The Case against Alternative Currencies

Larue, Louis,1989Gothenburg University,Göteborgs universitet,Institutionen för filosofi, lingvistik och vetenskapsteori,Department of Philosophy, Linguistics and Theory of Science (author)

Local Currencies, Local Exchange Trading Systems, and Time Banks are all part of a new social movement that aims to restrict money´s purchasing power within a certain geographic area, or within a certain community. According to their proponents, these restrictions may help to build sustainable local economies, to support local businesses and to create “warmer” social relations. This article inquires whether the overall enthusiasm that surrounds alternative currencies is justified. It argues that the potential benefits of these currencies are not sufficient to justify the restrictions they impose on money’s purchasing power. Turning these currencies into effective channels of change, by increasing their scope and their strength, could severely hinder the pursuit of social justice, in a way that is probably not even necessary for achieving their objectives. The paper concludes that large-scale limitations of money’s purchasing power are, therefore, undesirable.

Göteborgs universitetInstitutionen för filosofi, lingvistik och vetenskapsteori (creator_code:org_t)

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