'#'2#5',*'%?$$*/&%/(%'e'(""1+,/#,(*)' $*)$/X,%'&>1)%'!/#,(f1%'%#!!/*$-%'$%),/]%'+1/'"%'&]0%"*!!%4%),'&1'!*10*(/'&>#9(/'&%+' %<$-#)9%+'()'">?$$*/&%/(%'#+',-%5'$*)+(&%/%&'(,'4*/%' !%/+*))%+'%,'&%+'$*""%$,(0(,]+>7'F#++%/%""%+='h*"'KYK[='!!7'ZZ'A'cN7 +,#."%'#)&'/%"(#."%7'8)',-%'*,-%/'%)&=',-%'4*+,' (&%*"*9($#""5'"%6,A2()9'/%+!*)&%),+='2-("%'9%)%/#""5' H*1"(#))%='\7'YONNP['d_%+'+5+,X4%+'&>]$-#)9%'&%'!/*<(4(,]e'1)%' 9(0()9',-%(/'+1!!*/,',*'.*,-',5!%+'*6'+5+,%4+='4*/%' ]$*)*4(%'!*"(,(f1%'&1',%4!+'%,'&%'"#'$*)+*44#,(*)>7'S)' /%#&("5'(&%),(3(%&'2(,-'CDE>+'9/#++/**,'4*&%"'2-*+%')*)A R%//#)&*'5'F1(9='C7='i(#4!*/$#/*AJ#1)(X/%='J7'YD&7['F*1/'1)%'j' #1,/%'k'$*)+*44#,(*)7'J%)+'%,']4%/9%)$%'&>1)%'$*)+*44#,(*)' /%9(+,%/%&'+,#,1+'#!!%#"',*',-%(/'+*4%2-#,'#)#/$-($' !*"(,(f1%7'_>B#/4#,,#)='I*""%$,(*)'U*++(%/+'J$(%)$%+'B14#()%+' +%)+(.("(,(%+7 %,'J*$(#"%+='J]/(%'I*)+*44#,(*)+'%,'J*$(],]+e'F#/(+'!!7KLcAKcl7 ;-%)'$*4!#/%&',*'*,-%/'$*441)(,5'$1//%)$5'+5+,%4+' H*1"(#))%='\7'YONNZ['d@-%'4*0%4%),'6*/'#)'%$*)*45'*6' 2-($-'-#0%'#!!%#/%&'()',-%'F/*0()$%'*6'G1%.%$='+1$-'#+' +*"(&#/(,5e'E/.#)'#9/($1",1/%'#)&'"*$#"'%<$-#)9%',/#&()9'+5+,%4+' @/*$',%+'@/1$+'#)&'HDIJ='">?$$*/&%/(%'#)&'CDE'$"%#/"5' ()'G1%.%$>7'W%+%#/$-'()'D$*)*45'?),-/*!*"*95='h*"'OM='!!7 +,#)&'*1,'#+'%<%4!"#/5'4*&%"+7';-%)'$*4!#/%&'2(,-' OZKAOcL7 %#$-'*,-%/='(,'(+')*,'+*'+,/#(9-,6*/2#/&',*'&%,%/4()%' I*-%)='H7'YKcc^[7'!"#$%#&'()*"+$&,$-&.#+'I*/)%""'E)(0%/+(,5' 2-($-'*)%'-#+'-#&',-%'9/%#,%/'+1$$%++'#+'CDE'&*%+')*,' F/%++='S,-#$#7' :%%!'&%,#("%&'/%$*/&+7';-("%'2%':)*2',-#,',-%'G1%.%$' ?$$*/&%/(%'./#)$-'-#+'6#$("(,#,%&'*0%/'KL=MNO'-*1/+'P'*6' i/%9*/5='I7'YKccZ[7'TI*2/(%+'#)&'I*)f1%+,e'@*2#/&+'#' +%/0($%+'+()$%'ONNO=',-%/%'(+')*'2#5',*'9(0%'#'+(4("#/' J1.#",%/)#,(0%'G1#"(,5'@-%*/5'*6'\*)%5V$I*4!#/#,(0%'J,1&5'*6' J*$(%,5'#)&'B(+,*/5='h*"'l^='Q*7'O='!!7'KcP'A'OKL7'' 3(91/%'6*/'CDE7'Q*)%,-%"%++='*1/'/%+%#/$-'+199%+,+',-#,='()' ,%/4+'*6',-%'G1%.%$'./#)$-%+='">?$$*/&%/(%'-#+'-#&',-%' -)(/0$12$345678$9):;#0$*(<=#$).>$*(&?<@A$B>>(#CC#>$@&$D&(E<.'$ 4*+,'!*+(,(0%'(4!#$,'*)',-%'$*441)(,57'@-#,'.%()9'+#(&=' F#.0'i7'?""%)'m'E)2()='_*)&*)7' 2%'&*')*,'-#0%',-%')%$%++#/5'&#,#',*'$*4!#/%'.*,-' J%56#)9='i7'YONNO['d@#$:"()9'+*$(#"'%<$"1+(*)'2(,-'$*441)(,5' )%,2*/:+'*6'$*441)(,5'$1//%)$5'+5+,%4+'()',-%'F/*0()$%' $1//%)$(%+e'"%#/)()9'6/*4'_D@J',*'@(4%'H#):+>7'S),%/)#,(*)#"' *6'G1%.%$='#)&'./#)$-%+'()'*,-%/'/%9(*)+'4#5'-#0%' C*1/)#"'*6'I*441)(,5'I1//%)$5'W%+%#/$-='h*"'Z='!!7'KAKK7 #,,#()%&'&(66%/%),'"%0%"+'*6'+1$$%++7 R*/',-%',(4%'.%()9='">?$$*/&%/(%'#!!%#/+',*'.%'%?$$*/&%/(%'-#+'/%$%),"5'6*1)&%&'#'/%9(*)#"'.*#/&' 2(,-'/%!/%+%),#,(0%+'6/*4'%#$-'./#)$-'()'*/&%/',*'.%,,%/' #&4()(+,%/',-%')%,2*/:'#+'2%""'#+',*'()+,(,1,(*)#"(+%'#' 2#5',*'+-#/%'#)&'!/*0(&%'% International Journal of Community Currency Research 15 (2011) D 47-51 51 Kékfrank to boost the resilience of locality Zsuzsanna Eszter Szalay Covinus University of Budapest Department of Business Economics [email protected] IJCCR Abstract @& (6-00& 1,".:& "+& $#),$:,$#$.,(& '#& A":,"#& 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was an @#'#G)%)*+$@&-"$/&2$-"#$%&(1*'4$&/$!*(`.$ X#27&F`-V$*',$/&2$-"#$F&<%"#2$*%%#1-)'9$ important prerequisite to the introduction of %&(1*')#.>$e'$&'#$.),#$%*1)-*+$2#.&<2%#.$*2#$ the Kékfrank. %2#*-#,D$*',$&'$-"#$&-"#2$.),#$-"#$-<2'&F#2$).$ )'%2#*.#,>$$ C-$-"#$#',$&/$-"#$.&%)*+).(D$-"#$%)-)V#'.$&/$ 0&12&'$%2#*-#,$").-&24$@4$&29*').)'9$-"#$X*'; Y<2&1#*'$X)%')%D$-"#$)')-)*-)&'$&/$-"#$<')&'$&/$ The innovation: Kékfrank introduced -"#$Z#2(*'$1&1<+*-)&'$3[*94D$[\C8>$ by European Cooperative Society !"#$*11#*2*'%#$&/$*$'#:$/&2($&/$#'-#212).#D$ The first idea -"#$Y<2&1#*'$A&&1#2*-)F#$0&%)#-4$;$*@@2#F)*-#,$ *.$0AY$3YAD$PWWO8D$@*.#,$&'$-"#$U*-)'$0&%)#-*.$ !"#$2#9<+*-&24$*',$(*27#-$#'F)2&'(#'-$*-$-"#$ A&&1#2*-)F*$Y<2&1*#$;$:*.$*'$)(1&2-*'-$ -)(#$&/$-"#$)'-2&,<%-)&'$&/$-"#$567/2*'7$:*.$ 12#2#T<).)-#$-&$-"#$)'-2&,<%-)&'$&/$-"#$ 2*-"#2$%&'%#'-2*-#,$*',$,#1#',#'-$<1&'$ International Journal of Community Currency Research 15 (2011) D 52-56 53 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90"':;<2$,(<'),('#"').$)+3,/"5'2$""34&'./'0,%'(*' .(/$*5+)/.*('*2'"3")/$*(.)&'#,(<'),$5'1,4!"(/%'#"%.5"%' "H1.$47 1,1"$'#,%"5'/$,(%,)/.*(%',(5'/0"'3,+()0.(-'*2':;<2$,( International Journal of Community Currency Research 15 (2011) D 52-56 55 Acknowledgements Fo55$/%e<$J[[Y:$%=(&'$4(1*A*2%'*(,+$'($'"#$)#3&/%'*(,$%=(&'$ 0%;4#,'$*,+'*'&'*(,+$%,1$0%;4#,'$+#)6*2#+$"''0Q@@ !"#$%&'"()$*+$'"%,-.&/$.()$'"#$"#/0$%,1$#,2(&)%3#4#,'$(.$5+'67,$ eee:0+b%.:"&@1%'%@24+NOkVJ[V@NOO[gSoooi5'6:01. 894#'"$*,$'"#$0)#0%)%'*(,$(.$'"*+$%)'*2/#: Kékfrank E#)-(67'b<$!%47+$HNOJOIQ$F(40/#4#,'%);$2&))#,2;$%,1$'"#$ +'*4&/%'*(,$(.$/(2%/$#2(,(4;$HE)#+#,'%'*(,$3*6#,$*,$P(0)(,$(,$ R NV'"$`%;$NOJOI$"''0Q@@-#-.)%,-:"&@/#'(/'#+@ Endnotes CC 0#)-(6%'bg'%4%+g-(b3%b1%+bg-/&=:"'4/$%,1$"''0Q@@ IJ -#-.)%,-:"&@/#'(/'#+@A*b#'(g#+b-(b&,-g%g-#-.)%,-:01. !$5,$4;$(0*,*(,<$2(44&,*';$2&))#,2;$*+$'"#$*1#%/$.()4$(.$ 2(40/#4#,'%);$2&))#,2;<$%++&4*,3$'"%'$%//$.&,1%4#,'%/$,##1+$ G(=#)'+(,<$?%4#+$HNOO[IQ$`(,#;$i%/&#+$%,1$B'"*2%/$i%/&#+:$ 2%,$=#$4#'$=;$*': 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@ References %)'*2/#@4(,#;6%/&#+%,1#'"*2%/6%/&#+:01. Pb%/%;<$q+&b+%,,%$HNOOkIQ$!"#$G#6(/&'*(,$(.$]#,'/#$`(,#;<$ >?@>.A*2*%/$?(&),%/$(.$'"#$B&)(0#%,$C,*(,$D$B&)(0#%,$ c()-*,3$E%0#)<$\C$5PP8$JVkYDLOLJ<$F()6*,&+$C,*6#)+*';$(.$ E%)/*%4#,'$%,1$F(&,2*/$G#3&/%'*(,$HBFI$8($JKLM@NOOL$(.$NN$ ^&1%0#+'<$5,+'*'&'#$(.$^&+*,#++$B2(,(4*2+<$"''0Q@@#1(-:/*=:&,*D ?&/;$NOOL$(,$'"#$P'%'&'#$.()$%$B&)(0#%,$F((0#)%'*6#$P(2*#';$ 2()6*,&+:"&@NkK@J@Pb%/%;[L:01.$ HPFBI$"''0Q@@#&)D/#R:#&)(0%:#&@S#RC)*P#)6@S#RC)*P#)6:1(T &)*U>?QSQNOOLQNOVQOOOJQOONKQB8QEWX Pb9-#/;<$F+%=%$HNOJOIQ$F(40/#4#,'%);$F&))#,2;$%,1$'"#$ P'*4&/%'*(,$(.$S(2%/$B2(,(4;$"''0Q@@-#-.)%,-:"&@/#'(/'#+@ >?@>.A*2*%/$?(&),%/$(.$'"#$B&)(0#%,$C,*(,$D$B&)(0#%,$ d(40/#4#,'#)g0#,bg#+g%g"#/;*g3%b1%+%3g#/#,-*'#+#:01. E%)/*%4#,'$%,1$F(&,2*/$W*)#2'*6#$NOOV@YK@BF$(,$0%;4#,'$ +#)6*2#+$*,$'"#$*,'#),%'*(,%/$4%)-#'Z$HE%;4#,'$P#)6*2#$ i%)3%<$5+'67,$HNOJOIQ$`%)-#'$B2(,(4;$e*'"(&'$F%0*'%/*+4$ W*)#2'*6#$IQ$"''0Q@@#&)D/#R:#&)(0%:#&@S#RC)*P#)6@ HE)#+#,'%'*(,$3*6#,$*,$P(0)(,$(,$J['"$?%,&%);$NOJOI$"''0Q@@ S#RC)*P#)6:1(T&)*U>?QSQNOOVQLJ[QOOOJQOOLYQB8QEWX -#-.)%,-:"&@/#'(/'#+@ 6%)3%g*+'6%,g0*%23%b1%+%3g-%0*'%/*b4&+g,#/-&/:"'4/ 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>?QSQ NOOVQLJ[QOOOJQOOLYQ\CQEWX$ Websites: ]#+#//<$P*/6*($HJ[OYIQ$!"#$8%'&)%/$B2(,(4*2$>)1#)<$^#)/*,:$ "''0Q@@%00)(0)*%'#D#2(,(4*2+:()3@#=((-+@,#(@,#(N:"'4<$ "''0Q@@eee:-#-.)%,-:"& 0&=/*+"#1$*,$\&,3%)*%,$NOOK: "''0Q@@eee:2(40/#4#,'%);2&))#,2;:()3@ \_D`5$a++b#.(3&,-@$5.Dc#$C,*'#Q$d9-.)%,-$2(40/#4#,'%);$ "''0Q@@eee:&#%:%2:&-@#,6@*f22)@ 2&))#,2;$+'&1;$#R2&)+*(,$'($Pe*'b#)/%,1$HOJ:OL:DOL:OL:NOJO:I$ "''0Q@@-#-.)%,-:"&@/#'(/'#+@+6%f2*g'%,&/4%,;&':"'4/:$ "''0Q@@eee:f%4#+)(=#)'+(,:2(4@ d()'#,<$W%6*1$HNOO[IQ$_3#,1%$.()$%$8#e$B2(,(4;<$^#))#''D "''0Q@@%/'#),%'*6D3%b1%+%3:/%0:"&@ d("/#)<$NOO[: "''0Q@@"#/;*0#,b:/*,-0%)-:"&@ S*#'%#)<$^#),%)1$HNOOJIQ$W*#$c#/'$1#+$]#/1#+:$W%+$ _A-/h)&,3+=&2"<$_)#,%$i#)/%3$ 8%3;<$S7+b/j$H8@_IQ$!"#$E%,DB&)(0#%,$E*2,*2$%,1$'"#$(0#,*,3$(.$ '"#$=()1#)$JJ'"$(.$P#0'#4=#)$J[k[$<$"''0Q@@eee:=#)/*,#)D 4%&#):1#@/%+b/(D,%3;@/%b+/(,%3;D#,:"'4$ r 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 International Journal of Community Currency Research 15 (2011) D 52-56 56 The SOL: A Complementary Currency for the Social Economy and Sustainable Development Maries Fare University of Lyon 2, Institut des Sciences de l’Homme IJCCR [email protected] Abstract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ntroduction 1. Co-operation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hree types of SOL >?@"1)'(+-"5$*%"O,$03%%*.$QX"+4$"O-)2'-+Q";4)" ,)$-"()+"3-$"4'-">?@"2)-$-"+4$0".%*,3*22&L" International =4$">?@"G'+-"*,$H3*+$2&")(+)"+4$"/)(+$E+"):"+4$" ;4'/4"$(/)3%*.$-"+4$"O-)2'-+Q"+)"-1$(,"+4$0" $E1$%'0$(+":%)0"+4$"+4'%,"-$/+)%")%"-)/'*2" '(-+$*,"):"-*#'(."+4$0<"=4$"/*(/$22$,">?@" Journal of $/)()0&"+)"/%$*+$"*"/))1$%*+'#$"$E/4*(.$" 1)'(+-"*%$"'(#$-+$,"'("*"03+3*2":3(,L"0*(*.$," Community -/4$0$"):"-)/'*2"*(,"$/)2).'/*2"3-$:32($--"*(," 5&"*22"+4$"O-)2'-+-Q"+)"-311)%+"-)/'*2"$/)()0&" +43-"/)05'($-"+4%$$"+&1$-"):">?@"'("*(" 1%)Y$/+-<"=4$"*'0"):"O,$03%%*.$Q"'-"+)"'(/%$*-$" Currency $2$/+%)('/"/*%,"IJ$2'22$"*(,"K4'+*A$%L"788MN<" +4$"/'%/32*+')("#$2)/'+&"):">?@L":)-+$%"$E/4*(.$-" Research =4$-$"*%$"();",$-/%'5$,"'("+3%(<" *(,"*#)',"-*#'(.-"*//)%,'(."+)">'2#')"Z$-$22" IBC[DN< www.ijccr.net International Journal of Community Currency Research 15 (2011) D 57-60 57 “The dedicated SOL has several 2. Commitment SOL advantages. It helps include !"#$%&'(()*(#+*$,-./$0)(1$*'$23'('*#$ marginalised people in a larger The SOL The #45"0+6#$*)(#$15"#(#1$0+7$*'$(08#$9)1):;#$0+7$ circuit, giving them opportunity R 055'<+*0:;#$9';<+*03=$>'38?$.)8#$,@.$'3$!)(#$ to participate in other SOL CC A0+8B$)*$)1$(#01<3#7$>)*"$*)(#$0+7$)*$)1$<1#7$:=$ IJ *)(#C:01#7$;'50;$#45"0+6#$15"#(#1?$!"#$;0**#3$ networks and to valorise their (#5"0+)1($)1$0$(<*<0;$0+7$D3##$53#7)*?$!"#$ activities and capacities. In this 15"#(#$)1$:01#7$'+$#E<0;)*=F$'+#$"'<3$#E<0;1$ '+#$"'<3B$>"0*#9#3$*"#$*018?$!"#$':G#5*)9#$)1$*'$ way, the discrimination linked to #+"0+5#$+'+C('+#*03=$05*)9)*)#1$0+7$18);;1$'D$ traditional social vouchers #05"$>");#$7#9#;'2)+6$1'5)0;$*)#1$0+7$ disappears.” 5'+9)9)0;)*=?$H+'*"#3$022;)50*)'+$)1$*"#$ 2'11):);)*=$'D$5'(:)+)+6$;'50;$2<:;)5$1#39)5#1$ @_UH.$1<22'3*#7$,-.$15"#(#$<2$*'$`]a$'D$ >)*"$9';<+*03=$>'38$)+$'37#3$*'$7#9#;'2$ D<+7)+6$7<3)+6$#42#3)(#+*0*)'+?$W'<3$ #45"0+6#1$:#*>##+$2#'2;#$>"'$7'+I*$"09#$ '360+)b0*)'+1$'D$1'5)0;$#5'+'(=$1<22'3*$)*$<2$ (<5"$('+#=?$ *'$M]a$'D$D<+7)+6F$%&"cE<#$JZG#<+#3/$O0$ >'38#3I1$5'C'2#30*)9#$0+7$'+#$'D$*"#$>'3;7I1$ 3. Dedicated SOL ;#07#31$)+$9'<5"#3$)11<#$0+7$(0+06#(#+*PB$ %&3Z7)*$&''2Z30*)D/$O0$5'C'2#30*)9#$:0+8PB$ !"#$%J#7)50*#7$,-./$)1$0$9'<5"#3$0;;'50*#7$:=$ XH&LW$0+7$XHLW$O*>'$(<*<0;$)+1<3#31P?$ *"#$2<:;)5$1#5*'3$*'$12#5)K)5$*036#*$63'<21B$ 0;;'>)+6$*"#($*'$055#11$12#5)K)5$6''71$'3$ X'3#'9#3B$*"#$,-.$15"#(#$'2#30*#1$)+$ 1#39)5#1$1<)*0:;#$*'$3#05"$*"#$6'0;1$'D$*"#$,-.$ 5';;0:'30*)'+$>)*"$(0+=$05*'31F 15"#(#?$!")1$)1$0$*'';$D'3$2<:;)5$0<*"'3)*)#1?$ d !"#$'360+)b0*)'+1$'D$1'5)0;$#5'+'(=$'3$*")37$ !"#$7#7)50*#7$,-.$"01$1#9#30;$0790+*06#1?$L*$ 1#5*'3B$>")5"$5'<;7$:#B$:=$1*0*<*#B$5'C "#;21$)+5;<7#$(036)+0;)1#7$2#'2;#$)+$0$;036#3$ '2#30*)9#B$(<*<0;)1*$'3$011'5)0*)9#$0+7$>")5"$ 5)35<)*B$6)9)+6$*"#($'22'3*<+)*=$*'$203*)5)20*#$ 5'<;7$'DD#3$6''71$0+7e'3$1#39)5#1$01$D0)3$ )+$'*"#3$,-.$+#*>'381$0+7$*'$90;'3)1#$*"#)3$ 23'7<5*1B$'360+)5$D''71B$1';)703)*=$*'<3)1(f$ 05*)9)*)#1$0+7$50205)*)#1?$L+$*")1$>0=B$*"#$ !"#)3$0)($)1$*'$#+5'<306#$0+$#5'+'()5B$ 7)153)()+0*)'+$;)+8#7$*'$*307)*)'+0;$1'5)0;$ 1<1*0)+0:;#$0+7$;'50;$7#9#;'2(#+*?$!"#$ 9'<5"#31$7)1022#031?$A<*$)*$50+$0;1'$6<)7#$ 203*)5)20*)'+$'D$#05"$'360+)b0*)'+$*'$,-.$ 5'+1<(2*)'+$*'>0371$('3#$#+9)3'+(#+*0;;=$ +#*>'38$3#E<)3#1$0$5#3*)K)50*)'+?$!")1$ D3)#+7;=$23'7<5*1? 5#3*)K)50*)'+$5'+*0)+1$D'<3$53)*#3)0?$!"#$K)31*$ &<33#+*;=$*>'$5'(2'+#+*1$'D$*"#$,-.B$*"#$ 0+7$*"#$1#5'+7$03#$3#2'3*$*'$#*")50;$0+7$ 5'(()*(#+*$0+7$7#7)50*#7$'+#1B$3#(0)+$ 1'5)0;$)11<#1$Og5'+*3):<*#$*'$0+$#5'+'(=$ 3#;0*)9#;=$<+7#9#;'2#7$)+$*"#$*#33)*'3)#1$'D$ >"#3#$*"#$"<(0+$"01$('3#$2;05#g$0+7$ )(2;#(#+*0*)'+?M$N'>#9#3$1'(#$;'50;)*)#1$OD'3$ g7#9#;'2)+6$7#('530*)5$0+7$5''2#30*)9#$ #40(2;#$&03"0)4$A3)**0+=P$"09#$7#9#;'2#7$*"#$ 2305*)5#1/P?$!"#$*")37$53)*#3)'+$)1$ 7#7)50*#7$,-.?$,)();03;=$*"#$5'(()*(#+*$,-.$ #+9)3'+(#+*0;$Og*'$5'+*3):<*#$*'$0$63##+#3$ "01$:##+$#1*0:;)1"#7$)+$Q3#+':;#?$N'>#9#3B$ #5'+'(=/P$0+7$*"#$;01*$3#D#31$*'$;'50;$ '9#30;;$*"#$,-.$1##(1$*"#3#D'3#$('3#$0$63##+$ #5'+'()5$7#9#;'2(#+*$*'$gD'1*#3$*"#$ ;'=0;*=$5037$;)8#$R#76#S$5037$'3$TU$5037V? 53#0*)'+$'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$0<*"'3)*)#1$ SOL: A multi-actor scheme >"'$1<:1)7)b#$<2$*'$S]a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h]P?$ )*$>01$1<22'3*#7$:=$0$@<3'2#0+$23'630(B$ International@_UH.`B$D<+7#7$:=$*"#$@<3'2#0+$,'5)0;$W<+7?$ Journal of Community Currency Research 15 (2011) D 57-60 58 ! "#$%&'(%)*+$,-'(%./$0%1,23',%340$,53$,64+.$%,'7,%'-)4+, -'(%)%5$(5,&04-5)-$%,2)53,53$,&0)(-)&+$%,'7,%.%54)(4*+$, $-'('/8,4(9,%.%54)(4*+$,9$6$+'&/$(5,4(9,346$,4, 9$6$+'&/$(5,*8,%5)/.+45)(K,0$%&'(%)*+$,-'(%./&5)'(:, %.%54)(4*+$,*$346)'.0:, T'0,$O4/&+$,)5,7'%5$0%,53$,9$-0$4%$,'7,$/)%%)'(%,'7, K0$$(3'.%$,K4%,$/)%%)'(%,0$+45$9,5',504(%&'05,530'.K3, The SOL The ;5,53$,$(9,'7,<==>,?==@===,ABC,349,*$$(,)(,-)0-.+45)'(@, 53$,9$6$+'&/$(5,'7,+'-4+,&0'9.-5)'(@,4+%',530'.K3,53$, R 23)-3,)%,$D.)64+$(5,5',?=@===,E:,F3$,ABC,($52'0G%, &0'/'5)'(,'7,+'-4+,&0'9.-5%@,'0K4()-,'0,('5:,ABC,)%,)(,+)($, )(-+.9$,?@H==,"%'+)%51,4(9,IJ=,'0K4()L45)'(%,'7,%'-)4+, CC 2)53,"&'+)5)-4+,-'(%./$0)%/`%1,'*_$-5)6$%,23)-3,")%,53$, IJ $-'('/8:,M0)5)-4+,/4%%,'7,.%$0%@,23)-3,)%,$%5)/45$9,45, -3')-$,'7,&0'9.-$0%,4(9,&0'9.-5%,2)53,53$,4)/,'7, 40'.(9,I==@===,"%'+)%51@,)%,%5)++,740,70'/,*$)(K,4-3)$6$9, -34(K)(K,$53)-4++8,'0,&'+)5)-4++8,'*_$-5)'(4*+$, 4(9,)%,0$+45)6$+8,3)K3@,-'/&40$9,2)53,'53$0, 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5$-3('+'K8@,4%,&')(5Z'7Z%4+$,R[BAS,%-3$/$@,-3)&%,-409%, &3$('/$('(,4%,53$,5$-3()-4+)58,'7,)5%,)/&+$/$(545)'(@, 4(9,*4-GZ'7b)-$@,23)-3,('5,'(+8,0$D.$%5,b)(4(-)4+, 3./4(,74-5'0%@,7.(9)(K,&0'*+$/%@,53$,&%8-3'+'K)-4+, )(6$%5/$(5,4(9,5$-3('+'K)-4+,G('2Z3'2,*.5,4+%',($$9%,5', *400)$0%@,$5-:,;('53$0,$O&+4(45)'(,7'0,53$,+'2,9)77.%)'(, $9.-45$,.%$0%:,F3)%,+$6$+,'7,-'/&+$O)58,4(9,b)(4(-)4+, /48,+)$,)(,53$,+4-G,'7,-)6)+,%'-)$58,)(,54G)(K,4K4)(,'7,4, 4%&$-5,/)K35,*$,4,%50'(K,*400)$0,7'0,53$,9$6$+'&/$(5,4(9, %-3$/$,)(50'9.-$9,70'/,53$,5'&:,V(+)G$,'53$0, 0$&0'9.-5)'(,'7,53$,ABC,%-3$/$:, -'/&+$/$(5408,-.00$(-8,%-3$/$%@,53$,ABC,9'$%,('5, 0$%.+5,70'/,4(,)()5)45)6$,'7,-)6)+,%'-)$58,RK04%%0''5%, )(('645)'(%S@,*.5,)5,)%,53$,&0'9.-5,'7,4(,4(4+8%)%,)(,4, Issues of SOL development 2'0GK0'.&,4(9,53$(,)5,24%,)/&+$/$(5$9,)(,$O&$0)/$(54+, B($,'7,53$,/4_'0,&')(5%,'7,)(5$0$%5,4*'.5,ABC,)%,5345,)5, 5$00)5'0)$%:,e$,0$/4)(%,3$+9,'(,4,&804/)9,2)53,4,%50'(K, -'/*)($%,%$6$04+,'6$04++,'*_$-5)6$%,2)53,530$$, )(b+.$(-$,'7,53$,5'&,RM3$D.$,]$_$.($0@,M0$9)5,M''&$045)6$@, 9)/$(%)'(%,)(-+.9)(K,53$)0,'2(,9)77$0$(5,K'4+%,RT40$@, d;NT,4(9,d4-)7S,9$%&)5$,-$054)(,9$-$(504+)L45)'(,45,53$, <==HS:,N(,74-5@,)5,-'/*)($%,530$$,-'/&+$/$(5408, 0$K)'(4+,+$6$+:,f$,-4(,53$0$7'0$,4%%./$,5345,53)%, -.00$(-)$%,%-3$/$%,)(,4,%)(K+$,%-3$/$c,4,+'84+58,-409, %50.-5.0$,%'/$5)/$%,+$49%,5',+)/)5,53$,0''/,7'0, &0'6)9)(K,4,&.0-34%)(K,&'2$0@,4,5)/$,$O-34(K$,%-3$/$, /4('$.60$,'7,5$00)5'0)$%,4(9,-'//.()-45)'(,9)7b)-.+5)$%, R4%,F)/$,*4(G%S,4(9,4,6'.-3$0:,T)0%5,'7,4++@,)5,4++'2%,5', *$52$$(,K04%%0''5%,Rg$O&$0)/$(5$0%gS,4(9,5'&, %5)/.+45$,+'-4+,4-5)6)5)$%,4(9,5',9$6$+'&,4,%'-)4+,$-'('/8, Rg53$'0)%5%gS,)%,-4.%)(K,+4-G,'7,-'++$-5)6$,4(9,+'-4+,54G)(K, ($52'0G,4(9,)5%,4-5)6)5)$%:,X$%)9$%,53)%@,)5,&0'/'5$%, 4K4)(,-'(50'+,'7,ABC:,e'2$6$0@,%)(-$,53$,$(9,'7,53$, -'(%./$0,0$%&'(%)*)+)58,)(,7'%5$0)(K,+'-4+,4(9,%.%54)(4*+$, $O&$0)/$(54+,&$0)'9,R%)(-$,53$,$(9,'7,<==hS@,53$,ABC,34%, -'(%./&5)'(,R4,9$b)($9,*04(9,4(9,4,-3405$0S@,%.-3,4%,74)0, $(5$0$9,4,($2,&34%$,'7,0$b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nternational Journal of Community Currency Research 15 (2011) D 57-60 59 Endnotes !!"!#!$%&'$(!)!'$!*!+,-$%.!/0%!*10,-,$!(%!2345 " The SOL The !6%!7.%/!(0,!1,8,&%+9,.(!*.1!(%!0*8,!9%-,!'.:%-9*('%.!%:!(0,! 234!$,,!(0,!/,;$'(,-,$,*?5%-@= R #!2,,!(0,!/,;$'(, IJ $!2,,!(0,!/,;$'(, %!60,!BCD"4!E.'('*('8,!;-'.@$!:-,$0!'1,*$!(%!(0,!B?-%+,*.! B9+&%F9,.(!2(-*(,@F!*.1!(0,!2%A'*&!'.A&?$'%.!+-%A,$$5!E($! 9'$$'%.!'$!(%!+-%9%(,!*!;,((,-!9%1,&!:%-!/%-7'.@!&':,!;F!G'@0('.@! 1'$A-'9'.*('%.!*.1!,HA&?$'%.!%.!(0,!;*$'$!%:!@,.1,-I!-*A'*&!%-! ,(0.'A!%-'@'.I!-,&'@'%.!%-!;,&',:I!1'$*;'&'(FI!*@,!%-!$,H?*&! %-',.(*('%.5 References J&*.AI!K5!*.1!L*-,I!M5!NOPQPR!SC?,&!-T&,!+%?-!&,$!A%&&,A('8'(U$! &%A*&,$!1*.$!&*!9'$,!,.!V?8-,!1,!+-%W,($!1,!9%..*',$!$%A'*&,$!XY! ZZZ,$!K%?-.U,$!1,!&Y"$$%A'*('%.!1YBA%.%9',!2%A'*&,!N"B2R! #!6-*.$:%-9*('%.!,(!'..%8*('%.$!UA%.%9'[?,$!,(!$%A'*&,$!,.! B?-%+,!QP!$,+(,9;-,!OPQP5! _,&'&&,I!`5!*.1!a0'(*7,-I!]5!NOPPbR!S4,!+-%W,(!234!^f5 L*-,I!M5!NOPP^R!S4,$!9%..*',$!A%9+&U9,.(*'-,$I!1,$!%?('&$!*?! $,-8'A,!1,!&*!\2B!Xg!fh!A%.@-i$!1?!\E3__!q,-&*@5 M'A0,&,(('I!M5!*.1!_',(&'.1I!25!NOPPbR!S]%.A,+(!%:!`%&'('A*&! ]%.$?9,-'$9Y5!E.!4%..',I!\5!25!NB15R!r%?(0!"A('8'$9s".! E.(,-.*('%.*&!B.AFA&%+,1'*I!q%&5!OI!m-,,./%%1!`?;&'$0'.@I! a,$(+%-(! International Journal of Community Currency Research 15 (2011) D 57-60 60 Building Local Resilience: The Emergence of the UK Transition Currencies Josh Ryan-Collins new economics foundation IJCCR [email protected] Abstract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ntroduction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nternational Journal of Community Currency Research 15 (2011) D 61-67 63 Table 1: Background information on the Transition currencies (Jan 2010) Launch £ In Circulation 4 No. Businesses Population Totnes March 2007 c.5000 c.70 (2008) 8,000 Lewes September 2008 (first c.15,000 (2nd issuance) c.130 16,000 issue), July 2009, (2nd issue) Stroud September 2009 4,329 37 20,000 Brixton September 2009 30,000 140 65,000 The UKThe Currencies Transition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a) Incentives for consumers and businesses %+-;@'()'%$+'#(:!@'()'%$+'@,$+;+'%('+&,(0-:#+'!(,:!' I+-$:A@'%$+'#-+:%+@%',$:!!+&#+')(-'%$+'6-:&@"%"(&' ,"-,0!:%"(&'()';(&+C='@(;+'()'%$+'%-:&@"%"(&'@,$+;+@' ,0--+&,"+@'"@'%$:%'%$+'+?"@%"&#';(8+!'"@'8+A+&8+&%=' $:/+'$:8'+?A+-"+&,+'()'<0@"&+@@+@'!+:/"&#'%$+' <-(:8!C'@A+:H"&#='0A(&'&(&G+,(&(;",'"&,+&%"/+@5''.@' @,$+;+'<+,:0@+'%$+C':-+'0&:"%$'EF'@%+-!"&#':&8' ,0--+&,C':&8Q(-'@++',$:&#"&#'"%'<:,H'%('EF'@%+-!"&#' &(&+'()'%$+'@,$+;+@'$:/+'<++&'@0,,+@@)0!'"&' :@':K':',(@%':&8' International Journal of Community Currency Research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d) Measurement and Evaluation *(9+.9#-$*($-*)/8))*+()$'3+8%$<+%#(%*'.$ /+..'3+&'%*+(A$!"*)$/+(%&')%)$=*%"$%"#$0(*%#-$ R(#$,'M+&$-&'=3'/4$*($8)*(2$<'<#&$(+%#)$*)$*%$ The UKThe Currencies Transition D%'%#)@$="#&#$%"#$E#&4)"'&#)$,+-#.$"')$%"#$ %"'%$(+%$<+))*3.#$%+$%&'/4$"+=$%"#$/8&&#(/>$*)$ 3#*(2$8)#-$'(-$"+=$,'(>$(+%#)$'&#$'/%8'..>$*($ R )8<<+&%$+?$F$*+('.$3'(4)$'(-$GH$3&'(/"#)$ '(-$%"#$I"*#,2'8#&$*($J#&,'(>$="*/"$'.)+$"')$ /*&/8.'%*+(A$$!"#$)/"#,#)$"'9#$%"8)$3##($ CC &#.*'(%$+($)*,<.#$3'.'(/#$+?$'//+8(%)$C*28&#)$+($ IJ *+('.$3'(4*(2$)8<<+&%A$ *))8'(/#$'(-$&#-#,<%*+($'(-$'-$"+/$'(-$ '(#/-+%'.$?##-3'/4$?&+,$38)*(#))#)$'(-$ /+()8,#&)$'3+8%$'/%8'.$8)'2#A$$!"#&#$*)$'$ ‘volunteer fatigue’ remains a major )8)<*/*+($%"'%$'$/+()*-#&'3.#$<&+<+&%*+($+?$%"#$ challenge for the Transition currencies (+%#)$)+.-$'&#$?+&$(+9#.%>U)+89#(*&$<8&<+)#)$ given the dependence on unpaid labour &'%"#&$%"'($<8&<+)#)$+?$(+&,'.$#;/"'(2#A$$$ for much of the promotional and V9*-#(/#$?+&$%"*)$/+,#)$?&+,$3+%"$'$).+=$-+=($ *($*))8'(/#$'?%#&$'($*(*%*'.$5"+(#>,++(6$<#&*+-$ business engagement work '(-$%"#$(+(K&#-#,<%*+($<#&/#(%'2#$?+&$L#=#)$ ?+..+=*(2$%"#$GK>#'&$<*.+%$P'-,*%%#-.>$?#'%8&*(2$ M8)%$WG$*))8'(/#Q$="*/"$=')$+9#&$FXYA$$Z($ %#&,)$+?$'%%&'/%*(2$?8&%"#&$<83.*/$+&$/"'&*%'3.#$ c) Financial sustainability )#/%+&$?8(-*(2@$#9*-#(/#$+?$*,<'/%$=*..$3#$ *,<+&%'(%$?+&$%"#$)/"#,#)A !"#$!&'()*%*+($/8&&#(/*#)@$')$=*%"$%"#$+%"#&$ %&'()*%*+($*(*%*'%*9#)@$=#&#$)#%$8<$')$(+%K?+&K <&+C*%$)/"#,#)$'(-$"'9#$3##($-#<#(-#(%$ e) Under-developed banking ,'*(.>$+($8(<'*-$.'3+8&$'(-$+(#$+??$-+('%*+()A$ infrastructure and support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nternational Journal of Community Currency Research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he UKThe Currencies Transition f) Challenges of scale and demand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74'%3)-1./*S3,3+&34+%(*)(/*.&/'>%<)*%/D4;(+/%K:.)00/*% .7/%*-*4+%4*/4'%4*)-10%&.>%A*)40+,%0/E&1/0%&1%./*;'%)<%.7/% !""F$5% RA&)S*/2&)1J%K6*41'&.&)1%C*&'.)+%!"L"$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&+&.&/' Looking to the future 1/<%K.7/%1/?%/3)1);&3'%<)-104.&)1$%410%.7/%6*41'&.&)1% T/'(&./%.7/'/%374++/12/'>%.7/*/%*/;4&1'%3)1'&0/*4A+/% `/.?)*B%74@/%*/3/1.+,%/;A4*B/0%)1%4%(*)a/3.%.)%3)10-3.% )(.&;&';%4A)-.%.7/%<-.-*/%)<%.7/%6*41'&.&)1%3-**/13&/'% '3)(&12%*/'/4*37%)1%7)?%.)%/17413/%.7/%.*41'&.&)1% 410%4%1-;A/*%)<%4*/4'%4(4*.%<*);%.7/%<)-*%/D&'.&12% 3-**/13&/'%Y%6*41'&.&)1%H-**/13&/'%!5"%S%?7&37%?&++%A/% '37/;/'%4*/%0/@/+)(&12%.7/&*%)?1%;)0/+'5%%9/,%4*/4'%<)*% /D4;&1&12%4%1-;A/*%)<%.7/%4A)@/%4*/4'5 <-*.7/*%*/'/4*37%410%/D(+)*4.&)1%.)%&;(*)@/%.7/% /<%'-(()*./0%A,%.7/%6-0)*%6*-'.5%%]&.7%.741B'%.)% [email protected]/'%&13+-0&12U ;/;A/*'%)<%.7/%:.*)-0%Q)-10>%C*&D.)1%Q)-10>%O/?/'%Q)-10%410% V W-37%A/../*%&1<)*;4.&)1%)1%7)?%.7/%3-**/13,%&'% 6).1/'%Q)-10%<)*%.7/&*%4''&'.413/%&1%24.7/*&12%&1<)*;4.&)1%<)*% 3&*3-+4.&12%4;)12'.%A-'&1/''/'%410%-'/*'%410%.7-'% .7&'%4*.&3+/%410%.)%`)/+%O)127-*'.%410%W)++,%:3)..SH4.)%<)*% ?74.%&1./*@/1.&)1'%?)-+0%A/%;)'.%-'/<-+%&1% 3);;/1.'%)1%.7/%(4(/*5 /17413&12%.7/%'37/;/ V N(()*.-1&.&/'%.)%&13+-0/%.7/%E&1413&4++,%/D3+-0/0%)*% .7)'/%?7)%3411).%2/.%433/''%.)%4%A41B%433)-1.>%<)*% /D4;(+/%.7*)-27%-'&12%;)A&+/%(7)1/'%.)%'.)*/% 3*/0&.'%X International Journal of Community Currency Research 15 (2011) D 61-67 66 Endnotes References !!"#$%&'$!()*+$,-%(+)!-.+#%!%&'!','$/')0'!+*!%&'!1$-)2(%(+)! 3(X(0!c0+)+,(02!JBCC^N!:1&'!P-)!"$-)0(20+!H'%-(! 3#$$')0('2!0-)!.'!*+#)4!()!5'%'!6+$%&72!$'0')%!.++89!:;+0-79!&%%?FGG@@@E0(X(0'0+)+,(02E0+,GP"!!f-00'22'4!Dg%&! =+)'>79!?#.<(2&'4!.>!%&'!1$-)2(%(+)!)'%@+$8!()!A#)'!BCDCE O?$(!-)4!-(,2!+*!1$-)2(%(+)9! V+449!6E!LE9!D\\e9!1&'!P+0(+<+/>!+*!=+)'>9!3-,.$(4/'F!5+<(%>i! 2''F!&%%?FGG%$-)2(%(+)%+@)2E+$/!-)4!H+.!I+?8()2!.++89!1&'! V+#%&@-(%'!JD\\\N!1&'!c0+<+/>!+*!=+)'>9!1+%)'2F!K$'')!L++82 1$-)2(%(+)!I-)4.++8F!*$+,!+(!%+!<+0-!()!-)!#)2%-.<'!@+$<49!1+%)'2F!K$'')! #!O00+$4()/!%+!%&'!"'4'$-%(+)!+*!P,-<'-$!Q!2''!1$-4'!;+0-!+*!=+)'>9!1+%)'2F!K$'')! @@@E*2.E+$/E#8G4'*-#<%E-2?RS(4TCU<+0T8''?%$-4'<+0- The UKThe Currencies Transition W+.2!()!%&'!YZF![\EB]!()!BCC^9!-$+#)4!D_E[!,(<<(+)!W+.2!+X'$-<< K'<<'$(9!3E9!:3&(',/-#'$!H'/(+,+)'>F!1&'+$>!-)4!5$-0%(0'!+*!-! R ;+0-79!a)%'$)-%(+)-!3#$$')0>! $!6E.E!%&(2!`(/#$'!(2!%&'!-,+#)%!+*!0#$$')0>!-0%#-<<>!()!0($0#<-%(+)! H'2'-$0&9!j+ CC $-%&'$!%&-)!%&'!%+%- IJ K'2'<<9!P( 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$-( International Journal of Community Currency Research 15 (2011) D 61-67 67 A Report from Vermont (USA): The VBSR Marketplace creates mutual credit at statewide level Amy M. Kirschner Vermont Sustainable Exchange IJCCR [email protected] Abstract !"#$%&'&()%*($+)#,(*%'-*%(.'/0'1($%'%%&(()%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-$#,#/#14%@8;6 Introduction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ermont Sustainable Exchange 6$%('1&"4)/&*.1*>+$"DE,3*1B$"2*/"5')1-$-">0" International !(0"Y.%/,31$%".1"NMML"2.&3"&3$"B'*+"'5" Journal of 9)%+.1B&'1?"&3$"+*%B$/&"&'21".1"6$%('1&?"3*/"*" ,%$*&.1B"*"#'+0,)+&)%$"'5",'(()1.&0",)%%$1,.$/" +'1B"3./&'%0"2.&3",'(#+$($1&*%0",)%%$1,.$/" .1"6$%('1&")/.1B"*"V8:"/&0+$"#$$%I&'I#$$%" Community B'.1B">*,<".1&'"&3$"JKLM/7";'%$"%$,$1&+0?"5%'(" ()&)*+",%$-.&"/0/&$("*/"*">*/$7" JKKLINMMO?"&3$"9)%+.1B&'1"P)%%$1,0"Q%'G$,&"" Currency @9PQA",.%,)+*&$-"*"#*#$%?"H.*&I.//)$-"/,%.#" !(0"./"*"+'1B"&.($",'(()1.&0",)%%$1,0" Research 23.,3"3*-"+.(.&$-"/),,$//7"!&".&R/"#$*')&"JSM"#$'#+$"+./&$-"*/"($(>$%/">)&" #%$=.')/+0"&3$"DE$,)&.=$"T.%$,&'%"'5"&3$" /),,$//?"*/"-$H.1$-">0"*",'1/./&$1&"H+'2"'5" 9)%+.1B&'1"P)%%$1,0"Q%'G$,&7"43$"5%$Z)$1&+0" www.ijccr.net ,)%%$1,0?"2*/"1$=$%"*,3.$=$-"*1-"&3$" B.=$/"#%$/$1&*&.'1/"*%')1-"'1"&3$"/)>G$,&"'5" International Journal of Community Currency Research 15 (2011) D 68-72 68 !"##$%&'()!$**+%!()&%),+*#"%')-%.)-*"$%.) #"*+)#-&%2'*+-#)3$2&%+22)-22"!&-'&"%2C) '/+)01)-%.)/-2)3++%)&%'+*4&+5+.)3()6"!-6)-%.) #-U&%;)&')'/+)6-*;+2')3$2&%+22)-22"!&-'&"%)&%) %-'&"%-6)#+.&-7)1/+)*+!+%'6()!"#86+'+.)-) '/+)2'-'+)5&'/&%)'/+)%+>')<+5)(+-*27) 9-2'+*2):+;*++)-')'/+)0%&4+*2&'()"<),+*#"%') 5&'/)-)'/+2&2)8*"=+!')+>86"*&%;)2$!!+22)<-!'"*2) <"*)!"##$%&'()!$**+%!&+27) The VBSR Marketplace ?"2'@AB?C),1D).&.)-)2&;%&E&!-%')-#"$%')"<) G/+),A1K)9-*U+'86-!+)5-2).+2&;%+.)'")3+)-) *+2+-*!/)&%'")#$'$-6)!*+.&')2(2'+#27)9-%() 2'-%.-*.)#+#3+*2/&8)3+%+E&')-4-&6-36+)'")-66) 86-'<"*#2)5+*+)+>86"*+.C)3"'/)8*"8*&+'-*()-%.) 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“...the idea of starting a community 9+#3+*27)G/+2+)3$2&%+22+2)-*+)6+-.+*2)&%) ,A1KC)&%'+*+2'+.)&%)&%%"4-'&4+)+!"%"#&!) currency should not be mistaken as simply a .+4+6"8#+%')&.+-2C)-%.)-62")8*"4&.+)!"*+) novel approach or quick fix for a lackluster ;"".2)-%.)2+*4&!+2)'")'/+)9-*U+'86-!+7)G/+() economy. Persistence in selling the benefits *+!+&4+.)-)3+;&%%&%;)!*+.&')6&%+)H&%),A1K)G*-.+) B*+.&'2I)5"*'/)QVCOOO7)G/+2+)!*+.&')6&%+2C)-%.) and educating after the business has '/+)!*+.&')5"*'/&%+22)"<)'/+2+)T"$%.&%;) activated their account is required and a 9+#3+*2C)-*+)'/+)3-!U3"%+)"<)'/+)9-*U+'86-!+) dedicated staff is necessary.” -%.)"%+)"<)'/+)U+()&%%"4-'&"%2)"<)'/&2)8*"=+!'7 D-!/),A1K)#+#3+*)/-2)-)A-2&!)J!!"$%')'") '*-.+)'/+)!*+.&'2)'/+()+-*%)3()2+66&%;);"".2)-%.) 2+*4&!+2)'")'/"2+)&%&'&-6)T"$%.&%;)9+#3+*27) Vermont Business for Social A-2&!)J!!"$%'2).")%"')!"#+)5&'/)-)!*+.&')6&%+) Responsibility 3$'),A1K)#+#3+*2)5&66)/-4+)'/+)"8'&"%)'") ,A1K)&2)-)%"%@8*"E&'C)2'-'+5&.+)3$2&%+22) !/""2+)-)X8*+#&$#Y)-!!"$%')5&'/)-)!*+.&')6&%+) "*;-%&L-'&"%7)G/+()/+68)'/+&*))%+-*6()MCNOO) <"*)-)2#-66)#"%'/6()!-2/\'*-.+)<++7)]")&%'+*+2') #+#3+*2)2+')-)/&;/)2'-%.-*.)<"*)8*"'+!'&%;)'/+) &2)!/-*;+.)"%)!*+.&')6&%+2)5&'/&%)'/+) %-'$*-6C)/$#-%C)-%.)+!"%"#&!)+%4&*"%#+%'2)"<) 9-*U+'86-!+7) 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]$#$)*('$&0%]/,$-0*,4%[^$>,$%"%&*&(,*G/04%^$% 1*&>0%!"#$%"%)*0%*3%-"2!%,$2$,#$26Y%!$%2"+24%[C!/2% "))*7$1%<2%0*%0"8$%0!$%/1$"%,/.!0%3,*'%_0!/2%/2%"% .,$"0%/1$">%0*%"%,$")/0+4%\0!$,7/2$%/0%7*<)1%20/))% ?$%2/00/&.%*&%0!$%?"-8%?<,&$,4%S$-"<2$%*3%0!$% D",8$0()"-$6%7$%-*<)1%1*%/04Y% 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/")% International Journal of Community Currency Research 15 (2011) D 68-72 72 Time Banking in Social Housing: A Toolkit for Co-production in Public Services Ruth Naughton-Doe University of Bristol, School for Policy Studies, 8 Priory Road, Bristol, BS8 1TZ IJCCR [email protected] Abstract 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!"!#!$#%&'$'()%*!+)%',-.%/%'012'.1/%)%,,'3%13)%' References #1'41)5"#%%2'$"&'3$2#!-!3$#%'!"'#.!,'.1,#%)6' 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 Challenges =$."A'U6'DJWWWK'Y1'Z12%'7.21:'<:$>'X%13)%6' 7.%2%'$2%'$'"5/+%2'10'-.$))%"8%,'#.$#')!%'$.%$&' U,,%"#!$)'S11?,'T#&V'Q$,.!"8#1"'[=6 012'93!-%'!"-)5&!"8'-1,#,'10'3214!&!"8'2%:$2&,' =5//!",A'\6'<"&'Z!))%2A'=6'DJWWOK'M=1;321&5-#!1"A' $"&'&!0(!-5)#!%,'-1//5"!-$#!"8'#.%!2'-1; ,1-!$)'-$3!#$)'$"&',%24!-%'%00%-#!4%"%,,B6'T1"&1"V' 321&5-#!1"'-5)#52%6''<'/12%'05"&$/%"#$)' ]XZ6 -2!#!-!,/'!,'#.$#'93!-%'=2%&!#,'$2%'"1#'2%$))>'$' L15-$5)#A'Z6'DGHHGK'M^14%2"/%"#$)!#>BA'336'IO_GW`'!"' #!/%'+$"?6''7!/%'+$"?,'$!/'#1'+5!)&'3%2,1"$)' S52-.%))A^6A'^12&1"A'=6'$"&'Z!))%2A'X6'D%&,6K'7.%' 2%)$#!1",.!3,'$"&'321/1#%'-1//5"!#>',%)0; L15-$5)#'U00%-#V'9#5&!%,'!"'^14%2"/%"#$)!#>A'@%/%)' .%)3':!#.'-1//5"!#>'-522%"-!%,'10#%"'+%!"8' @%/3,#%$&V'@$24%,#%2'Q.%$#,.%$06 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Community Currency Research 15 (2011) D 73-76 76 The Colours of Money: Artmoney as Community Currency Mark Banks CRESC (ESRC Centre for Socio-Cultural Change) Department of Sociology, Open University, Walton Hall, Milton Keynes, MK7 6AA [email protected] IJCCR Abstract 1.-2*(#3$ /6$ '$ >*22B(/-3$ >B..#(>3$ 8'6#7$ *($ -"#$ @.*7B>-/*($ '(7$ #I>"'(A#$ *+$ *./A/('0$ '.-D$ ?./-/>'0$ *+$ -"#$ >*07$ '(7$ *8J#>-/F#$ ('-B.#$ *+$ >*(F#(-/*('0$ -.'(6'>-/*(6E$ -"#$ T'(/6"$ '.-/6-$ <'.6$ =.'#22#.$ b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%'(31(.7(1&!1&!*%/1%1&G&!)2&1#&0#$.2&"(&1(()&%#&()'!)0(& %'(&-*!0%/0(&#+&!*%&/)&/%1(.+C&& && O%'(*1&9$28(2&%'(&!--(!.&#+&!*%3#)(<&/1&3#*(&I-#./%/0!.J& The Meanings of Artmoney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+3.#45,5'*8*9(#/$*#0*9+'*#%(#.#0#%4*+%&*-,%'0"#-0#%4>*+'* #%#&5+/'*9$"$*!,"-$&*0,*.$-,3$*-,33$"-#+//163#%&$&* P#33$/>*X<*FLMTRG*IE($*K$0",),/#'*+%&*K$%0+/*Y#!$B*F,"#4#%+//1* +%&*0,*5%&$"0+:$*!+'0*+%&*#3)$"',%+/*0"+%'+-0#,%'*0(+0* )5./#'($&*LMNZG*#%*H,/!!>*A<*F$& International Journal of Community Currency Research 15 (2011) D 77-81 81 Complementary Currency Open Source Software in 2010 Matthew Slater Developer of mutual_credit Drupal module and Co-founder of Community Forge [email protected] http://communityforge.net IJCCR Abstract !"#$%&'()&*%+&#',-.%/)0'&$%*"'%,#'-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*<%!"'&'% #$%6%/-'6&%/7-*7&6-%1#0#1'%+'*8''3%/)55'&/#6-%+6&*'&%$)2*86&'%8"#/"%"'-($%+7$#3'$$'$%'>/"63:'% $(6&'%/6(6/#*.%8#*"#3%*"'%-689%631%2&''%)('3%$)7&/'%(&);'/*$%8"#/"%"'-(%3'#:"+)7&$%*)%'>/"63:'% 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$)2*86&'%#$%/)3$#1'&'1%"'&'%+'/67$'%#*%#$%3)*% (6&*3'&$4#34*&61'9%631%$)5'*#5'$%*"'&'%6&'% 7$'1%631%3)*%606#-6+-'%2)&%*"'%(7&()$'%)2% 7$'&%(&),#-'$%631%)*"'&%$)/#6-%3'*8)&=#3:% Research (7&()$'%)2%$)/#6-%/"63:'<%!"#$%56.%/"63:'%6$% 2'6*7&'$%$7/"%6$%5#:"*%+'%2)731%#3%K6/'+))=<% *"'%&'/'$$#)3%1''('3$< www.ijccr.net International Journal of Community Currency Research 15 (2011) D 82-87 82 Table 1: Summary of Open Source currency platforms Platform Developers Instances Easy set-up? 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