Classifying non-bank currency systems using web data

This paper develops a new classification of non-bank currency systems based on a lexical analysis from French-language web data in order to derive an endogenous typology of monetary projects, based on how these currencies are depicted on the internet. The advantage of this method is that it by-passes problematic issues currently found in the literature to uncover a clear classification of non-bank currency systems from exogenous elements. Our textual corpus consists of 320 web pages, corresponding to 1,210 text pages. We first apply a downward hierarchical clustering method to our data, which enables us to endogenously derive five different classes and make distinctions among non-bank currency system and between these and the standard monetary system. Next, we perform a similarity analysis. Our results show that all non-bank currency systems define themselves in relation to the standard monetary system, with the exception of Local Exchange Trading Systems.

Ariane Tichit*, Clément Mathonnat*, Diego Landivar**

* Clermont University, Auvergne University, CNRS, UMR 6587, CERDI, F-63009 Clermont Fd. Email: ariane.tichit@udamail.f;; ** ESC Clermont, 63000 Clermont-Fd. Email:


non-bank money, text mining, web data, downward hierarchical clustering, similarity analysis

Article Tichit pdf

To cite this article: Tichit, A., Mathonnat, C.,  and Landivar, D. (2016) ‘Classifying non-bank currency systems using web data’ International Journal of Community Currency Research 20 (Summer) 24-40  <>  ISSN  1325-9547.

The “commodity – money – commodity” Mutual Credit Complementary Currency System. Marxian money to promote community trade and market economy

Samo Kavčič

Šercerjeva ul.26, 4240 Radovljica, Slovenia. E-mail:


The Mutual Credit Currency System, this most radical form of endogenous money, was evaluated and compared with Marx’s Commodity-Money-Commodity requirement.  A simple simulation of a small community closed loop economy was used to illustrate the functioning of two types of mutual credit currency systems. The first, dubbed MCSG, behaved according to the specifications and recommendations of the mutual credit currency system’s founding fathers, Riegel and Greco. The second, dubbed the Komoko Monetary System, or abbreviated to KMS, was a sub-type of the mutual credit currency system with some additional restrictions and one additional liberty. The main restriction introduced in the KMS was that it almost exclusively supported the exchange of only newly produced goods and services. The liberty introduced is forecast-based credit allocation. It was shown that the MCSG has an inconsistency that could potentially lead to instability. The restrictions applied within the KMS can provide a remedy for this potential flaw, while at the same time rendering the KMS compliant with Marx’s requirement. The monetary control measures applicable in KMS were discussed, which guarantee robustness and stability and make KMS a true complement to the official fractional reserve banking.


Mutual credit system  , Commodity – money – commodity, Cash flow forecast, Currency circuit,  Monetary control,  Endogenous money

Article kavcic pdf

To cite this article: International Journal of Community Currency Research 20 (Summer) 41-53. <>  ISSN  1325-9547.

HOUR Town – Paul Glover and the Genesis and Evolution of Ithaca HOURS

Ithaca HOURS are, arguably, the most successful of the local currency experiments of the last two decades. At the height of their popularity in the mid-1990s, perhaps as many as 2,000 of Ithaca and region’s 100,000 residents were buying and selling with HOURS. The high profile of HOURS in the Ithaca community has prompted a series of articles, television news segments and documentaries, primarily for the popular media. Though constituting valuable documentation of an intrinsically interesting phenomenon, these reports has tended to be fragmentary and ahistorical, thus lacking in context in terms of the longitudinal evolution of the Ithaca region’s political economy. The present study attempts to remedy these lacunae in our understanding of the genesis and evolution of Ithaca HOURS by presenting a systematic account of Ithaca’s experiment with local currencies over the past decade and a half through the person of Paul Glover, the individual most closely associated with the founding and developing of HOURS. The article follows the activist career of Glover through the end of 2003, thus placing HOURS in the context of Ithaca’s activist community’s efforts to push the local polity and economy in the direction of ecological sustainability.

Jeffrey Jacob, Merlin Brinkerhoff, Emily Jovic and Gerald Wheatley Volume 8(2004) 3

IJCCR vol 8 (2004) 3 Jacob et al

To cite this article: Jacob, J.; Brinkerhoff, M.; Jovic, E.; Wheatley, G. (2004) ‘HOUR Town – Paul Glover and the Genesis and Evolution of Ithaca HOURS’ International Journal of Community Currency Research 8 <> ISSN  1325-9547

A Currency for Change? one activist’s personal view of LETS

The intention underlying this short intervention is to raise questions about the objectives of LETS and what activists are seeking to achieve in their LETS development work. The argument in this paper is that there is a need for those active in developing LETS to critically reflect on what they are seeking to achieve and only then will the role of LETS become clearer.

Graeme Taylor Volume 7(2003) 1

IJCCR Vol 7 (2003) 1 Taylor

To cite this article: Taylor, G. (2003) ‘A Currency for Change? one activist’s personal view of LETS’ International Journal of Community Currency Research 7 <> ISSN  1325-9547

Why Do People Join Local Exchange Trading Systems?

The literature dealing with LETS has regarded them primarily as economic associations and, in so doing, may have overlooked other features of LETS that are equally important. This paper aims to rectify some of that neglect by focusing upon the motivational values of LETS members. Whilst it has been recognised that a significant proportion of their membership can be identified as ‘Green’, the radical consequences of this membership has been neither fully recognised nor explored. This paper offers a taxonomy that enables us to locate and classify members’ motivations and does so with particular reference to Green ideals. It argues that to dismiss LETS as simply an expression of an alternative lifestyle may ignore the fact that a significant proportion of members are aware of, and wish to promote, the radical Green potential of these schemes. Given the current lack of practical Green alternatives within social policy this potential should not go unrecognised and the paper is presented as an attempt to open up areas for further debate.

Caron Caldwell Volume 4(2000) 1

IJCCR Vol 4 (2000) 1 Caldwell

To cite this article: Caldwell, C. (2000) ‘Why Do People Join Local Exchange Trading Systems?’ International Journal of Community Currency Research 4 <> ISSN  1325-9547

Green Domination In Norwegian LETSystems: Catalyst For Growth Or Constraint On Development?

Research from New Zealand, Australia and the UK has shown that LETSystems in many instances are dominated by “greens”. This paper presents the results from a survey of four Norwegian LETSystems. The findings show that the situation in these LETSystems is, to a large extent, similar. Members are generally politically radical, and seem to have joined LETS primarily for environmental/ideological reasons. Most have full-time employment, are rather well off in economic terms, and a vast majority have university education. The paper concludes that although such a biased membership profile theoretically hinders full achievement of the aims of LETS, it may be a necessary first step towards more widespread success.

Even Gran Volume 2(1998) 3

IJCCR Vol 2 (1998) 3 Gran

To cite this article: Gran, E. (1998) ‘Green Domination In Norwegian LETSystems: Catalyst For Growth Or Constraint On Development?’ International Journal of Community Currency Research 2 <> ISSN  1325-9547

The problem of over-accumulation: examining and theorising the structural form of LETS

The broad-scale adoption of local currencies by communities around the world has brought with it an equally broad interpretation of the economic principles which govern its operation. Many activists perceive LETS as a form of exchange which promotes abundance within a community. In the face of such a perception though many users experience difficulty in spending their local currency. This paper analyses this disjunction by focusing upon Marx’s conception of use value and exchange value to examine the form of exchange which LETS represents. This interpretation of the structure of LETS is compared with the perceptions which many LETS activists hold about LETS’ exchange form. A case study of a demised LETSystem supports the conclusion that, as a type of money, LETS must conform to well established economic ‘laws’ which identify monetary super-abundance with economic demise.

Mark Jackson Volume 1(1997) 2

IJCCR Vol 1 (1997) 2 Jackson

To cite this article: Jackson, M. (1997) ‘The problem of over-accumulation: examining and theorising the structural form of LETS’ International Journal of Community Currency Research 1 <> ISSN  1325-9547