New article on money sociality

An investigation of the social and credit theory of money, focussing on the contemporary situation of monetary sovereignty

Chikako Nakayama* and Manabu Kuwata**

*Tokyo University of Foreign Studies, 183-8534, 3-11-1, Asahicho Fuchu-shi, Tokyo, Japan.

** Fukuyama City University, 721-0964, 2-19-1, Minato Machi, Fukuyama City, Hiroshima Prefecture,Japan.


This paper explores the fundamental importance of sociality to monetary sovereignty, investigating the apparent contrast between the state and the market in theories of money. Sociality deserves attention given the recent increase since the 1990s of denationalised, regional and, more recently, crypto currencies, which are different from legal tender. First, we examine the classification of metalism and chartalism, that is, the commodity theory of money on one hand and the chartal theory of money on the other (Section 2). The former has been dominant in the history of economic thought, focussing on catallactics, or the function of money as a medium of exchange, while the latter lays more importance on the function of money as a means of payment and relies on literature in history and anthropology. We then concentrate on the meaning of the institution of payment and debt, with which a person can participate in the society to which he/she belongs (Section 3). People’s belief in the perpetual validity of this institution is indispensable for monetary sovereignty. Further, we investigate the idea of the social credit given a hundred years ago, when the trust in this institution and the state itself was severely lacking, as an important application of the sociality of money. In conclusion, we show that sociality among people, embodied in the existence of monies and currencies, cannot be reduced to the market nor to the state.


chartalism, monetary sovereignty, means of payment, crypto currency, social credit

Article Nakayama and Kuwata

To cite this article: Nakayama, C. and Kuwata, M. (2020) ‘An investigation of the social and credit theory of money, focussing on the contemporary situation of monetary sovereignty’ International Journal of Community Currency Research Volume 24 (Summer 2020) 89-100;; ISSN 1325-9547; DOI

New article on theoretical typology of CCS

Volume 24, 1 – Winter (2020), pp. 45-60

A Conceptual framework for classifying currencies

Louis Larue UCLouvain, Belgium,; Place Montesquieu 3, 1348 Louvain-la-Neuve, Belgium


An impressive variety of new forms of money has aroused in recent decades from various groups of people and various kinds of institutions. These currencies are at the heart of intense debates, which raise important, but often neglected, normative issues. The diversity of their goals, uses and characteristics is so large that it makes some preliminary distinctions necessary. This paper aims at providing a proper background for the discussion of the possible merits and drawbacks of different kinds of currencies. It proposes a classification that demarcates currencies according to how they relate to several crucial normative issues. Its aim is to show, for every type of currency, and as unambiguously as possible, to which side of these controversies it lies.


Money, alternative currencies, typologies, classification. Article Larue To cite this article: Larue, L (2020) ‘A conceptual framework for classifying currencies’ International Journal of Community Currency Research Volume 24 (Winter 2020) 45-60;; ISSN 1325-9547; DOI

Implementation of modern barter exchange system in Bulgaria: From an objective necessity to an objective performance

Rositsa Toncheva

University of National and World Economy, Bulgaria, Email: r@toncheva.com

This paper presents the results from an expert survey on the possibility of a modern barter exchange system (MBES) to be implemented in Bulgaria. MBES is shown as an abstract theoretical construction which helps uncover the reasons why such schemes are successful in a number of countries with different social and cultural characteristics, while in Bulgaria this phenomenon is not popular. Sadly, the results show that there is no readiness for participation in MBES. It is seen mainly as a social structure but the expectations are that it would work as a business entity. The research has found that the idea behind MBES is inapplicable under certain conditions, such as those in Bulgaria with its typical characteristics of today. Even though the MBES models are usually successful in other countries, this is probably due to the fact that those are mostly socially mature (homogenous) societies in countries with a well-developed economic infrastructure. The survey is framed by the logic of the questionaries’ boundaries and the interviewed actors.

Article Toncheva

To cite this article: Rositsa Toncheva (2018) ‘Implementation of a Modern Barter Exchange System in Bulgaria: from an objective necessity to an objective performance’ International Journal of Community Currency Research 2018 Volume 22 (Winter) 103-119 <>ISSN 1325-9547. DOI:

The District Currency: a new currency design for managing the commons

Jens Martignoni

University of Cologne, Germany. Email:


Most schemes of complementary currencies developed in the last 50 years are based on the “money as a means of exchange”- concept, which means exchange of individual agents based on their individual needs and offers. The individual person or the individual company is an actor in a network and by establishing a market it is possible to exchange goods and services. Mutual Credit systems LETS or Timebanks e.g. do support mostly this market case and many of them limit common activities to the sole operation of the system itself. Therefore, community currencies today are often currencies operating within a community but not necessary for the community. Interestingly the case of a commons is mostly not recognized as a completely different kind of exchange where needs of a whole group have to be satisfied through offers of individuals and offers of the whole (commons) have to be shared justly among the individual members. Such an exchange asks for different features from a community currency. This was the starting point of a project in Zurich, Switzerland to develop a more suitable and effective currency. The resulting new currency model, called district currency is proposed and analysed in this paper. The district currency is therefore an advanced currency type, which is designed upon the commons idea. It is the needs and tasks of the community, the public (community) goods and common tasks based on the commons, which are the core and drivers of the currency. As a secondary element the traditional individual market-based system complements this commons layer and strengthen its impact. Therefore, it could be seen as a two tiers model.

The paper describes basics, premises and functions of the idea including some historical background and more specifically the case of Wörgel in Austria which has some interesting aspects have that still not widely taken into consideration.  The main features of the district currency model are including the intended and controllable circulation, the democratic decision of the spending and budgeting and the commons-based value system. The currency was developed along a case study in a housing co-operative in Zurich. Experiences with the planning district-currency-game give some important hints for the feasibility and the functioning of such an improved currency model and the open questions remaining to be answered. The development of this model has been a long-term process driven through empirical research and action and the goal of the paper is to engage more researchers and practitioners to contribute towards the needed theoretical foundation and feasibility studies.

Article Martignoni

To cite this article: Martignoni, Jens (2018) ‘The district currency: a new currency design for managing the commons” International Journal of Community Currency Research 2018 Volume 22 (Summer) 16-38 <> ISSN 1325-9547. DOI