New article: Paradigms in currency research

‘Monetary Plurality’ and ‘Currencies for an Alternative Economy’: Two paradigms of complementary currency research

Rolf Schroeder

Independent Author. Email:


Many practitioners and researchers in this field consider money to be the centrepiece of complementary currencies. This paper identifies a second line of thinking, through which the discourse on an ‘alternative economy’ had a significant influence on the development of these social innovations during the 1980s and 1990s. This article discusses two questions: The first one concerns the influence of, and the relationship between these two lines of thought. A monetary focus gradually superseded earlier interpretations of these systems and eventually occupied a dominant position. Is there sufficient common ground between researchers of cryptocurrencies and traditional complementary currencies to share a single discourse network? The second question concerns the potential of local currencies with strictly limited convertibility. Against the background of an impending recession this article offers a perspective of how newly designed complementary currencies can become viable elements of an alternative economic structure beside the capitalism economy.


Complementary Currencies, Monetary Diversity, Alternative Economy, Money, Boundaries.

Article Schroeder

To cite this article: Schroeder, R. (2020) ‘‘Monetary Plurality’ and ‘Currencies for an Alternative Economy’: Two paradigms of complementary currency research’ International Journal of Community Currency Research Volume 24 (Summer 2020) 101-115;; ISSN 1325-9547; DOI

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

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.

On The Money: Getting the message out

Complementary and community currency systems have been started all over the world. There are a number of critical success factors, one of which is education. There are many important reasons for educating people about community currencies, including practical, economic, social, ecological, political and psychological ones. Key audiences for messages about community currencies are participants, designers, administrators and public decision makers. Promoters have adopted a range of strategies to educate people who design, use or support these systems: books & articles, design guides, research summaries, general advice & information, videos, conferences, webinars (internet seminars), internet discussion groups and training. More coordinated and strategic support of these efforts would enhance their effectiveness.

John Rogers Volume 15(2011) Special Issue D11-16

IJCCR 2011 Special Issue 03 Rogers

To cite this article: Rogers, J. (2011) ‘On The Money: Getting the message out’ International Journal of Community Currency Research 15 (D) 11-16 <> ISSN  1325-9547

Classifying ‘CCs’: Community, Complementary and Local Currencies

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 <> ISSN  1325-9547