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From complementary currency to institution: A micro-macro study of the Sardex mutual credit system

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  • Laura Sartori
  • Paolo Dini

Abstract

The remarkable growth of Sardex as a local currency throughout the island of Sardinia over the past 5 years motivated an in-depth look at its starting assumptions, design and operational principles, and local context. The paper looks at Sardex as a social innovation start-up, a complementary currency, a mutual credit system, and a socio-economic «circuit». The analysis relies on interviews of circuit members and its founders. The main findings are that trust was and continues to be fundamentally important for the creation and operation of the mutual credit system, and that Sardex encompasses both economic and social value(s) in a process of re-embedding of the economy. Sardex configured itself as a crucial mediator of economic exchanges and became a valuable actor acting as an institution at the regional level. These properties make it an ideal space for experimentation in socio-economic innovation that can be characterized as a «laboratory for multi-level governance».

Suggested Citation

  • Laura Sartori & Paolo Dini, 2016. "From complementary currency to institution: A micro-macro study of the Sardex mutual credit system," Stato e mercato, Società editrice il Mulino, issue 2, pages 273-304.
    • Handle: RePEc:mul:jl9ury:doi:10.1425/84070:y:2016:i:2:p:273-304
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    Cited by:

    1. Simon Papaud, 2022. "Mutual credit systems: anti-crisis remedy or anticapitalist monetary device? From Proudhon’s People’s Bank to the WIR Bank – trading without hoarding? [Les systèmes de crédit mutuel, remède anti-cr," Working Papers hal-04084716, HAL.
    2. Simon Papaud, 2022. "Libertarian economic thought and non-capitalist money," Working Papers hal-04084725, HAL.

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