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ITM Vol 2 No. 2 .Qxd Volume 2, Number 2 www.ideasthatmatter.com IN THIS ISSUE Local Currencies: Making Money, Making Change Susan Witt and Robert Swann Efficiency and the Commons Jane Jacobs and Janice Gross Stein The Waterworks – Photographs 1967 Noel Best Jane Jacobs Prizewinners C5 Report – Vancouver A quarterly to stimulate public discourse .... Editor’s Notes Ideas That Matter We were first in contact with Susan recent recipients of the Jane Jacobs Volume 2, Number 2 Witt, Executive Director of the E. F. Prize. Now numbering eight, this affili- Schumacher Society (www.schumach- ation of community leaders is finding a Executive Publisher: Alan Broadbent Editor: Mary W. Rowe ersociety.org), in 1996 during the early critical mass. Their interests and exper- [email protected] preparation of events for Ideas That tise vary, yet they manage to find com- Matter: Jane Jacobs ’97 in Toronto. Her monality and points of intersection in Contributors to this issue: Noel Best, Alan Broadbent, John Harrison, Jane Jacobs, Janice presentation at that time, on the power their approaches and experience. They Gross Stein, Robert Swann, Susan Witt and opportunity of local currencies, were instrumental in the mounting of spurred locals to conceive of The Grazing on the Commons, an event Copyright: All articles © the author, 2002 Permission to reproduce should be requested Toronto Dollar project, which has since from which we have excerpted here an through the publisher. grown to become one of the best exam- edited transcript of a conversation ples of this community economic between Jane Jacobs and Professor Submission information: We want to hear from you. Readers are encour- development device. We’re pleased to Janice Stein, Director of the Munk aged to submit their opinions in letters to the edi- provide, in this volume of ITM, more Centre in International Studies at the tor. Published letters may be edited for style or info about the local currency move- University of Toronto, and the 2001 length. In addition, we welcome articles, and ment, as well as a short recent volume Massey Lecturer. The title for Stein’s would prefer to receive them in an electronic for- mat. The publisher cannot accept responsibility of essays by Witt, Schumacher and Massey Lecture, The Cult of Efficiency, for unsolicited manuscripts or photographs. Wendell Berry, which, coincidentally, suggests the extent to which the mar- is dedicated to Jane Jacobs. Witt notes ket value of efficiency has been Subscriptions: • In Canada, $26.75 Cdn (includes GST) for that since September 11, we’ve seen a ascribed an almost sacrosanct impor- four issues. renewed discussion of the importance tance. Seeing a connection to the con- • In the US, $32 for four issues. of regions and what Berry is to our cerns Jacobs raised in her 1996 volume, • Elsewhere, $40 for four issues. understanding of agrarian regions, Systems of Survival (New York: Random Call 1-800-463-9937 in North America, Jacobs is to our understanding of House, 1992), when the separate values or (519) 376-4233 to subscribe using your credit regional economies. of the trader and guardian syndromes card; otherwise send your cheque or money order, payable to Ideas That Matter, to the address listed Noel Best is a renowned Canadian become enmeshed, we invited the two below. Or subscribe on-line at: architect, principal of the Vancouver firm to meet, for the first time, at Grazing. www.ideasthatmatter.com Architectura (www.iarchitectura.com). Finally, our last issue chronicled the Ideas That MatterTM is a quarterly to stimulate We came by his remarkable photos by inaugural meeting of the C5: five of public discourse published by accident, rather than design, as they Canada’s mayors in their early stages of The Ginger Press were part of his student portfolio in the problem-sharing and consensus-build- 848 Second Ave East, Owen Sound, late 1960s. They’ve been transformed ing. Since that time, there have been Ontario, Canada N4K 2H3 here from their construction paper meetings with the provincial ministers P: (519) 376-4233 F: (519) 376-9871 backing to a high-resolution format, and premiers, a federal task force, the E: [email protected] and reflect so aptly the enduring beau- federal Minister of Finance, and a sec- TM ty of some of the built forms that are ond meeting of the C5, the opening of Ideas That Matter is a registered trademark of Avana Capital Corporation Inc. unesthetically termed infrastructure. which is summarized in these pages. We appreciate Best’s willingness and The C5 meets again in June in Cover Photograph: assistance in reproducing these images. Montréal. We’ll keep you posted. Copyright © Noel Best Also included are profiles of four Only available by subscription! Name Upcoming issues will include: Address • Education as a Self-organizing, Complex System City Prov/State • A Place, a Purpose and a Seamless Trip Country Postal/Zip Code • Ethical Reflections on Social Inclusion Email Phone plus works-in-progress, book excerpts and o Cheque o Money Order o Visa o Mastercard recommendations, interviews, updates and much more... Card # Expiry Date Signature • YES, I want to continue receiving Ideas That Send payment in CDN funds payable to “Ideas That Matter” to: Matter. Please find my payment enclosed. Ideas That Matter, 848 Second Avenue East Owen Sound, Ontario, Canada N4K 2H3 FOR FOUR ISSUES: in Canada $26.75 (includes Or subscribe on-line at www.ideasthatmatter.com Subscribe! GST); in the U.S. $32 CDN; elsewhere $40 CDN. 2 Volume 2 Number 2 A quarterly Local Currencies: Making Money, Making Change HISTORY AND THEORY OF within them. Yet centralized banking monetary system has served to cen- LOCAL CURRENCIES IN is only a recent development in the tralize the benefits of the system as well. THE UNITED STATES United States. The customs of bor- rowing and lending and money-print- The effect on small farmers and BY SUSAN WITT AND ing grew up over generations in towns rural economies has been devastating. ROBERT SWANN and rural communities to form what The ongoing “farm crisis” is a dram- we now call our banking systems. atic manifestation of what is really a Susan Witt, Executive Director of the These systems were small-scale, monetary crisis that began in the E. F. Schumacher Society in Mass- regional, and decentralized. Paper deep depression of the 1870s and achusetts, presented at Ideas That money was made standard, or nation- 1880s and was later codified in the Matter: Jane Jacobs ’97. Robert al, in 1863 in order to raise funds for Federal Reserve Act. Credit for Swann is Founding President of the the fight against the Confederate small-scale farming and the small rural businesses that are a part of the farm E. F. Schumacher Society. States, but it was not until 1913 that a central system became formalized community had dried up long before with the Federal Reserve Act. the Depression of the 1930s, and . F. Schumacher argued in Small Centralized banking and control of the United States government had is Beautiful: Economics as if money called for large banks and to create the Farmers’ Home Admin- EPeople Mattered that from a wealthy investors who could assemble istration in order to help replace–with truly economic point of view the huge, unprecedented sums of money. tax money–some of the rural capital most rational way to produce is “from These banks in the money centres, that had been lost to the large cities. local resources, for local needs.” Jane with their industrial customers, could The “housing crisis” is also in part a Jacobs, one of today’s foremost schol- pay a higher interest rate to deposi- monetary crisis. Investors place money ars on regional economies, empha- tors than could the smaller, often in land as a hedge against inflation, sizes Schumacher’s point through her rural, banks which began sending which drives land and housing prices analysis of a healthy region as one their deposits to the large cities. The up. The high cost of land is a major creating “import-replacing” indus- national currency made money more factor in the present shortage of tries on a continuing basis. A well- developed regional economy which A well-developed regional economy which produces produces for its own needs is possible only when control of its resources and for its own needs is possible only when control of its finances lies within the region itself. Throughout North America, the resources and finances lies within the region itself. ownership of land, natural resources, and industry and the determination fluid and allowed rural dollars to sup- affordable housing, and it takes home of conditions for receiving credit port urban industrial growth. Rural ownership out of reach for the major- have become increasingly centralized creditors were pleased with this ity of Americans. at the national level. Now all but a arrangement until the first time a The local and decentralized bank- few large urban areas find that their New York bank closed and carried off ing systems of a hundred and fifty economic resources are controlled the savings of a small town or until a years ago had the advantage of diver- from outside the area. local farmer couldn’t secure a loan sity. The failure of a local bank–even a because a Chicago bank was borrow- New York bank–was still a local fail- History ing from his bank at a high rate of ure, and its costs were internalized. The U.S. banking system is one of interest. But today we are facing the failure of the most centralized institutions of A national currency facilitated the an entire system. Consider the billions our economy and one of the major industrialization of the United States, of tax dollars spent by the national obstacles to strengthening regional which in turn created many jobs; deposit insurance system to bail out economies and the communities however, the centralization of the the Savings and Loan industry.
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