Guarantee Society: Difference between revisions
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Proposal for partnership based business governance by Chris Cook of [[Open Capital]]. | Proposal for partnership based business governance by Chris Cook of [[Open Capital]]. | ||
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Revision as of 12:44, 17 February 2009
Proposal for partnership based business governance by Chris Cook of Open Capital.
Description
Chris Cook:
"This is a mutual guarantee framework for bilateral "Peer to Peer" trade credit. This credit is interest-free, but not cost free, in that a provision is made to cover system and service provider costs (provided by a service provider formerly known as a Bank), and also an amount is paid into a "Default Fund".
Settlement of trade credit may be made by the trade buyer in either money or also - with the sellers' consent - in "money's worth" ie barter. If the buyer defaults, the default fund pays and collects from the buyer - if possible - in money or money's worth.
The outcome is essentially dis-intermediated and "Not for Loss" banking where the bank no longer puts its capital at risk by creating credit based upon it, but instead acts purely as a service provider. There is also an element of community currency there." (http://www.socialedge.org/discussions/funding/new-model-for-angel-investment/document_view)