The purpose of this paper is to analyse types and characteristics of regional currency movement. Regional currency(or community currency) differs from conventional money in three aspects. First, Regional currency circulates exclusively in a region or a community, geographically smaller than a countr...
The purpose of this paper is to analyse types and characteristics of regional currency movement. Regional currency(or community currency) differs from conventional money in three aspects. First, Regional currency circulates exclusively in a region or a community, geographically smaller than a country. Second, the mode of money supply differs from that of national currency. Third, regional money do not bear interest.
Regional currency movement pursues two purposes, the construction of horizontal reciprocal relation(community economy) and self-sustained regional economy. And this movement could be divided into two types in accordance with the purpose. The community economy means alternative economic space based on gift exchange. And the self-sustained regional economy involves ethical production, consumption and citizen autonomy beyond mere economic aspect. LETS(Local Exchange Trading System) and Time Bank System are the type which pursues the construction of the community economy. Meanwhile, Hours System, Regiogeld System and Transition currency System are the type which pursues the self-sustained regional economy.
LETS and Time Bank System are multilateral exchange system without visible form of money in which money is created ex nihilo by all individual participants in a moment of transaction. In Time Bank System, everyone's time is valued equally, on the other hand in LETS price is determined by the agreement(bargaining) of traders. And unlike most LETS, in Time Bank System the limit of debit does not exist. Thus Time Bank System realizes the principle of gift exchange even successfully than LETS.
The purpose of Time Bank System is to rebuild the sphere of non-market economy, which is called 'the core economy' Time Bank System and unlimited reciprocity, the concept of anthropologist David Graeber, which could be defined as multilateral gift exchange, are similar in principle. This principle is that everyone takes the unlimited obligation or commitment to everyone. This principle is the antipode of extreme market logic, in which everyone is regarded as a competitor to be beaten.
LETS has intended to achieve two purposes: reciprocal relation and economic self-reliance within the community or region, but it seems nearly impossible to carry out. The economic self-reliance needs to expand scale and geographical scope of transaction, that could erode the reciprocal relation among participants. It might be called 'dilemma of LETS'.
Hours System, German Regiogeld System and UK Transition currency System utilize the paper money unlike LETS and Time Bank System. Paper money is useful for expanding the scale and scope of transaction.
In Hours System, money is created ex nihilo by concentrated organizations like the Circulation Committee. In Regiogeld and Transition currency Systems, the money is issued by exchanging national currency for regional currency. This mode of money supply is not only the merit but also the demerit. The fact that regional money is backed by national money could increase the reliability, but undermine the autonomy of system.
German system adopts Silvio Gesell's minus interest principle of stamped money, which appeared in 1930s in German, Austria and United States. UK system combines the regional currency with the green movement. The economic outcome of two systems is not remarkable except a few examples, such as chiemgauer. But these systems are still young, so it needs more time for proper evaluation.
The important implication of this paper is that two types of movement are not substitutional relation but complementary relation. For example, the network built through LETS or Time Bank System could be important social resource to the movement for self-sustained regional economy.
Clarifying the purpose is the starting point of regional currency movement, and activists and networks which take the lead of the movement is the necessary condition for successful movement. The Collaboration with regional government would be an important factor to obtain the financial support and to gain the credibility of movement.
The purpose of this paper is to analyse types and characteristics of regional currency movement. Regional currency(or community currency) differs from conventional money in three aspects. First, Regional currency circulates exclusively in a region or a community, geographically smaller than a country. Second, the mode of money supply differs from that of national currency. Third, regional money do not bear interest.
Regional currency movement pursues two purposes, the construction of horizontal reciprocal relation(community economy) and self-sustained regional economy. And this movement could be divided into two types in accordance with the purpose. The community economy means alternative economic space based on gift exchange. And the self-sustained regional economy involves ethical production, consumption and citizen autonomy beyond mere economic aspect. LETS(Local Exchange Trading System) and Time Bank System are the type which pursues the construction of the community economy. Meanwhile, Hours System, Regiogeld System and Transition currency System are the type which pursues the self-sustained regional economy.
LETS and Time Bank System are multilateral exchange system without visible form of money in which money is created ex nihilo by all individual participants in a moment of transaction. In Time Bank System, everyone's time is valued equally, on the other hand in LETS price is determined by the agreement(bargaining) of traders. And unlike most LETS, in Time Bank System the limit of debit does not exist. Thus Time Bank System realizes the principle of gift exchange even successfully than LETS.
The purpose of Time Bank System is to rebuild the sphere of non-market economy, which is called 'the core economy' Time Bank System and unlimited reciprocity, the concept of anthropologist David Graeber, which could be defined as multilateral gift exchange, are similar in principle. This principle is that everyone takes the unlimited obligation or commitment to everyone. This principle is the antipode of extreme market logic, in which everyone is regarded as a competitor to be beaten.
LETS has intended to achieve two purposes: reciprocal relation and economic self-reliance within the community or region, but it seems nearly impossible to carry out. The economic self-reliance needs to expand scale and geographical scope of transaction, that could erode the reciprocal relation among participants. It might be called 'dilemma of LETS'.
Hours System, German Regiogeld System and UK Transition currency System utilize the paper money unlike LETS and Time Bank System. Paper money is useful for expanding the scale and scope of transaction.
In Hours System, money is created ex nihilo by concentrated organizations like the Circulation Committee. In Regiogeld and Transition currency Systems, the money is issued by exchanging national currency for regional currency. This mode of money supply is not only the merit but also the demerit. The fact that regional money is backed by national money could increase the reliability, but undermine the autonomy of system.
German system adopts Silvio Gesell's minus interest principle of stamped money, which appeared in 1930s in German, Austria and United States. UK system combines the regional currency with the green movement. The economic outcome of two systems is not remarkable except a few examples, such as chiemgauer. But these systems are still young, so it needs more time for proper evaluation.
The important implication of this paper is that two types of movement are not substitutional relation but complementary relation. For example, the network built through LETS or Time Bank System could be important social resource to the movement for self-sustained regional economy.
Clarifying the purpose is the starting point of regional currency movement, and activists and networks which take the lead of the movement is the necessary condition for successful movement. The Collaboration with regional government would be an important factor to obtain the financial support and to gain the credibility of movement.
주제어
#지역화폐운동 화폐 상품교환 이행통화시스템
※ AI-Helper는 부적절한 답변을 할 수 있습니다.