Money and the Ecological Turn
- Article: Blanc, J. Money and the ecological turn: lessons from alternative currencies. Sustain Sci (2024). doi
URL = https://link.springer.com/article/10.1007/s11625-024-01465-x
Abstract
"Our current monetary system displays major flaws as to whether it can support the ecological turn. This article stylises them as bank credit, a-territoriality and non-specialisation of money, and commensurability. Yet, the variety of experiences of alternative currencies displays remarkable features like territorialisation, socio-economic specialisation of money, a practical criticism of commensurability, and non-bank funding and financing schemes."
Typology
Summary from ChatGPT:
"Jérôme Blanc's work on alternative currencies highlights seven distinct groups that reflect diverse goals and operational mechanisms. These are largely aimed at addressing economic and ecological challenges by decentralizing and diversifying monetary systems. The seven groups include:
- Local Exchange Trading Systems (LETS): These are mutual credit systems that allow members of a community to trade goods and services without using national currencies, fostering local economies.
- Time Banks: A system where participants exchange services based on time worked, rather than money. This focuses on valuing time and labor equally among members, promoting community solidarity.
- Voucher-Based Systems: These currencies are often issued by local governments or businesses and are used to promote local spending and support regional economic ecosystems.
- Cryptocurrencies and Digital Currencies: Including Bitcoin and others, these operate globally but often promote decentralization and alternative financial structures that challenge traditional banking systems.
- Community Currencies for Ecological Purposes: These are designed to support ecological initiatives, linking monetary systems directly to environmental sustainability, for instance, carbon credits or biodiversity-related currencies.
- Local Currencies with a Socioeconomic Goal: These currencies aim to empower marginalized communities or encourage local economic resilience by circulating within specific geographic areas.
- Complementary Currencies for Specific Sectors: These are designed to be used in specific industries, such as education or health care, supporting targeted sectors of the economy.
Each of these groups reflects an effort to reimagine the role of money in supporting social and environmental objectives, fostering sustainability, and promoting localized economies over global financial systems."