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Complementary Currencies/BoK EN - Complementary Currencies

2010-09-23T15:56:43Z

Sanderderijke: /* Describing Complementary Currencies */

== Complementary Currencies ==

Money is not a given. Although we are often not aware, the money we use is essentially a choice. “The essence of money is an agreement [a consensus] to accept something that in itself may have no fundamental utility to us, but that we are assured can be exchanged in the market for something that does” (Greco 2001: 29). That means that money is a social construct; a human invention. As a result our conventional money has its own features and rules. These features and rules are simply the result of decisions made in the past. These include for example the choice to pay interest, the choice to abandon the ability to exchange money for gold, the choice to have money issued by banks only, or the choice to use paper money instead of silver coins. As a result money is not neutral but politically loaded; it serves the interests of some better than others.

Complementary Currencies are currencies that have different designs and serve different purposes than our conventional money. Complementary Currency (CC) is one specific form of money that exists as a supplement to our conventional (national) money. “A complementary currency (…) is an agreement to use something else than legal tender (i.e. national money) as a medium of exchange, with the purpose to link unmet needs with otherwise unused resources” (Lietaer & Hallsmith 2006: 2). ‘Unused resources’ refers in this context to goods and services (labor) offered, where no demand for them exists within the market-economy mediated by conventional money.

Because complementary currencies are often local currencies, they are often referred to as Community Currencies. Nevertheless, not all complementary currencies are local in nature and therefore ‘complementary currencies’ is a more proper description of the phenomenon that we intend to describe. The term ‘alternative currency’ is also often used to describe complementary currencies. In essence this term is deceitful, as complementary currency are not designed to concur with- or to substitute conventional currencies. In addition, some coin the term ‘private currencies’. The term could be considered synonymous to complementary currencies, but emphasize that the currency is issued by individuals, businesses or NGO’s as opposed to ordinary currency issued under the authority of the government. Likewise in use, though far less applied, is the term ‘auxiliary currencies’ (see for example Douthwaite & Wagman 1999) as synonym of complementary currencies.

== What is Money? ==

We cannot understand complementary currencies separate from other forms of money. We therefore need to understand first what money is. Money is essentially an instrument created to overcome the limitations of ordinary barter (reciprocal trade). In the words of Bilgrim and Levy (in Greco 2001:24) money is any medium of exchange adapted or designed to meet the inadequacy of the method of exchanging things by simple barter. The most important limitation of barter is that there’s not necessarily a reciprocal need for products or services. (e.g. when John is interested in exchanging apples for eggs with Jessica, but Jessica is not interested to receive apples, no exchange takes place). Secondly, products are hard to store and many products are perishable making hoarding difficult. (e.g. John cannot hoard apples indefinitely to exchange it at a later time). Thirdly, products can hardly be rated at their true value as one single unit of measurement lacks. How to express the value of an apple? It’s very inconvenient to say one apple is either worth 3 eggs, ¼ bread, 4 mushrooms, ½ broccoli or 1 potato. Hence, money overcomes the problems of simple barter by performing three essential functions: exchange, store of value and unit of account . (Greco 2001: 182).

Money is firstly created to ease exchanges. It is an intermediary instrument invented to smoothen transactions making direct swap (exchanging one product for another) redundant. Money is a generic term for all agreed upon media of exchange that can be used to purchase goods and services. Secondly, by creating money the possibility of hoarding also emerged. Thirdly, money created an opportunity to calculate and measure the value of any good or service. In other words, money enables to numerically express prices, debts and credits. Money could therefore be defined as ‘anything that is generally accepted (trusted) as a means of payment for allocating and exchanging goods and services, can be stored and facilitates measurement of value’ (based on Greco 2001: 23).

Nevertheless, Greco (2009:24) is right when pointing to the fact that money is traditionally described in terms of what it does, rather than what it is. According to Michael Linton money is essentially an “information system to employ human effort” (in Greco 2001:24). Money is simply an instrument to keep score of the value everyone has put in the economy, be it services or goods. Ideal typically, those who have in sum a lot of money have contributed a lot to the community, whilst those that all in all are indebted owe the community provision of goods and services . Money is something you ‘earned’; that is not solely something you obtained but something you deserved and which can be administered to receive like value in return for your contribution to the economy. Money is an IOU (I owe you). Where money is earned by providing goods or services, the possessor of money has the right to lay claim to any good or service from the community using the money (Greco 2001: 182).

== Complementary Currencies as a Distinctive Type of Money ==

In describing money we can make a distinction between three types of money: legal tender, complementary currencies and vouchers.

Legal tender (or forced tender) are currencies issued under the authority of the government and that by national law are acknowledged as a valid means of payment for settling debts. That means that, if the debtor pays with legal tender, they are to be accepted by the creditor in settlement of a debt . It also means that legal tender is the currency that the government of a country accepts as payment in taxes (Lietaer & Hallsmith 2006: 5).

Complementary currencies comprise all money that lie outside the realm of legal tender and as a rule are issued into circulation by some group or organization other than the government or banking establishment. That doesn’t mean that complementary currencies are de facto illegal tender! It simply means that, contrary to legal tender, non-legal tender does not have to be accepted, but definitely can if both parties involved in a transaction agree to do so. Transactions do not necessarily have to take place in legal tender. As such complementary currencies are a wide group of innovative money programs that function as medium of exchange on their own next to the ordinary national currencies. A definition of complementary currency would therefore be ‘anything that is not legal tender but is generally accepted as a means of payment in exchanging goods and services, which can be stored and enables measurement of value’.

Next to legal tender and complementary currencies, a third category of money could be distinguished; vouchers. Among these are coupons, stamps, loyalty points, gift certificates, chips in a gambling casino etcetera. Although these are outside the realm of legal tender, they could neither be considered complementary currencies. As opposed to complementary currencies they are not intended to function as a generally accepted means of payment. Vouchers can be spend on a very limited range of products, and are accepted by only a few. Consequently, it is even doubtful if we should consider them money at all. Vouchers meet the criterion of non-legal tender, but fail the criterion of generally accepted means of payment. Or as Greco (2001:147) asserts: “idealtypically to qualify as actual community currency, an issue should change hands many times before being returned to the issuer for redemption”. According to this criterion, casino chips, bus tickets, CD-coupons, supermarket points, minutes on a prepaid phonecard and stamps, that are only used once, all have value but are not complementary currencies.

It should be noted that any currency could transform into another type. A government can for example declare a complementary currency as legal tender. Vouchers can become a complementary currency when it gradually becomes generally accepted and increasingly changes hands many times. Air Miles loyalty points could be an example of the latter. In reality the boundaries between these three types of money are rather vague. It is sometimes hard to say whether a currency is legal tender, complementary currency or none of both.

== Describing Complementary Currencies ==

Obviously, not all complementary currencies are the same. In different respects, there are noticeable differences between complementary currencies. With these differences in mind, we can distinguish between different types (categories) of complementary currencies.

''Purpose''

First of all, complementary currencies vary with respect to their aim(s) and reason(s) of development. Complementary currencies can generally be designed either for commercial purposes or for social goals. Examples of the former are Trade Exchanges (also labeled Barters) whilst Time Banks are the ultimate example of the latter. We also find combinations, like the WIR in Switzerland or the Transition Currencies in the UK. Subsequently we can identify multiple variants of commercial complementary currencies; Business to Business (B2B), Business to Consumer (B2C), Consumer to Consumer (C2C) and Consumer to Business (C2B) (Lietaer & Hallsmith 2009: 7). The same goes for social complementary currencies; some are dedicated to decreasing unemployment, others to poverty eradication, education improvement, healthcare provision, childcare provision, assisting the elderly, community-building (strengthening cohesion), or the environment. The examples of social purposes one can think of, is off course almost infinite.

''Design criteria''

The design criteria involve the technical aspects of the complementary currency. These technical features are self-evidently partly influenced by the aims and purposes of the complementary currency.

The first design criterion is the ‘Support Medium’. Currencies can take different physical forms. Commodity currencies are ‘goods’ used as a generally accepted means of payment. Historically these have been for example salt, wheat, cattle, shells, cigarettes and many precious metals such as gold, silver and bronze. (Lietaer & Hallsmith 2009: 14). Nowadays, we are more familiar with money in the form of paper and coins. Finally, electronic money – being card-, internet- or mobile payment based- can be distinguished as a support medium. Each support medium has its own advantages and disadvantages in relation to counterfeiting and fraud, involved costs, trust, accessibility, creating, storing and transporting (Lietaer & Hallsmith 2009: 15) (see Table 1).

''Table 1. Advantages and Disadvantages of each Support Medium of Money''

Secondly money can be identified according to its function. As previously discussed, money has three functions: medium of exchange, store of value and standard of value (unit of account/measuring). Not all complementary currencies fulfill these functions equally. Especially the choice to implement or not to implement interest, transaction bonuses, demurrage (hoarding tax), transaction fees, and expiration dates, affect the extent to which a complementary currency fulfills the functions of saving and exchanging (see Table 2).

''Table 2. Mechanisms to encourage and discourage spending and/or saving''

With regard to the standard of value, most complementary currencies simply denominate their unit of account in terms of conventional currencies (e.g an apple worth €5 is also worth 5 barter credits). There are however some exceptions. In time banking currencies are denominated in hours. In other cases currencies are denominated in physical units; miles in case of Air Miles, the kWh in case of the WAT (a complementary currency in Hokkaido, Japan), coal in case of the Wära and crops in case of the LEAF. (Lietaer & Hallsmith 2009: 17). Again every standard of value has its own advantages and disadvantages. Currencies referring to conventional currencies have the advantage of familiarity and don’t need multiple pricing systems, whilst time denominated currencies make sense when a currency is primarily intended for valuing services rather than goods.

A third design criterion is the issuing procedure or the basis on which money is brought into circulation and taken out of circulation (redemption). Money sometimes has real value (intrinsic value), represents something of real value (representative money), and sometimes doesn’t have or represent any real value at all. Backed currencies are issued on the basis of a specific good (like gold) and have a guarantee of the issuer that they can be redeemed at all times for a fixed amount of this specific good at the issuing organization (usually banks). Non-backed currencies on the contrary, are not brought into circulation on the basis of a specific good and do not represent anything of real value. It can be exchanged for something of value (that is you can buy something with it) only for as long as there is confidence in the money itself. The money is therefore often referred to as fiduciary money or fiat money. Because borrowing often necessitates a collateral (like real estate), these loans can be considered backed currencies as well, although it needs a legal action for the collateral to be seized. In some cases complementary currencies are backed by, and redeemable for other (usually conventional) currencies rather than a specific good like gold. Lietaer & Hallsmith (2009:21) refer to these as ‘purchased and redeemable vouchers’, of which Chiemgauer is a well-known example. Commercial vouchers differ in one respect, as these are purchased with conventional currency but are not redeemable for conventional currency. Instead, one can redeem them for a limited variety of products (e.g. CD’s or books) at the shops issuing the vouchers. Loyalty points can also be exchanged for a limited range of products and services only. But contrary to commercial vouchers these are received for free with every purchase in conventional money; clients often unaware, pay indirectly for these marketing costs. Finally mutual credit can be perceived a distinct issuing procedure, where currency arises by simultaneously creating a debit (for the buyer) and corresponding credit (for the seller) with every transaction. In this case the currency is backed by a promise of the indebted person to provide goods or services in the near future. In some cases signing a contract is required, making a promise legally enforceable.

''Table 3. The issuing procedure possibilities of complementary currencies''

It is important to understand that currencies aren’t always 100% backed either by commodities, national currencies, goods, collateral or promise. In other words, the commodities, currency or good in deposit is insufficient to back all money in circulation. In fact, most currencies are only partially backed; a practice known as fractional reserve banking. Fiat money is 0% backed.

In addition, it is self-explanatory that it is possible to design a complementary currency backed by for example multiple commodities or multiple national currencies. An example of the former would be the Bancor, a currency proposed by Keynes after World War II, containing thirty different commodities. An example of the latter would be the Special Drawing Rights (SDR’s); an international currency based on a basket of national currencies. Finally, it is not unimaginable to think of hybrids; for example currencies partially backed by commodities and partially backed by national currencies.

Cost Recuperation is the final design criterion end essential for the survival of a complementary currency. After all, the creation, and continuous management of a complementary currency obviously involves costs. The challenge is to keep costs as low as possible, but nevertheless some funding is required. Apart from that, multiple possibilities exist for the recovery of costs involved. Income can be generated internally as well as externally. The first option is to attract funding through sponsorship or for example advertisement income. The second option is to charge the users of the complementary currencies. Possible mechanisms include entry fees, periodical membership fees, transaction fees (Value Added Tax or Income Tax) exchange fees, interest (on debts), expiration dates and demurrage (hoarding tax) (Lietaer & Hallsmith 2009: 24). Although internal cost recuperation might turn out to be an impediment for citizens to start using a complementary currency, the advantage is clear; the complementary currency can sustain itself and is not dependent on external sources of funding. Worth mentioning is that in case of some complementary currencies the costs are recuperated in conventional currencies, whilst in others complementary currencies themselves are accepted.

''Implementation and Origin''

Implementation answers the question of when, where and how. Not all complementary currencies arose at the same time. Historically, some periods turned out to be more conducive for new complementary currencies to emerge. Secondly complementary currencies vary in their origin and focus, be it local, regional, national or transnational. Thirdly, how refers to ‘with whom?’ and ‘with which means’. Some complementary currencies are more professionally organized than others, the actors involved in the creation differ, (sometimes involving financial institutions, businesses, ordinary citizens, governmental institutions) and whereas some have limited financial means, others have more adequate means.

''Impact and significance''

Complementary currencies deviate significantly in respect to their success. When assessing the impact of a complementary currency different aspects should be considered including size (number of implementations, number of participants, amount of currency in circulation, annual turnover), growth, period of existence, social, economic and commercial consequences, and so forth. Above all remarkable differences are there with regard to the extent complementary currencies achieve their purposes.

== Conclusion ==

Complementary currencies are all forms of money that exist parallel to our conventional national currencies. Just as conventional currencies they fulfill the three functions of money; exchanging, storing, measuring. Complementary currencies share the perception that money is an agreed-upon instrument to facilitate exchange, measurement, and saving. Hence, money is not given and can be created by ourselves when ordinary currency is unable to fulfill certain needs within society. It can be designed in a way that fulfills certain predefined purposes.

Although the domain of complementary currencies comprises all money that is not legal tender (vouchers excluded), significant differences exist between them as well. Complementary currencies are not one coherent group sharing the exact same characteristics, like all national currencies do. In fact there are many categories of complementary currencies: Stamp Scrip, Trade Exchanges (Barters), Local Exchange Trading Systems (LETS), Time Banks, Regiogeld, and Commercial Credit Circuits, just to name a few. Every category comprises many complementary currency programs, all with their own distinctive features. There were for example multiple Stamp Scrip currencies such as Wära in Germany, Wörgler Schillings in Austria and Recovery Certificates or Larkin Merchandise Bonds in the US. They have in common that they are invented to provide an alternative stable means of payment for the formal economy during financial crisis. However, there also fundamental differences between the two, for example with regard to the issuing procedure. The schedule below gives an (humble and incomplete) overview of the most important complementary currencies per category and their features.

''Table 4 Features of Complementary Currencies (by category)
''

== Sources: ==

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. Available: [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Complementary Currencies/BoK EN - Complementary Currencies

2010-09-23T15:55:15Z

Sanderderijke: /* Sources: */

== Complementary Currencies ==

Money is not a given. Although we are often not aware, the money we use is essentially a choice. “The essence of money is an agreement [a consensus] to accept something that in itself may have no fundamental utility to us, but that we are assured can be exchanged in the market for something that does” (Greco 2001: 29). That means that money is a social construct; a human invention. As a result our conventional money has its own features and rules. These features and rules are simply the result of decisions made in the past. These include for example the choice to pay interest, the choice to abandon the ability to exchange money for gold, the choice to have money issued by banks only, or the choice to use paper money instead of silver coins. As a result money is not neutral but politically loaded; it serves the interests of some better than others.

Complementary Currencies are currencies that have different designs and serve different purposes than our conventional money. Complementary Currency (CC) is one specific form of money that exists as a supplement to our conventional (national) money. “A complementary currency (…) is an agreement to use something else than legal tender (i.e. national money) as a medium of exchange, with the purpose to link unmet needs with otherwise unused resources” (Lietaer & Hallsmith 2006: 2). ‘Unused resources’ refers in this context to goods and services (labor) offered, where no demand for them exists within the market-economy mediated by conventional money.

Because complementary currencies are often local currencies, they are often referred to as Community Currencies. Nevertheless, not all complementary currencies are local in nature and therefore ‘complementary currencies’ is a more proper description of the phenomenon that we intend to describe. The term ‘alternative currency’ is also often used to describe complementary currencies. In essence this term is deceitful, as complementary currency are not designed to concur with- or to substitute conventional currencies. In addition, some coin the term ‘private currencies’. The term could be considered synonymous to complementary currencies, but emphasize that the currency is issued by individuals, businesses or NGO’s as opposed to ordinary currency issued under the authority of the government. Likewise in use, though far less applied, is the term ‘auxiliary currencies’ (see for example Douthwaite & Wagman 1999) as synonym of complementary currencies.

== What is Money? ==

We cannot understand complementary currencies separate from other forms of money. We therefore need to understand first what money is. Money is essentially an instrument created to overcome the limitations of ordinary barter (reciprocal trade). In the words of Bilgrim and Levy (in Greco 2001:24) money is any medium of exchange adapted or designed to meet the inadequacy of the method of exchanging things by simple barter. The most important limitation of barter is that there’s not necessarily a reciprocal need for products or services. (e.g. when John is interested in exchanging apples for eggs with Jessica, but Jessica is not interested to receive apples, no exchange takes place). Secondly, products are hard to store and many products are perishable making hoarding difficult. (e.g. John cannot hoard apples indefinitely to exchange it at a later time). Thirdly, products can hardly be rated at their true value as one single unit of measurement lacks. How to express the value of an apple? It’s very inconvenient to say one apple is either worth 3 eggs, ¼ bread, 4 mushrooms, ½ broccoli or 1 potato. Hence, money overcomes the problems of simple barter by performing three essential functions: exchange, store of value and unit of account . (Greco 2001: 182).

Money is firstly created to ease exchanges. It is an intermediary instrument invented to smoothen transactions making direct swap (exchanging one product for another) redundant. Money is a generic term for all agreed upon media of exchange that can be used to purchase goods and services. Secondly, by creating money the possibility of hoarding also emerged. Thirdly, money created an opportunity to calculate and measure the value of any good or service. In other words, money enables to numerically express prices, debts and credits. Money could therefore be defined as ‘anything that is generally accepted (trusted) as a means of payment for allocating and exchanging goods and services, can be stored and facilitates measurement of value’ (based on Greco 2001: 23).

Nevertheless, Greco (2009:24) is right when pointing to the fact that money is traditionally described in terms of what it does, rather than what it is. According to Michael Linton money is essentially an “information system to employ human effort” (in Greco 2001:24). Money is simply an instrument to keep score of the value everyone has put in the economy, be it services or goods. Ideal typically, those who have in sum a lot of money have contributed a lot to the community, whilst those that all in all are indebted owe the community provision of goods and services . Money is something you ‘earned’; that is not solely something you obtained but something you deserved and which can be administered to receive like value in return for your contribution to the economy. Money is an IOU (I owe you). Where money is earned by providing goods or services, the possessor of money has the right to lay claim to any good or service from the community using the money (Greco 2001: 182).

== Complementary Currencies as a Distinctive Type of Money ==

In describing money we can make a distinction between three types of money: legal tender, complementary currencies and vouchers.

Legal tender (or forced tender) are currencies issued under the authority of the government and that by national law are acknowledged as a valid means of payment for settling debts. That means that, if the debtor pays with legal tender, they are to be accepted by the creditor in settlement of a debt . It also means that legal tender is the currency that the government of a country accepts as payment in taxes (Lietaer & Hallsmith 2006: 5).

Complementary currencies comprise all money that lie outside the realm of legal tender and as a rule are issued into circulation by some group or organization other than the government or banking establishment. That doesn’t mean that complementary currencies are de facto illegal tender! It simply means that, contrary to legal tender, non-legal tender does not have to be accepted, but definitely can if both parties involved in a transaction agree to do so. Transactions do not necessarily have to take place in legal tender. As such complementary currencies are a wide group of innovative money programs that function as medium of exchange on their own next to the ordinary national currencies. A definition of complementary currency would therefore be ‘anything that is not legal tender but is generally accepted as a means of payment in exchanging goods and services, which can be stored and enables measurement of value’.

Next to legal tender and complementary currencies, a third category of money could be distinguished; vouchers. Among these are coupons, stamps, loyalty points, gift certificates, chips in a gambling casino etcetera. Although these are outside the realm of legal tender, they could neither be considered complementary currencies. As opposed to complementary currencies they are not intended to function as a generally accepted means of payment. Vouchers can be spend on a very limited range of products, and are accepted by only a few. Consequently, it is even doubtful if we should consider them money at all. Vouchers meet the criterion of non-legal tender, but fail the criterion of generally accepted means of payment. Or as Greco (2001:147) asserts: “idealtypically to qualify as actual community currency, an issue should change hands many times before being returned to the issuer for redemption”. According to this criterion, casino chips, bus tickets, CD-coupons, supermarket points, minutes on a prepaid phonecard and stamps, that are only used once, all have value but are not complementary currencies.

It should be noted that any currency could transform into another type. A government can for example declare a complementary currency as legal tender. Vouchers can become a complementary currency when it gradually becomes generally accepted and increasingly changes hands many times. Air Miles loyalty points could be an example of the latter. In reality the boundaries between these three types of money are rather vague. It is sometimes hard to say whether a currency is legal tender, complementary currency or none of both.

== Describing Complementary Currencies ==

Obviously, not all complementary currencies are the same. In different respects, there are noticeable differences between complementary currencies. With these differences in mind, we can distinguish between different types (categories) of complementary currencies.

''Purpose
''First of all, complementary currencies vary with respect to their aim(s) and reason(s) of development. Complementary currencies can generally be designed either for commercial purposes or for social goals. Examples of the former are Trade Exchanges (also labeled Barters) whilst Time Banks are the ultimate example of the latter. We also find combinations, like the WIR in Switzerland or the Transition Currencies in the UK. Subsequently we can identify multiple variants of commercial complementary currencies; Business to Business (B2B), Business to Consumer (B2C), Consumer to Consumer (C2C) and Consumer to Business (C2B) (Lietaer & Hallsmith 2009: 7). The same goes for social complementary currencies; some are dedicated to decreasing unemployment, others to poverty eradication, education improvement, healthcare provision, childcare provision, assisting the elderly, community-building (strengthening cohesion), or the environment. The examples of social purposes one can think of, is off course almost infinite.

''Design criteria
''The design criteria involve the technical aspects of the complementary currency. These technical features are self-evidently partly influenced by the aims and purposes of the complementary currency.

The first design criterion is the ‘Support Medium’. Currencies can take different physical forms. Commodity currencies are ‘goods’ used as a generally accepted means of payment. Historically these have been for example salt, wheat, cattle, shells, cigarettes and many precious metals such as gold, silver and bronze. (Lietaer & Hallsmith 2009: 14). Nowadays, we are more familiar with money in the form of paper and coins. Finally, electronic money – being card-, internet- or mobile payment based- can be distinguished as a support medium. Each support medium has its own advantages and disadvantages in relation to counterfeiting and fraud, involved costs, trust, accessibility, creating, storing and transporting (Lietaer & Hallsmith 2009: 15) (see Table 1).

''Table 1. Advantages and Disadvantages of each Support Medium of Money
''

Secondly money can be identified according to its function. As previously discussed, money has three functions: medium of exchange, store of value and standard of value (unit of account/measuring). Not all complementary currencies fulfill these functions equally. Especially the choice to implement or not to implement interest, transaction bonuses, demurrage (hoarding tax), transaction fees, and expiration dates, affect the extent to which a complementary currency fulfills the functions of saving and exchanging (see Table 2).

''Table 2. Mechanisms to encourage and discourage spending and/or saving .
''

With regard to the standard of value, most complementary currencies simply denominate their unit of account in terms of conventional currencies (e.g an apple worth €5 is also worth 5 barter credits). There are however some exceptions. In time banking currencies are denominated in hours. In other cases currencies are denominated in physical units; miles in case of Air Miles, the kWh in case of the WAT (a complementary currency in Hokkaido, Japan), coal in case of the Wära and crops in case of the LEAF. (Lietaer & Hallsmith 2009: 17). Again every standard of value has its own advantages and disadvantages. Currencies referring to conventional currencies have the advantage of familiarity and don’t need multiple pricing systems, whilst time denominated currencies make sense when a currency is primarily intended for valuing services rather than goods.

A third design criterion is the issuing procedure or the basis on which money is brought into circulation and taken out of circulation (redemption). Money sometimes has real value (intrinsic value), represents something of real value (representative money), and sometimes doesn’t have or represent any real value at all. Backed currencies are issued on the basis of a specific good (like gold) and have a guarantee of the issuer that they can be redeemed at all times for a fixed amount of this specific good at the issuing organization (usually banks). Non-backed currencies on the contrary, are not brought into circulation on the basis of a specific good and do not represent anything of real value. It can be exchanged for something of value (that is you can buy something with it) only for as long as there is confidence in the money itself. The money is therefore often referred to as fiduciary money or fiat money. Because borrowing often necessitates a collateral (like real estate), these loans can be considered backed currencies as well, although it needs a legal action for the collateral to be seized. In some cases complementary currencies are backed by, and redeemable for other (usually conventional) currencies rather than a specific good like gold. Lietaer & Hallsmith (2009:21) refer to these as ‘purchased and redeemable vouchers’, of which Chiemgauer is a well-known example. Commercial vouchers differ in one respect, as these are purchased with conventional currency but are not redeemable for conventional currency. Instead, one can redeem them for a limited variety of products (e.g. CD’s or books) at the shops issuing the vouchers. Loyalty points can also be exchanged for a limited range of products and services only. But contrary to commercial vouchers these are received for free with every purchase in conventional money; clients often unaware, pay indirectly for these marketing costs. Finally mutual credit can be perceived a distinct issuing procedure, where currency arises by simultaneously creating a debit (for the buyer) and corresponding credit (for the seller) with every transaction. In this case the currency is backed by a promise of the indebted person to provide goods or services in the near future. In some cases signing a contract is required, making a promise legally enforceable.

''Table 3. The issuing procedure possibilities of complementary currencies
''

It is important to understand that currencies aren’t always 100% backed either by commodities, national currencies, goods, collateral or promise. In other words, the commodities, currency or good in deposit is insufficient to back all money in circulation. In fact, most currencies are only partially backed; a practice known as fractional reserve banking. Fiat money is 0% backed.

In addition, it is self-explanatory that it is possible to design a complementary currency backed by for example multiple commodities or multiple national currencies. An example of the former would be the Bancor, a currency proposed by Keynes after World War II, containing thirty different commodities. An example of the latter would be the Special Drawing Rights (SDR’s); an international currency based on a basket of national currencies. Finally, it is not unimaginable to think of hybrids; for example currencies partially backed by commodities and partially backed by national currencies.

Cost Recuperation is the final design criterion end essential for the survival of a complementary currency. After all, the creation, and continuous management of a complementary currency obviously involves costs. The challenge is to keep costs as low as possible, but nevertheless some funding is required. Apart from that, multiple possibilities exist for the recovery of costs involved. Income can be generated internally as well as externally. The first option is to attract funding through sponsorship or for example advertisement income. The second option is to charge the users of the complementary currencies. Possible mechanisms include entry fees, periodical membership fees, transaction fees (Value Added Tax or Income Tax) exchange fees, interest (on debts), expiration dates and demurrage (hoarding tax) (Lietaer & Hallsmith 2009: 24). Although internal cost recuperation might turn out to be an impediment for citizens to start using a complementary currency, the advantage is clear; the complementary currency can sustain itself and is not dependent on external sources of funding. Worth mentioning is that in case of some complementary currencies the costs are recuperated in conventional currencies, whilst in others complementary currencies themselves are accepted.

''Implementation and Origin
''Implementation answers the question of when, where and how. Not all complementary currencies arose at the same time. Historically, some periods turned out to be more conducive for new complementary currencies to emerge. Secondly complementary currencies vary in their origin and focus, be it local, regional, national or transnational. Thirdly, how refers to ‘with whom?’ and ‘with which means’. Some complementary currencies are more professionally organized than others, the actors involved in the creation differ, (sometimes involving financial institutions, businesses, ordinary citizens, governmental institutions) and whereas some have limited financial means, others have more adequate means.

''Impact and significance
''Complementary currencies deviate significantly in respect to their success. When assessing the impact of a complementary currency different aspects should be considered including size (number of implementations, number of participants, amount of currency in circulation, annual turnover), growth, period of existence, social, economic and commercial consequences, and so forth. Above all remarkable differences are there with regard to the extent complementary currencies achieve their purposes.

== Conclusion ==

Complementary currencies are all forms of money that exist parallel to our conventional national currencies. Just as conventional currencies they fulfill the three functions of money; exchanging, storing, measuring. Complementary currencies share the perception that money is an agreed-upon instrument to facilitate exchange, measurement, and saving. Hence, money is not given and can be created by ourselves when ordinary currency is unable to fulfill certain needs within society. It can be designed in a way that fulfills certain predefined purposes.

Although the domain of complementary currencies comprises all money that is not legal tender (vouchers excluded), significant differences exist between them as well. Complementary currencies are not one coherent group sharing the exact same characteristics, like all national currencies do. In fact there are many categories of complementary currencies: Stamp Scrip, Trade Exchanges (Barters), Local Exchange Trading Systems (LETS), Time Banks, Regiogeld, and Commercial Credit Circuits, just to name a few. Every category comprises many complementary currency programs, all with their own distinctive features. There were for example multiple Stamp Scrip currencies such as Wära in Germany, Wörgler Schillings in Austria and Recovery Certificates or Larkin Merchandise Bonds in the US. They have in common that they are invented to provide an alternative stable means of payment for the formal economy during financial crisis. However, there also fundamental differences between the two, for example with regard to the issuing procedure. The schedule below gives an (humble and incomplete) overview of the most important complementary currencies per category and their features.

''Table 4 Features of Complementary Currencies (by category)
''

== Sources: ==

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. Available: [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Complementary Currencies/BoK EN - Stamp Scrip

2010-09-23T15:53:45Z

Sanderderijke: /* Resources */

== General Description ==

Stamp Scrip was emergency currency issued by cooperatives, associations, municipalities, companies and ordinary citizens during the financial and economic crisis of the 1930’s. They re inspired by the ideas of the economist Silvio Gesell. The unique aspect of stamp scrip is that it is free of interest. Instead most stamp scrip is characterized by a demurrage; a fee for hoarding money. Usually it means that, with predetermined intervals, a stamp should be bought and attached to the scrip in order for the scrip to remain valid. In some cases stamp scrip looses its entire value after a predetermined period of time. Stamp scrip usually circulated within small communities of households and businesses, complementary to the national currency. Especially the United States, Germany and Austria witnessed the emergence of stamp scrip such as the ‘Wära’, ‘Arbeitswertscheinen’ and the Chicago Recovery Certificates.

== Purpose ==

The purpose of stamp scrip was to revitalize economic activity by providing an alternative means of payment during the Great Depression. Because of the crisis people tended to hoard their money with the result that money was short in supply. In addition the purpose of stamp scrip was to speed up economic activity by introducing a demurrage on this alternative means of payment. Contrary to conventional money, stamp scrip is imbued with this mechanism that discourages the hoarding of money and speeds up its circulation. After all no interest is received on savings, and demurrage actually encourages spending.

== Design Criteria ==

''Support Medium''

Just as ordinary currency, stamp scrip was physical money in the form of banknotes. In case of the Wära, stamp scrip existed in nominal values of ½, 1, 2, 5 and 10 Wära. In case of the Wörgler schillings (Arbeitswertscheinen) the nominal values included 1, 2 and 5. In all cases coins were not in circulation.

''Function (medium of exchange, store of value, standard of value)''

The ultimate function of stamp scrip was exchange rather than saving. The absence of interest made saving pointless and an expiration date or demurrage stimulated spending stamp scrip. For Wära paper money to remain a valid means of payment, one had to affix a stamp at the cost of 1% of the face value in ordinary currency monthly. With a fee for holding the money, the Wära consequently inhibited an incentive to be spent rather than to be hoarded, as was the case with conventional currency. It should be noted that many stamp scrip in the US differed from the German-Austrian stamp scrip. In many systems, stamps were affixed on a transaction basis, rather than a time basis. This unintentionally stimulated hoarding rather than discouraging it (Gatch 2006: 10; 28; 29). The Gesellian idea behind stamps is off course to implement a ‘tax’ on hoarding money speeding up circulation, and not to increase the tax burden with additional sales or procurement of goods and services (Fisher & Cohrssen 1933, Ch III). Moreover, because both parties in a transaction do not have an interest in affixing a stamp to the scrip, they might have omitted it altogether. Hence, these American stamp scrip suffered a design flaw.

With regard to the standard of value, stamp scrip was usually denominated in national currency. One Wörgler schilling represented one national Schilling for example. Larkin Merchandise bonds at a nominal value could be exchanged at Larkin outlets for products worth 1 dollar. Wära seems to be the exception to the rule as it was denominated in physical units of coal. The amount of coal every Wära represents unfortunately remains unclear.

''Issuing procedure''

The majority of stamp scrip was either issued on the basis of conventional currency (Wörgl) or the products private companies produced (e.g. Larkin Merchandise Bond, Wära). In Wörgl, a loan amounting to 40.000 Schillings at the Raifeissenbank served as a collateral for the Wörgler Schilling brought into circulation. In case of Schwanenkirchen Wära was redeemable for coal from Max Hebecker’s coalmine. Caslow’s Recovery Certificates are the exception as they turned out not to be backed at all when Caslow’s promise to accept them for advertisement appeared to be false.
In most cases the money was brought into circulation by paying worker’s salaries. In case of Schwanenkirchen, in total 60 employees received loans of which two-thirds in Wära and one-third in Deutschmark (INWO). With Wära backed by coal, Wära was inflation-free money as opposed to the previously inflation-plagued Reichsmark. In Wörgl, employees of the municipality were paid half in stamp scrip and half in official currency (Greco 2001; 66). Also Larkin Merchandise Bonds were issued in the form of salary. The exact proportion of Bonds in total salary is unfortunately unknown.

''Cost recuperation''

The costs of operating and managing stamp scrip are negligible. No tracking of transactions is involved. The costs of printing stamp scrip are low as well; because of high velocity of stamp scrip there’s no need for large numbers of banknotes. The costs for running stamp scrip is unfortunately unknown, and even an educated guess would be risky as most stamp scrip existed for barely a year. Costs however were recuperated internally by means of the demurrage paid for the use of stamp scrip. At predefined dates, the bearer of a note had to buy stamps at the organization of issuance to keep the scrip valid. The scrip contained for example 52 squares; each representing one week carrying a specific date on which a stamp needs to be attached. The scrip was an invalid means of payment without the stamps attached on the dates that expired. Receivers of notes verify if the notes are attached. If they don’t, they have to pay for the stamp themselves in order to pass on the notes.

Once again there exists a remarkable difference between US and European stamp scrip. US stamp scrip was designed to be self-liquidating whereas European scrip was designed to circulate indefinitely. Most American scrip could be exchanged for ordinary currency once an a-priori determined amount of stamps were acquired. For example: in order for a Recovery Certificate to be redeemed for 1 dollar, 54 stamps had to be affixed on the scrip at a cost of 2 cents per stamp (Greco 2001: 59). It means that in total one pays 1.08 dollar; 1 dollar to back the scrip and 8 cents to pay for the organization. Self-liquidating scrip can actually be perceived as a community loan that needs to be paid for in 54 installments. The European ‘Gesellian-style’ demurrage stamp scrip on the contrary, was not designed in a way to be redeemed for ordinary cash after a specific period of time (Greco 2001: 68-69). One was obliged to pay 2 cents stamp tax a month on every Wära in possession. Once all stamps were attached
to the scrip, one simply exchanges the scrip for a new empty one with new dates on it. Hence, one Gesellian-style demurrage scrip infinitely delivers income for the issuing organization and to a far larger extent than most American scrip does. The income by far exceeded the costs for running the organization. The additional income was therefore often perceived as a tax income, subsequently spend on the provision of public services.

== Implementation and Origin ==

Already in 1815, the isle of Guernsey, one of the UK Channel Islands, issued its own currency. The Guernsey experiment with issuing local money became known as the Market House Scheme. After the Napoleonic war, the Channel Islands suffered a severe lack of money. It resulted in a collapse of the agrarian economy. The administration faced bankruptcy, as it was heavily indebted and tax revenue decreased drastically. It also had obligations to pay interest to the banks of London, and those often recalled loans overnight. At the same time, the story goes, there was poverty amongst plenty; the materials and manpower were available, but sufficient money to make transactions possible were absent. Hence, almost no public services could be provided. Borrowing money from private banks would cost a stumbling 17 percent interest (Sherwood 2010). The governor of Guernsey decided to have the Island print its own money, complementary to the Pound Sterling and issue it to citizens carrying out public works. The money issued was free of interest, leading to substantial savings for the Guernsey government. The notes were characterized by a ‘sell by date’ giving the bearer the right to exchange a Guernsey note for ordinary Pound Sterling at a predefined date. Tax income was to pay for the exchanging. The government gradually spend Guernsey notes worth 80.000 into circulation. In just 10 years, the Guernsey economy flourished; roads, windmills, sea defenses, schools and a Market House were constructed (Deutsche Wirtschafts Gemeinschaft 2010). Full employment and pricestability were achieved as well. Moreover, Guernsey freed itself from the powerful banks of London; it no longer had any debts and interest to pay. The banks of London perceived Guernsey currency as a threat to their vested interests. They started complaining at the Privy Council arguing that the Guernsey government exceeded its power by issuing notes (Birch 2008). In addition two banks settled on the island in 1827 and 1835. In order to regain monopoly on the issuance of money, they soon flooded the island with Pound Sterling to produce heavy inflation (Sherwood 2010). Panic arose and the national government intervened by limiting the issuance of Guernsey currency whilst the issuance of Pound Sterling could continue. Guernsey currency vanished shortly thereafter . As a consequence the banks were once again able to provide loans in pound sterling to the inhabitants of the Channel Islands, in order to receive interest.

The economist Silvio Gesell experienced the same problem Guernsey had faced, when traveling to Argentina at the end of the 19th century. Argentina experienced a severe economic crisis. Although supply and demand was there, the money as an instrument to facilitate exchange was absent. Gesell became increasingly interested in the role of money circulation in economic prosperity. In his book ‘The Natural Economic Order’ (Gesell 1918) he came up with the idea of ‘demurrage’; a fee for holding money . With (positive) interest there’s a tendency for money to be hoarded rather than to be spend, especially during recession when economic prospects are bleak. The result is an increasing scarcity of money for facilitating transactions. This in turn hinders economic activity often turning depression into recession. Gesell argued that no interest should be paid on savings as it slackens the money circulation. On the contrary, money should depreciate over time, just as the goods it represents. By implementing a demurrage, the circulation of money is increased as possessors are inclined to spend the money as soon as possible or to lend it in order to pass the demurrage onto the debtor. Gesell referred to this type of money as ‘Freigeld’ (interest-free money). The ideas of Gesell show similarities with his colleague on the other side of the Atlantic. In 1911 the American economist Irving Fisher of Yale University already emphasized the importance of the velocity of the circulation of money when introducing his famous equation MV=PT. According to his equation the quantity of Money multiplied by the Velocity of circulation equals average Price levels multiplied by Trade volume.

The ideas of Gesell where implemented in Germany, Austria and the US with the Great Depression of the 1930’s . The 1929 stock market crash was followed by economic distress and unprecedented rates of unemployment. The Weimar Republic and the United States were hit hard by the recession. After the First World War, the Weimar Republic had unbearable obligations under the Treaty of Versailles to pay for war reparations. In an attempt to wipe out war debts, the German government deliberately printed money creating a loss of confidence in the Mark. The notorious hyperinflation of 1923 that resulted from this policy, expressed itself in employees needing wheelbarrows to collect their payment. Getting loans from the US government (the Dawes Plan 1924-1928 and Young Plan 1929) reduced the need to print money. With the introduction of the Rentenmark by Hjalmar Schacht as new president of the Central Bank, the hyperinflation eventually halted. Then by 1929, US loans to Germany were suspended with the outbreak of the financial crisis. German obligations to pay for WW I reparations were only suspended by 1932 at the Lausanne Conference. With more protectionist policies (e.g. Smoot-Hawley Tariff Act) global trade, and German exports in particular, decreased. With decreasing demand, prices fell and deflation became fact. In the early 1930s, money was hoarded and in short supply (Greco 2001:63). Again economic prospects looked grim.

Against this background of monetary instability and economic distress, the Freiwirtschaft (free economy) movement emerged in 1919 (Fisher & Cohrssen 1933: Ch IV). Between 1926 and 1931 the Wära experiment was introduced. In 1929, after three years of preparations, Helmut Rödiger and Hans Timm applied Gesell’s ideas by founding the Wära Exchange Association (Wära Tauschgesellschaft). The Wära Exchange Organization was a service organization offering its own currency. The name of the newly invented currency ‘Wära’ has been derived from the German words Ware (goods) and Währung (currency) (Greco 2001: 63). In 1931, Wära was brought into circulation in different towns of Germany, with Ulm and Erfurt becoming one the first clients of the Wära Exchange Association. Wära was also used in Norden and the nearby island of Norderney (Germany) by Hans Trimborn and Dr. Nordwell (Wikipedia 2010a; 2010b). The village of Schwanenkirchen (Germany) however is the most famous for implementing the Wära because of greater scale and larger impact.

The village of Schwanenkirchen was confronted with massive unemployment when the local coalmine ceased operations in 1929 as result of the great depression. After two years, Max Hebecker, the owner of the coalmine, got a loan of 40.000 Reichsmark. He used the entire loan to buy Wära stamp scrip from the Wära Exchange Association and subsequently reopened the mine in 1931 (Greco 2001: 64). The miners reluctantly accepted to be paid for in Wära after guarantees that it could be spend at local stores or exchanged for a fixed amount of coal at the mine (Lietaer 1999: 125). Local stores were initially hesitant to accept a new type of currency as well. Nevertheless, the shopkeepers, confronted with the reality that merchandise was consequently bought at shops that did accept the new currency, eventually started to accept the currency too. Additionally, they simply had no choice than to accept Wära as customers didn’t have ordinary currency to spend (Fisher & Cohrssen 1933: Ch IV). With the monthly fee for holding Wära, miners and shopkeepers tried to quickly get rid of their salary. Everyone was eager either to spend or lend the Wära. It means that Wära passed from hand to hand much faster than ordinary Reichsmarks. Secondly, as spending Wära was restricted to local inhabitants and businesses only, Wära remained within the confines of the community. Ironically it was the success of the experiment that also caused its end. In October 1931, the German Government passed a law prohibiting the issuance of stamp scrip. The village of Schwanenkirchen consequently returned to economic stagnation.

Nevertheless, the miracle of Schwanenkirchen soon found its successor in neighboring Austria on 5th of July 1932. The town of Wörgl faced high unemployment, unpaid taxes, debts and bankruptcies of local businesses. At the same time, the municipality, with merely 40.000 Austrian schilling cash in hand, had yet a substantial list of social and public services to be provided (Lietaer 1999: 126). By the initiative of mayor Michael Unterguggenberger ‘Arbeitswertscheinen’ (Labor Certificates) were introduced. These became to be known as Wörgler Schillings or, because of the demurrage, Schwundgeld (Shrinking Money). The municipality, lacking ordinary money and almost facing bankruptcy, started to pay its employees half in Reichsmark and half in Wörgler Schilling (Greco 2001: 66). The municipality had negotiated that local shops would accept the Wörgler Schilling with the 40.000 Australian Schilling as a guarantee. It meant that the further one was from the town of Wörgl, the less likely there was a possibility to receive or spend Wörgler Schillings. Hence, Wörgler Schilling was local money. Nevertheless, more and more shops in in the vicinity of Wörgl spontaneously started to accept Wörgler schillings to attract clients, knowing they could spend it at other shops themselves. Hence the acceptance of Wörgler Schillings geographically started to spread like an oil spill.

Irving Fisher had paid close attention to the developments in Schwanenkirchen and Wörgl. He became one of the main proponents of scrip in the USA and wrote a handbook titled ‘Stamp Scrip’ (1933). The miracle of Schwanenkirchen also received attention through numerous publications in newspapers. Fisher’s colleague Hans Cohrssen for example, published an article in The New Republic. Fisher perceived stamp scrip as the ultimate means to alleviate the chronic shortage of money and to solve the economic and financial crisis. On behalf of his efforts and expertise he tried to convince Franklin Delano Roosevelt and the Congress to have the government introduce stamp scrip nationwide (Lietaer 1999: 128; Champ 2009: 37). This might be surprising, but it should be noted that the Americans had quite a lot of experience with complementary currencies several times in history; during the civil war (1861-65) and the panics of 1819, 1833, 1857 and 1907 (Gatch 2006: 4). Roosevelt ultimately changed course (partially under the pressure of the private banks) and with the ‘New Deal’ of 1934 emergency currencies became prohibited.

The first American stamp scrip system of the Great Depression was introduced by Charles Zylstra in Hawarden, Iowa (Gatch 2006). The Hawarden stamp scrip became a precedent for subsequent stamp scrip in other regions of the USA.

Winfield H. Caslow’s ‘Chicago Recovery Certificates’ was one of the most famous (or actually notorious) stamp scrip issued. Caslow’s advertisement company paid its employees’ salary in stamp scrip, which on their turn recruited merchants to accept the scrip as means of payment. Although the charismatic Caslow succeeded to make his Recovery Certificates widely accepted, the project eventually failed. Greco (2001: 60) and Gatch (2006) both point to the over issuance of scrip (approximately 1 million dollar worth of scrip) and the fact that Caslow was unwilling to redeem the issued scrip or to spend stamp revenues on the redemption of scrip. That means that Caslow actually created money out of nothing and received labor without providing anything in return.

A more successful and flawless design was the Larkin Merchandise Bond issued in New York. The Larkin Company owned multiple chain stores in New York. It used merchandise bonds to pay its employees with a guarantee they could spend them at any Larkin outlet in the US. The scrip only disappeared after ordinary currency became more widely available by the end of the crisis.

== Impact and Significance ==

''Size and Growth''

In Germany the Wära Exchange Association was largely responsible for the growth of stamp scrip. Stamp scrip in Germany and Austria however was short-lived when the central bank prohibited the issuance of stamp scrip and emergency currencies altogether. In the US stamp scrip was introduced in towns and villages like Evanston (Illinois), Russell (Kansas), Rock Rapids (Iowa) Albia (Iowa), Granite Falls (Minnesota), Nevada (Iowa), Pella (Iowa), Magnum (Oklahoma), Eldora (Iowa), Jasper (Minnesota), Merced and Anaheim (California), Lexington (Nebraska), Enid (Oklahoma) (Fisher & Cohrssen 1933, Ch V). Actually hundreds of stamp scrip programs were active in the US between 1932-1934 (Gatch 2006: 8). The Bureau of Foreign Affairs estimated that over 400 emergency currencies were in circulation by February 1933 (Lowd 2001; Ch3). Especially Roosevelt’s proclamation of a national ‘bank holiday’ in March the same year, was an even stronger stimulus for creating stamp scrip. As all banks were closed, no one was able to access their bank accounts. In total nearly one billion dollars’ worth of various instrumentalities were in circulation (Willis and Chapman 1934: 15 in Gatch 2006:1). In most cases the number of participants ranged from a few hundred to a few thousands, usually a substantial segment of the inhabitants of small towns and villages.

Nonetheless, many stamp scrip programs suffered problems as well, with the result that many if not all of them had difficulties to survive. Gatch (2006: 31) describes how in the US, the most significant problem had to do with the exchange of scrip for goods and services. Many vital commodities could only be bought using ordinary currency. The demand, and worth of the scrip tended to depreciate as result of the ability to spent scrip only on a limited variety of products (Gatch 2006: 31).

There was however a more important additional factor responsible for the vanishing of stamp scrip projects. This was essentially the slow recovery of the economy in the wake of World War II. Loren Gatch (2006: 31; 35) describes it as follows: “The 1930s showed that when people needed money, they made it themselves. Yet they also abandoned local money when the standard monetary economy revived. (…) The quantity and quality of the labor power backing the scrip suffered from the chronic readiness of group members to leave, when work for conventional money became available. Even well run enterprises (…) entered rapid decline when employment for money—either in the private economy, or through government support programs—became available to their members. Modern local currency will succeed only if it makes possible economic exchanges, and provides social benefits, that would otherwise not have existed, or which are underprovided by the [conventional] money economy”.

Together with the legal prohibition on ‘emergency currencies’, these factors eventually contributed to the disappearance of most stamp scrip in the countries of Europe and the USA before the outbreak of World War II. The idea of depreciating money only shortly revived after World War II. British economist John Maynard Keynes had strongly supported Gesell’s ideas on money and demurrage (Lietaer 2010). In the 1940’s he proposed to introduce a new type of currency ‘the Bancor’ to facilitate international trade. Central to the Bancor would be the taxing of national account surpluses to stimulate international trade. The proposal was notwithstanding, widely neglected and an alternative monetary order was created with the Bretton Woods conference of 1944 making the dollar the world currency.

So, despite astonishing growth and emergence of stamp scrip in a short period of time, most stamp scrip came abruptly to its end as result of a prohibition on the issuance of stamp scrip. Nowadays, stamp scrip in its traditional form barely exists. Regiogeld is however often perceived as the successor as it resembles most features of stamp scrip.

''Achievements and Impediments''

In the short period of its existence, stamp scrip had proven to be very successful. The results of implementing Wära were for example remarkable. With increasing economic activity, the entire community eventually revived from stagnation, debts were paid and prosperity pervaded. The news about the miracle of Schwanenkirchen spread to various parts in- and outside Germany, to be copied elsewhere. In Wörgl the effects resembled those of Schwanenkirchen; decreasing debts, decreasing unemployment and increasing prosperity. Much of the received Wörgler Schillings were used to pay taxes, tax arrears as well as taxes in advance when townspeople ran out of things to buy (Weston 2010). During the first month alone 4500 schillings were received in arrears (Greco 2001: 66). The municipality suddenly had means to invest in local projects such as the construction of roads and a bridge, repairs of the water distribution system and the building of a ski jump (Lietaer 1999:126). Even French Prime Minister Edouard Daladier was attracted to pay a visit to the ‘Wonder of Wörgl’. Although successful, it was once again the Central Bank, fearing the spread of community currencies, that urged the Austrian Government to end the circulation of Arbeitswertscheinen (Greco 2001: 66). The banks referred to their monopoly rights on issuing money, making the Austrian judiciary to decide to prohibit stamp scrip. The immediate cause was the gathering of 170 representatives of neighboring towns and villages interested to follow Wörgl’s example (Lietaer 1999: 127). Kitzbühl, a town in the vicinity of Wörgl, had already copied the experiment by January 1933. Thus, on November 21st 1933, the Wära project came to an end and plans to implement stamp scrip in other municipalities were suspended (Lietaer 1999: 508). Together with the miracle of Schwanenkirchen, the ‘Wonder of Wörgl’ fell eventually into oblivion with the outbreak of World War II.

One of the core purposes of stamp scrip was to speed up the circulation of money and as such economic activity. Stamp scrip indeed circulated much faster than ordinary currency and is generally perceived as the cause for the economic revival of towns and villages using stamp scrip. Lietaer describes how in Wörgl there was merely 5500 schilling of stamp scrip in circulation, but in the 15,5 month the experiment existed, money circulated 416 times, equal to 2.547.360 schilling of economic activity (…). As a consequence investment in productive goods in Wörgl accounted for 219% more than the previous year (1999: 510). The same was true for the Larkin Merchandise Bonds. Approximately $36.000 was issued but because it changed hands 7 times before being redeemed, it was responsible for $250.000 worth of trade (Greco 2001: 61). In the US overall, the velocity of stamp scrip was estimated to be four times that of the dollar in normal times (Fisher & Cohrssen 1933: Ch V).

== Resources ==

Arkel, Henk van & Camilo Ramada (2001) Poor because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Birch, Toby (2008) The Guernsey Experiment. [http://goldnews.bullionvault.com/guersney_experiment_credit_creation_gold_standard_051920083] Retrieved June 1, 2010.

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/00006789735e5fb0483a3]

Deutsche Wirtschafts Gemeinschaft (2010) Freigeld bringt Freiheit und Wohlstand für alle. [http://www.freimark-t.de/html/freigeld.html] Retrieved June 1, 2010

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natural_Economic_Order]

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen

Lietaer, Bernard A. (1999) The Future of Money: Creating new Wealth, Work and a Wiser World. Post Falls: Century Publishing.

Lietaer, Bernard A. (2010) A “Green” Convertible Currency. [http://www.transaction.net/money/gc/gc01.html] Retrieved May 17, 2010

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/ Retrieved] June 1, 2010

Sherwood (2010) The Guernsey Market House Scheme
[http://www.alor.org/Library/The%20Guernsey%20Market%20House%20Scheme%20.htm] Retrieved June 6, 2010

Weston, David (2010) Depreciating community-owned currencies. http://www.globalideasbank.org/site/bank/idea.php?ideaId=904 Retrieved May 17, 2010
Wikipedia Germany (2010a) Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld] Retrieved June 1, 2010

Wikipedia Germany (2010b) Wära. [http://de.wikipedia.org/wiki/Wära]
Retrieved June 1, 2010

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0] Retrieved June1, 2010

''Additional Readings:''

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Complementary Currencies/BoK EN - Stamp Scrip

2010-09-23T15:50:17Z

Sanderderijke: /* Impact and Significance */

Complementary Currencies/BoK EN - Stamp Scrip

2010-09-23T15:49:06Z

Sanderderijke: /* Implementation and Origin */

Complementary Currencies/BoK EN - Stamp Scrip

2010-09-23T15:48:23Z

Sanderderijke: /* Design Criteria */

Complementary Currencies/BoK EN - Stamp Scrip

2010-09-23T15:47:10Z

Sanderderijke: /* Purpose */

Complementary Currencies/BoK EN - Stamp Scrip

2010-09-23T15:46:47Z

Sanderderijke: /* General Description */

Complementary Currencies/BoK EN - Local Exchange Trading Systems (LETS)

2010-09-23T15:45:24Z

Sanderderijke: /* Resources */

== General Description ==

LETS (Local Exchange Trading System or Local Employment and Trading System) is the running of a bookkeeping system intended for ordinary citizens and the economically excluded. Douthwaite and Wagman give a clear description of what LETS is: “(…) the common feature in all LETS is that members trade with each other using a monetary unit of their own devising and the system’s organizers keep records of all transactions, usually on a computer, so that it is possible to spot members who are taking more value out of the system than they are putting in” (1999:17). LETS logically have many similarities with barter. However, whereas barter is essentially a commercial organization and intended for businesses only, LETS is an association intended for ordinary citizens and usually voluntarily run by active community members on a not-for profit basis (Greco 2001: 89). Barter can thus be perceived a business to business (B2B) solution, whereas LETS is a consumer to consumer (C2C) solution.

== Purpose ==

LETS are designed to strengthen the local economy and to empower the community (members) simultaneously (Seyfang 2002: 3). LETS reinforce the economy by addressing two failures of the mainstream monetary system; it provides an abundant medium of exchange and it creates a currency that cannot leave the area (Seyfang 2004: 7). By exchanging goods and services with local currency, members (theoretically) save on the expenditure of official currencies increasing purchasing power. LETS currency is at the same time abundant as credit is simply created with every transaction. With LETS, credit is never in short supply. Especially in the absence of official currency within a, region, town, district or city, it is believed that LETS initiatives will revitalize local economic activity.

By increasing personal economic relations, improved cohesion among LETS members and a sense of community is expected. Besides, a LETS mainly attracts people that in the mainstream economy are excluded from participation (e.g. the unemployed). LETS credit enables people on the margins of society to offer goods and services that are not valued in the mainstream market economy. Becoming economically active they consequently have an opportunity to reconnect to their communities. Additionally, it enables them to get access to products and services they otherwise would not have.

== Design Criteria ==

''Support Medium''
In a LETS a bookkeeper simply keeps track of all the transactions taking place among its members. Hence, no paper and coins carrying value are involved. All participants start an account with a balance of zero. An online platform contains the existing wants and offers within the LETS. Afterwards, two members initiate a transaction. The parties in a transaction negotiate the price as they ordinarily would for a cash transaction (Greco 2001: 90). Traditionally, the payment is made using cheques, which are send to the bookkeeper. Alternatively the transaction is reported to the bookkeeper by mobile phone or e-mail. Nowadays, transactions often take place over the internet. The account of the buyer is subsequently debited and the account of the seller is credited by the corresponding amount. That means that the total of credit within the LETS (positive balances minus negative balances) always adds up to zero. As opposed to ordinary currency, LETS currency is thus created by the members themselves and not by a bank or government. Hence money is never in short supply and inflation-free.

The seller, having a positive balance on his account once the transaction has taken place, can use the credits to buy goods or services. In some cases local currency notes can be withdrawn from a positive account balance, just as is the case with withdrawing ordinary money at the bank. Tucson Tokens, the name for LETS credit in Toronto, are an example (Greco 2001: 104). The account is debited with the withdrawn amount involved. The withdrawn currency notes circulate as means of payment until a receiver deposits the banknotes to his or her account. The advantage of using banknotes is that it encourages self-regulation: a bookkeeper is not required to keep track of the transaction, reducing the workload (Douthwaite & Wagman 1999: 18; Seyfang 2004: 8).

''Function (Medium of Exchange, Store of Value, Standard of Value)''

As the name itself already reveals, Local Exchange and Trading Systems serve the function of exchange in the first place. No interest is charged or paid, so there is no incentive to hoard credits, and exchange becomes the primary objective of LETS-credit. For ease of use, the value of LETS credit usually equates with national currency (Seyfang 2002:3). Hence, the standard of value for measuring the merit of products and services in a LETS, often reflects the price in Euro’s or Dollars.

''Issuing Procedure''

LETS-credit is created with every transaction taking place in the system. All participants start with zero trade credits. With every transaction the account of the buyer is credited and the account of the receiver is debited by the same amount. The trade credit itself is not redeemable for ordinary currency, it isn’t backed by any good or service, nor is there collateral involved. Having a positive balance means that one can lay claim on products and services in the community. Having a negative balance simply means that one has an obligation and a promise towards the community to deliver goods or services in the future.

''Funding and Cost Recuperation''

To finance the cost of operating a LETS, an annual or monthly fee in ordinary cash and/or LETS credit is often charged Greco 2001: 91). The fee should pay for expenditures such as the bookkeeping, recruiting of new members, the use of computers and the advertising of supply and demand for products and services.

== Implementation and Origin ==

The term ‘Local Exchange Trading System’ originated with Michael Linton who in 1983 established the Comox Valley LETS in Courtenay, British Columbia. Courtenay experienced high levels of unemployment and economic hardship after the Timber Mill (providing most of the employment for its residents) closed (Lietaer & Hallsmith 2006: 30). Introducing the Green Dollar, as a new complementary currency, enabled residents to continue economic activities despite the lack of conventional dollars. Although the LETS attracted considerable attention, it eventually collapsed as result of Linton’s heavy indebtedness within the LETS system (Douthwaite & Wagman 1999: 18).
Unlimited indebtedness is one of the main flaws in the implementation of LETS. Buyers having a negative balance are obliged to deliver services or goods in order for their account to return to a positive balance (Douthwaite & Wagman 1999:17). To prevent high levels of indebtedness (that is taking more from the system than contributing to it), some systems have imposed a debt-limit. It is striking that such a debt-limit often lacks, neither is there an instrument to force or an incentive to lure accountholders out of debt. For this reason, massive long-term indebtedness of some accountholders has often occurred. Consequently many LETS collapsed as trust by other members waned (Douthwaite & Wagman 1999:18). LETS are usually transparent, meaning that member’s balances are no secret and participants can constantly check the account balance of any other participant. Additionally, account balances of the members are regularly published by the bookkeeper. Because LETS exist locally on a small scale, group pressure often prevents indebtedness. Additionally, participants are obliged to settle debts in ordinary currency when ending their account . Nevertheless, a LETS organization cannot legally enforce a participant to end his account or to return to an account balance of zero. Publishing account balances seems not to be the solution and is moreover, controversial, as not all members are willing to publicly announce their private financial situation. Collateral or an enforceable repayment schedule could solve the problems of indebtedness in LETS.

It should be noted that LETS is not invented to avoid taxation. Every member participating in a LETS is liable to the state for taxation, both income tax and VAT. This is especially the case with providing professional services using LETS (Lietaer 1999: 139). LETS activity is part of the formal economy. Nevertheless, many (local) governments acknowledge the importance of LETS for improving the economic and social conditions of the participants. Tax relieve, governmental support, subsidies or similar stimuli are therefore not uncommon (Lietaer 1999: 135-140).

== Impact and Significance ==

''Size and Growth''
By 2001 there were around 1800-2000 Local Exchange Trading Systems in the world (Greco 2001: 94). It is remarkable that LETS have barely obtained foothold in the US. The majority of LETS are located in Canada, the UK, Australia, New Zealand and Europe. Calgary Dollars (Canada), Auckland LETS (New Zealand), Blue Mountain LETS (Sydney - Australia) , LETSLink (Britain) , Le Grain de SEL (France), Tauschringen in (Germany) and Noppes (The Netherlands) are probably the most famous in this regard. In recent years however, the number of LETS and the number of participants has significantly decreased, and by now many have become defunct or insignificant. Blue Mountain LETS for example, one of the largest local exchange and trading systems, was dissolved in 2001. Its 2002 successor, the Blue Mountain Community Exchange System, never matched its success.

''Achievements and Impediments''
Simplicity, media-attention, and a hands on approach are factors that initially contributed to the fast growth in the number of LETS on the global level. Many contemporary complementary currencies have received valuable insights from the experiences and experiments of LETS. Despite the fact that LETS have emerged worldwide, it is widely acknowledged that they have only been partially effective and face some major obstacles to truly obtain their goals (Seyfang 2002; 2004).

According to Seyfang (2002: 3) one of the main obstacles of LETS is the limited scale (size) of LETS; “by 1999, a national survey of the 303 projects in the UK, found they had an average of 72 members each, and a turnover equivalent to £4,664 (£65 per member)”. It means that LETS often do not provide for all the services and goods needed by the LETS members or the large distances between members in a scheme prevent trade from occurring. The failure to attract businesses limits the usefulness of LETS credit even further (Greco 2001: 100; 109). As a result the volume and value of trade is very low (Aldridge & Patterson 2002). At the same time, many individuals feel they have no valuable skills or products to offer to other members in the LETS. Whereas conventional national currency is generally hard to earn but easy to spend, the opposite holds true to LETS credit; it is easy to earn but much harder to spend.

Seyfang (2002:3) in her study on LETS in the UK argues that the voluntary and ‘unprofessional’ nature of the LETS organization is one important explanation in this regard. Volunteers do not have the time, resources and know-how to create a solid growth strategy for the LETS they try to develop.

Additionally, because of the small size of the LETS, revenue turns out to be insufficient for the continuation of a LETS. To finance the cost of operating a LETS, an annual or monthly fee in ordinary cash and/or LETS credit is often charged. The fee should pay for expenditures such as the bookkeeping, recruiting of new members, the use of computers and the advertising of supply and demand for products and services. At the same time meaningful levels of funding for the LETS are usually absent.

Seyfang (2004: 8) in a later study emphasizes that government regulations are another significant obstacle as LETS primarily target the economically excluded looking for alternative means of earning an income. “Current social security rules deter benefit-recipients from participating in local exchange systems like LETS, by counting LETS earnings as equivalent to cash income, and so potentially threatening means-tested benefits when levels exceed a given limit” (Seyfang 2004: 8).

More worrisome however, was a study on local exchange trading systems in the Netherlands. A study on Noppes by the sociologist Henk-Jaap Batelaan, revealed that the LETS market economy resembles the characteristics of the ordinary capitalist market economy. Those competent in the normal market economy, also possess most credits within the Noppes program and can spend them at will, whilst the unemployed were, and remained indebted. The study shows how LETS systems like Noppes largely failed to achieve the very purpose they were designed for.

Overall, LETS turn out to be less successful than many of its complementary currency counterparts. Time Banking and Regiogeld have proven to be more solid concepts, especially by learning from the strengths and weaknesses of LETS.

== Resources ==

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/edm_2004_10.pdf]

Complementary Currencies/BoK EN - Local Exchange Trading Systems (LETS)

2010-09-23T15:44:38Z

Sanderderijke: /* Impact and Significance */

Complementary Currencies/BoK EN - Local Exchange Trading Systems (LETS)

2010-09-23T15:43:47Z

Sanderderijke: /* Implementation and Origin */

Complementary Currencies/BoK EN - Local Exchange Trading Systems (LETS)

2010-09-23T15:43:12Z

Sanderderijke: /* Design Criteria */

Complementary Currencies/BoK EN - Local Exchange Trading Systems (LETS)

2010-09-23T15:41:53Z

Sanderderijke: /* Purpose */

Complementary Currencies/BoK EN - Local Exchange Trading Systems (LETS)

2010-09-23T15:41:32Z

Sanderderijke: /* General Description */

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:39:27Z

Sanderderijke: /* Impact and Significance */

== General Description ==

Time Banks are bookkeeping systems using a complementary currency (service credit) for rewarding ‘voluntary’ work that contributes to community building and the social economy. In the words of Gill Seyfang (2002:4): “Time Banks are a type of community currency which turn unpaid time into a valuable commodity, and aim to build social capital and promote community self-help through mutual volunteering (both giving and receiving help in exchange for time credits)”. As opposed to an ordinary volunteering agency, volunteers are rewarded for their contribution in a Time Bank with time credit upon which they can receive ‘voluntary’ work themselves. This voluntary work usually includes social services like education, babysitting, healthcare, computer tuition, gardening, Do It Yourself (DIY), do the shopping and so forth. Time Banks as a rule attract socially excluded groups of people (mostly the unemployed, the poor, the retired, the elderly, the disabled), volunteers, and those dependent upon receiving services (e.g. the elderly and the disabled) (Seyfang 2004a: 244).

== Purpose ==

Although Time Banking is a mutual credit scheme just as LETS and Barter, there are some noticeable differences. Just like LETS, Time Banking is intended for ordinary people, and it exists on a not for profit basis, rather than commercial barters, which are intended for businesses to increase profits. However, unlike LETS, Time Banking concentrates on strengthening social rather than economic linkages (Seyfang 2002: 2). LETS have a more businesslike character as it involves commercial transaction and negotiation on the price for goods and services between consumers. LETS are more suitable for strengthening the formal economy. Time Banks are designed to provide for social services (rather than goods) that the conventional economy cannot deliver. The aim of time banks is to resolve a deficit in the provision of certain social services that are (often) not valued in the conventional money economy. The Time Bank’s goal is to increase activity in the informal sector of the economy, and to strengthen social cohesion in the community.

== Design Criteria ==

''Support Medium''

Time Banking is essentially the running of a bookkeeping system just as Barter or LETS. Today, this usually takes place on a computer. Hence, electronic money is the most common form in Time Banks.

''Function (medium of exchange, store of value, standard of value)''

The primary function of time credits is to facilitate exchange of services. As is the case with barter and LETS neither interest, nor a demurrage is in place with Time Banking.

Time Banking makes self-evidently use of ‘hours’ as a unit of account rather than trade credits in LETS or Barter. In Time Banking 1 credit is always worth one hour of work. ‘Hours’ are a convenient standard of value, as time banks are intended for exchanging services rather than goods. Time Banking has a strong egalitarian and social character as one hour of work is always worth one time credit (irrespective of the work performed) (Seyfang 2002: 4;8).

Ithaca Hours, a Time Banks initiative in the state of New York, is an exception, as we will see in the next section. Ithaca hours are denominated in ‘hours’ but in addition stating that 1 time credit represents 10 dollar (the average salary for one hour of work). This allows Ithaca hours to be used for exchanging goods as well.

''Issuing Procedure''

Time credits emerge when two persons initiate a transaction; that is when one person provides a service to another person. All participants in a Time Bank start with an account balance of zero. By providing a service, the account of the receiver is debited with the corresponding amount of hours and the account of the provider is credited by the same amount. That means that all time credits in a Time Bank always add up to zero. Having a negative balance obliges you to deliver services to anyone else in the Time Bank community. Those having earned hours, can on their turn spend these to receive help from others, save them for a ‘rainy day’ or as pension. They also have the possibility to donate their hours to someone else if they feel they do not need help themselves. In time banking, the time credit is currency that is not backed by any good or service, and cannot be redeemed for either of them at the organization. Hours can also not be redeemed for ordinary money.

Ithaca Hours, is once again an exception. Ithaca Hours are fiat money and are issued through spreading them by newspaper. Ithaca hours are created out of nothing. Although 1 Ithaca Hour represents 10 dollar, it cannot be redeemed for dollars.

''Funding and Cost Recuperation''

Most Time Banks rely solely on external funding for operating the Time Bank. In addition, in the UK Time Banks are often (financially) stimulated and funded externally including local authorities (Seyfang 2002: 2;5;8). Time Banks are overall considered to be very useful means of providing social services to the public, where governments cannot provide them. It are usually local authorities or professional organizations (e.g. schools, health care agencies) that lay the foundation for- or support Time Banks rather than volunteering non-professional individuals as in the case of LETS. Time Banks are therefore characterized by a top-down rather than bottom up approach and a more professional image.

== Implementation and Origin ==

Time Banking was invented by Edgar S. Cahn in 1986 when applying his concept of Time Dollars to social projects (education, healthcare) in Washington D.C. and later Florida and Chicago. Cahn’s objective was to address the inadequacy of the government to provide sufficient social services and to deal with social problems existing in Washington D.C (Greco 2001: 98). This inadequacy was the result of cuts in government spending on social welfare. Confronted with a lack of money for delivering social services, Cahn suggested developing a new currency to pay for the social services that needed to be provided. Soon, many more similar initiatives emerged.

Worth mentioning in this regard is a very famous and successful project that often is associated with Time Banking: Ithaca Hours in the state of New York. Paul Glover launched the project in 1991, after which it steadily grew. Ithaca is a town of approximately 28.000 people relatively isolated and characterized by a population with a relatively low income, making alternative currency interesting to most citizens. One hour represent 10 Dollar, which is by approximation one hour of work. The ‘Hours’ were issued by Glover’s newspaper Hour Town (previously Ithaca Money). When advertisers agree to accept hours in full or partial payment they initially received notes worth four ‘Hours’ (later one received only two Hours) from the newspaper. The advertisers were free to spend those ‘hours’ to anyone accepting them. The Newspaper contains all businesses and individuals that were willing to receive ‘hours’ in payment for their goods and services (Greco 2001: 96). Alternatively one could acquire Hours via a loan, through grants and as a bonus for continuing its membership in the Ithaca Hours system.

Ithaca Hours are generally reckoned among Time Banks. The name also implies this readily. But strictly speaking, Ithaca Hours are not part of the Time Banks family of currencies. Ithaca hours are after all fiat money, created out of nothing and put into circulation by an agent. An ordinary Time Bank is by definition a bookkeeping (mutual credit) system where everyone’s time contribution is recorded. The obvious disadvantage of fiat money is the risk of inflation when an oversupply of Hours occurs (Lietaer 1999: 161).

Another noteworthy Time Bank concept emerged across Japan in the 1990’s. Already in the 1950’s the Japanese experimented with complementary currencies as a means to provide social services and are actually the predecessor of Time Banks like they exist in the West (Lietaer & Hallsmith 2006: 8). One of the largest Time Bank systems in Japan is Fureai Kippu (also Hureai Kippu). Fureai Kippu (the caring relationships ticket) has many similarities with Cahn’s Elderplan as it emerged in Washington D.C. ‘Volunteers’ receive time credits for care provided to anyone in the system in need of it. Different tasks have different rewards, where some tasks deliver more than one time credit for one hour of work. In 1995, the Sawayaka Welfare Foundation started to experiment with Fureai Kippu as a social mutual credit scheme. It was invented to address the problem of a rapidly ageing population and the provision of care for the elderly it necessitated. The Sawayaka Welfare Foundation was established by Tsutomo Hotta, a former Attorney General and Minister of Justice (Lietaer 2004: 4) Several hundred non-profit organizations followed his example (Lietaer 1999: 27). These exist complementary to the national government’s health care system. Complementary because you can only receive ‘hours’ for services that are not provided by the national health care insurance.

Self-evidently similar mutual credit systems or concepts can be designed, or already have been, for satisfying other social needs such as childcare (Care Miles) or education (Saber).

== Impact and Significance ==

''Size and Growth''

After Cahn introduced the concept in the mid 1980’s, Time Banking rapidly spread to other parts of the United States after which it was adopted in mostly Anglophone countries in the world. By 2000 there were already 300 Time Banks worldwide (Lietaer 1999: 158). The UK had approximately 29 Time banks in 2002 (Seyfang 2002: 5). Especially Japan has witnessed an explosion of Time Bank initiatives since the second half of the 1990’s. It is estimated that by May 2003, Japan alone had already 372 Fureai Kippu- and similar systems (Lietaer 2004: 6). Although many Time Banks emerged, the number of participants in a Time Banks usually is limited to a few hundred (Seyfang 2004c: 69). The number of transactions is also very modest. According to a National Survey in the UK, Time Banks had on average 61 members, with each member giving or receiving 29 hours on average in 2002 (Seyfang 2002:5). Unfortunately, there’s little data available on the number of Time Banks, the number of participants, and frequency and size of transactions on the global level. Even the Fureai Kippu systems neglect logging and tracking hours and members (Lietaer 2004: 6).
With regard to the Ithaca HOURs program, the number of individuals and businesses participating equaled 1500 by 2001 (Lowd 2001: Ch4).

''Achievements and Impediments''

Time Banking has proven to be more successful than its LETS counterpart. Participating in Time Banking has proven to be advantageous for those who primarily receive- as well as for those who primarily provide social services. Volunteers have reported growing friendship, social engagement, recognition, growing self-esteem and social inclusion. By valuing social services and their providers, which in the ordinary monetary system have no monetary value, community building is achieved. Lietaer (1999: 166) for example describes how Fureai Kippu turned out to be higher appreciated than the regular healthcare provision paid for in Yen. Through Fureai Kippu provider and receiver of care have a more personal relationship. He also argues that the Fureai Kippu system turned out to be more cost-effective than the national health care system and has witnessed a significant increase in volunteers willing to provide help (Lietaer 1999: 166).

One of the factors for the success of Time Banking in the US is its exceptional status for the IRS (internal revenue service). It has decided to consider Time Banking transactions to be free of taxation (Lietaer 1999: 158; Greco 2001: 99). Also in the UK time credits are exempt from taxation and benefit calculations (Seyfang 2002; 5). Seyfang (2002: 9; 2004b), in her study on LETS and Time Banking in the UK argues that brokering has also been significant for the success of Time Banking. As opposed to LETS, buyer and seller are actively linked to each other for a transaction to take place. The broker also identifies the abilities and needs of every participant in a Time Bank. A broker simply makes sure transactions are truly taking place. That is everyone can spend and earn time credits.

That doesn’t mean that Time Banks don’t face problems as well. People are generally hesitant to ask for help in a Time Bank, despite a broker as intermediary. Concurrently, there’s only limited range of services available (as the number of participants in a Time Banks usually not exceed a few hundred) (Seyfang 2004c: 69). So often, there’s a lack of demand and supply. In addition, a large segment of the participants (the elderly, the disabled) is unable to repay their debts. Additionally, there’s a risk for jobless and disabled to loose benefits, as participation in a Time Bank may demonstrate an ability to work (Seyfang 2004c: 69).

David Boyle (1999: 22) argues that it is relatively expensive (at least $50.000) to run a Time Bank. Because of the need of computers, constant keeping track of transactions, and brokering, Time Banking is labor intensive. The fact that Time Banks often rely on external professional organizations makes them vulnerable to unsustainable funding.

A final objection to Time Banking is raised as it actually commodifies the informal economy and social relations (Lowd 2001: Ch3). It replaces the gift economy where services are provided out of friendship or kinship. Although in practice the earning of time credits is not the direct or primary incentive to provide services, Time Banking might very well have as a consequence that people are no longer willing to volunteer in the traditional sense, but increasingly expect to receive (at least) time credits. Some argue that these kinds of ‘services’ should not be treated as they were a tradable commodity.

Nevertheless, Time Banking has proven to be relatively successful, and new variants are still emerging.

== Resources ==

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR%20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. Available: [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/] Retrieved June 16, 2010

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004a) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004b) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/edm_2004_10.pdf]

Seyfang, Gill (2004c) ‘Time Banks: Rewarding Community Self-help in the Innercity?, Community Development Journal, 39 (1): 62-71

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:38:54Z

Sanderderijke: /* Resources */

== General Description ==

Time Banks are bookkeeping systems using a complementary currency (service credit) for rewarding ‘voluntary’ work that contributes to community building and the social economy. In the words of Gill Seyfang (2002:4): “Time Banks are a type of community currency which turn unpaid time into a valuable commodity, and aim to build social capital and promote community self-help through mutual volunteering (both giving and receiving help in exchange for time credits)”. As opposed to an ordinary volunteering agency, volunteers are rewarded for their contribution in a Time Bank with time credit upon which they can receive ‘voluntary’ work themselves. This voluntary work usually includes social services like education, babysitting, healthcare, computer tuition, gardening, Do It Yourself (DIY), do the shopping and so forth. Time Banks as a rule attract socially excluded groups of people (mostly the unemployed, the poor, the retired, the elderly, the disabled), volunteers, and those dependent upon receiving services (e.g. the elderly and the disabled) (Seyfang 2004a: 244).

== Purpose ==

Although Time Banking is a mutual credit scheme just as LETS and Barter, there are some noticeable differences. Just like LETS, Time Banking is intended for ordinary people, and it exists on a not for profit basis, rather than commercial barters, which are intended for businesses to increase profits. However, unlike LETS, Time Banking concentrates on strengthening social rather than economic linkages (Seyfang 2002: 2). LETS have a more businesslike character as it involves commercial transaction and negotiation on the price for goods and services between consumers. LETS are more suitable for strengthening the formal economy. Time Banks are designed to provide for social services (rather than goods) that the conventional economy cannot deliver. The aim of time banks is to resolve a deficit in the provision of certain social services that are (often) not valued in the conventional money economy. The Time Bank’s goal is to increase activity in the informal sector of the economy, and to strengthen social cohesion in the community.

== Design Criteria ==

''Support Medium''

Time Banking is essentially the running of a bookkeeping system just as Barter or LETS. Today, this usually takes place on a computer. Hence, electronic money is the most common form in Time Banks.

''Function (medium of exchange, store of value, standard of value)''

The primary function of time credits is to facilitate exchange of services. As is the case with barter and LETS neither interest, nor a demurrage is in place with Time Banking.

Time Banking makes self-evidently use of ‘hours’ as a unit of account rather than trade credits in LETS or Barter. In Time Banking 1 credit is always worth one hour of work. ‘Hours’ are a convenient standard of value, as time banks are intended for exchanging services rather than goods. Time Banking has a strong egalitarian and social character as one hour of work is always worth one time credit (irrespective of the work performed) (Seyfang 2002: 4;8).

Ithaca Hours, a Time Banks initiative in the state of New York, is an exception, as we will see in the next section. Ithaca hours are denominated in ‘hours’ but in addition stating that 1 time credit represents 10 dollar (the average salary for one hour of work). This allows Ithaca hours to be used for exchanging goods as well.

''Issuing Procedure''

Time credits emerge when two persons initiate a transaction; that is when one person provides a service to another person. All participants in a Time Bank start with an account balance of zero. By providing a service, the account of the receiver is debited with the corresponding amount of hours and the account of the provider is credited by the same amount. That means that all time credits in a Time Bank always add up to zero. Having a negative balance obliges you to deliver services to anyone else in the Time Bank community. Those having earned hours, can on their turn spend these to receive help from others, save them for a ‘rainy day’ or as pension. They also have the possibility to donate their hours to someone else if they feel they do not need help themselves. In time banking, the time credit is currency that is not backed by any good or service, and cannot be redeemed for either of them at the organization. Hours can also not be redeemed for ordinary money.

Ithaca Hours, is once again an exception. Ithaca Hours are fiat money and are issued through spreading them by newspaper. Ithaca hours are created out of nothing. Although 1 Ithaca Hour represents 10 dollar, it cannot be redeemed for dollars.

''Funding and Cost Recuperation''

Most Time Banks rely solely on external funding for operating the Time Bank. In addition, in the UK Time Banks are often (financially) stimulated and funded externally including local authorities (Seyfang 2002: 2;5;8). Time Banks are overall considered to be very useful means of providing social services to the public, where governments cannot provide them. It are usually local authorities or professional organizations (e.g. schools, health care agencies) that lay the foundation for- or support Time Banks rather than volunteering non-professional individuals as in the case of LETS. Time Banks are therefore characterized by a top-down rather than bottom up approach and a more professional image.

== Implementation and Origin ==

Time Banking was invented by Edgar S. Cahn in 1986 when applying his concept of Time Dollars to social projects (education, healthcare) in Washington D.C. and later Florida and Chicago. Cahn’s objective was to address the inadequacy of the government to provide sufficient social services and to deal with social problems existing in Washington D.C (Greco 2001: 98). This inadequacy was the result of cuts in government spending on social welfare. Confronted with a lack of money for delivering social services, Cahn suggested developing a new currency to pay for the social services that needed to be provided. Soon, many more similar initiatives emerged.

Worth mentioning in this regard is a very famous and successful project that often is associated with Time Banking: Ithaca Hours in the state of New York. Paul Glover launched the project in 1991, after which it steadily grew. Ithaca is a town of approximately 28.000 people relatively isolated and characterized by a population with a relatively low income, making alternative currency interesting to most citizens. One hour represent 10 Dollar, which is by approximation one hour of work. The ‘Hours’ were issued by Glover’s newspaper Hour Town (previously Ithaca Money). When advertisers agree to accept hours in full or partial payment they initially received notes worth four ‘Hours’ (later one received only two Hours) from the newspaper. The advertisers were free to spend those ‘hours’ to anyone accepting them. The Newspaper contains all businesses and individuals that were willing to receive ‘hours’ in payment for their goods and services (Greco 2001: 96). Alternatively one could acquire Hours via a loan, through grants and as a bonus for continuing its membership in the Ithaca Hours system.

Ithaca Hours are generally reckoned among Time Banks. The name also implies this readily. But strictly speaking, Ithaca Hours are not part of the Time Banks family of currencies. Ithaca hours are after all fiat money, created out of nothing and put into circulation by an agent. An ordinary Time Bank is by definition a bookkeeping (mutual credit) system where everyone’s time contribution is recorded. The obvious disadvantage of fiat money is the risk of inflation when an oversupply of Hours occurs (Lietaer 1999: 161).

Another noteworthy Time Bank concept emerged across Japan in the 1990’s. Already in the 1950’s the Japanese experimented with complementary currencies as a means to provide social services and are actually the predecessor of Time Banks like they exist in the West (Lietaer & Hallsmith 2006: 8). One of the largest Time Bank systems in Japan is Fureai Kippu (also Hureai Kippu). Fureai Kippu (the caring relationships ticket) has many similarities with Cahn’s Elderplan as it emerged in Washington D.C. ‘Volunteers’ receive time credits for care provided to anyone in the system in need of it. Different tasks have different rewards, where some tasks deliver more than one time credit for one hour of work. In 1995, the Sawayaka Welfare Foundation started to experiment with Fureai Kippu as a social mutual credit scheme. It was invented to address the problem of a rapidly ageing population and the provision of care for the elderly it necessitated. The Sawayaka Welfare Foundation was established by Tsutomo Hotta, a former Attorney General and Minister of Justice (Lietaer 2004: 4) Several hundred non-profit organizations followed his example (Lietaer 1999: 27). These exist complementary to the national government’s health care system. Complementary because you can only receive ‘hours’ for services that are not provided by the national health care insurance.

Self-evidently similar mutual credit systems or concepts can be designed, or already have been, for satisfying other social needs such as childcare (Care Miles) or education (Saber).

== Impact and Significance ==

''Size and Growth''
After Cahn introduced the concept in the mid 1980’s, Time Banking rapidly spread to other parts of the United States after which it was adopted in mostly Anglophone countries in the world. By 2000 there were already 300 Time Banks worldwide (Lietaer 1999: 158). The UK had approximately 29 Time banks in 2002 (Seyfang 2002: 5). Especially Japan has witnessed an explosion of Time Bank initiatives since the second half of the 1990’s. It is estimated that by May 2003, Japan alone had already 372 Fureai Kippu- and similar systems (Lietaer 2004: 6). Although many Time Banks emerged, the number of participants in a Time Banks usually is limited to a few hundred (Seyfang 2004c: 69). The number of transactions is also very modest. According to a National Survey in the UK, Time Banks had on average 61 members, with each member giving or receiving 29 hours on average in 2002 (Seyfang 2002:5). Unfortunately, there’s little data available on the number of Time Banks, the number of participants, and frequency and size of transactions on the global level. Even the Fureai Kippu systems neglect logging and tracking hours and members (Lietaer 2004: 6).
With regard to the Ithaca HOURs program, the number of individuals and businesses participating equaled 1500 by 2001 (Lowd 2001: Ch4).

''Achievements and Impediments''
Time Banking has proven to be more successful than its LETS counterpart. Participating in Time Banking has proven to be advantageous for those who primarily receive- as well as for those who primarily provide social services. Volunteers have reported growing friendship, social engagement, recognition, growing self-esteem and social inclusion. By valuing social services and their providers, which in the ordinary monetary system have no monetary value, community building is achieved. Lietaer (1999: 166) for example describes how Fureai Kippu turned out to be higher appreciated than the regular healthcare provision paid for in Yen. Through Fureai Kippu provider and receiver of care have a more personal relationship. He also argues that the Fureai Kippu system turned out to be more cost-effective than the national health care system and has witnessed a significant increase in volunteers willing to provide help (Lietaer 1999: 166).

One of the factors for the success of Time Banking in the US is its exceptional status for the IRS (internal revenue service). It has decided to consider Time Banking transactions to be free of taxation (Lietaer 1999: 158; Greco 2001: 99). Also in the UK time credits are exempt from taxation and benefit calculations (Seyfang 2002; 5). Seyfang (2002: 9; 2004b), in her study on LETS and Time Banking in the UK argues that brokering has also been significant for the success of Time Banking. As opposed to LETS, buyer and seller are actively linked to each other for a transaction to take place. The broker also identifies the abilities and needs of every participant in a Time Bank. A broker simply makes sure transactions are truly taking place. That is everyone can spend and earn time credits.

That doesn’t mean that Time Banks don’t face problems as well. People are generally hesitant to ask for help in a Time Bank, despite a broker as intermediary. Concurrently, there’s only limited range of services available (as the number of participants in a Time Banks usually not exceed a few hundred) (Seyfang 2004c: 69). So often, there’s a lack of demand and supply. In addition, a large segment of the participants (the elderly, the disabled) is unable to repay their debts. Additionally, there’s a risk for jobless and disabled to loose benefits, as participation in a Time Bank may demonstrate an ability to work (Seyfang 2004c: 69).

David Boyle (1999: 22) argues that it is relatively expensive (at least $50.000) to run a Time Bank. Because of the need of computers, constant keeping track of transactions, and brokering, Time Banking is labor intensive. The fact that Time Banks often rely on external professional organizations makes them vulnerable to unsustainable funding.

A final objection to Time Banking is raised as it actually commodifies the informal economy and social relations (Lowd 2001: Ch3). It replaces the gift economy where services are provided out of friendship or kinship. Although in practice the earning of time credits is not the direct or primary incentive to provide services, Time Banking might very well have as a consequence that people are no longer willing to volunteer in the traditional sense, but increasingly expect to receive (at least) time credits. Some argue that these kinds of ‘services’ should not be treated as they were a tradable commodity.
Nevertheless, Time Banking has proven to be relatively successful, and new variants are still emerging.

== Resources ==

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR%20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. Available: [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/] Retrieved June 16, 2010

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004a) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004b) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/edm_2004_10.pdf]

Seyfang, Gill (2004c) ‘Time Banks: Rewarding Community Self-help in the Innercity?, Community Development Journal, 39 (1): 62-71

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:38:39Z

Sanderderijke: /* Resources */

== General Description ==

Time Banks are bookkeeping systems using a complementary currency (service credit) for rewarding ‘voluntary’ work that contributes to community building and the social economy. In the words of Gill Seyfang (2002:4): “Time Banks are a type of community currency which turn unpaid time into a valuable commodity, and aim to build social capital and promote community self-help through mutual volunteering (both giving and receiving help in exchange for time credits)”. As opposed to an ordinary volunteering agency, volunteers are rewarded for their contribution in a Time Bank with time credit upon which they can receive ‘voluntary’ work themselves. This voluntary work usually includes social services like education, babysitting, healthcare, computer tuition, gardening, Do It Yourself (DIY), do the shopping and so forth. Time Banks as a rule attract socially excluded groups of people (mostly the unemployed, the poor, the retired, the elderly, the disabled), volunteers, and those dependent upon receiving services (e.g. the elderly and the disabled) (Seyfang 2004a: 244).

== Purpose ==

Although Time Banking is a mutual credit scheme just as LETS and Barter, there are some noticeable differences. Just like LETS, Time Banking is intended for ordinary people, and it exists on a not for profit basis, rather than commercial barters, which are intended for businesses to increase profits. However, unlike LETS, Time Banking concentrates on strengthening social rather than economic linkages (Seyfang 2002: 2). LETS have a more businesslike character as it involves commercial transaction and negotiation on the price for goods and services between consumers. LETS are more suitable for strengthening the formal economy. Time Banks are designed to provide for social services (rather than goods) that the conventional economy cannot deliver. The aim of time banks is to resolve a deficit in the provision of certain social services that are (often) not valued in the conventional money economy. The Time Bank’s goal is to increase activity in the informal sector of the economy, and to strengthen social cohesion in the community.

== Design Criteria ==

''Support Medium''

Time Banking is essentially the running of a bookkeeping system just as Barter or LETS. Today, this usually takes place on a computer. Hence, electronic money is the most common form in Time Banks.

''Function (medium of exchange, store of value, standard of value)''

The primary function of time credits is to facilitate exchange of services. As is the case with barter and LETS neither interest, nor a demurrage is in place with Time Banking.

Time Banking makes self-evidently use of ‘hours’ as a unit of account rather than trade credits in LETS or Barter. In Time Banking 1 credit is always worth one hour of work. ‘Hours’ are a convenient standard of value, as time banks are intended for exchanging services rather than goods. Time Banking has a strong egalitarian and social character as one hour of work is always worth one time credit (irrespective of the work performed) (Seyfang 2002: 4;8).

Ithaca Hours, a Time Banks initiative in the state of New York, is an exception, as we will see in the next section. Ithaca hours are denominated in ‘hours’ but in addition stating that 1 time credit represents 10 dollar (the average salary for one hour of work). This allows Ithaca hours to be used for exchanging goods as well.

''Issuing Procedure''

Time credits emerge when two persons initiate a transaction; that is when one person provides a service to another person. All participants in a Time Bank start with an account balance of zero. By providing a service, the account of the receiver is debited with the corresponding amount of hours and the account of the provider is credited by the same amount. That means that all time credits in a Time Bank always add up to zero. Having a negative balance obliges you to deliver services to anyone else in the Time Bank community. Those having earned hours, can on their turn spend these to receive help from others, save them for a ‘rainy day’ or as pension. They also have the possibility to donate their hours to someone else if they feel they do not need help themselves. In time banking, the time credit is currency that is not backed by any good or service, and cannot be redeemed for either of them at the organization. Hours can also not be redeemed for ordinary money.

Ithaca Hours, is once again an exception. Ithaca Hours are fiat money and are issued through spreading them by newspaper. Ithaca hours are created out of nothing. Although 1 Ithaca Hour represents 10 dollar, it cannot be redeemed for dollars.

''Funding and Cost Recuperation''

Most Time Banks rely solely on external funding for operating the Time Bank. In addition, in the UK Time Banks are often (financially) stimulated and funded externally including local authorities (Seyfang 2002: 2;5;8). Time Banks are overall considered to be very useful means of providing social services to the public, where governments cannot provide them. It are usually local authorities or professional organizations (e.g. schools, health care agencies) that lay the foundation for- or support Time Banks rather than volunteering non-professional individuals as in the case of LETS. Time Banks are therefore characterized by a top-down rather than bottom up approach and a more professional image.

== Implementation and Origin ==

Time Banking was invented by Edgar S. Cahn in 1986 when applying his concept of Time Dollars to social projects (education, healthcare) in Washington D.C. and later Florida and Chicago. Cahn’s objective was to address the inadequacy of the government to provide sufficient social services and to deal with social problems existing in Washington D.C (Greco 2001: 98). This inadequacy was the result of cuts in government spending on social welfare. Confronted with a lack of money for delivering social services, Cahn suggested developing a new currency to pay for the social services that needed to be provided. Soon, many more similar initiatives emerged.

Worth mentioning in this regard is a very famous and successful project that often is associated with Time Banking: Ithaca Hours in the state of New York. Paul Glover launched the project in 1991, after which it steadily grew. Ithaca is a town of approximately 28.000 people relatively isolated and characterized by a population with a relatively low income, making alternative currency interesting to most citizens. One hour represent 10 Dollar, which is by approximation one hour of work. The ‘Hours’ were issued by Glover’s newspaper Hour Town (previously Ithaca Money). When advertisers agree to accept hours in full or partial payment they initially received notes worth four ‘Hours’ (later one received only two Hours) from the newspaper. The advertisers were free to spend those ‘hours’ to anyone accepting them. The Newspaper contains all businesses and individuals that were willing to receive ‘hours’ in payment for their goods and services (Greco 2001: 96). Alternatively one could acquire Hours via a loan, through grants and as a bonus for continuing its membership in the Ithaca Hours system.

Ithaca Hours are generally reckoned among Time Banks. The name also implies this readily. But strictly speaking, Ithaca Hours are not part of the Time Banks family of currencies. Ithaca hours are after all fiat money, created out of nothing and put into circulation by an agent. An ordinary Time Bank is by definition a bookkeeping (mutual credit) system where everyone’s time contribution is recorded. The obvious disadvantage of fiat money is the risk of inflation when an oversupply of Hours occurs (Lietaer 1999: 161).

Another noteworthy Time Bank concept emerged across Japan in the 1990’s. Already in the 1950’s the Japanese experimented with complementary currencies as a means to provide social services and are actually the predecessor of Time Banks like they exist in the West (Lietaer & Hallsmith 2006: 8). One of the largest Time Bank systems in Japan is Fureai Kippu (also Hureai Kippu). Fureai Kippu (the caring relationships ticket) has many similarities with Cahn’s Elderplan as it emerged in Washington D.C. ‘Volunteers’ receive time credits for care provided to anyone in the system in need of it. Different tasks have different rewards, where some tasks deliver more than one time credit for one hour of work. In 1995, the Sawayaka Welfare Foundation started to experiment with Fureai Kippu as a social mutual credit scheme. It was invented to address the problem of a rapidly ageing population and the provision of care for the elderly it necessitated. The Sawayaka Welfare Foundation was established by Tsutomo Hotta, a former Attorney General and Minister of Justice (Lietaer 2004: 4) Several hundred non-profit organizations followed his example (Lietaer 1999: 27). These exist complementary to the national government’s health care system. Complementary because you can only receive ‘hours’ for services that are not provided by the national health care insurance.

Self-evidently similar mutual credit systems or concepts can be designed, or already have been, for satisfying other social needs such as childcare (Care Miles) or education (Saber).

== Impact and Significance ==

''Size and Growth''
After Cahn introduced the concept in the mid 1980’s, Time Banking rapidly spread to other parts of the United States after which it was adopted in mostly Anglophone countries in the world. By 2000 there were already 300 Time Banks worldwide (Lietaer 1999: 158). The UK had approximately 29 Time banks in 2002 (Seyfang 2002: 5). Especially Japan has witnessed an explosion of Time Bank initiatives since the second half of the 1990’s. It is estimated that by May 2003, Japan alone had already 372 Fureai Kippu- and similar systems (Lietaer 2004: 6). Although many Time Banks emerged, the number of participants in a Time Banks usually is limited to a few hundred (Seyfang 2004c: 69). The number of transactions is also very modest. According to a National Survey in the UK, Time Banks had on average 61 members, with each member giving or receiving 29 hours on average in 2002 (Seyfang 2002:5). Unfortunately, there’s little data available on the number of Time Banks, the number of participants, and frequency and size of transactions on the global level. Even the Fureai Kippu systems neglect logging and tracking hours and members (Lietaer 2004: 6).
With regard to the Ithaca HOURs program, the number of individuals and businesses participating equaled 1500 by 2001 (Lowd 2001: Ch4).

''Achievements and Impediments''
Time Banking has proven to be more successful than its LETS counterpart. Participating in Time Banking has proven to be advantageous for those who primarily receive- as well as for those who primarily provide social services. Volunteers have reported growing friendship, social engagement, recognition, growing self-esteem and social inclusion. By valuing social services and their providers, which in the ordinary monetary system have no monetary value, community building is achieved. Lietaer (1999: 166) for example describes how Fureai Kippu turned out to be higher appreciated than the regular healthcare provision paid for in Yen. Through Fureai Kippu provider and receiver of care have a more personal relationship. He also argues that the Fureai Kippu system turned out to be more cost-effective than the national health care system and has witnessed a significant increase in volunteers willing to provide help (Lietaer 1999: 166).

One of the factors for the success of Time Banking in the US is its exceptional status for the IRS (internal revenue service). It has decided to consider Time Banking transactions to be free of taxation (Lietaer 1999: 158; Greco 2001: 99). Also in the UK time credits are exempt from taxation and benefit calculations (Seyfang 2002; 5). Seyfang (2002: 9; 2004b), in her study on LETS and Time Banking in the UK argues that brokering has also been significant for the success of Time Banking. As opposed to LETS, buyer and seller are actively linked to each other for a transaction to take place. The broker also identifies the abilities and needs of every participant in a Time Bank. A broker simply makes sure transactions are truly taking place. That is everyone can spend and earn time credits.

That doesn’t mean that Time Banks don’t face problems as well. People are generally hesitant to ask for help in a Time Bank, despite a broker as intermediary. Concurrently, there’s only limited range of services available (as the number of participants in a Time Banks usually not exceed a few hundred) (Seyfang 2004c: 69). So often, there’s a lack of demand and supply. In addition, a large segment of the participants (the elderly, the disabled) is unable to repay their debts. Additionally, there’s a risk for jobless and disabled to loose benefits, as participation in a Time Bank may demonstrate an ability to work (Seyfang 2004c: 69).

David Boyle (1999: 22) argues that it is relatively expensive (at least $50.000) to run a Time Bank. Because of the need of computers, constant keeping track of transactions, and brokering, Time Banking is labor intensive. The fact that Time Banks often rely on external professional organizations makes them vulnerable to unsustainable funding.

A final objection to Time Banking is raised as it actually commodifies the informal economy and social relations (Lowd 2001: Ch3). It replaces the gift economy where services are provided out of friendship or kinship. Although in practice the earning of time credits is not the direct or primary incentive to provide services, Time Banking might very well have as a consequence that people are no longer willing to volunteer in the traditional sense, but increasingly expect to receive (at least) time credits. Some argue that these kinds of ‘services’ should not be treated as they were a tradable commodity.
Nevertheless, Time Banking has proven to be relatively successful, and new variants are still emerging.

== Resources ==

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR%20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. Available: [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/] Retrieved June 16, 2010

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004a) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004b) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/edm_2004_10.pdf]

Seyfang, Gill (2004c) ‘Time Banks: Rewarding Community Self-help in the Innercity?, Community Development Journal, 39 (1): 62-71

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:38:17Z

Sanderderijke: /* Resources */

== General Description ==

Time Banks are bookkeeping systems using a complementary currency (service credit) for rewarding ‘voluntary’ work that contributes to community building and the social economy. In the words of Gill Seyfang (2002:4): “Time Banks are a type of community currency which turn unpaid time into a valuable commodity, and aim to build social capital and promote community self-help through mutual volunteering (both giving and receiving help in exchange for time credits)”. As opposed to an ordinary volunteering agency, volunteers are rewarded for their contribution in a Time Bank with time credit upon which they can receive ‘voluntary’ work themselves. This voluntary work usually includes social services like education, babysitting, healthcare, computer tuition, gardening, Do It Yourself (DIY), do the shopping and so forth. Time Banks as a rule attract socially excluded groups of people (mostly the unemployed, the poor, the retired, the elderly, the disabled), volunteers, and those dependent upon receiving services (e.g. the elderly and the disabled) (Seyfang 2004a: 244).

== Purpose ==

Although Time Banking is a mutual credit scheme just as LETS and Barter, there are some noticeable differences. Just like LETS, Time Banking is intended for ordinary people, and it exists on a not for profit basis, rather than commercial barters, which are intended for businesses to increase profits. However, unlike LETS, Time Banking concentrates on strengthening social rather than economic linkages (Seyfang 2002: 2). LETS have a more businesslike character as it involves commercial transaction and negotiation on the price for goods and services between consumers. LETS are more suitable for strengthening the formal economy. Time Banks are designed to provide for social services (rather than goods) that the conventional economy cannot deliver. The aim of time banks is to resolve a deficit in the provision of certain social services that are (often) not valued in the conventional money economy. The Time Bank’s goal is to increase activity in the informal sector of the economy, and to strengthen social cohesion in the community.

== Design Criteria ==

''Support Medium''

Time Banking is essentially the running of a bookkeeping system just as Barter or LETS. Today, this usually takes place on a computer. Hence, electronic money is the most common form in Time Banks.

''Function (medium of exchange, store of value, standard of value)''

The primary function of time credits is to facilitate exchange of services. As is the case with barter and LETS neither interest, nor a demurrage is in place with Time Banking.

Time Banking makes self-evidently use of ‘hours’ as a unit of account rather than trade credits in LETS or Barter. In Time Banking 1 credit is always worth one hour of work. ‘Hours’ are a convenient standard of value, as time banks are intended for exchanging services rather than goods. Time Banking has a strong egalitarian and social character as one hour of work is always worth one time credit (irrespective of the work performed) (Seyfang 2002: 4;8).

Ithaca Hours, a Time Banks initiative in the state of New York, is an exception, as we will see in the next section. Ithaca hours are denominated in ‘hours’ but in addition stating that 1 time credit represents 10 dollar (the average salary for one hour of work). This allows Ithaca hours to be used for exchanging goods as well.

''Issuing Procedure''

Time credits emerge when two persons initiate a transaction; that is when one person provides a service to another person. All participants in a Time Bank start with an account balance of zero. By providing a service, the account of the receiver is debited with the corresponding amount of hours and the account of the provider is credited by the same amount. That means that all time credits in a Time Bank always add up to zero. Having a negative balance obliges you to deliver services to anyone else in the Time Bank community. Those having earned hours, can on their turn spend these to receive help from others, save them for a ‘rainy day’ or as pension. They also have the possibility to donate their hours to someone else if they feel they do not need help themselves. In time banking, the time credit is currency that is not backed by any good or service, and cannot be redeemed for either of them at the organization. Hours can also not be redeemed for ordinary money.

Ithaca Hours, is once again an exception. Ithaca Hours are fiat money and are issued through spreading them by newspaper. Ithaca hours are created out of nothing. Although 1 Ithaca Hour represents 10 dollar, it cannot be redeemed for dollars.

''Funding and Cost Recuperation''

Most Time Banks rely solely on external funding for operating the Time Bank. In addition, in the UK Time Banks are often (financially) stimulated and funded externally including local authorities (Seyfang 2002: 2;5;8). Time Banks are overall considered to be very useful means of providing social services to the public, where governments cannot provide them. It are usually local authorities or professional organizations (e.g. schools, health care agencies) that lay the foundation for- or support Time Banks rather than volunteering non-professional individuals as in the case of LETS. Time Banks are therefore characterized by a top-down rather than bottom up approach and a more professional image.

== Implementation and Origin ==

Time Banking was invented by Edgar S. Cahn in 1986 when applying his concept of Time Dollars to social projects (education, healthcare) in Washington D.C. and later Florida and Chicago. Cahn’s objective was to address the inadequacy of the government to provide sufficient social services and to deal with social problems existing in Washington D.C (Greco 2001: 98). This inadequacy was the result of cuts in government spending on social welfare. Confronted with a lack of money for delivering social services, Cahn suggested developing a new currency to pay for the social services that needed to be provided. Soon, many more similar initiatives emerged.

Worth mentioning in this regard is a very famous and successful project that often is associated with Time Banking: Ithaca Hours in the state of New York. Paul Glover launched the project in 1991, after which it steadily grew. Ithaca is a town of approximately 28.000 people relatively isolated and characterized by a population with a relatively low income, making alternative currency interesting to most citizens. One hour represent 10 Dollar, which is by approximation one hour of work. The ‘Hours’ were issued by Glover’s newspaper Hour Town (previously Ithaca Money). When advertisers agree to accept hours in full or partial payment they initially received notes worth four ‘Hours’ (later one received only two Hours) from the newspaper. The advertisers were free to spend those ‘hours’ to anyone accepting them. The Newspaper contains all businesses and individuals that were willing to receive ‘hours’ in payment for their goods and services (Greco 2001: 96). Alternatively one could acquire Hours via a loan, through grants and as a bonus for continuing its membership in the Ithaca Hours system.

Ithaca Hours are generally reckoned among Time Banks. The name also implies this readily. But strictly speaking, Ithaca Hours are not part of the Time Banks family of currencies. Ithaca hours are after all fiat money, created out of nothing and put into circulation by an agent. An ordinary Time Bank is by definition a bookkeeping (mutual credit) system where everyone’s time contribution is recorded. The obvious disadvantage of fiat money is the risk of inflation when an oversupply of Hours occurs (Lietaer 1999: 161).

Another noteworthy Time Bank concept emerged across Japan in the 1990’s. Already in the 1950’s the Japanese experimented with complementary currencies as a means to provide social services and are actually the predecessor of Time Banks like they exist in the West (Lietaer & Hallsmith 2006: 8). One of the largest Time Bank systems in Japan is Fureai Kippu (also Hureai Kippu). Fureai Kippu (the caring relationships ticket) has many similarities with Cahn’s Elderplan as it emerged in Washington D.C. ‘Volunteers’ receive time credits for care provided to anyone in the system in need of it. Different tasks have different rewards, where some tasks deliver more than one time credit for one hour of work. In 1995, the Sawayaka Welfare Foundation started to experiment with Fureai Kippu as a social mutual credit scheme. It was invented to address the problem of a rapidly ageing population and the provision of care for the elderly it necessitated. The Sawayaka Welfare Foundation was established by Tsutomo Hotta, a former Attorney General and Minister of Justice (Lietaer 2004: 4) Several hundred non-profit organizations followed his example (Lietaer 1999: 27). These exist complementary to the national government’s health care system. Complementary because you can only receive ‘hours’ for services that are not provided by the national health care insurance.

Self-evidently similar mutual credit systems or concepts can be designed, or already have been, for satisfying other social needs such as childcare (Care Miles) or education (Saber).

== Impact and Significance ==

''Size and Growth''
After Cahn introduced the concept in the mid 1980’s, Time Banking rapidly spread to other parts of the United States after which it was adopted in mostly Anglophone countries in the world. By 2000 there were already 300 Time Banks worldwide (Lietaer 1999: 158). The UK had approximately 29 Time banks in 2002 (Seyfang 2002: 5). Especially Japan has witnessed an explosion of Time Bank initiatives since the second half of the 1990’s. It is estimated that by May 2003, Japan alone had already 372 Fureai Kippu- and similar systems (Lietaer 2004: 6). Although many Time Banks emerged, the number of participants in a Time Banks usually is limited to a few hundred (Seyfang 2004c: 69). The number of transactions is also very modest. According to a National Survey in the UK, Time Banks had on average 61 members, with each member giving or receiving 29 hours on average in 2002 (Seyfang 2002:5). Unfortunately, there’s little data available on the number of Time Banks, the number of participants, and frequency and size of transactions on the global level. Even the Fureai Kippu systems neglect logging and tracking hours and members (Lietaer 2004: 6).
With regard to the Ithaca HOURs program, the number of individuals and businesses participating equaled 1500 by 2001 (Lowd 2001: Ch4).

''Achievements and Impediments''
Time Banking has proven to be more successful than its LETS counterpart. Participating in Time Banking has proven to be advantageous for those who primarily receive- as well as for those who primarily provide social services. Volunteers have reported growing friendship, social engagement, recognition, growing self-esteem and social inclusion. By valuing social services and their providers, which in the ordinary monetary system have no monetary value, community building is achieved. Lietaer (1999: 166) for example describes how Fureai Kippu turned out to be higher appreciated than the regular healthcare provision paid for in Yen. Through Fureai Kippu provider and receiver of care have a more personal relationship. He also argues that the Fureai Kippu system turned out to be more cost-effective than the national health care system and has witnessed a significant increase in volunteers willing to provide help (Lietaer 1999: 166).

One of the factors for the success of Time Banking in the US is its exceptional status for the IRS (internal revenue service). It has decided to consider Time Banking transactions to be free of taxation (Lietaer 1999: 158; Greco 2001: 99). Also in the UK time credits are exempt from taxation and benefit calculations (Seyfang 2002; 5). Seyfang (2002: 9; 2004b), in her study on LETS and Time Banking in the UK argues that brokering has also been significant for the success of Time Banking. As opposed to LETS, buyer and seller are actively linked to each other for a transaction to take place. The broker also identifies the abilities and needs of every participant in a Time Bank. A broker simply makes sure transactions are truly taking place. That is everyone can spend and earn time credits.

That doesn’t mean that Time Banks don’t face problems as well. People are generally hesitant to ask for help in a Time Bank, despite a broker as intermediary. Concurrently, there’s only limited range of services available (as the number of participants in a Time Banks usually not exceed a few hundred) (Seyfang 2004c: 69). So often, there’s a lack of demand and supply. In addition, a large segment of the participants (the elderly, the disabled) is unable to repay their debts. Additionally, there’s a risk for jobless and disabled to loose benefits, as participation in a Time Bank may demonstrate an ability to work (Seyfang 2004c: 69).

David Boyle (1999: 22) argues that it is relatively expensive (at least $50.000) to run a Time Bank. Because of the need of computers, constant keeping track of transactions, and brokering, Time Banking is labor intensive. The fact that Time Banks often rely on external professional organizations makes them vulnerable to unsustainable funding.

A final objection to Time Banking is raised as it actually commodifies the informal economy and social relations (Lowd 2001: Ch3). It replaces the gift economy where services are provided out of friendship or kinship. Although in practice the earning of time credits is not the direct or primary incentive to provide services, Time Banking might very well have as a consequence that people are no longer willing to volunteer in the traditional sense, but increasingly expect to receive (at least) time credits. Some argue that these kinds of ‘services’ should not be treated as they were a tradable commodity.
Nevertheless, Time Banking has proven to be relatively successful, and new variants are still emerging.

== Resources ==

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR%20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. Available: [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/] Retrieved June 16, 2010

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004a) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004b) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004c) ‘Time Banks: Rewarding Community Self-help in the Innercity?, Community Development Journal, 39 (1): 62-71

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:36:36Z

Sanderderijke: /* Impact and Significance */

== General Description ==

Time Banks are bookkeeping systems using a complementary currency (service credit) for rewarding ‘voluntary’ work that contributes to community building and the social economy. In the words of Gill Seyfang (2002:4): “Time Banks are a type of community currency which turn unpaid time into a valuable commodity, and aim to build social capital and promote community self-help through mutual volunteering (both giving and receiving help in exchange for time credits)”. As opposed to an ordinary volunteering agency, volunteers are rewarded for their contribution in a Time Bank with time credit upon which they can receive ‘voluntary’ work themselves. This voluntary work usually includes social services like education, babysitting, healthcare, computer tuition, gardening, Do It Yourself (DIY), do the shopping and so forth. Time Banks as a rule attract socially excluded groups of people (mostly the unemployed, the poor, the retired, the elderly, the disabled), volunteers, and those dependent upon receiving services (e.g. the elderly and the disabled) (Seyfang 2004a: 244).

== Purpose ==

Although Time Banking is a mutual credit scheme just as LETS and Barter, there are some noticeable differences. Just like LETS, Time Banking is intended for ordinary people, and it exists on a not for profit basis, rather than commercial barters, which are intended for businesses to increase profits. However, unlike LETS, Time Banking concentrates on strengthening social rather than economic linkages (Seyfang 2002: 2). LETS have a more businesslike character as it involves commercial transaction and negotiation on the price for goods and services between consumers. LETS are more suitable for strengthening the formal economy. Time Banks are designed to provide for social services (rather than goods) that the conventional economy cannot deliver. The aim of time banks is to resolve a deficit in the provision of certain social services that are (often) not valued in the conventional money economy. The Time Bank’s goal is to increase activity in the informal sector of the economy, and to strengthen social cohesion in the community.

== Design Criteria ==

''Support Medium''

Time Banking is essentially the running of a bookkeeping system just as Barter or LETS. Today, this usually takes place on a computer. Hence, electronic money is the most common form in Time Banks.

''Function (medium of exchange, store of value, standard of value)''

The primary function of time credits is to facilitate exchange of services. As is the case with barter and LETS neither interest, nor a demurrage is in place with Time Banking.

Time Banking makes self-evidently use of ‘hours’ as a unit of account rather than trade credits in LETS or Barter. In Time Banking 1 credit is always worth one hour of work. ‘Hours’ are a convenient standard of value, as time banks are intended for exchanging services rather than goods. Time Banking has a strong egalitarian and social character as one hour of work is always worth one time credit (irrespective of the work performed) (Seyfang 2002: 4;8).

Ithaca Hours, a Time Banks initiative in the state of New York, is an exception, as we will see in the next section. Ithaca hours are denominated in ‘hours’ but in addition stating that 1 time credit represents 10 dollar (the average salary for one hour of work). This allows Ithaca hours to be used for exchanging goods as well.

''Issuing Procedure''

Time credits emerge when two persons initiate a transaction; that is when one person provides a service to another person. All participants in a Time Bank start with an account balance of zero. By providing a service, the account of the receiver is debited with the corresponding amount of hours and the account of the provider is credited by the same amount. That means that all time credits in a Time Bank always add up to zero. Having a negative balance obliges you to deliver services to anyone else in the Time Bank community. Those having earned hours, can on their turn spend these to receive help from others, save them for a ‘rainy day’ or as pension. They also have the possibility to donate their hours to someone else if they feel they do not need help themselves. In time banking, the time credit is currency that is not backed by any good or service, and cannot be redeemed for either of them at the organization. Hours can also not be redeemed for ordinary money.

Ithaca Hours, is once again an exception. Ithaca Hours are fiat money and are issued through spreading them by newspaper. Ithaca hours are created out of nothing. Although 1 Ithaca Hour represents 10 dollar, it cannot be redeemed for dollars.

''Funding and Cost Recuperation''

Most Time Banks rely solely on external funding for operating the Time Bank. In addition, in the UK Time Banks are often (financially) stimulated and funded externally including local authorities (Seyfang 2002: 2;5;8). Time Banks are overall considered to be very useful means of providing social services to the public, where governments cannot provide them. It are usually local authorities or professional organizations (e.g. schools, health care agencies) that lay the foundation for- or support Time Banks rather than volunteering non-professional individuals as in the case of LETS. Time Banks are therefore characterized by a top-down rather than bottom up approach and a more professional image.

== Implementation and Origin ==

Time Banking was invented by Edgar S. Cahn in 1986 when applying his concept of Time Dollars to social projects (education, healthcare) in Washington D.C. and later Florida and Chicago. Cahn’s objective was to address the inadequacy of the government to provide sufficient social services and to deal with social problems existing in Washington D.C (Greco 2001: 98). This inadequacy was the result of cuts in government spending on social welfare. Confronted with a lack of money for delivering social services, Cahn suggested developing a new currency to pay for the social services that needed to be provided. Soon, many more similar initiatives emerged.

Worth mentioning in this regard is a very famous and successful project that often is associated with Time Banking: Ithaca Hours in the state of New York. Paul Glover launched the project in 1991, after which it steadily grew. Ithaca is a town of approximately 28.000 people relatively isolated and characterized by a population with a relatively low income, making alternative currency interesting to most citizens. One hour represent 10 Dollar, which is by approximation one hour of work. The ‘Hours’ were issued by Glover’s newspaper Hour Town (previously Ithaca Money). When advertisers agree to accept hours in full or partial payment they initially received notes worth four ‘Hours’ (later one received only two Hours) from the newspaper. The advertisers were free to spend those ‘hours’ to anyone accepting them. The Newspaper contains all businesses and individuals that were willing to receive ‘hours’ in payment for their goods and services (Greco 2001: 96). Alternatively one could acquire Hours via a loan, through grants and as a bonus for continuing its membership in the Ithaca Hours system.

Ithaca Hours are generally reckoned among Time Banks. The name also implies this readily. But strictly speaking, Ithaca Hours are not part of the Time Banks family of currencies. Ithaca hours are after all fiat money, created out of nothing and put into circulation by an agent. An ordinary Time Bank is by definition a bookkeeping (mutual credit) system where everyone’s time contribution is recorded. The obvious disadvantage of fiat money is the risk of inflation when an oversupply of Hours occurs (Lietaer 1999: 161).

Another noteworthy Time Bank concept emerged across Japan in the 1990’s. Already in the 1950’s the Japanese experimented with complementary currencies as a means to provide social services and are actually the predecessor of Time Banks like they exist in the West (Lietaer & Hallsmith 2006: 8). One of the largest Time Bank systems in Japan is Fureai Kippu (also Hureai Kippu). Fureai Kippu (the caring relationships ticket) has many similarities with Cahn’s Elderplan as it emerged in Washington D.C. ‘Volunteers’ receive time credits for care provided to anyone in the system in need of it. Different tasks have different rewards, where some tasks deliver more than one time credit for one hour of work. In 1995, the Sawayaka Welfare Foundation started to experiment with Fureai Kippu as a social mutual credit scheme. It was invented to address the problem of a rapidly ageing population and the provision of care for the elderly it necessitated. The Sawayaka Welfare Foundation was established by Tsutomo Hotta, a former Attorney General and Minister of Justice (Lietaer 2004: 4) Several hundred non-profit organizations followed his example (Lietaer 1999: 27). These exist complementary to the national government’s health care system. Complementary because you can only receive ‘hours’ for services that are not provided by the national health care insurance.

Self-evidently similar mutual credit systems or concepts can be designed, or already have been, for satisfying other social needs such as childcare (Care Miles) or education (Saber).

== Impact and Significance ==

''Size and Growth''
After Cahn introduced the concept in the mid 1980’s, Time Banking rapidly spread to other parts of the United States after which it was adopted in mostly Anglophone countries in the world. By 2000 there were already 300 Time Banks worldwide (Lietaer 1999: 158). The UK had approximately 29 Time banks in 2002 (Seyfang 2002: 5). Especially Japan has witnessed an explosion of Time Bank initiatives since the second half of the 1990’s. It is estimated that by May 2003, Japan alone had already 372 Fureai Kippu- and similar systems (Lietaer 2004: 6). Although many Time Banks emerged, the number of participants in a Time Banks usually is limited to a few hundred (Seyfang 2004c: 69). The number of transactions is also very modest. According to a National Survey in the UK, Time Banks had on average 61 members, with each member giving or receiving 29 hours on average in 2002 (Seyfang 2002:5). Unfortunately, there’s little data available on the number of Time Banks, the number of participants, and frequency and size of transactions on the global level. Even the Fureai Kippu systems neglect logging and tracking hours and members (Lietaer 2004: 6).
With regard to the Ithaca HOURs program, the number of individuals and businesses participating equaled 1500 by 2001 (Lowd 2001: Ch4).

''Achievements and Impediments''
Time Banking has proven to be more successful than its LETS counterpart. Participating in Time Banking has proven to be advantageous for those who primarily receive- as well as for those who primarily provide social services. Volunteers have reported growing friendship, social engagement, recognition, growing self-esteem and social inclusion. By valuing social services and their providers, which in the ordinary monetary system have no monetary value, community building is achieved. Lietaer (1999: 166) for example describes how Fureai Kippu turned out to be higher appreciated than the regular healthcare provision paid for in Yen. Through Fureai Kippu provider and receiver of care have a more personal relationship. He also argues that the Fureai Kippu system turned out to be more cost-effective than the national health care system and has witnessed a significant increase in volunteers willing to provide help (Lietaer 1999: 166).

One of the factors for the success of Time Banking in the US is its exceptional status for the IRS (internal revenue service). It has decided to consider Time Banking transactions to be free of taxation (Lietaer 1999: 158; Greco 2001: 99). Also in the UK time credits are exempt from taxation and benefit calculations (Seyfang 2002; 5). Seyfang (2002: 9; 2004b), in her study on LETS and Time Banking in the UK argues that brokering has also been significant for the success of Time Banking. As opposed to LETS, buyer and seller are actively linked to each other for a transaction to take place. The broker also identifies the abilities and needs of every participant in a Time Bank. A broker simply makes sure transactions are truly taking place. That is everyone can spend and earn time credits.

That doesn’t mean that Time Banks don’t face problems as well. People are generally hesitant to ask for help in a Time Bank, despite a broker as intermediary. Concurrently, there’s only limited range of services available (as the number of participants in a Time Banks usually not exceed a few hundred) (Seyfang 2004c: 69). So often, there’s a lack of demand and supply. In addition, a large segment of the participants (the elderly, the disabled) is unable to repay their debts. Additionally, there’s a risk for jobless and disabled to loose benefits, as participation in a Time Bank may demonstrate an ability to work (Seyfang 2004c: 69).

David Boyle (1999: 22) argues that it is relatively expensive (at least $50.000) to run a Time Bank. Because of the need of computers, constant keeping track of transactions, and brokering, Time Banking is labor intensive. The fact that Time Banks often rely on external professional organizations makes them vulnerable to unsustainable funding.

A final objection to Time Banking is raised as it actually commodifies the informal economy and social relations (Lowd 2001: Ch3). It replaces the gift economy where services are provided out of friendship or kinship. Although in practice the earning of time credits is not the direct or primary incentive to provide services, Time Banking might very well have as a consequence that people are no longer willing to volunteer in the traditional sense, but increasingly expect to receive (at least) time credits. Some argue that these kinds of ‘services’ should not be treated as they were a tradable commodity.
Nevertheless, Time Banking has proven to be relatively successful, and new variants are still emerging.

== Resources ==

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:35:57Z

Sanderderijke: /* Implementation and Origin */

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:35:27Z

Sanderderijke: /* Design Criteria */

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:34:11Z

Sanderderijke: /* Purpose */

Complementary Currencies/BoK EN - Time Banking

2010-09-23T15:33:33Z

Sanderderijke: /* General Description */

Complementary Currencies/BoK EN - Regiogeld

2010-09-23T15:21:15Z

Sanderderijke: /* Resources */

== General Description ==

Regiogeld (regional money) is a group of community currencies being used in several regions and towns of Germany and neighboring countries (Austria, Switzerland, The Netherlands), of which Chiemgauer was the first and largest Regiogeld program. In Regiogeld, the currency is voluntary agreed upon by consumers, associations and businesses. Although, there are some minor design differences between the different Regiogeld currencies, they are essentially the same. All Regiogeld currencies are redeemable vouchers purchased with national currency and redeemable for national currency, which are only accepted locally. Regiogeld can be considered the successor of the Stamp Scrip of the 1930’s, having largely the same characteristics. Just as Stamp Scrip, Regiogeld is a currency that is issued in the form of banknotes and subject to a ‘demurrage’.

== Purpose ==

Stamp Scrip of the 1930’s was usually invented to overcome the problem of a tremendous scarcity of conventional (national) currency and to speed up circulation of money. For the amount of Regio’s to increase, Regiogeld self evidently relies on the availability of conventional currency. Its purpose is therefore solely to strengthen the local economy and to offset the negative effects of economic globalization. Regiogeld aims for strengthening local Small and Medium Enterprises.

‘Regio’s’ are accepted by several participating local shops and businesses only. Because Regio’s are only accepted locally, the currency cannot flow outside the region, pertaining purchasing power, and as such stabilizes welfare within the region (Regiogeld Website Germany 2010). Contrary to conventional currency, regional money, cannot move abroad or into financial market speculation (Economy Point 2010). Regiogeld is designed to help the regional economy by promoting local shops that have to compete against corporate supermarkets and chain stores. “Food shops prefer apples from the region because they can spend their Chiemgauer with local farmers. [As such] Regional business cycles are stimulated and a regional network evolves” (Gelleri 2009: 73). In addition, businesses dispose of a very cost-efficient marketing tool being listed on websites and in advertisements of the Regiogeld organization (ibid: 74).

For local businesses another advantage of accepting Regio’s is that they retain and increase the amount of potential customers. After all, they will attract the members active in the Regiogeld program. Regiogeld, in addition stimulates a sustainable economy. After all, less transportation is involved if products and services are purchased locally (Moore 2007).

For local governments alike, there’s an incentive to support Regiogeld programs. Local authorities will experience higher tax income as the local economy increasingly prospers. They can also apply Keynesian economics. Spend a Euro and after changing hands a couple of times it ends up in the financial market or abroad. Bring Regiogeld into circulation and it will stay within the region’s real economy.

== Design Criteria ==

''Support Medium''

Regiogeld makes use of regional banknotes as means of payment. The obvious advantage of introducing a local currency using banknotes is that it cuts out the administrative costs prevalent in LETS, Time Banking and Barter. Another advantage is its ability to turn complementary currency into ordinary currency, so people won’t feel themselves locked within the system. The disadvantage is off course the fact that the number of regiogeld notes circulating will be limited if they are exchanged for Euro’s. Another obvious drawback of using banknotes is counterfeiting. Chiemgauer is for example equipped with 14 security features to prevent fraud (Gelleri 2009: 69).

''Function (Medium of Exchange, Store of Value, Standard of Value)''

Regiogeld can be perceived as the successor of stamp scrip of the 1930’s (such as Wära). Regiogeld is based on the same Keynesian and Gesellian principles; contrary to ordinary currency Regiogeld is interest-free money. Instead many Regiogeld initiatives use a demurrage (tax on hoarding money) to stimulate consumption. In concrete one should affix a stamp to the banknotes on a regular basis to keep them a valid means of payment. For Chiemgauer the demurrage is 2% per quarter of a year. Alternatively an expiration date is used to speed up money transaction, as is the case with the Urstromtaler (Moore 2007). These mechanisms are installed to stimulate expenses and increase the velocity of circulation. Gelleri (2009: 64) estimates that after five years the velocity of the Chiemgauer has become three times greater than that of the Euro as a result of the demurrage.

''Issuing Procedure''

Stamp scrip of the 1930’s usually emerged as a wage when employers lacked money to pay their employees (that is the money is created with the provision of services). Regiogeld is usually obtained by exchanging Euro’s one-to-one with ‘Regio’s’. Hence, regiogeld is cash-based currency, just like the Canadian Toronto Dollars and the Berkshire complementary currencies: Farm Preserve Notes, Deli Dollars, Kentaro Restaurant Scrip, and Monterey General Store Scrip. In some cases it is just like LETS issued on the basis of a promise to others to give services or goods in return in the near future (John Rogers 2007; Regiogeld.de). Buying Regiogeld with ordinary currency is often stimulated with a bonus that equals 5-10%. For 1 Euro you receive 1.05 or 1.10 Regiogeld units. In the case of Chiemgauer, the bonus is not delivered to the buyer but to a non-profit project of your choice (Gelleri 2009: 71). In total these non-profit projects received 36.000 Chiemgauer a year (ibid: 70). Just as Regiogeld is bought with Euro’s, Regio’s can be exchanged for Euro’s as well, although it is discouraged with a malus of 5-10%. Shops, which usually end up with most Regiogeld currency, also have the possibility to spend their Regiogeld at other shops. To avoid the exchange fee of 5%, shops prefer to spend Regiogeld currency to exchanging it for Euro’s. Because Regiogeld has an expiration date combined with an exchange fee or malus, the velocity of circulation is increased (Lietaer & Kennedy 2004: 108). Alternatively Regiogeld currency can be spend on advertisement in the local newspaper. Because 5-10% of total turnover is normally already spend on advertisement, Regiogeld can back the costs of publicity for the shopowner (Lietaer & Kennedy 2004: 105-106)

''Funding and Cost Recuperation''

Most Regiogeld programs have internal mechanisms to fund the operational costs. The participants in the Regiogeld program are charged for the use of the currency by a demurrage and in some cases an expiration date for the banknotes in circulation.

== Implementation and Origin ==

Chiemgauer is by far the largest and most well known Regiogeld currency. The Chiemgauer was one the first in its kind and introduced by a group of six students from the Waldorfschool together with project manager Christian Gelleri in 2003 in Prien (Bavaria). Prof. Declan and Margrit Kennedy offered their support to the project as well. At first it were the parents of the high school that exchanged their Euro’s for Chiemgauer. The bonus they received on buying Chiemgauers was invested in a project to modernize the school. Chiemgauers success throughout the years rapidly let to multiple similar programs (e.g. Havelblüte, Sterntaler, Urstromtaler) that together became to be known as Regiogeld. It is especially in rural areas of Germany, witnessing decay, where Regiogeld programs emerge (Lietaer & Kennedy 2004: 95).

== Impact and Significance ==

''Size and Growth''

Since regiogeld emerged in 2002 it was a fast growing money program spreading throughout mainly Germany and neighboring countries. The ‘Roland’ was the first regiogeld program and started in Bremen 2002. Chiemgauer soon followed in 2003. By May 2010, in total 67 Regiogeld initiatives have come into existence (wikipedia germany 2010). Gelleri asserts that by 2009 28 regiogeld programs were in operation, whereas 38 were in a phase of development (Gelleri 2009: 68). This would mean that growth in the number of regiogeld programs is slowing down. In an interview with Margrit Kennedy (2010) she confirms that the growth of Regiogeld programs is stagnating; the number of programs, the number of participants and annual turnover are decreasing. Regiogeld might experience the same faith as LETS.

Less information is available on the number of participants and annual turnover for each Regiogeld program. In case of Chiemgauer, Several hundred local businesses participate in the program. By 2009, circa 2,500 consumers exchanged 100,000 Euro into Chiemgauer per month (Gelleri 2009: 70). Annual turnover amounts to 3.6 million, an increase of 30% compared to 2007 (ibid: 72). It should be noted however, that Chiemgauer is by far the largest Regiogeld program and therefore is not a fair representation of all Regiogeld programs.

''Achievements and Impediments''

Despite significant growth of Regiogeld programs since its emergence in 2002, Regiogeld programs experience difficulties that hinder further success. Just as is the case with most complementary currencies, there’s simply a lack of know-how, limited funding, reliance on (unprofessional) volunteers and a weak business model. Critics of Regiogeld point to the fact that there’s no strong incentive or stimulus for consumers to use Regio’s as a means of payment, besides ideological motives. Although a bonus is often involved in exchanging Euro’s for Regiogeld (increasing purchasing power), the use of Regiogeld limits consumer choice at the same time. The absence of a clearinghouse, enabling you to exchange Urstromtalers for Chiemgauers, is a deficiency in this regard. Regiogeld also hinders businesses to acquire products and services that are not available within the Regiogeld program. So using regiogeld delivers a trade-off rather than a clear advantage. Finally there exist some objections to the claim that Regiogeld stimulates a sustainable economy. Making use of a demurrage stimulates consumption. With increased consumption Regiogeld is becoming an even stronger burden to the environment. Regiogeld seems nevertheless to be a relatively successful community currency model in Germany, but it remains to be seen if its success endures.

== Resources ==

Economy Point (2010) Regiogeld. [http://www.economy-point.org/r/regiogeld.html] (Retrieved 01-06-2010)

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCRvol13(2009)pp61-75Gelleri.pdf]

John Rogers (2007) German Complementary Currencies Lead the Way. Value for People. [http://www.valueforpeople.co.uk/node/23] (Retrieved 01-06-2010)

Kennedy, Margrit (2010) Interview with Margrit Kennedy, June 9th, 2010.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag.

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. Available: http://news.bbc.co.uk/2/hi/europe/6333063.stm
Regiogeld Germany Website. [http://www.regiogeld.de/] (Retrieved 01-06-2010)

Wikipedia Germany (2010) Regiogeld [http://de.wikipedia.org/wiki/Regiogeld] (Retrieved 01-06-2010)

Complementary Currencies/BoK EN - Regiogeld

2010-09-23T15:19:32Z

Sanderderijke: /* Impact and Significance */

Complementary Currencies/BoK EN - Regiogeld

2010-09-23T15:18:46Z

Sanderderijke: /* Implementation and Origin */

Complementary Currencies/BoK EN - Regiogeld

2010-09-23T15:18:01Z

Sanderderijke: /* Design Criteria */

Complementary Currencies/BoK EN - Regiogeld

2010-09-23T15:16:33Z

Sanderderijke: /* Purpose */

Complementary Currencies/BoK EN - Regiogeld

2010-09-23T15:15:57Z

Sanderderijke: /* General Description */

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:10:31Z

Sanderderijke: /* Impact and Significance */

== General Description ==

C3 is an innovation of the Social Trade Organization (STRO) in cooperation with the World Bank (Inter-American Development Bank), The United Nations (Unido and ILO), the European Commission and the Dutch Ministry of Development Cooperation. C3 is a Business-to-Business complementary currency.

C3 is a money program that increases the liquidity position of Small-Medium Enterprises. SMEs are often confronted with a need to pay their suppliers within a short period of time, whilst their clients have negotiated favorable terms to their payment. In other words, SMEs have to pay now, but will receive only later on. It is often the powerful position of large retailers that is responsible for the situation SMEs are confronted with; they demand to be paid rapidly, but themselves pay as late as possible. As a result SMEs are often in need of short-term debt capital (loans) to pay their suppliers.

In the case of SMEs most equity capital is invested in current assets. SMEs usually have almost no fixed assets. However, most banks require fixed assets as collateral for loans. In addition banks are only interested in long-term loans of significant size. Short-term and small loans are commercially unfeasible. The financial crisis has made them even more cautious. As a consequence, SMEs often find themselves in a precarious situation.

Commercial Credit Circuit is an instrument that combines ‘factoring’ with a payment structure corporate holdings often use (Van Hilten 2009a: 1 & 9). Because factoring and corporate holding’s payment structures are usually not available for SME’s, C3 provides an interesting alternative.

Factoring is a mechanism usually employed by ordinary banks. Company A needs to pay of its debt to company B, but can only do this in multiple installments or after, let’s say 120 days. Company B however, is really in need of working capital in order to pay Company C. With factoring, the bank takes over Company B’s debt-claim towards Company A. Company B receives the whole debt amount at once from the bank. Company A pays the bank in regular installments, with Company B’s collateral as a guarantee to the bank. Conventional factoring is very expensive, and therefore not a serious option for SMEs. Moreover, as we have discussed, SMEs often lack fixed assets that can serve as collateral.

In corporate holdings such as McDonalds, multiple companies (e.g. the cattle farmer, the slaughterhouse, the transport company and the restaurant) are connected to each other like a chain. For convenience of quick transactions, they pay each other with an internal currency, using a current account system. For example the restaurant transfers the money received from its customers directly to the holding. The holding issues like value of internal currency to the restaurant. The restaurant uses this internal currency to pay of its supplier (the slaughterhouse), the slaughterhouse uses it to pay the cattle farmer and the transport company. For the slaughterhouse to buy food for its cattle at a company outside the holding, it approaches the holding to exchange the internal currency for ordinary money. The advantage of this payment structure is that the holding can dispose of a far larger amount of ordinary money at all times. After all no ordinary currency is circulating within its own subsidiary companies. This mechanism has (up to now) not been available to Small-Medium Enterprises.

C3 sets up regional business networks where SME’s pay each other using C3 credit rather than conventional currency. For payment they make use of an internet-based current account. With C3 businesses are able to exchange secured claims on future payments. It means that debt-claims are monetized into a complementary currency, and becomes directly available. It enables businesses to buy products from others now, and pay later. It works as follows: company A obtains C3 work capital from the C3 organization on the basis of a debt-certificate it has to its customers. Only the debt-claim itself is judged by the C3 organization, not the company or its business model as a whole, as is the case when businesses contract a loan at the bank (Van Hilten 2009a: 9). The debt-claims are insured by an insurance company, in case Company A’s customer defaults and will never pay of its debt. Because Company A receives C3 credit rather than conventional currency, it differs from factoring as previously described. Company A uses the C3 credit in turn to pay off its debts at the local supplier. The supplier needs to become part of the C3 network first (that is it has to open a C3 bank account), in order to receive C3 credit. The supplier has no choice but to accept C3, as Company A cannot pay in conventional currency immediately. With C3, debt-claims (and other assets) are liquefied and turned into a medium of exchange on their own.

At all times, the supplier is allowed to exchange its C3 credit for ordinary currency. But, because Supplier B is obliged to pay a fee, it is more attractive for the supplier to spend C3 credit at participating business C within the network rather than converting it to conventional currency to purchase at business D outside the network (Van Hilten 2009a: 9-10). This consequently strengthens the local businesses that are part of the C3 network. With a fee installed, C3 credit keeps circulating within the network and local economic activity is boosted. Moreover, using C3 credit, speeds up circulation of money. After all, multiple payments have taken place whereas the debt-claim is only paid off after 120 days. Now business C cannot find a suitable supplier within the C3 network. It thus decides to exchange its C3 credit for conventional currency. Business C accepts the fee knowing that it would not have attracted Supplier B as its customer if it wasn’t part of the C3 network (Van Hilten 2009a: 8).

In short, the C3 makes it possible for commercial transactions to occur before the money is available. It gives participants the opportunity to continue their activities in the supply chain, without waiting for the money of their clients, by transferring future claims on money as if it was already cash.

== Purpose ==

Commercial Credit Circuit (C3) is a money program that aims for strengthening the financial position of Small and Medium Enterprises and to strengthen the real economy. SMEs are responsible for up to 50% of all employment, responsible for up to 50% of national income and constitute an important group of pioneers in innovation and sustainability. Hence, SME’s are of vital concern for a solid economy. However, SMEs increasingly face difficulties to survive, which in many cases has to do with a shortage of working capital. A lack of working capital often results in a downward spiral; cost reduction (cutting expenditures on innovation and investment and personnel), worsening competitive advantages, decreasing income, lack of working capital. The C3 network provides SME’s with working capital where ordinary banks and factoring companies fail to do so. By providing working capital SME’s are enabled to directly pay of debts or to purchase and invest. In other words, it speeds up the circulation of money and as such economic activity .

== Design Criteria ==

''Support Medium''

Just as LETS, Barter and Time Banking, C3 does not involve the use of conventional money but is based on an online bookkeeping system managed by the C3 organization. Hence, C3 is electronic money. Conventional money only comes into play when businesses exchange C3 for conventional currency to buy outside the network. The C3 organization has contracted banks for this purpose. As opposed to LETS, Barter and Time Banking, C3 does not function as a mutual credit system where some businesses need to run depths in order for other businesses to raise a surplus.

''Function (medium of exchange, store of value, standard of value)''

C3 is invented to speed up exchanges and payments between SME’s and large enterprises. However there are no mechanisms, like a demurrage, that ensure quick expenditure of C3 credit. At the very same time, hoarding C3 credit makes no sense as no interest is received on a C3 bank account. For ease of use, C3 credit is denominated in conventional currency; 1 C3 credit is worth 1 unit of national currency.

''Issuing Procedure''

All C3 credit is created with turning debt-claims into C3 credit. Hence, C3 credit is backed by future payments of conventional national currency. C3 is thus redeemable for conventional currency. It is off course possible that a business wishes to cash his C3 credit, before the moment that the debt-claims are expired. Thus, the C3-organization has not yet any money readily available. In C3 a contract with a financial institutions for short-term loans will allow the cashing if anything like this occurs. Business wishing to exchange their C3 credit will pay for the interest costs of the short-term loan to bridge that period next to some administrative costs. In reality though, of all the debt-claims the C3 organization owns, a substantial part will have been paid of already. So there’s always some cash money on hand.

Secondly, C3 credit is issued as loans to businesses in need of working capital. It means businesses actually receive C3 credit in advance of receiving income from their clients. The loan is interest free; in case of C3U, STRO charges 1.5% and the insurance company 3% once only.

''Cost Recuperation''

C3 is a not-for profit initiative, making the costs for operating the C3 network as low as possible. All costs are internally recuperated through various mechanisms First of all, Businesses offering their debt-claims pay for the assessment of their invoices, insuring their invoices and advancing them. In addition a transaction fee, a demurrage (of 0.5% annually in case of Uruguay) and an exchange fee (malus) are installed to generate revenue. In addition STRO receives income for every loan of C3 credit it issues. The exact costs of assessing, insuring and advancing invoices, transaction fees, exchange fees, demurrage and loans vary with every implementation of C3.

== Implementation and Origin ==

The C3 methodology was launched in several Latin American countries as of 2003; Uruguay, Honduras, El Salvador, Costa Rica and Brazil. Currently, the Social Trade Organization is exploring possibilities to launch C3 programs in the US and European countries as well (Van Hilten 2009b).

Especially in Uruguay, C3 is currently in a highly developed stage. On invitation of the Uruguayan national government, C3 will be rolled out on a national level by summer 2010. Uruguay has been one of the most prosperous countries in Latin America in the past decades. However the 2002-3 financial crisis had disastrous effects for the real economy. It resulted in unemployment, bankruptcies, money shortages, and an overall decline of purchasing power. With investment, income often follows suit. But lacking the money to invest, economic activity comes to a standstill. Especially Small Medium Enterprises experienced difficulties to obtain loans from the banks. With the banks attempting to strengthen their own financial position, virtually no money was left for the real economy. In addition, banks are hesitant to issue loans when economic prospects are bleak (Van Hilten 2009: 9). C3 credit is introduced to alleviate national currency shortages and to spur economic activity once more. A very unique aspect of C3U in Uruguay is that all state-owned enterprises (water, electricity, public transport, communication) will accept C3 Credit and that taxes can be paid in C3 credit as well by summer 2010. This makes C3 credit much more acceptable to businesses as a means of payment.

In Porto Alegre (Brazil) the direct motive for introducing C3 credit is the stumbling interest of almost 30% on loans (Van Hilten 2009a: 8). Consequently, a culture emerged where people started to pay in installments to prevent borrowing money. For companies to improve their working capital, they try to pay off their debts as late as possible, and to claim debts immediately (Van Hilten 2009a: 3). Large businesses are far better able to negotiate favorable payment conditions than SME’s. Especially SME’s where confronted with long-term income often paid in installments, but short-term expenditures that needed to be fulfilled at once. C3 was introduced to provide business with an alternative means of payment. Nowadays approximately 1000 businesses joined the C3 Network ‘Compras’.

== Impact and Significance ==

''Size and Growth''

C3 was initially launched by 2005 in several countries of Honduras, El Salvador, Costa Rica and Porto Alegre (Brazil). A couple of thousand businesses participated in these experiments, and approximately 12.000 small loans were involved. These pilots laid the foundation for the first serious implementation of C3 in Uruguay, after positive signs in Brazil’s C3 network Compras. C3U will be launched by the summer of 2010. It potentially reaches 10.000 SMEs throughout the country. An initial guarantee fund of US$ 15 million (for the first 6 months of operation) and eventually US$ 250 million from the WorldBank is in place to back debt-claims.

''Achievements and Impediments''

Because the implementation of C3 in various countries of South-America are all test cases and small in scale, it’s virtually impossible to make sensible statements on the consequences for the economy. C3U will in this regard be important as it will have more far reaching implications for the national economy. It is expected that C3U will be an important impulse for the economy. Strong economic revival is expected to occur through a better financial position of Small Medium Enterprises resulting in increasing economic activity. Money is the fuel that stimulates economic activity. C3 credit can be an instrument to provide the local economy of the fuel it needs. Coming years will show to which extent this truly is the case.

== Resources ==

Van Hilten, R. (2009a) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Van Hilten, R. (2009b) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:10:10Z

Sanderderijke: /* Resources */

== General Description ==

C3 is an innovation of the Social Trade Organization (STRO) in cooperation with the World Bank (Inter-American Development Bank), The United Nations (Unido and ILO), the European Commission and the Dutch Ministry of Development Cooperation. C3 is a Business-to-Business complementary currency.

C3 is a money program that increases the liquidity position of Small-Medium Enterprises. SMEs are often confronted with a need to pay their suppliers within a short period of time, whilst their clients have negotiated favorable terms to their payment. In other words, SMEs have to pay now, but will receive only later on. It is often the powerful position of large retailers that is responsible for the situation SMEs are confronted with; they demand to be paid rapidly, but themselves pay as late as possible. As a result SMEs are often in need of short-term debt capital (loans) to pay their suppliers.

In the case of SMEs most equity capital is invested in current assets. SMEs usually have almost no fixed assets. However, most banks require fixed assets as collateral for loans. In addition banks are only interested in long-term loans of significant size. Short-term and small loans are commercially unfeasible. The financial crisis has made them even more cautious. As a consequence, SMEs often find themselves in a precarious situation.

Commercial Credit Circuit is an instrument that combines ‘factoring’ with a payment structure corporate holdings often use (Van Hilten 2009a: 1 & 9). Because factoring and corporate holding’s payment structures are usually not available for SME’s, C3 provides an interesting alternative.

Factoring is a mechanism usually employed by ordinary banks. Company A needs to pay of its debt to company B, but can only do this in multiple installments or after, let’s say 120 days. Company B however, is really in need of working capital in order to pay Company C. With factoring, the bank takes over Company B’s debt-claim towards Company A. Company B receives the whole debt amount at once from the bank. Company A pays the bank in regular installments, with Company B’s collateral as a guarantee to the bank. Conventional factoring is very expensive, and therefore not a serious option for SMEs. Moreover, as we have discussed, SMEs often lack fixed assets that can serve as collateral.

In corporate holdings such as McDonalds, multiple companies (e.g. the cattle farmer, the slaughterhouse, the transport company and the restaurant) are connected to each other like a chain. For convenience of quick transactions, they pay each other with an internal currency, using a current account system. For example the restaurant transfers the money received from its customers directly to the holding. The holding issues like value of internal currency to the restaurant. The restaurant uses this internal currency to pay of its supplier (the slaughterhouse), the slaughterhouse uses it to pay the cattle farmer and the transport company. For the slaughterhouse to buy food for its cattle at a company outside the holding, it approaches the holding to exchange the internal currency for ordinary money. The advantage of this payment structure is that the holding can dispose of a far larger amount of ordinary money at all times. After all no ordinary currency is circulating within its own subsidiary companies. This mechanism has (up to now) not been available to Small-Medium Enterprises.

C3 sets up regional business networks where SME’s pay each other using C3 credit rather than conventional currency. For payment they make use of an internet-based current account. With C3 businesses are able to exchange secured claims on future payments. It means that debt-claims are monetized into a complementary currency, and becomes directly available. It enables businesses to buy products from others now, and pay later. It works as follows: company A obtains C3 work capital from the C3 organization on the basis of a debt-certificate it has to its customers. Only the debt-claim itself is judged by the C3 organization, not the company or its business model as a whole, as is the case when businesses contract a loan at the bank (Van Hilten 2009a: 9). The debt-claims are insured by an insurance company, in case Company A’s customer defaults and will never pay of its debt. Because Company A receives C3 credit rather than conventional currency, it differs from factoring as previously described. Company A uses the C3 credit in turn to pay off its debts at the local supplier. The supplier needs to become part of the C3 network first (that is it has to open a C3 bank account), in order to receive C3 credit. The supplier has no choice but to accept C3, as Company A cannot pay in conventional currency immediately. With C3, debt-claims (and other assets) are liquefied and turned into a medium of exchange on their own.

At all times, the supplier is allowed to exchange its C3 credit for ordinary currency. But, because Supplier B is obliged to pay a fee, it is more attractive for the supplier to spend C3 credit at participating business C within the network rather than converting it to conventional currency to purchase at business D outside the network (Van Hilten 2009a: 9-10). This consequently strengthens the local businesses that are part of the C3 network. With a fee installed, C3 credit keeps circulating within the network and local economic activity is boosted. Moreover, using C3 credit, speeds up circulation of money. After all, multiple payments have taken place whereas the debt-claim is only paid off after 120 days. Now business C cannot find a suitable supplier within the C3 network. It thus decides to exchange its C3 credit for conventional currency. Business C accepts the fee knowing that it would not have attracted Supplier B as its customer if it wasn’t part of the C3 network (Van Hilten 2009a: 8).

In short, the C3 makes it possible for commercial transactions to occur before the money is available. It gives participants the opportunity to continue their activities in the supply chain, without waiting for the money of their clients, by transferring future claims on money as if it was already cash.

== Purpose ==

Commercial Credit Circuit (C3) is a money program that aims for strengthening the financial position of Small and Medium Enterprises and to strengthen the real economy. SMEs are responsible for up to 50% of all employment, responsible for up to 50% of national income and constitute an important group of pioneers in innovation and sustainability. Hence, SME’s are of vital concern for a solid economy. However, SMEs increasingly face difficulties to survive, which in many cases has to do with a shortage of working capital. A lack of working capital often results in a downward spiral; cost reduction (cutting expenditures on innovation and investment and personnel), worsening competitive advantages, decreasing income, lack of working capital. The C3 network provides SME’s with working capital where ordinary banks and factoring companies fail to do so. By providing working capital SME’s are enabled to directly pay of debts or to purchase and invest. In other words, it speeds up the circulation of money and as such economic activity .

== Design Criteria ==

''Support Medium''

Just as LETS, Barter and Time Banking, C3 does not involve the use of conventional money but is based on an online bookkeeping system managed by the C3 organization. Hence, C3 is electronic money. Conventional money only comes into play when businesses exchange C3 for conventional currency to buy outside the network. The C3 organization has contracted banks for this purpose. As opposed to LETS, Barter and Time Banking, C3 does not function as a mutual credit system where some businesses need to run depths in order for other businesses to raise a surplus.

''Function (medium of exchange, store of value, standard of value)''

C3 is invented to speed up exchanges and payments between SME’s and large enterprises. However there are no mechanisms, like a demurrage, that ensure quick expenditure of C3 credit. At the very same time, hoarding C3 credit makes no sense as no interest is received on a C3 bank account. For ease of use, C3 credit is denominated in conventional currency; 1 C3 credit is worth 1 unit of national currency.

''Issuing Procedure''

All C3 credit is created with turning debt-claims into C3 credit. Hence, C3 credit is backed by future payments of conventional national currency. C3 is thus redeemable for conventional currency. It is off course possible that a business wishes to cash his C3 credit, before the moment that the debt-claims are expired. Thus, the C3-organization has not yet any money readily available. In C3 a contract with a financial institutions for short-term loans will allow the cashing if anything like this occurs. Business wishing to exchange their C3 credit will pay for the interest costs of the short-term loan to bridge that period next to some administrative costs. In reality though, of all the debt-claims the C3 organization owns, a substantial part will have been paid of already. So there’s always some cash money on hand.

Secondly, C3 credit is issued as loans to businesses in need of working capital. It means businesses actually receive C3 credit in advance of receiving income from their clients. The loan is interest free; in case of C3U, STRO charges 1.5% and the insurance company 3% once only.

''Cost Recuperation''

C3 is a not-for profit initiative, making the costs for operating the C3 network as low as possible. All costs are internally recuperated through various mechanisms First of all, Businesses offering their debt-claims pay for the assessment of their invoices, insuring their invoices and advancing them. In addition a transaction fee, a demurrage (of 0.5% annually in case of Uruguay) and an exchange fee (malus) are installed to generate revenue. In addition STRO receives income for every loan of C3 credit it issues. The exact costs of assessing, insuring and advancing invoices, transaction fees, exchange fees, demurrage and loans vary with every implementation of C3.

== Implementation and Origin ==

The C3 methodology was launched in several Latin American countries as of 2003; Uruguay, Honduras, El Salvador, Costa Rica and Brazil. Currently, the Social Trade Organization is exploring possibilities to launch C3 programs in the US and European countries as well (Van Hilten 2009b).

Especially in Uruguay, C3 is currently in a highly developed stage. On invitation of the Uruguayan national government, C3 will be rolled out on a national level by summer 2010. Uruguay has been one of the most prosperous countries in Latin America in the past decades. However the 2002-3 financial crisis had disastrous effects for the real economy. It resulted in unemployment, bankruptcies, money shortages, and an overall decline of purchasing power. With investment, income often follows suit. But lacking the money to invest, economic activity comes to a standstill. Especially Small Medium Enterprises experienced difficulties to obtain loans from the banks. With the banks attempting to strengthen their own financial position, virtually no money was left for the real economy. In addition, banks are hesitant to issue loans when economic prospects are bleak (Van Hilten 2009: 9). C3 credit is introduced to alleviate national currency shortages and to spur economic activity once more. A very unique aspect of C3U in Uruguay is that all state-owned enterprises (water, electricity, public transport, communication) will accept C3 Credit and that taxes can be paid in C3 credit as well by summer 2010. This makes C3 credit much more acceptable to businesses as a means of payment.

In Porto Alegre (Brazil) the direct motive for introducing C3 credit is the stumbling interest of almost 30% on loans (Van Hilten 2009a: 8). Consequently, a culture emerged where people started to pay in installments to prevent borrowing money. For companies to improve their working capital, they try to pay off their debts as late as possible, and to claim debts immediately (Van Hilten 2009a: 3). Large businesses are far better able to negotiate favorable payment conditions than SME’s. Especially SME’s where confronted with long-term income often paid in installments, but short-term expenditures that needed to be fulfilled at once. C3 was introduced to provide business with an alternative means of payment. Nowadays approximately 1000 businesses joined the C3 Network ‘Compras’.

== Impact and Significance ==

Impact and Significance

''Size and Growth''

C3 was initially launched by 2005 in several countries of Honduras, El Salvador, Costa Rica and Porto Alegre (Brazil). A couple of thousand businesses participated in these experiments, and approximately 12.000 small loans were involved. These pilots laid the foundation for the first serious implementation of C3 in Uruguay, after positive signs in Brazil’s C3 network Compras. C3U will be launched by the summer of 2010. It potentially reaches 10.000 SMEs throughout the country. An initial guarantee fund of US$ 15 million (for the first 6 months of operation) and eventually US$ 250 million from the WorldBank is in place to back debt-claims.

''Achievements and Impediments''

Because the implementation of C3 in various countries of South-America are all test cases and small in scale, it’s virtually impossible to make sensible statements on the consequences for the economy. C3U will in this regard be important as it will have more far reaching implications for the national economy. It is expected that C3U will be an important impulse for the economy. Strong economic revival is expected to occur through a better financial position of Small Medium Enterprises resulting in increasing economic activity. Money is the fuel that stimulates economic activity. C3 credit can be an instrument to provide the local economy of the fuel it needs. Coming years will show to which extent this truly is the case.

== Resources ==

Van Hilten, R. (2009a) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Van Hilten, R. (2009b) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:09:35Z

Sanderderijke: /* Impact and Significance */

== General Description ==

C3 is an innovation of the Social Trade Organization (STRO) in cooperation with the World Bank (Inter-American Development Bank), The United Nations (Unido and ILO), the European Commission and the Dutch Ministry of Development Cooperation. C3 is a Business-to-Business complementary currency.

C3 is a money program that increases the liquidity position of Small-Medium Enterprises. SMEs are often confronted with a need to pay their suppliers within a short period of time, whilst their clients have negotiated favorable terms to their payment. In other words, SMEs have to pay now, but will receive only later on. It is often the powerful position of large retailers that is responsible for the situation SMEs are confronted with; they demand to be paid rapidly, but themselves pay as late as possible. As a result SMEs are often in need of short-term debt capital (loans) to pay their suppliers.

In the case of SMEs most equity capital is invested in current assets. SMEs usually have almost no fixed assets. However, most banks require fixed assets as collateral for loans. In addition banks are only interested in long-term loans of significant size. Short-term and small loans are commercially unfeasible. The financial crisis has made them even more cautious. As a consequence, SMEs often find themselves in a precarious situation.

Commercial Credit Circuit is an instrument that combines ‘factoring’ with a payment structure corporate holdings often use (Van Hilten 2009a: 1 & 9). Because factoring and corporate holding’s payment structures are usually not available for SME’s, C3 provides an interesting alternative.

Factoring is a mechanism usually employed by ordinary banks. Company A needs to pay of its debt to company B, but can only do this in multiple installments or after, let’s say 120 days. Company B however, is really in need of working capital in order to pay Company C. With factoring, the bank takes over Company B’s debt-claim towards Company A. Company B receives the whole debt amount at once from the bank. Company A pays the bank in regular installments, with Company B’s collateral as a guarantee to the bank. Conventional factoring is very expensive, and therefore not a serious option for SMEs. Moreover, as we have discussed, SMEs often lack fixed assets that can serve as collateral.

In corporate holdings such as McDonalds, multiple companies (e.g. the cattle farmer, the slaughterhouse, the transport company and the restaurant) are connected to each other like a chain. For convenience of quick transactions, they pay each other with an internal currency, using a current account system. For example the restaurant transfers the money received from its customers directly to the holding. The holding issues like value of internal currency to the restaurant. The restaurant uses this internal currency to pay of its supplier (the slaughterhouse), the slaughterhouse uses it to pay the cattle farmer and the transport company. For the slaughterhouse to buy food for its cattle at a company outside the holding, it approaches the holding to exchange the internal currency for ordinary money. The advantage of this payment structure is that the holding can dispose of a far larger amount of ordinary money at all times. After all no ordinary currency is circulating within its own subsidiary companies. This mechanism has (up to now) not been available to Small-Medium Enterprises.

C3 sets up regional business networks where SME’s pay each other using C3 credit rather than conventional currency. For payment they make use of an internet-based current account. With C3 businesses are able to exchange secured claims on future payments. It means that debt-claims are monetized into a complementary currency, and becomes directly available. It enables businesses to buy products from others now, and pay later. It works as follows: company A obtains C3 work capital from the C3 organization on the basis of a debt-certificate it has to its customers. Only the debt-claim itself is judged by the C3 organization, not the company or its business model as a whole, as is the case when businesses contract a loan at the bank (Van Hilten 2009a: 9). The debt-claims are insured by an insurance company, in case Company A’s customer defaults and will never pay of its debt. Because Company A receives C3 credit rather than conventional currency, it differs from factoring as previously described. Company A uses the C3 credit in turn to pay off its debts at the local supplier. The supplier needs to become part of the C3 network first (that is it has to open a C3 bank account), in order to receive C3 credit. The supplier has no choice but to accept C3, as Company A cannot pay in conventional currency immediately. With C3, debt-claims (and other assets) are liquefied and turned into a medium of exchange on their own.

At all times, the supplier is allowed to exchange its C3 credit for ordinary currency. But, because Supplier B is obliged to pay a fee, it is more attractive for the supplier to spend C3 credit at participating business C within the network rather than converting it to conventional currency to purchase at business D outside the network (Van Hilten 2009a: 9-10). This consequently strengthens the local businesses that are part of the C3 network. With a fee installed, C3 credit keeps circulating within the network and local economic activity is boosted. Moreover, using C3 credit, speeds up circulation of money. After all, multiple payments have taken place whereas the debt-claim is only paid off after 120 days. Now business C cannot find a suitable supplier within the C3 network. It thus decides to exchange its C3 credit for conventional currency. Business C accepts the fee knowing that it would not have attracted Supplier B as its customer if it wasn’t part of the C3 network (Van Hilten 2009a: 8).

In short, the C3 makes it possible for commercial transactions to occur before the money is available. It gives participants the opportunity to continue their activities in the supply chain, without waiting for the money of their clients, by transferring future claims on money as if it was already cash.

== Purpose ==

Commercial Credit Circuit (C3) is a money program that aims for strengthening the financial position of Small and Medium Enterprises and to strengthen the real economy. SMEs are responsible for up to 50% of all employment, responsible for up to 50% of national income and constitute an important group of pioneers in innovation and sustainability. Hence, SME’s are of vital concern for a solid economy. However, SMEs increasingly face difficulties to survive, which in many cases has to do with a shortage of working capital. A lack of working capital often results in a downward spiral; cost reduction (cutting expenditures on innovation and investment and personnel), worsening competitive advantages, decreasing income, lack of working capital. The C3 network provides SME’s with working capital where ordinary banks and factoring companies fail to do so. By providing working capital SME’s are enabled to directly pay of debts or to purchase and invest. In other words, it speeds up the circulation of money and as such economic activity .

== Design Criteria ==

''Support Medium''

Just as LETS, Barter and Time Banking, C3 does not involve the use of conventional money but is based on an online bookkeeping system managed by the C3 organization. Hence, C3 is electronic money. Conventional money only comes into play when businesses exchange C3 for conventional currency to buy outside the network. The C3 organization has contracted banks for this purpose. As opposed to LETS, Barter and Time Banking, C3 does not function as a mutual credit system where some businesses need to run depths in order for other businesses to raise a surplus.

''Function (medium of exchange, store of value, standard of value)''

C3 is invented to speed up exchanges and payments between SME’s and large enterprises. However there are no mechanisms, like a demurrage, that ensure quick expenditure of C3 credit. At the very same time, hoarding C3 credit makes no sense as no interest is received on a C3 bank account. For ease of use, C3 credit is denominated in conventional currency; 1 C3 credit is worth 1 unit of national currency.

''Issuing Procedure''

All C3 credit is created with turning debt-claims into C3 credit. Hence, C3 credit is backed by future payments of conventional national currency. C3 is thus redeemable for conventional currency. It is off course possible that a business wishes to cash his C3 credit, before the moment that the debt-claims are expired. Thus, the C3-organization has not yet any money readily available. In C3 a contract with a financial institutions for short-term loans will allow the cashing if anything like this occurs. Business wishing to exchange their C3 credit will pay for the interest costs of the short-term loan to bridge that period next to some administrative costs. In reality though, of all the debt-claims the C3 organization owns, a substantial part will have been paid of already. So there’s always some cash money on hand.

Secondly, C3 credit is issued as loans to businesses in need of working capital. It means businesses actually receive C3 credit in advance of receiving income from their clients. The loan is interest free; in case of C3U, STRO charges 1.5% and the insurance company 3% once only.

''Cost Recuperation''

C3 is a not-for profit initiative, making the costs for operating the C3 network as low as possible. All costs are internally recuperated through various mechanisms First of all, Businesses offering their debt-claims pay for the assessment of their invoices, insuring their invoices and advancing them. In addition a transaction fee, a demurrage (of 0.5% annually in case of Uruguay) and an exchange fee (malus) are installed to generate revenue. In addition STRO receives income for every loan of C3 credit it issues. The exact costs of assessing, insuring and advancing invoices, transaction fees, exchange fees, demurrage and loans vary with every implementation of C3.

== Implementation and Origin ==

The C3 methodology was launched in several Latin American countries as of 2003; Uruguay, Honduras, El Salvador, Costa Rica and Brazil. Currently, the Social Trade Organization is exploring possibilities to launch C3 programs in the US and European countries as well (Van Hilten 2009b).

Especially in Uruguay, C3 is currently in a highly developed stage. On invitation of the Uruguayan national government, C3 will be rolled out on a national level by summer 2010. Uruguay has been one of the most prosperous countries in Latin America in the past decades. However the 2002-3 financial crisis had disastrous effects for the real economy. It resulted in unemployment, bankruptcies, money shortages, and an overall decline of purchasing power. With investment, income often follows suit. But lacking the money to invest, economic activity comes to a standstill. Especially Small Medium Enterprises experienced difficulties to obtain loans from the banks. With the banks attempting to strengthen their own financial position, virtually no money was left for the real economy. In addition, banks are hesitant to issue loans when economic prospects are bleak (Van Hilten 2009: 9). C3 credit is introduced to alleviate national currency shortages and to spur economic activity once more. A very unique aspect of C3U in Uruguay is that all state-owned enterprises (water, electricity, public transport, communication) will accept C3 Credit and that taxes can be paid in C3 credit as well by summer 2010. This makes C3 credit much more acceptable to businesses as a means of payment.

In Porto Alegre (Brazil) the direct motive for introducing C3 credit is the stumbling interest of almost 30% on loans (Van Hilten 2009a: 8). Consequently, a culture emerged where people started to pay in installments to prevent borrowing money. For companies to improve their working capital, they try to pay off their debts as late as possible, and to claim debts immediately (Van Hilten 2009a: 3). Large businesses are far better able to negotiate favorable payment conditions than SME’s. Especially SME’s where confronted with long-term income often paid in installments, but short-term expenditures that needed to be fulfilled at once. C3 was introduced to provide business with an alternative means of payment. Nowadays approximately 1000 businesses joined the C3 Network ‘Compras’.

== Impact and Significance ==

Impact and Significance

''Size and Growth''

C3 was initially launched by 2005 in several countries of Honduras, El Salvador, Costa Rica and Porto Alegre (Brazil). A couple of thousand businesses participated in these experiments, and approximately 12.000 small loans were involved. These pilots laid the foundation for the first serious implementation of C3 in Uruguay, after positive signs in Brazil’s C3 network Compras. C3U will be launched by the summer of 2010. It potentially reaches 10.000 SMEs throughout the country. An initial guarantee fund of US$ 15 million (for the first 6 months of operation) and eventually US$ 250 million from the WorldBank is in place to back debt-claims.

''Achievements and Impediments''

Because the implementation of C3 in various countries of South-America are all test cases and small in scale, it’s virtually impossible to make sensible statements on the consequences for the economy. C3U will in this regard be important as it will have more far reaching implications for the national economy. It is expected that C3U will be an important impulse for the economy. Strong economic revival is expected to occur through a better financial position of Small Medium Enterprises resulting in increasing economic activity. Money is the fuel that stimulates economic activity. C3 credit can be an instrument to provide the local economy of the fuel it needs. Coming years will show to which extent this truly is the case.

== Resources ==

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:08:58Z

Sanderderijke: /* Implementation and Origin */

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:08:15Z

Sanderderijke: /* Design Criteria */

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:07:38Z

Sanderderijke: /* Design Criteria */

== General Description ==

C3 is an innovation of the Social Trade Organization (STRO) in cooperation with the World Bank (Inter-American Development Bank), The United Nations (Unido and ILO), the European Commission and the Dutch Ministry of Development Cooperation. C3 is a Business-to-Business complementary currency.

C3 is a money program that increases the liquidity position of Small-Medium Enterprises. SMEs are often confronted with a need to pay their suppliers within a short period of time, whilst their clients have negotiated favorable terms to their payment. In other words, SMEs have to pay now, but will receive only later on. It is often the powerful position of large retailers that is responsible for the situation SMEs are confronted with; they demand to be paid rapidly, but themselves pay as late as possible. As a result SMEs are often in need of short-term debt capital (loans) to pay their suppliers.

In the case of SMEs most equity capital is invested in current assets. SMEs usually have almost no fixed assets. However, most banks require fixed assets as collateral for loans. In addition banks are only interested in long-term loans of significant size. Short-term and small loans are commercially unfeasible. The financial crisis has made them even more cautious. As a consequence, SMEs often find themselves in a precarious situation.

Commercial Credit Circuit is an instrument that combines ‘factoring’ with a payment structure corporate holdings often use (Van Hilten 2009a: 1 & 9). Because factoring and corporate holding’s payment structures are usually not available for SME’s, C3 provides an interesting alternative.

Factoring is a mechanism usually employed by ordinary banks. Company A needs to pay of its debt to company B, but can only do this in multiple installments or after, let’s say 120 days. Company B however, is really in need of working capital in order to pay Company C. With factoring, the bank takes over Company B’s debt-claim towards Company A. Company B receives the whole debt amount at once from the bank. Company A pays the bank in regular installments, with Company B’s collateral as a guarantee to the bank. Conventional factoring is very expensive, and therefore not a serious option for SMEs. Moreover, as we have discussed, SMEs often lack fixed assets that can serve as collateral.

In corporate holdings such as McDonalds, multiple companies (e.g. the cattle farmer, the slaughterhouse, the transport company and the restaurant) are connected to each other like a chain. For convenience of quick transactions, they pay each other with an internal currency, using a current account system. For example the restaurant transfers the money received from its customers directly to the holding. The holding issues like value of internal currency to the restaurant. The restaurant uses this internal currency to pay of its supplier (the slaughterhouse), the slaughterhouse uses it to pay the cattle farmer and the transport company. For the slaughterhouse to buy food for its cattle at a company outside the holding, it approaches the holding to exchange the internal currency for ordinary money. The advantage of this payment structure is that the holding can dispose of a far larger amount of ordinary money at all times. After all no ordinary currency is circulating within its own subsidiary companies. This mechanism has (up to now) not been available to Small-Medium Enterprises.

C3 sets up regional business networks where SME’s pay each other using C3 credit rather than conventional currency. For payment they make use of an internet-based current account. With C3 businesses are able to exchange secured claims on future payments. It means that debt-claims are monetized into a complementary currency, and becomes directly available. It enables businesses to buy products from others now, and pay later. It works as follows: company A obtains C3 work capital from the C3 organization on the basis of a debt-certificate it has to its customers. Only the debt-claim itself is judged by the C3 organization, not the company or its business model as a whole, as is the case when businesses contract a loan at the bank (Van Hilten 2009a: 9). The debt-claims are insured by an insurance company, in case Company A’s customer defaults and will never pay of its debt. Because Company A receives C3 credit rather than conventional currency, it differs from factoring as previously described. Company A uses the C3 credit in turn to pay off its debts at the local supplier. The supplier needs to become part of the C3 network first (that is it has to open a C3 bank account), in order to receive C3 credit. The supplier has no choice but to accept C3, as Company A cannot pay in conventional currency immediately. With C3, debt-claims (and other assets) are liquefied and turned into a medium of exchange on their own.

At all times, the supplier is allowed to exchange its C3 credit for ordinary currency. But, because Supplier B is obliged to pay a fee, it is more attractive for the supplier to spend C3 credit at participating business C within the network rather than converting it to conventional currency to purchase at business D outside the network (Van Hilten 2009a: 9-10). This consequently strengthens the local businesses that are part of the C3 network. With a fee installed, C3 credit keeps circulating within the network and local economic activity is boosted. Moreover, using C3 credit, speeds up circulation of money. After all, multiple payments have taken place whereas the debt-claim is only paid off after 120 days. Now business C cannot find a suitable supplier within the C3 network. It thus decides to exchange its C3 credit for conventional currency. Business C accepts the fee knowing that it would not have attracted Supplier B as its customer if it wasn’t part of the C3 network (Van Hilten 2009a: 8).

In short, the C3 makes it possible for commercial transactions to occur before the money is available. It gives participants the opportunity to continue their activities in the supply chain, without waiting for the money of their clients, by transferring future claims on money as if it was already cash.

== Purpose ==

Commercial Credit Circuit (C3) is a money program that aims for strengthening the financial position of Small and Medium Enterprises and to strengthen the real economy. SMEs are responsible for up to 50% of all employment, responsible for up to 50% of national income and constitute an important group of pioneers in innovation and sustainability. Hence, SME’s are of vital concern for a solid economy. However, SMEs increasingly face difficulties to survive, which in many cases has to do with a shortage of working capital. A lack of working capital often results in a downward spiral; cost reduction (cutting expenditures on innovation and investment and personnel), worsening competitive advantages, decreasing income, lack of working capital. The C3 network provides SME’s with working capital where ordinary banks and factoring companies fail to do so. By providing working capital SME’s are enabled to directly pay of debts or to purchase and invest. In other words, it speeds up the circulation of money and as such economic activity .

== Design Criteria ==

''Support Medium''
Just as LETS, Barter and Time Banking, C3 does not involve the use of conventional money but is based on an online bookkeeping system managed by the C3 organization. Hence, C3 is electronic money. Conventional money only comes into play when businesses exchange C3 for conventional currency to buy outside the network. The C3 organization has contracted banks for this purpose. As opposed to LETS, Barter and Time Banking, C3 does not function as a mutual credit system where some businesses need to run depths in order for other businesses to raise a surplus.

''Function (medium of exchange, store of value, standard of value)''
C3 is invented to speed up exchanges and payments between SME’s and large enterprises. However there are no mechanisms, like a demurrage, that ensure quick expenditure of C3 credit. At the very same time, hoarding C3 credit makes no sense as no interest is received on a C3 bank account. For ease of use, C3 credit is denominated in conventional currency; 1 C3 credit is worth 1 unit of national currency.

''Issuing Procedure''
All C3 credit is created with turning debt-claims into C3 credit. Hence, C3 credit is backed by future payments of conventional national currency. C3 is thus redeemable for conventional currency. It is off course possible that a business wishes to cash his C3 credit, before the moment that the debt-claims are expired. Thus, the C3-organization has not yet any money readily available. In C3 a contract with a financial institutions for short-term loans will allow the cashing if anything like this occurs. Business wishing to exchange their C3 credit will pay for the interest costs of the short-term loan to bridge that period next to some administrative costs. In reality though, of all the debt-claims the C3 organization owns, a substantial part will have been paid of already. So there’s always some cash money on hand.

Secondly, C3 credit is issued as loans to businesses in need of working capital. It means businesses actually receive C3 credit in advance of receiving income from their clients. The loan is interest free; in case of C3U, STRO charges 1.5% and the insurance company 3% once only.

''Cost Recuperation''
''C3 is a not-for profit initiative, making the costs for operating the C3 network as low as possible. All costs are internally recuperated through various mechanisms First of all, Businesses offering their debt-claims pay for the assessment of their invoices, insuring their invoices and advancing them. In addition a transaction fee, a demurrage (of 0.5% annually in case of Uruguay) and an exchange fee (malus) are installed to generate revenue. In addition STRO receives income for every loan of C3 credit it issues. The exact costs of assessing, insuring and advancing invoices, transaction fees, exchange fees, demurrage and loans vary with every implementation of C3.

== Implementation and Origin ==

== Impact and Significance ==

== Resources ==

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:07:06Z

Sanderderijke: /* Design Criteria */

== General Description ==

C3 is an innovation of the Social Trade Organization (STRO) in cooperation with the World Bank (Inter-American Development Bank), The United Nations (Unido and ILO), the European Commission and the Dutch Ministry of Development Cooperation. C3 is a Business-to-Business complementary currency.

C3 is a money program that increases the liquidity position of Small-Medium Enterprises. SMEs are often confronted with a need to pay their suppliers within a short period of time, whilst their clients have negotiated favorable terms to their payment. In other words, SMEs have to pay now, but will receive only later on. It is often the powerful position of large retailers that is responsible for the situation SMEs are confronted with; they demand to be paid rapidly, but themselves pay as late as possible. As a result SMEs are often in need of short-term debt capital (loans) to pay their suppliers.

In the case of SMEs most equity capital is invested in current assets. SMEs usually have almost no fixed assets. However, most banks require fixed assets as collateral for loans. In addition banks are only interested in long-term loans of significant size. Short-term and small loans are commercially unfeasible. The financial crisis has made them even more cautious. As a consequence, SMEs often find themselves in a precarious situation.

Commercial Credit Circuit is an instrument that combines ‘factoring’ with a payment structure corporate holdings often use (Van Hilten 2009a: 1 & 9). Because factoring and corporate holding’s payment structures are usually not available for SME’s, C3 provides an interesting alternative.

Factoring is a mechanism usually employed by ordinary banks. Company A needs to pay of its debt to company B, but can only do this in multiple installments or after, let’s say 120 days. Company B however, is really in need of working capital in order to pay Company C. With factoring, the bank takes over Company B’s debt-claim towards Company A. Company B receives the whole debt amount at once from the bank. Company A pays the bank in regular installments, with Company B’s collateral as a guarantee to the bank. Conventional factoring is very expensive, and therefore not a serious option for SMEs. Moreover, as we have discussed, SMEs often lack fixed assets that can serve as collateral.

In corporate holdings such as McDonalds, multiple companies (e.g. the cattle farmer, the slaughterhouse, the transport company and the restaurant) are connected to each other like a chain. For convenience of quick transactions, they pay each other with an internal currency, using a current account system. For example the restaurant transfers the money received from its customers directly to the holding. The holding issues like value of internal currency to the restaurant. The restaurant uses this internal currency to pay of its supplier (the slaughterhouse), the slaughterhouse uses it to pay the cattle farmer and the transport company. For the slaughterhouse to buy food for its cattle at a company outside the holding, it approaches the holding to exchange the internal currency for ordinary money. The advantage of this payment structure is that the holding can dispose of a far larger amount of ordinary money at all times. After all no ordinary currency is circulating within its own subsidiary companies. This mechanism has (up to now) not been available to Small-Medium Enterprises.

C3 sets up regional business networks where SME’s pay each other using C3 credit rather than conventional currency. For payment they make use of an internet-based current account. With C3 businesses are able to exchange secured claims on future payments. It means that debt-claims are monetized into a complementary currency, and becomes directly available. It enables businesses to buy products from others now, and pay later. It works as follows: company A obtains C3 work capital from the C3 organization on the basis of a debt-certificate it has to its customers. Only the debt-claim itself is judged by the C3 organization, not the company or its business model as a whole, as is the case when businesses contract a loan at the bank (Van Hilten 2009a: 9). The debt-claims are insured by an insurance company, in case Company A’s customer defaults and will never pay of its debt. Because Company A receives C3 credit rather than conventional currency, it differs from factoring as previously described. Company A uses the C3 credit in turn to pay off its debts at the local supplier. The supplier needs to become part of the C3 network first (that is it has to open a C3 bank account), in order to receive C3 credit. The supplier has no choice but to accept C3, as Company A cannot pay in conventional currency immediately. With C3, debt-claims (and other assets) are liquefied and turned into a medium of exchange on their own.

At all times, the supplier is allowed to exchange its C3 credit for ordinary currency. But, because Supplier B is obliged to pay a fee, it is more attractive for the supplier to spend C3 credit at participating business C within the network rather than converting it to conventional currency to purchase at business D outside the network (Van Hilten 2009a: 9-10). This consequently strengthens the local businesses that are part of the C3 network. With a fee installed, C3 credit keeps circulating within the network and local economic activity is boosted. Moreover, using C3 credit, speeds up circulation of money. After all, multiple payments have taken place whereas the debt-claim is only paid off after 120 days. Now business C cannot find a suitable supplier within the C3 network. It thus decides to exchange its C3 credit for conventional currency. Business C accepts the fee knowing that it would not have attracted Supplier B as its customer if it wasn’t part of the C3 network (Van Hilten 2009a: 8).

In short, the C3 makes it possible for commercial transactions to occur before the money is available. It gives participants the opportunity to continue their activities in the supply chain, without waiting for the money of their clients, by transferring future claims on money as if it was already cash.

== Purpose ==

Commercial Credit Circuit (C3) is a money program that aims for strengthening the financial position of Small and Medium Enterprises and to strengthen the real economy. SMEs are responsible for up to 50% of all employment, responsible for up to 50% of national income and constitute an important group of pioneers in innovation and sustainability. Hence, SME’s are of vital concern for a solid economy. However, SMEs increasingly face difficulties to survive, which in many cases has to do with a shortage of working capital. A lack of working capital often results in a downward spiral; cost reduction (cutting expenditures on innovation and investment and personnel), worsening competitive advantages, decreasing income, lack of working capital. The C3 network provides SME’s with working capital where ordinary banks and factoring companies fail to do so. By providing working capital SME’s are enabled to directly pay of debts or to purchase and invest. In other words, it speeds up the circulation of money and as such economic activity .

== Design Criteria ==

''Support Medium
''Just as LETS, Barter and Time Banking, C3 does not involve the use of conventional money but is based on an online bookkeeping system managed by the C3 organization. Hence, C3 is electronic money. Conventional money only comes into play when businesses exchange C3 for conventional currency to buy outside the network. The C3 organization has contracted banks for this purpose. As opposed to LETS, Barter and Time Banking, C3 does not function as a mutual credit system where some businesses need to run depths in order for other businesses to raise a surplus.

''Function (medium of exchange, store of value, standard of value)
''C3 is invented to speed up exchanges and payments between SME’s and large enterprises. However there are no mechanisms, like a demurrage, that ensure quick expenditure of C3 credit. At the very same time, hoarding C3 credit makes no sense as no interest is received on a C3 bank account. For ease of use, C3 credit is denominated in conventional currency; 1 C3 credit is worth 1 unit of national currency.

''Issuing Procedure
''All C3 credit is created with turning debt-claims into C3 credit. Hence, C3 credit is backed by future payments of conventional national currency. C3 is thus redeemable for conventional currency. It is off course possible that a business wishes to cash his C3 credit, before the moment that the debt-claims are expired. Thus, the C3-organization has not yet any money readily available. In C3 a contract with a financial institutions for short-term loans will allow the cashing if anything like this occurs. Business wishing to exchange their C3 credit will pay for the interest costs of the short-term loan to bridge that period next to some administrative costs. In reality though, of all the debt-claims the C3 organization owns, a substantial part will have been paid of already. So there’s always some cash money on hand.

Secondly, C3 credit is issued as loans to businesses in need of working capital. It means businesses actually receive C3 credit in advance of receiving income from their clients. The loan is interest free; in case of C3U, STRO charges 1.5% and the insurance company 3% once only.

''Cost Recuperation
''C3 is a not-for profit initiative, making the costs for operating the C3 network as low as possible. All costs are internally recuperated through various mechanisms First of all, Businesses offering their debt-claims pay for the assessment of their invoices, insuring their invoices and advancing them. In addition a transaction fee, a demurrage (of 0.5% annually in case of Uruguay) and an exchange fee (malus) are installed to generate revenue. In addition STRO receives income for every loan of C3 credit it issues. The exact costs of assessing, insuring and advancing invoices, transaction fees, exchange fees, demurrage and loans vary with every implementation of C3.

== Implementation and Origin ==

== Impact and Significance ==

== Resources ==

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:05:20Z

Sanderderijke: /* Purpose */

Complementary Currencies/BoK EN - Commercial Credit Circuit (C3)

2010-09-23T15:04:28Z

Sanderderijke: /* General Description */

Complementary Currencies/BoK EN - Relevant Players and Experts

2010-09-23T14:27:22Z

Sanderderijke: /* Global */

== Global ==

Arkel, Henk Van – Director at STRO. Initiator of C3 networks in Southern America and author of several books on new economics.

Cahn, Edgar – Initiator and inventor of Time-Dollars in the USA. Also author of several books on CC

Croft, John – Consultant in ecology and sustainable community economic development. Co-Founder of the Gaia Foundation Western-Australia. Previously project officer at the Australian Department of Local Government and Regional Development.

DeMeulenare, Stephen – Initiator of a complementary currency in Bali. Also administrator of www.complementarycurrency.org [http://www.complementarycurrency.org] and www.appropriate-economics.org [http://www.appropriate-economics.org]. Former employee of STRO.

Gatch, Loren – US Professor in the Political Sciences and Political Economy at University of Central Oklahoma. Specialist on Local Currencies .

Greco, Thomas – American Professor of Business and Director of the Community Information Resource Center. Expert on banking, finance, money and community currencies. Author of several books on CC. Involved in establishing ‘Tucson Traders’. Initiator of www.reinventingmoney.com

Lietaer, Bernard A. – Professor and former Director at the Central Bank of Belgium, co-responsible for the development of the ECU and proponent of complementary currencies. Initiator of www.muntuit.eu [http://muntuit.eu]

Linton, Michael – Inventor and Initiator of the Comox Valley Local Exchange Trading System, the predecessor of all LETS worldwide. Inventor of the Community Way currency cycle and initiator of an open-source currency.

Primavera, Heloisa Helena – Co-Founder of the Red Global de Trueque (Global Exchange Network); a mutual credit complementary currency in Latin America and Argentine in particular.

Ramada, Camilo – C3 product manager of Brazil (Compras) and Uruguay. Author and co-author on complementary currencies.

Stodder, James – Professor at Rensselaer Polytechnic Institute. Known for his research on the effects of the WIR on the Swiss economy.

Wallach, David –IRTA President of Global Board of Directors.

Whitney, Ron – IRTA Executive director

Witt, Susan – Interim Executive Director of New Economics Institute. Former Executive Director of the E.F. Schumacher Society. Co-Founder of Berkshares,
Massachusetts.

== Europe ==

Boyle, David – British Journalist and author on economics, business, environment and complementary currencies in particular.

Booth, Becky – Director of SPICE program in the UK.

Douthwaite, Richard – Journalist and author of several books on complementary currencies and new sustainable economics. Initiator of the Foundation for the Economics of Sustainability (Feasta) in Ireland.

Dyson, Tris – Executive Director of SPICE; a Time Bank initiative in the UK.

Gelleri, Christian – Initiator of Chiemgauer (Regiogeld) in Prien, Germany together with six of his students.

Godschalk, Dr. Hugo – Consultant in the area of cashless payment systems. Proponent and author on complementary currencies and alternative economics. Co-founder of MonNetA (Money Network Alliance); a network assisting in the development and implementation of complementary currencies.

Kennedy, Margrit – Author of several books on complementary currencies and new economics, and involved in establishing Regiogeld in Germany. Co-founder of MonNetA.

North, Peter – UK Scientist at Liverpool University and writer of a book on Transition Currencies

Rogers, John – UK Expert and trainer/consultant on implementing
complementary currencies.

Ryan-Collins, Josh – Researcher on monetary reform and complementary currencies at the New Economics Foundation (NEF); a think-and-do tank in the field of sustainable economics. Ryan Collins was founding member of the Brixton Pound and is currently Ph.D. candidate at CSERGE; Center for Social and Economic Research on the Global Environment.

Schröder, Rolf F.H. - German expert on German complementary currencies. Editor and administrator of www.cc-literature.org [http://www.cc-literature.org].

Seyfang, Dr. Gill – Senior research associate in CSERGE, University of East Anglia, Norwich. Studying community currencies, sustainable local development, microfinance and the social economy.

Smets, Walther – Founder of the RES; a commercial barter in Belgium.

Szabo, Dorottya – IRTA President Europe. Also president of barter Hungary.

== The Netherlands ==

Adriaanse, Sjaak – Initiator of www.complementaire-economie.startpagina.nl [http://www.complementaire-economie.startpagina.nl]; providing an overview of information and initiatives available on monetary economics and complementary currencies in particular. Secretary of Stichting CENt.

Boele, Erik – Innovator at New Tribes civil society projects aimed at social sustainability, volunteering, care provision and time banking in the care sector in particular. Initiator of zorgruil.ning.com [http://www.zorgruil.ning.com].

Hilten, Rob Van – Initiator of Qoin (Barter), Noppes (LETS), Amstelnet, Barataria, Nu-Spaarpas in the Netherlands, and affiliated to IRTA. Senior representative of STRO.

Kampers, Edgar – Initiator of Qoin, Noppes, Amstelnet, Barataria, Nu-Spaarpas in the Netherlands and senior representative of STRO.

Migchels, Anthony – Initiator of the ‘Gelre Handelsnetwerken’; a regiogeld program in the Dutch province of Gelderland. Supervisory board of Stichting CENt.

Riele, Harry te– Independent consultant in the field of sustainability, innovation, monetary economics and social currencies. Project manager at Dutch Institute for Transitions (DRIFT), Erasmus University Rotterdam.

Steenbergen, Martien Van – Trainer, consultant and initiator of www.aardnoot.nl [http://www.aardnoot.nl] (a Wiki on complementary currencies and monetary economics).

Complementary Currencies/BoK EN - Literature

2010-09-23T14:25:40Z

Sanderderijke: /* Articles */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/article/0,9171,1931665,00.html?xid=rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. [http://goldnews.bullionvault.com/guersney_experiment_credit_creation_gold_standard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCRvol13(2009)pp61-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR%20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodder_WIR_paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html]

Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.html]

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:24:02Z

Sanderderijke: /* Articles */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/article/0,9171,1931665,00.html?xid=rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. [http://goldnews.bullionvault.com/guersney_experiment_credit_creation_gold_standard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCRvol13(2009)pp61-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodder_WIR_paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html]

Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.html]

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:20:36Z

Sanderderijke: /* Articles */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/article/0,9171,1931665,00.html?xid=rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. [http://goldnews.bullionvault.com/guersney_experiment_credit_creation_gold_standard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCRvol13(2009)pp61-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodder_WIR_paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html]

Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.html]

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:15:26Z

Sanderderijke: /* Articles */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/article/0,9171,1931665,00.html?xid=rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. [http://goldnews.bullionvault.com/guersney_experiment_credit_creation_gold_standard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCRvol13(2009)pp61-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [Available: http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodder_WIR_paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html]

Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.html]

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:11:35Z

Sanderderijke: /* Other */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/ar...rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. Available: [http://goldnews.bullionvault.com/gue...dard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/...-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodde..._paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html]

Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.html]

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:11:11Z

Sanderderijke: /* Websites */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/ar...rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. Available: [http://goldnews.bullionvault.com/gue...dard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/...-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodde..._paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html]

Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.html]

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/ gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:10:23Z

Sanderderijke: /* Other */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/ar...rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. Available: [http://goldnews.bullionvault.com/gue...dard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/...-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodde..._paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html
]
Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.htm]l

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Batelaan, Henk-Jaap (1998) ‘De Vrije Markt van Noppes’, Amsterdam, UvA Scriptie, Sociologie 1998

Brown, Vernon L. (1941) ‘Scrip and Other Forms of Emergency Currency Issued in the United States During the Depression Years of 1931-1934" 2 Vols. M.A. Thesis, New York University

Gatch, Loren (2006) Local Scrip in the USA During the 1930s: Lessons for Today? Paper presented at the conference on Monetary Regionalisation: Local Currencies as Catalysts for Endogenous Regional Development. Bauhaus-University Weimar, Germany, September 28-29, 2006.

Harper, Joel. W.C. (1948) ‘Scrip and Other Forms of Local Money’, Ph.D. Dissertation, University of Chicago.

Lietaer, Bernard A. & Gwendolyn Hallsmith (2006) Community Currency Guide. Global Community Initiatives. [http://www.global-community.org/ gc/newsfiles/25/Community%20Currency%20Guide.pdf]

Lowd, Andrew (2001) Alternative Currencies in Theory and Practice; The Ithaca Model Examined in Northern California. M.A. Thesis, Stanford University. [http://www.andrewlowd.com/thesis/]

Pekelsma, S. (2009) Urban Economies Often Aren’t Resilient Enough. European Union Knowledge Network (EUKN). An interview with Rob van Hilten. [http://www.eukn.org/luxembourg/news/2009/08/interview-rob-van-hilten_1012.html]

Complementary Currencies/BoK EN - Literature

2010-09-23T14:06:39Z

Sanderderijke: /* Websites */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/ar...rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. Available: [http://goldnews.bullionvault.com/gue...dard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/...-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodde..._paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

Community Currency Magazine
[http://www.ccmag.net/dp/]

Deutsche Wirtschafts Gemeinschaft, ‘Freigeld bringt Freiheit und Wohlstand für alle’. [http://www.freimark-t.de/html/freigeld.html
]
Economy Point, ‘Regiogeld’. [http://www.economy-point.org/r/regiogeld.htm]l

Hee, Eileen (2010) ‘Barter Trade your way through recession’, BarterXchange. [http://www.barterxchange.com/index.php?option=com_content&task=view&id=253&Itemid=1]

INWO (2010) Initiative fur Natürliches WirtschaftsOrdnung. [http://www.inwo.de/modules.php?op=modload&name=News&file=article&sid=267&mode=thread&order=0&thold=0]

IRTA. [http://www.irta.com/]

Lietaer, Bernard A., ‘A “Green” Convertible Currency’. [http://www.transaction.net/money/gc/gc01.html]

Regiogeld Germany. [http://www.regiogeld.de/]

Rogers, John., ‘German Complementary Currencies Lead the Way’. Value for People. [http://www.valueforpeople.co.uk/node/23]

Weston, David, ‘Depreciating community-owned currencies’. [http://www.globalideasbank.org/site/bank/idea.php?ideaId=904]

WIR Bank. [http://www.wir.ch]

Wikipedia Germany - Regiogeld. [http://de.wikipedia.org/wiki/Regiogeld]

Wikipedia Germany - Wära. [http://de.wikipedia.org/wiki/Wära]

Wikipedia Global - Complementary Currencies [http://en.wikipedia.org/wiki/Complementary_currency]

Wikipedia Global – Alternative Currencies
[http://en.wikipedia.org/wiki/Alternative_currency]

== Other ==

Complementary Currencies/BoK EN - Literature

2010-09-23T14:00:43Z

Sanderderijke: /* Articles */

== Books ==

Arkel, Henk van & Camilo Ramada (2001) Poor Because of Money. Utrecht: Strohalm Foundation. [http://www.ces.org.za/docs/Poor_Because_of_Money.pdf]

Boyle, David (1999) Funny Money. In Search of Alternative Cash. London: Harper Collins Publishers

Brown, Ellen H. (2008) Web of Debt: The Shocking Truth About our Money System and How We Can Break Free. Third Millennium Press

Cahn, Edgar S. & J. Rowe (1992) Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time into Personal Security and Community Renewal. Rodale Press

Cahn, Edgar S. (2000) No More Throw Away People. The Co-Production Imperative. Essential Books Ltd. 2nd Edition

Douthwaite, Richard J. (1992) The Growth Illusion. How Economic Growth Has Enriched the Few, Impoverished the Many and Endangered the Planet. Dublin: The Lilliput Press Ltd.

Douthwaite, Richard J. (1996) Short Circuit; Strengthening Local Economies for Security in an Unstable World. Totnes: Green Books

Douthwaite, Richard J. (1999) The Ecology of Money. Devon: Green Books

Douthwaite, Richard J. & Dan Wagman (1999) Barataria. A Community Exchange Network for the Third System. Utrecht: Strohalm.

Fisher, Irving & Hans R.L. Cohrssen (1933) Stamp Scrip. New York: Adelphi Company Publishers. [http://userpage.fu-berlin.de/roehrigw/fisher/]

Gesell, Silvio (1992) Het Wondereiland Barataria (translated by Juan Acratillo (1922) Der Wunderinsel Barataria). Utrecht: Strohalm (In Dutch)

Gesell, Silvio (2009) Das Wunderinsel Barataria. (translated from Spanish by Klaus Rosenfeld) Freiheitswerk (In German) [http://www.freiheitswerk.de/media/in...issue/page.pdf]

Gesell, Silvio (1918 3rd edition.) The Natural Economic Order (translation by Philip Pye, 1958). London: Peter Owen Ltd. [http://wikilivres.info/wiki/The_Natu...Economic_Order]

Greco, Thomas H. Jr. (2009) The End of Money and the Future of Civilization. White River Junction, VT: Chelsea Green Publishing.

Greco, Thomas H. Jr. (2001) Money. Understanding and Creating Alternatives to Legal Tender. White River Junction, VT: Chelsea Green Publishing.

Hoogendijk, Willem (1993) Economie Ondersteboven. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Hoogendijk, Willem (1994) De Grote Ommekeer. Utrecht: Uitgeverij Jan van Arkel (In Dutch)

Kennedy, Margrit (1995) Interest and Inflation Free Money: Creating an Exchange Medium That Works for Everybody and Protects the Earth. Permakultur Publikationen.

Kennedy, Margrit & Bernard. A. Lietaer (2004) Regionalwährungen; Neue Wege zu Nachhaltigem Wohlstand. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A. (1999) The Future of Money: Creating New Wealth, Work and a Wiser World. Post Falls: Century Publishers.

Lietaer, Bernard A. (2000) Mysterium Geld. Emotionale Bedeutung und Wirkungsweise eines Tabus. Munchen: Riemann Verlag. (In German)

Lietaer, Bernard A., Sylvia Schneider & Joachim Knappe (2001) Die Welt des Geldes. Das Aufklärungsbuch. Arena. (In German)

Lietaer, Bernard A. (Forthcoming) Of Human Wealth. New Money for a New World. Citerra Press.

North, Peter (2010) Local Money. How to Make it Happen in Your Community. Devon: GreenBooks

Studer, Tobias (1998) Wir und unserer Volkswirtschaft. Basel: WIR. (Translated from the German by Philip H. Beard, 2006 ‘Wir and the Swiss National Economy’ Rohnert Park: Sanoma State University). (Partly available: [http://www.atcoop.com/WIR_and_the_Sw...al_Economy.pdf])

== Articles ==

Adams, William Lee (2009) Bartering: Have Hotel, Need Haircut. Time, Monday November 2nd, 2009. [http://www.time.com/time/magazine/ar...rss-topstories]

Aldridge, T.J. & A. Patterson (2002) ‘LETS get Real: Constraints on the Development of Local Exchange Trading Schemes’, Area, 34 (4): 370-381

Birch, Toby (2008) The Guernsey Experiment. Available: [http://goldnews.bullionvault.com/gue...dard_051920083]

Champ, Bruce (2009) ‘Stamp Scrip: Money People Paid To Use’, Community Currency Magazine, 2009 (May): 35-38. [http://en.calameo.com/read/ 00006789735e5fb0483a3]

Defila, Heidi (1994) ‘60 Years of the WIR Economic Circle Cooperative. Origins and Ideology of the Wirtschaftsring’. Wir Magazine, September 1994. (Translated from the German by Thomas Greco). [http://projects.exeter.ac.uk/RDavies/arian/wir.html]

Gelleri, Christian (2009) ‘Chiemgauer Regiomoney: Theory and Practice of a Local Currency’, International Journal of Community Currency Research, 13: 61-75. [http://www.uea.ac.uk/env/ijccr/pdfs/...-75Gelleri.pdf]

Hilten, Rob Van. (2009) Commercial Credit Circuit Reader. Utrecht Social Trade Organization. (In Dutch)

Hilten, Rob Van (2009) “Commercial Credit Circuit” om het MKB Bedrijfsleven te Stimuleren. Utrecht: Social Trade Organization. (In Dutch)

Lietaer, Bernard A. (2004) ‘Complementary Currencies in Japan Today: History, Originality and Relevance’, International Journal of Community Currency Research, 8 (1): 1-23. [http://www.uea.ac.uk/env/ijccr/pdfs/IJCCR %20vol%208%20(2004)%201%20Lietaer.pdf]

Lietaer, Bernard A. (2008) The Banking Crisis: What Can Business Do Now? [http://www.lietaer.com/images/B2B_currency_1.pdf]

Moore, Tristana (06-02-2007) ‘Germans Take Pride in Local Money’. BBC News. [http://news.bbc.co.uk/2/hi/europe/6333063.stm]

Seyfang, Gill (2002) ‘Tackling Social Exclusion with Community Currencies; Learning from LETS to Time Banks’. International Journal of Community Currency Research, 6 (3): 1-11

Seyfang, Gill (2004) Bartering for a Better Future. Community Currencies and Sustainable Consumption. Working paper of the Research Centre for Social and Economic Research on the Global Environment (CSERGE). Norwich: University of East Anglia press. [http://www.uea.ac.uk/env/cserge/pub/wp/edm/ edm_2004_10.pdf]

Seyfang, Gill (2004) ‘Time on Our Side. Time Banks and Active Citizenship’. IPPR New Economy, 9 (4): 242-247

Seyfang, Gill (2004) ‘Time Banks: Rewarding Community Self-help in the Innercity?’, Community Development Journal, 39 (1): 62-71

Stodder, James P. (1998) ‘Corporate Barter and Macroeconomic Stabilization’. International Journal of Community Currency Research, 2 (2)

Stodder, James P. (2005) Reciprocal Exchange Networks. Implications for Macroeconomic Stability. WirPlus Magazine, October 2000

Stodder, James P. (2007) Residual Barter Networks and Macro-Economic Stability; Switzerland’s Wirtschaftsring. [http://www.lietaer.com/images/Stodde..._paper2009.pdf]

Valentini, Ezio (2000) Switzerland’s WIR System and Barter Worldwide. [http://www.appropriate-economics.org/materials/ wir_and_barter.pdf]

== Websites ==

== Other ==

Complementary Currencies/BoK EN - Literature

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Complementary Currencies/BoK EN - Relevant Players and Experts

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== Global ==

Arkel, Henk Van – Director at STRO. Initiator of C3 networks in Southern America and author of several books on new economics.

Cahn, Edgar – Initiator and inventor of Time-Dollars in the USA. Also author of several books on CC

Croft, John – Consultant in ecology and sustainable community economic development. Co-Founder of the Gaia Foundation Western-Australia. Previously project officer at the Australian Department of Local Government and Regional Development.

DeMeulenare, Stephen – Initiator of a complementary currency in Bali. Also administrator of www.complementarycurrency.org [http://www.complementarycurrency.org] and www.appropriate-economics.org [http://www.appropriate-economics.org]. Former employee of STRO.

Gatch, Loren – US Professor in the Political Sciences and Political Economy at University of Central Oklahoma. Specialist on Local Currencies .

Greco, Thomas – American Professor of Business and Director of the Community Information Resource Center. Expert on banking, finance, money and community currencies. Author of several books on CC. Involved in establishing ‘Tucson Traders’. Initiator of www.reinventingmoney.com

Lietaer, Bernard A. – Professor and former Director at the Central Bank of Belgium, co-responsible for the development of the ECU and proponent of complementary currencies. Initiator of http://muntuit.eu [http://muntuit.eu]

Linton, Michael – Inventor and Initiator of the Comox Valley Local Exchange Trading System, the predecessor of all LETS worldwide. Inventor of the Community Way currency cycle and initiator of an open-source currency.

Primavera, Heloisa Helena – Co-Founder of the Red Global de Trueque (Global Exchange Network); a mutual credit complementary currency in Latin America and Argentine in particular.

Ramada, Camilo – C3 product manager of Brazil (Compras) and Uruguay. Author and co-author on complementary currencies.

Stodder, James – Professor at Rensselaer Polytechnic Institute. Known for his research on the effects of the WIR on the Swiss economy.

Wallach, David –IRTA President of Global Board of Directors.

Whitney, Ron – IRTA Executive director

Witt, Susan – Interim Executive Director of New Economics Institute. Former Executive Director of the E.F. Schumacher Society. Co-Founder of Berkshares,
Massachusetts.

== Europe ==

Boyle, David – British Journalist and author on economics, business, environment and complementary currencies in particular.

Booth, Becky – Director of SPICE program in the UK.

Douthwaite, Richard – Journalist and author of several books on complementary currencies and new sustainable economics. Initiator of the Foundation for the Economics of Sustainability (Feasta) in Ireland.

Dyson, Tris – Executive Director of SPICE; a Time Bank initiative in the UK.

Gelleri, Christian – Initiator of Chiemgauer (Regiogeld) in Prien, Germany together with six of his students.

Godschalk, Dr. Hugo – Consultant in the area of cashless payment systems. Proponent and author on complementary currencies and alternative economics. Co-founder of MonNetA (Money Network Alliance); a network assisting in the development and implementation of complementary currencies.

Kennedy, Margrit – Author of several books on complementary currencies and new economics, and involved in establishing Regiogeld in Germany. Co-founder of MonNetA.

North, Peter – UK Scientist at Liverpool University and writer of a book on Transition Currencies

Rogers, John – UK Expert and trainer/consultant on implementing
complementary currencies.

Ryan-Collins, Josh – Researcher on monetary reform and complementary currencies at the New Economics Foundation (NEF); a think-and-do tank in the field of sustainable economics. Ryan Collins was founding member of the Brixton Pound and is currently Ph.D. candidate at CSERGE; Center for Social and Economic Research on the Global Environment.

Schröder, Rolf F.H. - German expert on German complementary currencies. Editor and administrator of www.cc-literature.org [http://www.cc-literature.org].

Seyfang, Dr. Gill – Senior research associate in CSERGE, University of East Anglia, Norwich. Studying community currencies, sustainable local development, microfinance and the social economy.

Smets, Walther – Founder of the RES; a commercial barter in Belgium.

Szabo, Dorottya – IRTA President Europe. Also president of barter Hungary.

== The Netherlands ==

Adriaanse, Sjaak – Initiator of www.complementaire-economie.startpagina.nl [http://www.complementaire-economie.startpagina.nl]; providing an overview of information and initiatives available on monetary economics and complementary currencies in particular. Secretary of Stichting CENt.

Boele, Erik – Innovator at New Tribes civil society projects aimed at social sustainability, volunteering, care provision and time banking in the care sector in particular. Initiator of zorgruil.ning.com [http://www.zorgruil.ning.com].

Hilten, Rob Van – Initiator of Qoin (Barter), Noppes (LETS), Amstelnet, Barataria, Nu-Spaarpas in the Netherlands, and affiliated to IRTA. Senior representative of STRO.

Kampers, Edgar – Initiator of Qoin, Noppes, Amstelnet, Barataria, Nu-Spaarpas in the Netherlands and senior representative of STRO.

Migchels, Anthony – Initiator of the ‘Gelre Handelsnetwerken’; a regiogeld program in the Dutch province of Gelderland. Supervisory board of Stichting CENt.

Riele, Harry te– Independent consultant in the field of sustainability, innovation, monetary economics and social currencies. Project manager at Dutch Institute for Transitions (DRIFT), Erasmus University Rotterdam.

Steenbergen, Martien Van – Trainer, consultant and initiator of www.aardnoot.nl [http://www.aardnoot.nl] (a Wiki on complementary currencies and monetary economics).