Money of the Commons

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Characteristics

Giorgio Griziotti and Carlo Vercellone:

"A money of the common should takes into account three essential elements, hardwired into its algorithms and its implementation:

· The impossibility to accumulate and thus impeding it from becoming the object of speculation. Consequently, it must lose some of its value over time. It would therefore be a currency that melts down, a “demurrage charged money”.

· Mitigating workers’ dependency on the economic restrictions that force them to sell their labor power and therefore wage relations themselves; thus reducing precarity.

· Allowing, on these premises, for more free time and resources for developing alternative forms of cooperation based on the common pooling of knowledge, production and, in any case, on exchange networks that exclude the logic of profit. Participation in networks where a currency of the common circulates implies adhering to these principles, whether participants are individuals, businesses or institutional subjects, as in the case of certain alternative currency models experimented with on a local level." (http://quaderni.sanprecario.info/2014/06/biorank-vs-commoncoin-algorithms-and-crypto-currencies-in-the-bios-of-cognitive-capitalism-di-giorgio-griziotti-and-carlo-vercellone/)


More Information

Andrea Fumagalli: