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: email@example.com; Clement.MATHONNAT@udamail.fr; ** ESC Clermont, 63000 Clermont-Fd. Email: firstname.lastname@example.org.
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 <www.ijccr.net> ISSN 1325-9547. http://dx.doi.org/10.15133/j.ijccr.2016.002
Šercerjeva ul.26, 4240 Radovljica, Slovenia. E-mail: email@example.com
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. <www.ijccr.net> ISSN 1325-9547. http://dx.doi.org/10.15133/j.ijccr.2016.003
Historical study has not been within the scope of the research project titled “Exchange networks and parallel currencies: Theoretical approaches and the case of Greece”. However, this proved to be a deficiency of the project and the present paper is an attempt to formulate a hypothesis, with the intention to see at least within such a historical perspective, how scheme members with both their discourse and action challenge our perceptions about important issues in economics. There is no name or title for this hypothesis (yet). We believe that it is too early to name it. It seems that the schemes studied are the surface of an economy or economies which never ceased to exist, as both material spaces and experiences in people’s histories. It is about viewing all this activity as setting a different agenda for economics than what capitalist and anti-capitalist discourse can offer.
To cite this article: Sotiropoulou, I. (2012) ‘Economic Activity Without Official Currency in Greece: The * Hypothesis’ International Journal of Community Currency Research 16 (D) 70-79 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.013
IJCCR 2012 Sotiropolou
During the world economic crisis of the 1930s, the United States experienced widespread use of local currency or “scrip”. The most significant form of scrip, both in terms of the longevity and size of the issues, was tax anticipation scrip. This article surveys the varieties of tax anticipation scrip issue during this period, and suggests some applications to non-crisis circumstances. After outlining the general experience with depression-era scrip, this article describes the nature and origins of tax anticipation scrip as a particular form of local currency. It also examines specific local arrangements that affected the successful circulation of such scrip. The American jurisprudence concerning non-national currency is assessed insofar as it puts into legal context scrip issued during the 1930s. The article concludes by relating the significance of the American experience of the 1930s to neo-chartalist interpretations of the origins and functions of money.
To cite this article: Gatch, L. (2012) ‘Tax Anticipation Scrip as a Form of Local Currency in the USA during the 1930s’ International Journal of Community Currency Research 16 (D) 22-35 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.009
IJCCR 2012 Gatch
Although there was no single pattern to the use of alternative currency in America during the Great Depression, the arguments used by supporters of scrip often played on common themes. Support for scrip reflected the belief that local resources could be marshaled to combat the economic situation. Although the Depression was a national (and international) crisis, many scrip advocates believed that they would be able to focus improvement within one particular community. Scrip appealed to American notions of self-help and individualism. Even faced with the challenges of the Depression, few Americans were willing to embrace radical change. Advocates of alternative currency had to walk a fine line between emphasizing the innovative possibilities of scrip and reassuring the public that these plans were simply a means to “prime the pump” of an essentially sound economic system.
To cite this article: Elvins, S. (2012) ‘Selling Scrip To America: Ideology, Self-help and the Experiments of the Great Depression’ International Journal of Community Currency Research 16 (D) 14-21 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.008
For two hundred and sixty years the US federal government has claimed that the most democratic money is a scarce form of money. This claim is built off the notion that an abundant supply of money would threaten class relations (the rights of private property) and ultimately the free flow of commerce (capitalist exchange). Since the writing of the federal constitution the government’s focus has always been on creating reliable and abundant supplies of credit. The idea of scarce money and abundant credit has been challenged twice: In the 1860’s by the Greenback Party who claimed the most democratic money is money created by government. The second challenge in the 1980s by the Community Currency movement uniquely focuses not on banks or government instead claiming that democratic money is money created by local communities and/or individuals.
To cite this article: Wainwright, S. (2012) ‘Democratizing Money: The Historical Role of the U.S. Federal Government in Currency Creation’ International Journal of Community Currency Research 16 (D) 5-13 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.007
IJCCR 2012 Wainwright
Japan has been regarded from abroad as one of the most developed countries in terms of CC systems, depicted by Kennedy and Lietaer (2004) as “the country in the world with the most systems in operation today, but also the nation with the greatest diversity of such experiments.” However, this paper argues that the lack of literature about initiatives in languages other than Japanese has been a hurdle that has not allowed Western researchers to grasp the real picture. This article’s goal is to show the historical development of CC initiatives in this East-Asian country, revealing how the very concept of having another means of exchange for communities has been transformed over years by the unique interpretations and the conceptual manipulation of Japanese promoters and practitioners.
Yasuyuki Hirota Volume 15(2011) Special Issue D22-26
IJCCR 2011 Special Issue 05 Hirota
To cite this article: Hirota, Y. (2011) ‘What Have Complementary Currencies in Japan Really Achieved?’ International Journal of Community Currency Research 15 (D) 22-26 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2011.016
Since the emergence of “CCs” thirty years ago, attempts to build typologies and to name things properly have always been disappointing, as if the very object of the analysis escaped from any rigid classification. Even the terms “complementary currency”, “community currency” and many others are not considered similarly; as a result, there is no common typology shared by scholars, activists and observers, beyond a series of general considerations clearly distinguishing specific items between CC schemes. This paper presents a novel attempt to classify and categorise CCs in a way which looks to future developments, while capturing the diversity of historical origins. The ideal types of community, complementary and local currencies let the possibility of combinations able to analyze concrete forms of non-national and not-for-profit currencies. The teleological exclusion of sovereignty and, more important, profit motives must be emphasized. The present typology states that for-profit currencies are of another nature than CCs, and it draws up an ideal-type of CCs built around a democratic participation principle organized around non-profit organizations, grassroots organizations or informal groupings of persons.
Jérôme Blanc Volume 15(2011) Special Issue D4-10
IJCCR 2011 Special Issue 02 Blanc
To cite this article: Blanc, J. (2011) ‘Classifying ‘CCs’: Community, Complementary and Local Currencies’ International Journal of Community Currency Research 15 (D) 4-10 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2011.013
The Great Depression of the 1930’s led to considerable monetary experimentation. This paper, drawing mainly on examples from the American state of Iowa, examines the rise and fall of one of these experiments – stamp scrip. This was a self-liquidating currency: special stamps had to be affixed to the scrip certificate that financed a fund that would redeem the scrip once a sufficient number of stamps had been attached. Although the results of many stamp scrip experiments were disappointing, the best schemes provided some communities with benefits during the worst of the Depression. In the exceptional circumstances of a major financial meltdown, therefore, stamp scrip might conceivably be able to assist a community in reducing the effects on economic activity of such a shock.
Jonathan Warner Volume 14(2010) A29-45
To cite this article: Warner, J. (2010) ‘Stamp Scrip in the Great Depression: Lessons for Community Currency for Today?’ International Journal of Community Currency Research 14 (A) 29-45 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2010.004
Tite Ngoumou Volume 13(2009) C33-35
To cite this article: Ngoumou, T. (2009) ‘Stiansen Endre and Guyer Jane I. (1999) Credit, Currencies and Culture: African Financial Institutions in Historical Perspective’ International Journal of Community Currency Research 13 33-35 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2009.004