Timebanking is a parallel currency system structured on Cahn’s normative principles of co-production (2004, 2010; Cahn & Gray, 2013). This article provides a descriptive analysis of the normative principles of co-production in timebanking in order to explore the moral commitment espoused by timebanking economies, especially in regard to reciprocity and the adoption of an asset perspective. A further strand examines the literature on timebanking outcomes for evidence of the influence of normative principles in practice. Discussion centres on the nature of co-production in timebanking, the practice of reciprocity and time exchange balances. Two distinct issues are identified in the literature that impact the actualization of the normative principles in timebanking practice: a reductionist approach to measurement of exchange, and reciprocation latency. The nature and causes of these invite further research. These issues arise from alternative interpretations of the nature of exchange in co-production in timebanking. The work is important because of the gap in community currency research in regard to how normative values, foundational to this alternative economy, are actualized. The discussion provides a summary of the influences which frame the timebanking exchange and indicates possible areas for further research.
Neville Clement, Allyson Holbrook, Daniella Forster, Johanna Macneil, Max Smith, Kevin Lyons, Elizabeth McDonald
The University of Newcastle, Australia, Email: Neville.Clement@newcastle.edu.au
To cite this article: Clement, N.; Holbrook, A.; Forster, D.; Macneil, J.; Smith, M.; Lyons, K. and McDonald, E. (2017) ‘Timebanking, co-production and normative principles: putting normative principles into practice’ International Journal of Community Currency Research 21 (Winter) 36-52 <www.ijccr.net> ISSN 1325-9547. DOI http://dx.doi.org/10.15133/j.ijccr.2017.004
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**
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 <www.ijccr.net> ISSN 1325-9547. http://dx.doi.org/10.15133/j.ijccr.2016.002
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.
The causal link between economic growth and environmental degradation has received much attention in recent social science literature(s). Although such studies have generated key insights, the role of monetary systems – as central components of all modern economies – has been almost completely overlooked. This papers argue that monetary systems affect natural environments through the economic activities that particular monetary systems promote. It focuses on two specific aspects of any monetary system: governance and scale. With respect to the former, it shows how the rules that govern monetary systems can promote economic practices with environmental implications. With respect to the latter, the paper shows how the scale at which money is issued and/or circulates affects patterns and intensities of economic activity, both of which have clear environmental consequences. A corollary of the argument is that changing the governance and scale of monetary systems can alter economic activity in environmentally-harmful or -helpful ways.
To cite this article: Brooks, S. (2015) ‘How Green is Our Money? Mapping the Relationship between Monetary Systems and the Environment’ International Journal of Community Currency Research 19 (Winter) 12-18 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2015.018
This paper studies the determinants of the usage of alternative currencies (currencies which exists parallel to the national currency of a country) across countries. We find that monetary stability, financial sector development and a country’s general level of economic development are all positively related to both the likelihood of a country hosting an alternative currency as well to the number of alternative currencies a country is hosting. This suggests that these currencies, in contrast to their historical function, mainly act as a complement to fiat money. We discuss the implications for the role of fiat money in the economy as well as for the welfare effects of alternative currencies.
Damjan Pfajfar, Giovanni Sgro, and Wolf Wagner
To cite this article: Pfajfar, D., Sgro, G. and Wagner, W. (2012) ‘Are Alternative Currencies or a Complement to Fiat Money? Evidence from Cross-Country Data’ International Journal of Community Currency Research 16 (D) 45 – 56 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.004