Since most events were cancelled in March 2020, very few have been scheduled, most online. We hope this situation will change soon.
If you know of an event related to our topics that should appear here, let us know.

Since most events were cancelled in March 2020, very few have been scheduled, most online. We hope this situation will change soon.
If you know of an event related to our topics that should appear here, let us know.

 

The Sardex currency initiative was launched in response to the economic decline that affected the island of Sardinia, Italy, in the aftermath of the financial crises.1 In 2010 four young entrepreneurs with little background and experience in finance or business launched the initiative as a limited liability company (Sardex s.r.l.) to leverage collaboration and network effects for the benefit of small and medium sized enterprises (SMEs) on the island2⁠. The Sardex took inspiration from other complementary currency initiatives and its creators actively participated in the business-to-business trade sector3, and were also amongst the few business orientated currency initiatives well received in the community currency research community4⁠. After years of increased investment and fast growth, which even placed the company amongst the Financial Times “Europe 1000” in the year 20175⁠, Sardex became a joint-stock company (Sardex Spa) in 2016 with over 50 employees6⁠.

Objectives

The primary aim of the initiative was to provide employment opportunities within the local economy of Sardinia by supporting local businesses, and to create a viable company in itself7⁠. Secondary goals in support of this objective are around the creation of a collaborative economy as an alternative to the dominant competitive market ideology8⁠ by connecting and supporting local economic actors9⁠. This was to be facilitated independently from the availability of conventional financial services and liquidity with a monetary tool, the Sardex currency, that is built on trust and enhances the economy as well as social sustainability10⁠.

How does it work

Participation in the Sardex network provides businesses with a credit line in complementary currency that can be used to purchase goods and services within the network. The credits are denominated in Euro but cannot be exchanged for Euro or bought with Euro 11⁠⁠. Transactions are executed via an online banking site  12 or a mobile phone application that also produces account statements or functions as a point-of-sale payment station that identifies payer and payee through the use of QR-codes and the mobile phone’s camera 13⁠. For offline payments, a cheque book is provided to record and submit payments to be executed at a later point. For taxation and accounting purposes, all income in Sardex is declared as equivalent to income in Euro. By 2017 the transaction volume of Sardex had surpassed 212 million units worth the equivalent value in Euro 14⁠.

To facilitate trade between members, the website provides a company register and promotional advertisement-section for special offers. In addition, a brokerage service is offered from the company’s main office in Serraman in southern Sardinia. They provides an orientation during the individual onboarding process for new members and assistance in sourcing and selling goods and services within the network15. Other promotional tools include printed brochures, flyers, a kitemark sticker that identifies businesses accepting Sardex for payment (see picture above) and a regular newsletter that introduces new members and offers to the network. In addition to that, Sardex hosts networking events and tradefairs to bring members into contact and promote participation16⁠.

Organisation and Network

Users of the Sardex network are all located on the island of Sardinia, so no outside entities can open accounts in the system. The initiative differentiates between individual traders, SMEs, large companies and third and public sector entities17⁠. Across these constituencies over 3800 member accounts were registered in 2017 18⁠. Sardex also allows individuals to hold accounts and make payments in Sardex, but does not grant credit lines to those. These accounts need to be credited as part of the salary for business member employees or as a profit share for individual traders. In 2017 over 2300 individual accounts were registered in the network.

On its website, a number or partner organisations are named, many of those being funders and investors of the different stages of the company’s development19⁠. The European Commission is listed amongst them as Sardex had been a partner in a research and development consortium of the EU co-financed Digipay4Growth project20⁠. The regional government of Sardinia was another partner in this project, further establishing the joint development options of both organisations. The international partners in the consortium included local authorities and currency initiatives from the UK, Austria, Spain and the Netherlands which provided Sardex with opportunities for knowledge transfer and joint learning across different currency models and implementations21. Sardex is also a member of the International Reciprocal Trade Association (IRTA)22, a body representing over 100 business-to-business currency companies predominantly in the USA 23⁠.

On the national level, Sardex has set up currency initiatives in eleven of the regions in mainland Italy (Sardex, no date f)⁠. The currency initiatives are collaboratively launched and co-owned between the Sardex Spa and local partners. These affiliate systems build on the technology and intellectual property developed for the Sardinian system and adhere to the same ethical codes24. Trade between members across the whole national network is possible and if this use of the currency grows, future analyses of the Sardex currency initiative as an activity system could become more relevant on the scale of the whole group rather than the regional network.

The Sardex initiative benefited from close collaboration with academic researchers, like Paolo Dini (LSE) and Laura Sartori (Universita di Bologna) cited above, and the media25⁠⁠. Due to its success and growth in the first 7 years of its existence and its innovative approach to alleviating the economic repercussions from the financial crisis, the initiative has had a large appeal to the national and international media including the financial press and financial and innovation awards26⁠.

The initiative also lists Banca Etica amongst their partner organisations. This bank is the only commercial bank in Italy fully dedicated to ethical investment27⁠ and has entered an agreement to provide Sardex members with preferential conditions on its banking services28⁠. Since Sardex credit cannot be exchanged or bought for Euro, other banking entities are not within the immediate community structure of the initiative. Due to this, financial regulators do not play an active role in the Sardex activity system either. Currencies that cannot be exchanged for conventional money with the issuer fall under the technical category of ‘closed loop payment systems’ and are generally “unregulated” in countries of the EU and the USA29⁠. The units traded are deemed to be neither ‘money’ nor a ‘security’ by financial regulators and the operators of the initiatives are not seen as issuers but third party record keepers devolving the liabilities and obligations for use of the systems, for example for tax reporting, to participating businesses30⁠.

The technical details

The monetary rules in Sardex reflect the issuance mechanism known as “mutual credit” in the complementary currency literature31. Users start with a zero balance on their accounts but are granted a credit limit to which they can go into a negative balance on their account, akin to the overdraft facilities on conventional bank accounts, but without any interest charged on negative balances. When they make a purchase with Sardex, their account is debited by the amount of the purchase. Conversely, when they make a sale, their account is credited. As transactions always involve two member accounts, one that is credited and one that is debited by an equal amount, the sum total of all balances is always zero. There is no central account of the operator of the system that is involved in the currency issuance or transactions. In this model, the aspect of issuance that is described above as determining the maximum amount of currency in circulation thus becomes a function of the aggregate credit limits set for all user accounts.

Sardex does not publish the individual or aggregate credit limits that it grants businesses in the network32, but several general rules to determine those have been published in articles co-authored by the founders of the system: Credit limits are determined on an individual basis when a new member joins the network and roughly at 1% of the member’s annual turnover. Unlike other mutual credit systems, Sardex also operates with a maximum limit for positive balances, which is about 10% of the member’s turnover33⁠⁠. On its website, Sardex introduces a “golden rule” for trades within a network that members are expected to observe: only to spend as many units in Sardex as they foresee to earn back in a given period34⁠. As there are no interest payments on positive balances, refraining from spending does not provide any benefits for the members. On the other hand, if a negative account balance is not recouped within 12 month, this can incur penalty payments in Euro35 and members failing to comply with these rules can be taken to court36⁠.

These rules encourage members to keep their trading activity up and their accounts balanced which in turn makes the ‘velocity’ of the currency, an econometric expression for the ratio between transactions volume and the total amount of positive balances, significantly higher than that of conventional currency (1.5 in Euro vs 11.56 in Sardex in 2016)37. Individual members, who are only permitted to join as employees or associates of an existing business member or governmental agencies, are not given a credit limit and need to earn a balance through sales or as part of their salary before they can spend38⁠.

As the Sardex currency is nominally equivalent or ‘pegged’ to the Euro, prices do not have to be changed for sales within the network, however, special discounts and offers are common. Purchases of a value greater than 1,000 Euro can be paid part in Sardex and part in Euro. VAT and other taxes are due to the full equivalent value in Euro, which is another reason why a business is limited in its acceptance of Sardex as it requires revenue in Euro to fulfill its tax obligations39.

In regards to rules pertaining to the governance of the initiative and management of the network, a particular set of espoused values stands out. They include transparency, cooperation, mutuality and trust40. Some of those seem to be in conflict with the nature of a for-profit company. For example, not publishing the membership terms and conditions and the heuristics for setting credit limits contrasts with transparency and symmetric information. However, the ownership composition of the company is disclosed in the press-kit on the Sardex website, where also a comprehensive “Code of Ethics” can be found41⁠. This sets out the principles of internal processes and stakeholder relationships and can serve as a touchstone for the self-description of the company as a “social enterprise”42⁠⁠.

 

(This article was re-published from the PhD thesis of Dr. Leander Bindewald, Lancaster University 2018)

 

More information and updates about Sardex on their website: www.sardex.net

 

I gave this article that title on submitting it, on May 5, 2020 – 20 days before the police killing of George Floyd in Minneapolis, and the subsequent steps to both revolution and violent crackdown. I can no longer say something that light, but I can say that current circumstances make it all the more painfully obvious that the end of this globalized racial capitalist world is long past due. And that deserves its own treatise, which will not be found here today.

I first left this article needing one big last rework when the COVID pandemic became visible in my part of the world [USA]. Feeling it had been made obsolete along with the rest of the old world, I moved on and into using what I’ve learned, and more importantly connecting with who I’ve met, in the world of cooperative economics, in order to take this moment to transform the world into what we’ve been dreaming all along.

In my article I wrote about the many people, including lots I failed to name — especially women, and indigenous people, and immigrant communities, and “poor” families, and squats, and tent communities, and black communities, and indigenous land rights organizers, and on and on — who have been enacting the “new” economy all along, at their peril, invisiblized and subjugated by the form of patriarchal extractive exploitative capitalism most of us mistakenly refer to as “the economy.”

I refer to many “failed” experiments in complementary currencies, and many efforts that continue to ebb and flow, like our own timebank here in Madison Wisconsin, and ones that turn into plain old relationships where people help each other out, and ones that get eaten by the non-profit industrial complex. I finally came to the conclusion that the efforts that embrace what’s known as “emergent strategy” – working with their communities, expressly building relationships and tapping into group process and collective intelligence, honoring the wisdom of each participant, aiming for diversity of perspectives, adopting clearly communicated values systems, explicitly aiming to redress wrongs and create solutions that work for everyone – are the ones that continue to live and thrive.

And now, these are some of the ones springing into action to support people in time of COVID-19. Some are providing infrastructure and guidance for new mutual aid networks, some are able to tap into membership where ready networks of people already know how to help each other out in an organized way. All the nutrients of all the various projects in different stages of birth, life, death, decomposition, are beginning to come together now to create systems that can relieve some of the suffering from the crisis, then help mitigate the damage, carry out transformative work, and usher in a lasting economic transformation.

And then, before the final edits were made, the world completely changed again with the 5/25 police killing of George Floyd. All showing even more starkly the dynamics covered here, and opening of new possibilities — beautiful as well as horrific— that were  virtually unfathomable before.

Like the solutionary work I refer to below, it is all emergent, and you’re invited to participate.

But first, here is what I wrote back in February 2020…

Sometime in 1995 my spouse and I, then two 20-something spanking new owners of a little neighborhood coffeehouse, stumbled on a tiny magazine piece on the Ithaca HOURs currency. We were floored by this great idea that you could create your own local money. Amazing, and so clearly needed! We joined up with a local group to make and launch our own local currency, Madison HOURs, to a lot of excitement and fanfare.

Then we spent 20 years dragging the thing behind us like a dead elephant — finally, joyfully laying it to rest with much relief in 2012.

That was my introduction to the world of complementary currency, a world in which I’ve continued to operate precisely because I don’t want people to make the same mistake we did.

That mistake was in starting with an answer to a question nobody was asking.

With all its tremendous flaws, the dominant capitalist economy IS built for business, even when it’s disadvantaging locals through its economies of scale. The market economy has not been crying out for an additional way to accept payment, especially not one that requires an extra drawer in your till, extra training for your staff, and fewer ways to spend it.

What our world IS crying out for is ways to encourage, value, and reward care. For ways to make sure our vulnerable and sick neighbors get what they need, ways to facilitate equitable distribution of resources among people especially including those who have been shut out of today’s dominant economy (black, brown, old, young, immigrant, differently abled, neuro-atypical, ‘unattractive’, lots of women, lots of men, lots of LGBTQ folks, the list goes on…). Our world is crying out for an economy that doesn’t create a fake battle of ‘jobs v. environment’ battle, an economy not built on slavery, stolen land, and a prison industrial complex. We need an economy that doesn’t steal people’s time and life energy in exchange for very basic access to very basic needs (still hard to obtain for many in the US even at full- or more than full-time employment). Our world is crying out for an economy that’s not built on eating and excreting said world.

A local currency provides a friendlier way to do business and is an excellent learning opportunity – but it does not provide the regenerative economy the world needs. However, principles of it can be a key player in the ecosystem that DOES provide that economy.

That’s the understanding that underlies my current work with Mutual Aid Networks, and the global cooperative network we’ve formed, HUMANs (Humans United in Mutual Aid Networks).

My work in mutual aid began in earnest about 10 years into the Madison HOURs experiment, when I read Bernard Lietaer’s “The Future of Money”. I was completely convinced by his description of a robust currency ecosystem, where different forms of currency are used to facilitate different types of exchange.

The perspective I gained from that book drove me to start the Dane County TimeBank, a mutual credit exchange where members exchange time instead of money, where everyone’s time is valued equally and no monetary value is attached to time. This showed me how elegant, powerful, and transformational – both on an individual and a community level – this form of equal exchange and mutuality could be.

I also saw that, like nearly every other community effort, in order to do timebanking we had to begin to play the non-profit game: applying for and reporting on funding from foundations and government sources, being dependent on their requirements, largesse, and shifts in direction. Plus, while timebanking is excellent for rewarding those infinitely abundant things like care, creativity, civic engagement, and community building, it is NOT built for business and shouldn’t mingle too much in that domain.

That’s why we started looking at how other solidarity economy tools fit into the picture, and developed our vision of the different ways of exchanging that fit together like a food chain in natural ecosystems. We realized that with a comprehensive approach to sharing, exchange, and ownership, we could much more meaningfully and systemically change how we approach work and compensation, and could more effectively change the economy by changing our own work lives and the work lives of people in our networks. We realized that, in combination, the various means of sharing and exchange already available to us could meet our needs pretty well.

To explore these ideas and also to build solidarity, the Mutual Aid Networks team (a rotating cast of collaborators since 2009) have been traveling around the US, parts of Canada, Europe and New Zealand, meeting people in person and learning about projects.

Especially in the US, but everywhere, we’ve found timebanks, local currencies, transition towns, and eco-villages that are struggling with scarcity and competition, working hard to facilitate sometimes vanishingly small amounts of participation, and burning out.

We know it’s time to put Mutual Aid tools to work for us, all who are struggling to show the world that they work, laboring away in our ‘free time’ while we work day jobs in the exploitation economy. Or working for free while the exploitation economy eats our future security (like savings or equity or familial goodwill).

In fact, a major theme throughout my solidarity economy work has been the sheer number of strong leaders and project stewards – by far a majority women – who are leading their respective projects without monetary compensation, or with sporadic and insufficient monetary compensation, or with giant strings attached to their funding.

At the same time there is the dawning of our collective consciousness that we already have what we need, have always had it, and it’s the invisibilization of that awareness that is the crux of the problem. And that we’re at the heart of the problem by defining our success and ourselves in the old capitalist paradigm, by capitalist measures. We complementary currency activists say we know these models can provide a solution, yet most of us use them marginally at best. We say we have what we need yet we don’t employ these tools to support our own efforts. Instead, you’ll find many complementary currency activists mired in endless funding pitches, competing with one another to be turned down for yet another big grant.

The complementary currencies in the US and elsewhere, almost to a one, are moribund to varying degrees – higher profile systems like Bay Bucks CA and Hudson Valley Current in NY make lovely public cases for local economies, while vanishingly small numbers engage in their exchange. From my vantage point, this is a reflection of my previous case that business already has plenty of exchange mechanisms at its disposal and the convenience costs don’t outweigh the benefits of another currency in their tills. Timebanks are faring somewhat better but tend to have very few exchanges recorded. This is also true for my own “very functional” timebank which has almost 3000 members signed up, of whom just about 100 record exchanges in any given year.

However, there is a magic in the timebank, and Madison HOURs before it, and every other limping or defunct cooperative economy experiment: it’s the dawning awareness that the economy is US, what we offer, what we share, what we receive, and that we’re free to enact it however we want. And once we have relationships with one another, and knowledge of each other’s gifts, we tend to choose to share and exchange with minimal paperwork and maximal joy.

We’re right that money is the problem. But at its heart, the problem is the central role that money has taken in human society, sucking in the rest of life like a black hole. So the solution must rest in removing it from that central space, and filling in the social vacuum around it.

When we start from that place, we make smarter choices about what economic tools to use and when. For example, we start using the formal timebank just to invite new community members and to find and build new services, but not to log transactions among people we’ve come to know. Many timebanks have begun to offer shared savings (of regular old bank money) once the need becomes apparent (LA’s Arroyo Seco Timebank is a great example), and those start with a community who already know one another and how to cooperate. And many timebanks morph into cooperative enterprise-generating organizations (e.g. in Lake County CA, or the Nuria Social in Catalonia) when the need becomes apparent and the community has built their organizing skills.

The local business-oriented complementary currency project “rCredits” morphed into a much simpler yet more powerful model, Common Good, that skips over the creation of a new currency, and combines cooperative saving-giving-lending, and a debit card. The complementary currency just wasn’t needed.

The common thread I’m witnessing is that people and projects who embrace (or at least roll with) change, unpredictability, fallow times, and emergent strategies are the ones who are flourishing.

When we recognize that defunct or barely-there currency and community projects aren’t “failures” after all, but nutrients for a more verdant garden, the picture shifts. Besides the examples in the previous paragraphs, we can point to many of our own partners who have recently obtained their own public spaces where ongoing in-person organizing, building, and emergent strategies can flourish – including our Mutual Aid pilot in Hull UK, our partners in BC-area Working Group on Indigenous Food Sovereignty, friends at STIR Magazine UK, and my own local Madison Mutual Aid Network and Dane County TimeBank. In addition, peer-to-peer support and learning opportunities are abounding:- Commons Transition, Shareable, People’s Hub, our own HUMANs network — and actively connecting formerly disconnected approaches and communities. We’re about to witness a whole new level of effectiveness, complexity, and, even more importantly, social justice and equity in our cooperative economic ecosystem.

At Mutual Aid Networks we’ve always had the ‘pave the cowpath’ philosophy – in other words, invite people to experiment freely, then document the commonly successful modalities and make them more replicable. You are invited.

Now that COVID has so clearly shown the world that the highways and byways of globalized capitalism lead us off the edge of a cliff, we can go fast in the other direction – toward creating enjoyable new livelihoods that provide clean food, water, and air, care, comfort, joy, security, and beauty. For everyone.

While we have the world’s attention, let’s show that mutual aid not only gets us through our crisis with less pain, it gets us a whole, healthy, beautiful world on the other side of it.

You can join us by offering and requesting stuff in the HUMANs global cooperative network, participate in one of our newly-hatching Common Funds, start or join projects within our collective framework, and start enjoying life as a lively human. All you need to get started can be found at mutualaidnetwork.org

Business Administration Course – From Barter to Bitcoin and Beyond: Re-imagining Money for a Sustainable Future

First Cycle Course. 7.5 credits

The Lund University offers an interesting course of Business Administration.

Learning outcomes

Growing inequality, apocalyptic environmental damage, and the protracted effects of a global financial crisis have resulted in a discussion on the role of our monetary system for the organization of society. At the same time, new technological and financial developments are giving rise to much experimentation on new forms of money. This course looks at various attempts to “re-imagine money.” It explores opportunities for addressing big societal challenges and asks in particular how new forms of money can contribute to developing more just and equal societies. A passing grade on the course will be awarded to students who:

1. Knowledge and understanding

  • Demonstrate an understanding of how our national and international monetary systems work.
  • Demonstrate an ability to identify relevant research topics within the are of international strategic management of trade and monetary exchange.

2. Competence and skills

  • Demonstrate an ability to integrate knowledge on international management, monetary theory, and digital technologies to analyse, assess and deal with issues related to various forms of local, national and international monies.
  • Demonstrate an ability to independently identify a social / environmental challenge and formulate a design for a monetary system addressing that challenge,
  • Demonstrate an ability to assess the potentials and limitations of particular monetary system and clearly present arguments of its strengths and weaknesses.
  • Demonstrate an understanding of the future challenges and main issues related to international strategic management of glocal monetary systems.

3. Judgement and approach

  • Demonstrate an ability to assess the boundaries of the current monetary system and discuss the opportunities and limitations for change agents to impact it.
  • Demonstrate an ability to identify their need of further knowledge concerning monetary systems and technologies and to take responsibility for developing their knowledge.

Course content

Imagine you have the possibility to re-imagine our monetary system: Where would you start? How would you build it on the new monetary technologies? How would you work to make it more conducive to just and equal societies? The global financial crisis of 2008 marked the beginning of an intense discussion on the consequences of our monetary system on the organization of our societies. The concentration of wealth in “the one percent” in parallel to austerity policies, the increase of prices of financial assets parallel to a retrenchment of the welfare state have resulted in a generalised realisation that the monetary system has not been serving the interests of the population as a whole. The discussion on the organization of our monetary system is however as much driven by frustration towards the financial system as it is by excitement about new monetary developments. New payment systems (such as Swish or Apple Pay), the decline of cash, the emergence of digital currencies (such as Bitcoin and Ethereum) as well as local currencies (such as Time Dollars, Regiogeld or Transition Town currencies) and the development of new financial practices (such as P2P lending, crowdfunding or ICOs) are opening up our thinking on money and our possibilities to re-imagine, re-organize and re-claim money. That is, the changing nature of money is giving rise to a wave of experimentation on new forms of money. These experiments see money not as an obstruction but as a vehicle for constructing more sustainable economies, more resilient communities and more fair societies. While these new monetary ideas and real-life efforts may seem contradictory, money scholars, practitioners and activists agree that money needs to be re-organized, that this can be done from the bottom-up, and that we can indeed imaginatively engage with the future of money. This course is addressed to students who want to explore the idea that money can be re-designed. Students will be exposed to the theoretical and practical realities that come with “re-imagining money”. The course does not require previous knowledge in neither finance nor economics or technology. It however does ask students to be open to actively engage in re-thinking the monetary landscape. We will do this through a monetary workshop at the end of the course, in which student groups will be designing a monetary system for a particular social purpose.

Course design

The course combines a variety of methods, ranging from traditional lectures, case studies, interaction-based pedagogy, reading groups, student debates, group work, and money co-creation workshops. Students are expected to participate actively in class.

Assessment

Examination in this course is a two-step process:

  • Mid-course written exam; max. 2 pages. In a short written essay, students will be asked to describe an aspect of the current monetary system.
  • Final written take-home assignment; max. 5 pages. Students will be asked to design a monetary system to address a particular social / environmental challenge. In a written essay, students will be asked to present the monetary system they have designed and discuss its potential and limitations. This exam needs to engage the literature discussed throughout the course. The examiner, in consultation with Disability Support Services, may deviate from the regular form of examination in order to provide a permanently disabled student with a form of examination equivalent to that of a student without a disability. Sub-courses that are part of this course can be found in an appendix at the end of this document.

Entry requirements

Entry requirements for this course are that the student has taken courses in Business Administration corresponding to 30 credits

 

Further information can be found on:

www.lunduniversity.lu.se/Business-Administration-course

www.ijccr.net/Business-Administration-course

 

Good news for all who remember our late founder Margrit Kennedy: Her biography, written by Peter Krause, is now available in English – and of course its a valuable read for all who were not familiar with her before, too!

 

 

Based on interviews, and many autobiographic texts, the book covers all aspects of her life inlcuding but not limited to her leading role in the field of monetary reform. It portrais a gifted and versatile woman: Margrit Kennedy the archtect, ecologist, womens’ rights activist and trail-blazer for the recognition of compelmentary currencies. Her committment as a “monetary expert” was always founded on and sustained by her desire for social justice which turned her into one of the most convincing personalities of the ecological movement of the 20th century.

The book is available at bookshops or online from the website of the German print-on-demand publisher ePubli.

 

In June 2014 the European Central Bank dropped its base interest rate below 0% for the first time. It charges “negative interest” on overnight deposits of commercial banks and is not the first or only bank to do this. With this policy central banks hope to stimulate commercial banks to make loans into the real economy instead of depositing excess money with the central bank. As a result the inter-bank interest rates also fell below zero and some banks introduced fees on deposits in current accounts of large customers.

(New date to be confirmed)
The advent of the financial crisis caused economists, politicians and citizens to question the legitimacy of a debt-based money system and highlighted the need to reassess our beliefs about the nature of money and the workings of the banking sector.

Today, with a new financial crisis on the horizon, the need to understand and rethink money and banking seems more important than ever. In line with an increasing number of politicians and economists, we acknowledge the urgency of understanding the deficiencies of the current money system and the need to examine monetary reforms and alternative forms of money as means to create a more stable and sustainable future.

On this basis, Gode Penge and IMMR will gather international experts on March 21 2020 to assess and discuss advantages and disadvantages of various monetary reforms and new forms of money with the further aim of examining how a sustainable money system could be designed in today’s digitized and globalized world.

The speakers of the conference are:
– Prof. Dr. Thomas Mayer (Ex-Chief Economist of Deutsche Bank)
– Miguel Fernandez Angel Ordonez (Ex-President of the Spanish Central bank)
– Prof. Steve Keen (University College London)
– Prof. Michael Hudson (University of Missouri-Kansas City)
– Svein Harald Øygard (Former Central Bank Governor of Iceland and former Deputy Minister of Finance in Norway)
– Prof. Dr. Fabian Schär (University of Basel)
– Prof. Joseph Huber (Monetative)
– Prof. Ole Bjerg (Copenhagen Business School)
– Prof. Mary Mellor (University of Northumbria)
– Jón Helgi Egilsson (Monerium)
– Edgar Wortmann (lawyer and member of OnsGeld)
– Prof. Dr. Martijn Van Der Linden (The Hague University)
– Leander Bindewald (Ph.D. in economics and member of Monneta)

Attendance is free of charge. Book your ticket now on https://www.eventbrite.com/e/future-of-money-private-vs-sovereign-currencies-tickets-89462315193

For further information please visit our website: https://futureofmoney2020.godepenge.dk/

For discount on selected hotels in Copenhagen or any other inquiries you are more than welcome to contact us via conference2020@godepenge.dk

The online-summer school Alternative Economic and Monetary Systems (AEMS; 5 ECTS, completely in English) addresses the problems of the current economic and financial systems from a holistic perspective and offers an overview of innovative reform proposals. The interdisciplinary program is open to students and professionals of all fields, who get to learn about why a drastic systemic change is needed in order to reach the climate target of 1.5°C. The orientation towards illusory limitless growth will be critically questioned and discussed in digital lectures and discussions with experts from different fields, as well as in the final project work. This year, the AEMS will also feature ideas for solutions to the financial crisis triggered by COVID-19.

More information on the program and application process can be found here.

The report from 2019 with 51 participants from 23 nations can be found here. There is also an Image-Video available.

For more than two decades now, various forms of complementary currencies emerged all over the world, aiming at “taking back local economies” (North 2014). CCs are commonly understood as media of exchange (Hallsmith/Lietaer 2011) or accounting systems (Fare/Ould- Ahmed 2017) that are used within a particular group of users. Responding to broader debates on our current monetary system, they exemplify how civil society actors offer various attempts from the local to the global level to reconstruct money in order to make it a tool for economic, social, political and/or ecological purposes. In most cases, they tend to be, however, rather small and short-termed.

This panel addresses complementary currency schemes as actors of economic and social change. It particularly aims to identify factors that influence the success and longevity of such schemes. A comparative discussion of different forms and types shall help to explore what internal and external conditions seem to facilitate or hamper success. Related issues might also be discussed, such as the underlying ethics, the modes of economic exchange within the circuits, their contribution to sustainable development and/or resilience.

More information and contact on the organiser website: www.ramics.org