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.

Vol 20 (Summer) pp. 2-23

Psychological factors influencing the use and development of Complementary Currencies

Carmen Smith, Alan Lewis

University of Bath, Claverton Down, Bath, BA27AY, United Kingdom, Email:;


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 <> ISSN 1325-9547

Prices in parallel currency: The case of the exchange network of Chania, Crete

This paper investigates the prices set within the Exchange Network of Chania and tries to examine what prices are attributed to which products and services, how those prices are set and what they reveal about the values of the goods offered. Moreover, the further aim of the paper is to explore the implications of those prices concerning the function of the scheme itself, within the context of the local economy of the Chania area. The data have been gathered during regular visits to the open markets of the scheme since January 2012. Therefore, the paper attempts to contribute original research findings concerning prices in parallel currency schemes and study several important issues which arise in multiple currency practice.

Irene Sotiropoulou

IJCCR 2015 Sotiropolou

To cite this article: Sotiropoulou, I. (2015) ‘Prices in parallel currency: The case of the exchange network of Chania, Crete’ International Journal of Community Currency Research 19 (Summer) 128-136 <> ISSN 1325-9547

Beyond growth: problematic relationships between the financial crisis, care and public economies, and alternative currencies

Financing non-capitalist (public, solidarity and care) economies with current monetary resources raises many economic and environmental problems. This research focuses on the opportunities offered by alternative currencies as a possible solution and discusses their limits. We demonstrate how time-based systems of measure, exchange and credit can foster sustainable financing of non-capitalist economies in a more economically efficient, localised and ecological way. The key is to link them to an average value of labour time, which can significantly widen the power, functions and economic role of alternative currencies. Above all it can foster a new type of universal ecological protection against speculative finance and exploitation of resources, promoting a return to taking care: of ourselves, of others, of our community currencies and the world we live in.

Maurizio Ruzzene

IJCCR 2015 Ruzzene

To cite this article: Ruzzene, M. (2015) ‘Beyond growth: problematic relationships between the financial crisis, care and public economies, and alternative currencies’ International Journal of Community Currency Research 19 (Summer) 81-93  <>  ISSN  1325-9547

Why Do People Join Local Exchange Trading Systems?

The literature dealing with LETS has regarded them primarily as economic associations and, in so doing, may have overlooked other features of LETS that are equally important. This paper aims to rectify some of that neglect by focusing upon the motivational values of LETS members. Whilst it has been recognised that a significant proportion of their membership can be identified as ‘Green’, the radical consequences of this membership has been neither fully recognised nor explored. This paper offers a taxonomy that enables us to locate and classify members’ motivations and does so with particular reference to Green ideals. It argues that to dismiss LETS as simply an expression of an alternative lifestyle may ignore the fact that a significant proportion of members are aware of, and wish to promote, the radical Green potential of these schemes. Given the current lack of practical Green alternatives within social policy this potential should not go unrecognised and the paper is presented as an attempt to open up areas for further debate.

Caron Caldwell Volume 4(2000) 1

IJCCR Vol 4 (2000) 1 Caldwell

To cite this article: Caldwell, C. (2000) ‘Why Do People Join Local Exchange Trading Systems?’ International Journal of Community Currency Research 4 <> ISSN  1325-9547

Local Economic Trading Systems: Potentials for New Communities of Meaning: a brief exploration of eight LETSystems, with a focus on decision making

A LETS can be described as a non-profit community based trading network that operates by way of a locally created currency, i.e. a locally recognised measure of exchange value as distinct from national currency. LETS’ emergence in the 1980’s, and rapid growth throughout English speaking countries in the 1990’s (Williams 1995), arguably stems from experienced scarcity of money in local communities. According to Jackson (1994), it is primarily a product of developed nations ‘where money has assumed dominance as the medium for exchange’. Considered in the context of contemporary economic developments, LETS also invites regard as localised responses to the globalisation of capital. It was with an eye to the latter, that I undertook this exploration of eight LETS groups in Victoria, Australia.

IJCCR Vol 2 (1998) 2 Ingleby

To cite this article: Ingleby, J. (1998) ‘Local Economic Trading Systems: Potentials for New Communities of Meaning: a brief exploration of eight LETSystems, with a focus on decision making’ International Journal of Community Currency Research 2 ISSN  1325-9547