Abstract
This article describes how regional currencies can help improve livelihoods in two key ways. Firstly, they can help promote decentralisation and strengthen the local economy. Secondly, if based on Silvio Gesell’s concept of free money, they can, in the long run, contribute to a more sustainable development. This second aspect is more difficult to understand. Accordingly, the article explains the problems inherent in our economic system—which is based on a banking system in which money supply and debt develop synchronously—problems that are not well understood in economic science. Since regional currency initiatives do not depend on the support of governmental institutions, the article aims to encourage private individuals and businesses to implement regional money, and in this way support a decentralised and sustainable development.
This article was presented at the “International Conference on Smarter Cities”, held in Manila on 14–15 November 2013, organised by the University of Philippines (Faculty SURP).
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Notes
- 1.
Especially in the first years after the start of the industrial activities of the plant in 2004 there were recorded severe damages to the ecosystem and ecosystem services, especially a significant decrease in the population of swans (Escaida et al. 2014).
- 2.
These terms are often used synonymously (including in this article). However, some authors try to distinguish between regional and complementary currencies (Kennedy et al. 2012) or divide complementary currencies based on their nature and purpose in territorial, community and economic currencies (Blanc 2011).
- 3.
- 4.
The last big financial crises began in: 1857, 1929, 2008.
- 5.
The calculation presumes a fixed gold price. It is worth mentioning that Jesus most probably would not have deposited money in a bank account that yields interest since the Bible, as well as many other religions prohibits charging interest (cf. Holy Bible: Exodus 22, 25; Leviticus 25, 36–37; Ezekiel 18, 13; Psalm 15, 5; Proverbs 28, 8; Luke 6, 35; also Quran: 2.275).
- 6.
M1: Cash (bills and coins) and deposits in checking accounts; M2: M1 + all time-related deposits, saving deposits, non-institutional money market funds; M3: M1 + M2 + large and long-term deposits (2 years), institutional money market funds, repurchase agreements, along with other larger liquid assets.
- 7.
- 8.
This seems to be true not only for productive economies but also for any renewable natural resource exploited by man. For this reason, it has been pointed out that in the long run any natural resource that reproduces itself more slowly than the interest rate is a candidate for extinction (Daly and Farley 2004).
- 9.
- 10.
- 11.
Already Karl Marx (1911) had recognised that capitalism is self-destructive. It seems that Marx did not, however, recognise that this is due to the (interest-based) financial system.
- 12.
It should be pointed out that this is actually contrary to what Nikolai Kondratieff originally had proposed. Kondratieff was convinced that the long economic waves are not triggered by technological innovations; instead, according to his interpretation innovations in science and technology were rather triggered by economic cycles (Kondratieff 1926).
- 13.
In this context, it is interesting to note that in Edinburgh there exists a renowned university named after James Watt and his financier George Heriot: the Heriot-Watt University. Given the order in which their names appear in the name of the university, we can suspect that the financier of James Watt is deemed to be more important than Watt himself.
- 14.
- 15.
With regard to this point, it is particularly interesting to note that, according to a recently published study by the Cologne Institute for Economic Research, as the interest on deposits approaches the zero percent mark, inequality in Germany is growing at a slower pace (Handelsblatt 2015).
- 16.
In this vein one might argue that those who hold that money should actually be grateful to those who are indebted, for money is created by debt.
- 17.
If the governments really managed to save enough to pay off a large portion of their debts, then it would necessarily be the people who are indebted. This phenomenon is found in those (few) countries where the national debt is low, e.g. Chile. Thanks to its income from copper mining, Chile managed to almost completely dissolve its net national debt (BCCh 2012b). Instead of the State, now the majority of the population finds itself in or close to the debt trap. This is because in our financial system someone has to be indebted. Therefore, in Chile banks are so desperate to grant loans that they offer incentives to department stores for selling credit, which is why rebates in Chile in most cases are only granted if the buyer pays with a credit card or signs a loan contract (Fuders and Max-Neef 2012, 2014a; Fuders and Belloy 2013).
- 18.
This is probably based on the wildly accepted recommendation of Irving Fisher to reflate if the risk of debt deflation occurs (Fisher 1933a). According to this theory, deflation is caused by over-indebtedness. Irving Fisher’s debt-deflation theory is a good example of how the problem inherent in our financial system is misunderstood. Debt is not the cause of deflation but rather a symptom of our financial system, where money is created by debt. Deposits grow by interest independently of the performance of real economy, which is why total debt also grows independently of the performance of the real economy, since there is no interest payment without debt. Money supply therefore inflates until the system collapses. If the financial system collapses people start hoarding money at home (instead of bringing it to the bank, which would then loan it out), so it does not serve as a medium to facilitate the exchange of goods anymore and deflation prevails. In our financial system we see either inflation or deflation. Stable money does not exist (Fuders et al. 2013). The fact that inflation is not always seen as a problem and appears relatively moderate is due to the fact that inflation is measured solely by the prices of consumer goods, while households are likely to invest surpluses in stock or real estate markets, where we do see steadily rising prices. This effect, which could be called the “inflation-deflation paradox”, is probably a major reason why the underlying problems of our banking system have not been recognised by economists (with further references Fuders 2011; Azkarraga et al. 2011; Fuders and Belloy 2013; Fuders et al. 2013; Fuders and Max-Neef 2014a).
- 19.
At the Bretton Woods conference he proposed an international currency of this kind called Bancor (Keynes 1980).
- 20.
Banks might, however, charge a commission fee.
- 21.
It is estimated that in Spain right now there are 70 social money initiatives (Albor 2013).
- 22.
- 23.
Some time-based currencies value participants’ contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. Other systems, such as Ithaca Hours, let physicians and dentists charge more “hours” per hour (Wikipedia 2014d).
- 24.
The owner of a Swiss private bank, Karl Reichmuth, asked me this question. He is co-author of the book: “Der RealUnit” (Reichmuth and Reichmuth 2001).
- 25.
The daily values of the UF since 1990 can be downloaded from the website of Chile’s tax authority. See: http://www.sii.cl/pagina/valores/uf/uf2012.htm.
- 26.
A steady-state economy is “an economy with constant stocks of people and artifacts, maintained at some desired, sufficient levels by low rates of maintenance ‘throughput’, that is, by the lowest feasible flows of matter and energy from the first stage of production (…) to the last stage of consumption (…)” (Daly 1991).
- 27.
Economists speak of “market failure” if markets do not lead to the positive outcomes for society that economic theory attributes to free market competition.
- 28.
This is no small sum. It was shown that prices compound 30–50 % due to interest (with further references Kennedy 1990).
- 29.
Human needs in the Human-Scale-Development-Concept are seen as ontological, i.e. stemming from the condition of being human and can be characterised as few, finite, classifiable and do not vary through all human cultures and across historical time periods in contrast to the notion of what economics define as “wants”, which are infinite and insatiable. What do change over time and between cultures are the strategies by which these needs are satisfied. On the concept of a Human Scale Development see: Max-Neef et al. (1991).
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Fuders, F. (2016). Smarter Money for Smarter Cities: How Regional Currencies Can Help to Promote a Decentralised and Sustainable Regional Development. In: Dick, E., Gaesing, K., Inkoom, D., Kausel, T. (eds) Decentralisation and Regional Development. Springer Geography. Springer, Cham. https://doi.org/10.1007/978-3-319-29367-7_9
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