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: firstname.lastname@example.org; Clement.MATHONNAT@udamail.fr; ** ESC Clermont, 63000 Clermont-Fd. Email: email@example.com.
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: firstname.lastname@example.org
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
Psychological factors influencing the use and development of Complementary Currencies
Carmen Smith, Alan Lewis
University of Bath, Claverton Down, Bath, BA27AY, United Kingdom, Email: C.J.Smith@bath.ac.uk; A.Lewis@bath.ac.uk
This paper presents a novel socio-psychological analysis of the motivations and experiences of mutual credit members in the United Kingdom and in the United States. Primary data comprised of interviews and participant observation, supplemented with secondary data analysis of organisation documents, and a review of the literature in psychology, sociology and economics. Group members were motivated to secure personal resilience against hardship, and the personal agency that results from this, along with the experiences of community and cultural identity positioning, motivates engagement. Consequently these groups are defined as cultural communities offering personal resilience to members through informal reciprocity. This approach, which prioritises the social aspects of exchange, has implications for the design of complementary currencies, particularly mutual credit initiatives, and demonstrates the value of engaging with the fields of psychology and sociology in developing interdisciplinary understandings of alternative economic practice.
Complementary currency, mutual credit, sustainability, reciprocity, resilience, community
Article Smith pdf
To cite this article: Smith, C; Lewis, A. (2016) ‘Psychological factors influencing the use and development of Complementary Currencies’ International Journal of Community Currency Research 20 (Summer) 2-23 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2016.001
The Stroud Pound is one of the local currencies to be set up in recent years by UK-based Transition Towns. The paper details the first two years of the life of the Stroud Pound; both its authors were closely involved in the development of the currency and the paper is therefore a view ‘from the inside’ rather than a disconnected academic account. The Stroud Pound grew out of Transition Stroud, a community-led response to climate change and peak oil. It therefore has a design that seeks to build greater resilience and strength into the local economy. In this paper the researchers use the local currency as a research tool to explore issues such as: the size of the local multiplier; extent of trade between local producers; the dynamics of the local economy; and the diverse motivations of scheme participants. The paper includes: an account of the literature on community currencies, especially the work of Silvio Gesell; a brief account of Stroud and the results of a survey conducted amongst Stroud-based businesses as part of the establishment of the Stroud Pound; an account of the first year of the Stroud Pound and its impact on the local economy.
Molly Scott Cato and Marta Suárez
To cite this article: Scott Cato, M. and Suárez, M. (2012) ‘Stroud Pound: A Local Currency to Map, Measure and Strengthen the Local Economy’ International Journal of Community Currency Research 16 (D) 106-115 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2012.017
IJCCR 2012 Scott Cato Suarez
A social enterprise Spice has pioneered a new method of time banking that works with public services in an innovative way. Spice uses time banking as a ‘means to an end tool’ to promote active citizenship, reduce welfare dependency and ultimately reform public services with co-production. This article briefly examines current time banking practices in the UK to set the scene for a discussion of Spice’s approach when applied in Social Housing. Whilst in its early stages, the approach demonstrates some success in increasing participation and improving both individual and community well-being. This is an exciting new use of community currencies to catalyse public sector reform.
Ruth Naughton-Doe Volume 15(2011) Special Issue D73-76
IJCCR 2011 Special Issue 14 Naughton Doe
To cite this article: Naughton-Doe, R. (2011) ‘Time Banking in Social Housing’ International Journal of Community Currency Research 15 (D) 73-76 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2011.025
This paper examines the emergence of a new type of local currency – ‘Transition Currencies’ – in the United Kingdom over the past 4 years. The Transition Currency ‘model’, shared by the initial four schemes, is explained and the theoretical roots of the schemes reviewed. The paper goes on to examine the success and limitations of the currencies and reflects on potential future developments and how the Transition currencies might upscale and deliver additional social, economic and environmental objectives.
Josh Ryan-Collins Volume 15(2011) Special Issue D61-67
IJCCR 2011 Special Issue 12 Ryan Collins
To cite this article: Ryan-Collins, J. (2011) ‘Building Local Resilience: The emergence of the UK Transition Currencies’ International Journal of Community Currency Research 15 (D) 61-67 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2011.023
Katharine Devitt Volume 13(2009) C95-97
To cite this article: Devitt, K. (2009) ‘Josh Ryan-Collins, Lucie Stephens and Anna Coote (2008) The New Wealth Of Time: How Time Banking Helps People Build Public Services’ International Journal of Community Currency Research 13 95-97 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2009.008
This paper draws out key conclusions from a recent research project into a voluntary sector time bank in the Welsh Valleys. The aim of the research was to explore the structure and organisational issues of time banks in relation to the development of co-production. Such an analysis attempts to make clear how time bank development fosters the values of co-production as is claimed by research and literature on time banks. The argument in this paper is that whilst time banks can be set-up for a range of purposes, not always tied to co-production, the practices and ideas embedded in the time bank mechanisms do gradually develop the values of co-production. However this is a slow process and requires a successful, initial time bank pilot project to encourage further support for expanding the practice. For those who advocate the development of co-production this paper provides information of time bank development which can support their efforts to promote the idea within the public sector.
Lee Gregory Volume 13(2009) A19-32
To cite this article:Gregory, L. (2009) ‘Change Takes Time: Exploring Structural and Developmental Issues of Time Banking’ International Journal of Community Currency Research 13 19-32 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2009.003
Manon Boulianne Volume 12(2008) C20-23
IJCCR vol 12 (2008) review1
To cite this article: Boulianne, M. (2008) ‘Peter North (2006) Alternative Currency Movements as a Challenge to Globalisation? A Case Study of Manchester’s Local Currency Networks’ International Journal of Community Currency Research 12 20-23 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2008.003
Community currencies have been put forward as a grassroots solution to the problems of social exclusion and the need for active communities, and are gaining policy support. LETS has been the most common form of community currency in the UK for the last 10 years. Time banks (based on the Time Dollar idea from USA) represent the next generation, providing service brokering and equality of labour to overcome many of the obstacles faced by LETS. This paper presents the first research into time banks in the UK and reviews their origins, growth and development, and their ability and potential to tackle social exclusion. The reciprocal learning from LETS to time banks is discussed, along with possible future development paths for community currencies. Time banks have been successful in attracting members from socially excluded groups, and have become established in mainstream health and community development settings. Remaining obstacles include the need for sustainable funding, to grow and widen their scope, and for policy changes to provide a more supportive framework.
Gill Seyfang Volume 6(2002) 3
IJCCR Vol 6 (2002) 3 Seyfang
To cite this article: Seyfang, G. (2002) ‘Tackling social exclusion with community currencies: learning from LETS to Time Banks’ International Journal of Community Currency Research 6 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2002.002
Despite declarations that the third sector is to play a prominent role in paving a Third Way, there remains much confusion about what constitutes this Third Way and the role of the third sector in bringing it about. Evaluating Local Exchange and Trading Schemes (LETS) as a prominent third sector initiative, the aim of this paper is to analyse its effectiveness in fulfilling various roles being assigned to it. This reveals that although many view the role of the third sector in paving a Third Way to lie in its ability to create jobs and improve employability in order to achieve ‘full-employment’, these initiatives are most effective at facilitating community self-help and thus means of livelihood beyond employment. We thus conclude that for the third sector to be used effectively and the Third Way to become a distinct and radical departure from the past, there will need to be a shift from both an ’employment-ethic’ to a ‘work ethic’ and a ‘full-employment’ to a ‘full-engagement’ vision.
Colin C Williams, Theresa Aldridge, Roger Lee, Andrew Leyshon, Nigel Thrift and Jane Tooke Volume 5(2001) 3
IJCCR Vol 5 (2001) 3 Williams et al
To cite this article: Williams, C.; Aldridge, T.; Lee, R.; Leyshon, A.; Thrift, N.; Tooke, J. (2001) ‘The Role of the Third Sector in Paving a ‘Third Way’: Some Lessons From Local Exchange and Trading Schemes (LETS) in the United Kingdom’ International Journal of Community Currency Research 5 <www.ijccr.net> ISSN 1325-9547 http://dx.doi.org/10.15133/j.ijccr.2001.003