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Local Currencies, Local Investment, and the Emerging New Economy
Local currencies and the emerging new economy
Curated by John Boik
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Trading without money? Why a new system can address the economic spiral

Trading without money? Why a new system can address the economic spiral | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
From community exchanges to the Swiss WIR, can alternative monetary systems cure our unhealthy addiction to growth, asks Jem Bendell
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Professor Jem Bendell is founding director of the Institute for Leadership and Sustainability at the University of Cumbria.

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Locally grown food moving mainstream in northeast Minnesota - Grand Forks Herald

Locally grown food moving mainstream in northeast Minnesota Grand Forks Herald The region's largest medical system has pledged to buy 20 percent of its food -- hundreds of thousands of dollars' worth each year -- from local sources by 2020, another...
John Boik's insight:

New opportunities for local agriculture. The Token Exchange System would also help fund local farmers and agriculture projects.

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The Ascendant and Necessary Transition to a New Economy

The Ascendant and Necessary Transition to a New Economy | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

There is a “new economy movement” that’s pushing for a fundamental shift away from the neoliberal policies that have dominated our economy and society for decades.

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"The new economy is based on creating an economy that supports the well-being of people, the planet, and economic prosperity at the same time"

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Rethinking Money: The Rise Of Hayek's Private Competing Currencies - Forbes

Rethinking Money: The Rise Of Hayek's Private Competing Currencies - Forbes | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

Governments have abused their money monopoly for too long. Lietaer and Dunne report more than 4,000 unofficial, private currencies already operational in the world today.

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In their new book, Rethinking Money: How New Currencies Turn Scarcity Into Prosperity, Bernard Lietaer and Jacqui Dunne document the new rise of effectively competing private currencies.

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Entrevista a Jem Bendell

Entrevista a Jem Bendell, ponente de la VI Jornada Anual del Instituto de Innovación Social de ESADE "Promover la Innovación Social mediante la Colaboración"...
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Academics are showing increasing interest in local currencies.

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Weathering Climate Change: The Role of Local Currencies (SSIR)

Weathering Climate Change: The Role of Local Currencies (SSIR) | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
Local currency systems could strengthen metro economies and provide funds to address climate change and other urban problems.
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My first article in Stanford Social Innovation Review

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10 percent: The Local Stimulus - BusinessWeek

10 percent: The Local Stimulus - BusinessWeek | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
Yesterday we asked whether promoting shopping at local businesses would be enough to revive the economy in Wilmington, Ohio, from the 8,000 jobs being lost as DHL shuts down its hub there. Today, I found this chart from a study...
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Local currencies can act as "buy local" programs.

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Is a revolution in economic thinking under way?

Is a revolution in economic thinking under way? | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

Four years after the start of the Great Recession, the global economy has not recovered, voters are losing patience and governments around the world are falling like ninepins. This is a situation conducive to revolutionary thinking, if not yet in politics, then maybe in economics.

John Boik's insight:

"...miracles could be achieved without painful tax increases or spending cuts, by restoring to governments the exclusive right to create money they gradually lost to commercial banks"

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The Next Money: As the Big Economies Falter, Micro-Currencies Rise

The Next Money: As the Big Economies Falter, Micro-Currencies Rise | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
More consumers are walking away from fiat currencies to drive commerce -- and society -- with new ways of buying.
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Area residents can purchase Chiemgauer notes with their euros, but there are rules for how much it costs and what you can do with it. To maintain an individual bill's validity, the local banks that run the Chiemgauer charge a 2% fee every three months, a way to encourage spending and discourage hoarding or speculation, also known as "demurrage".

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SustainOurEarth's comment, January 20, 2013 7:01 PM
So in other words, the local banks are still encouraging consumption and discouraging savings. It seems it still perpetuates the behavior that got us into our current mess. This local currency is actually just pre-paid local consumption certificates that lose their value over time if not spent( just like monetary inflation). If you live in a national monetary high inflation environment and the banks fees were capped, it could possibly be used by individuals as an averaging tool to temporarily hedge against inflation, but that would just further debase the national currency causing inflation in the local currency. The problem you have with all currency is one of how to keep it in circulation( but at a level that does not cause inflation). As I see it( I am not an economists), currency tends to flow and accumulated to a minority privileged class at the top of the economic ladder were it is "horded" as the source of their economic and political, privilege, wealth and power. The now so called 1%, often have more than they can productively use or spend in their(or anybody else) lifespan. Progressive tax systems have been developed to address this situation but by and large are rendered ineffective due to the political clout of the 1% and thereby their ability to avoid any significant taxation and redistribution. You can also put large international corporations into this category. Thus, pushing the burden of taxation and maintaining government revenues(for services) onto the rest of us. So the question becomes, what effect do micro-currencies have on national and local taxation and providing of government services, and do they have any real value apart from their national currency?
Micro-currencies are also an attempted shift away from globalization toward localism, and communities will quickly find out what they can't purchase with local currency because most things are not likely made or produced locally. So I would think It is most likely services that are traded for local currencies as materials would generally be imported from outside the community, purchased with a national or international currency. I guess the ultimate value of any currency will be the extent it can provide an individual with food, shelter, and energy to maintain a certain minimum level of acceptable lifestyle. Of course, if larger economies do collapse, local micro-currencies can only hope to help to the extent that they can be backed by some hard spendable resource such as gold, silver, oil or other energy source etc. The development of these local micro-currencies, it seems to me, is and indication of the structural flaws in the current international/global economies which has failed to "raise all boats" with it's "in-coming tide." Some how we must find a way to develop a global economy more suitable and sustainable for our finite planet other than our current one of mass unsustainable consumption of finite resources. It seems to me( a biologist) that micro-currencies are an indicator, not a solution to the current problem of unsustainable consumption of finite resources. We have met Gargantua and he is Us!
Panton ut redundo
John Boik's comment, January 22, 2013 10:53 PM
Hello SustainOurEarth. Thanks for the comment. And thanks for the RTs on Twitter.

You raise a bevy of important issues. Do we need to address inequities in income and wealth, and the factors that encourage wasteful consumerism? Yes. Can local currencies help us do this? Depending on their design, I believe some can. As you point out, certain local currencies are voucher systems, in which dollars are traded for local bills. If effect, these function like "buy local" programs. Such programs have purpose and benefits, and so should not be discounted. But they do not directly address a host of important socioeconomic and environmental issues. A local currency system could offer more.

I disagree with you that micro-currencies are only an indicator of weaknesses within our current monetary, financial, and corporate systems. I believe that if a local currency is well-designed, it could directly address many of the pressing problems that we now face. Not that local currencies are the only answer, or the full answer, but I think they could play a critical and beneficial role.

As for the Token Exchange System I am developing through the Principled Societies Project, the next step is to develop computer simulation models of token and dollar flow within a local virtual economy. Once completed, the models should help us better understand the full potential.
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Is There an Alternative for Capitalist Economics and Politics? Richard Wolff ... - Truth-Out

Is There an Alternative for Capitalist Economics and Politics? Richard Wolff ... - Truth-Out | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

Is There an Alternative for Capitalist Economics and Politics? Richard Wolff ...

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Thoughtful interview with Richard Wolff on TruthOut.

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Still Need Convincing? Here Are 6 More Reasons To Buy Local

Still Need Convincing? Here Are 6 More Reasons To Buy Local | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
For a real economic recovery to take off nationally, it must happen among the millions of small enterprises in our cities and towns.
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Six good reasons to buy local.  And even more reasons to invest local.

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New Approaches to Finance Sustainability: Local Currencies and the Token Exchange System

New Approaches to Finance Sustainability: Local Currencies and the Token Exchange System | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
By John Boik

America may be an optimistic country, but these days public sentiment has soured. Gallop polls indicate confidence in Congress and big business is dismal.
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This is the 3rd of 4 stops on the virtural book tour for "Creating Sustainable Societies."  Please join me and comment.

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Have local currencies got it wrong? |  REconomy

Have local currencies got it wrong? |  REconomy | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

The rapid development of Transition has been nothing short of miraculous, but if it is to make genuine inroads into truly highlighting & facilitating a third option of sustainability over boom & bust then it is time to accept that we must compete in the real world in order for our message to resonate with enough people to really start to count.

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Thoughtful article about how local currencies might fit into the larger economy and desire for social change.

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EconomyNeedsABM.NatureAug2009.FarmerFoley.pdf

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The leaders of the world are flying the economy by the seat of their pants, says authors Farmer and Foley.

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Flashback: Scientists Find $1240 TRILLION In Climate Impacts On Current CO2 Path, So We Must Mitigate To Under 450 PPM

Flashback: Scientists Find $1240 TRILLION In Climate Impacts On Current CO2 Path, So We Must Mitigate To Under 450 PPM | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
Since confusionists keep low-balling the cost of climate inaction, here’s a repost from 2009 about a study that received too little attention at the time.
John Boik's insight:

Annual costs of $1.5 to 20 trillion.  How can we possibly pay for it? Local monetary/financial systems offer one novel way: http://www.ssireview.org/blog/entry/weathering_climate_change_the_role_of_local_currencies

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Noam Chomsky: Will Capitalism Destroy Civilization?

Noam Chomsky: Will Capitalism Destroy Civilization? | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

Now control of government is narrowly concentrated at the peak of the income scale, while the large majority “down below” has been virtually disenfranchised. The current political-economic system is a form of plutocracy, diverging sharply from democracy, if by that concept we mean political arrangements in which policy is significantly influenced by the public will.

John Boik's insight:

Chomsky asks if democracy as it exists in practice is compatible with stable and sustainable human society.

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Gaining Currency: From Germantown to Lancaster, people ... - Grid

Gaining Currency: From Germantown to Lancaster, people ... - Grid | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
“At the time, a lot of people were sitting around their kitchen tables and getting excited about the idea of starting their own currency,” remembers Glover, author of the local currency how-to book Hometown Money, and now a ...
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Philadelphia area community currency.

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Capacity trade and credit: emerging architechtures for commerce and money

Capacity trade and credit: emerging architechtures for commerce and money | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
This report looks at the feasibility and benefits of establishing a capacity exchange, or hub of capacity exchanges in the UK, and the regulatory structure which would be needed to support it.
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City of London report on barter exchange, local currencies, and related systems.

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Can local currencies help advance global sustainability?

Can local currencies help advance global sustainability? | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
Local financial systems that put people and the environment at their heart are welcome, but can these new models be truly scaled, asks author John Boik
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I'm pleased to have my first article published in The Guardian.

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BNote Baltimore currency: Group proposes alternative currency to support local economy

BNote Baltimore currency: Group proposes alternative currency to support local economy | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
A Baltimore group wants to put civic pride in your wallet. The Baltimore Green Currency Association, a nonprofit that aims to help small restaurants and mom-and-pop retailers fend off the big...
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As of December 6, 2012, over 29,000 BNotes have been exchanged into circulation and are being accepted in communities across the city.

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Community Currency: A Boost for East Vancouver Businesses

Community Currency: A Boost for East Vancouver Businesses | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

Dreams of an alternative economy live on with a do-it-yourself currency.

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Yet another new local currency initiative, this one in Vancouver, BC.

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The “Eusko”, a new local currency for the Basque Country | A Basque in Boise

The “Eusko”, a new local currency for the Basque Country | A Basque in Boise | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it

Banknotes will be issued to help “the emergence of a greener and more human economy” that boosts local businesses. A similar system has been successfully working in Bavaria since 2003.

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“Eusko” banknotes are issued and can be purchased at a fixed rate in euros. EM banknotes can then be used in all Basque shops and businesses that accept them.

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The rise of Brazil's social currencies - Brazil Property

The rise of Brazil's social currencies
Brazil Property
The reason for using these hyper-local currencies is simple.
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Brazil's central bank, which was initially wary of the spread of social currencies, has now backed the idea, meaning that the wealth generated from a stronger local economy can be translated onto a national level.

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Spain's entrepreneurs carving a new path amid economic crisis

Spain's entrepreneurs carving a new path amid economic crisis | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
Amid Spain's economic and political problems, there are some remarkable developments happening in the social enterprise sector, explains Christina Rebel (#Spain's entrepreneurs carving a new path amid #economic crisis.
John Boik's insight:

Cooperatives and more!  Spain is innovating.

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Pedro C.'s comment, January 16, 2013 3:30 PM
Seems Europe will be leading the upgrade of Democracy.Exciting stuff from Greece too: http://bit.ly/UoW5rD
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Community currency appears to be catching on | News-Gazette.com

Community currency appears to be catching on | News-Gazette.com | Local Currencies, Local Investment, and the Emerging New Economy | Scoop.it
URBANA — The effort to use local currency to promote local business continues to grow, with more than 60 Champaign-Urbana merchants agreeing to accept UC Smiles.That's up from the 40 merchants who agreed to use the currency when it was unveiled in...
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How do they pay for operational costs? "For now, Kim said, operational costs are being covered by two grants. But for the long term, organizers are investigating other revenue sources, including online fundraising, federal dollars for community development and identifying potential donors."

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