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
This paper explores the recent evolution of money and banking, in the wake of the financial crisis, and its implication for the global economy and society. In particular, the paper considers whether or not these developments are leading to a more stable and sustainable capitalist financial order. Three broad approaches to monetary reform are considered, that target usury, debt and crisis respectively, and it is concluded that the global dependence on mono-currency systems is ignored by all three. Drawing on Marx, Hayek and Lietaer it is further posited that the facilitation of currency diversity, especially in the midst of an information age, is an extremely important policy prerequisite for a future stable and sustainable capitalist system.
Simon Mouatt Volume 14(2010) A17-28
To cite this article: Mouatt, S. (2010) ‘The Case for Monetary Diversity’ International Journal of Community Currency Research 14 (A) 17-28 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2010.003
This paper explores the growth of community currencies in Argentina following the financial collapse of 2001 and draws lessons for local economies in developed economies. The paper begins with a brief profile of the Argentinian economy, which is seen to be highly sophisticated and successful. The reasons for the banking crisis of 2001 are then explained, focusing especially on monetarist IMF policies and their disastrous effect on the real economy of Argentina. Information is then given about the nature of the Red Global de Trueque (global barter network), its link to the ecological movement, and its development into a fully fledged system of alternative currencies following the monetary crisis. Problems facing the system as it expanded, and its relationship with local political authorities, and their own alternative currencies are described. Links are then drawn between the problems facing the Argentinian economy in 2001 and those facing many local economies in the UK facing long-term recession, particularly in terms of low levels of monetisation and the low value of the local multiplier. The paper concludes that a local economy with a functioning currency under its control is in a strong position to withstand potential crises in the functioning of the global economy.
Molly Scott Cato Volume 10(2006) A43-55
IJCCR vol 10 (2006) 5 Scott Cato
To cite this article: Cato, M.S. (2006) ‘Argentina in the Red: What can the UK’s Regional Economies Learn from the Argentinian Banking Crisis?’ International Journal of Community Currency Research 10 43-55 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2006.006