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Community Currencies: Small Change for a Green Economy

Author

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  • Gill Seyfang

    (Overseas Development Group, School of Development Studies, University of East Anglia, Norwich NR4 7TJ, England)

Abstract

The author critically evaluates the impact and potential of a community currency—or local money system—known as the ‘local exchange trading scheme’ (LETS), to contribute to sustainable local development (SLD). Two distinct and contrasting models for sustainable development are described: a mainstream approach, focused on local regeneration [termed here the ‘local economic development’ (LED) approach]; and a radical ‘green’ or ‘new economics’ strategy (referred to as ‘sustainable local development’ or SLD). In the elaboration of these models the functions of community currencies within each perspective are outlined, and the basis for an evaluate framework is provided. Most previous analysis of LETS has used a broadly LED perspective; this paper focuses on an evaluation for SLD, as this has not previously been comprehensively done. For SLD, community currencies should enable people to: meet local needs through informal employment; revalue and redefine ‘work’; promote localisation and self-reliance; shift consumption patterns towards sharing, recycling, reuse, and reducing resource use; and build green social networks. Findings from a case-study LETS indicate that this community currency is successful in allowing participants to make small changes in their lifestyles, consumption, and employment patterns towards SLD, but there are limitations of size, scope, funding and management to be overcome before this could be achieved more effectively with LETS. However, following the LED-relevant prescriptions for upscaling and mainstreaming would undermine the qualities which align LETS with SLD perspective, and this highlights the importance of choosing appropriate evaluative frameworks, particularly when appraising sustainable-development initiatives.

Suggested Citation

  • Gill Seyfang, 2001. "Community Currencies: Small Change for a Green Economy," Environment and Planning A, , vol. 33(6), pages 975-996, June.
    • Handle: RePEc:sae:envira:v:33:y:2001:i:6:p:975-996
    DOI: 10.1068/a33216
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    References listed on IDEAS

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    1. Gill Seyfang & Ruth Pearson, 2000. "Time for Change: International experience in community currencies," Development, Palgrave Macmillan;Society for International Deveopment, vol. 43(4), pages 56-60, December.
    2. L Thorne, 1996. "Local Exchange Trading Systems in the United Kingdom: A Case of Re-Embedding?," Environment and Planning A, , vol. 28(8), pages 1361-1376, August.
    3. R Lee, 1996. "Moral Money? LETS and the Social Construction of Local Economic Geographies in Southeast England," Environment and Planning A, , vol. 28(8), pages 1377-1394, August.
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    Cited by:

    1. Gomez, Georgina M. & Helmsing, A.H.J., 2008. "Selective Spatial Closure and Local Economic Development: What Do We Learn from the Argentine Local Currency Systems?," World Development, Elsevier, vol. 36(11), pages 2489-2511, November.
    2. Faridah Djellal & Faïz Gallouj, 2009. "Innovation dans les services et entrepreneuriaT : au-delà des conceptions industrialistes et technologistes du développement durable," Innovations, De Boeck Université, vol. 0(1), pages 59-86.
    3. Francisco Javier García-Corral & Jaime de Pablo-Valenciano & Juan Milán-García & José Antonio Cordero-García, 2020. "Complementary Currencies: An Analysis of the Creation Process Based on Sustainable Local Development Principles," Sustainability, MDPI, vol. 12(14), pages 1-22, July.
    4. Marie Fare & Pepita Ould Ahmed, 2014. "Complementary currency systems questioning social and economic changes," Working Papers ird-01088492, HAL.
    5. Heather Lovell & Harriet Bulkeley & Diana Liverman, 2009. "Carbon Offsetting: Sustaining Consumption?," Environment and Planning A, , vol. 41(10), pages 2357-2379, October.
    6. Georgina M Gómez, 2010. "What was the Deal for the Participants of the Argentine Local Currency Systems, the Redes de Trueque?," Environment and Planning A, , vol. 42(7), pages 1669-1685, July.
    7. Kallis, Giorgos, 2011. "In defence of degrowth," Ecological Economics, Elsevier, vol. 70(5), pages 873-880, March.
    8. Gradon Diprose, 2016. "Negotiating interdependence and anxiety in community economies," Environment and Planning A, , vol. 48(7), pages 1411-1427, July.
    9. Molly Scott Cato, 2014. "From resilient regions to bioregions: An exploration of green post-Keynesianism," Working Papers PKWP1407, Post Keynesian Economics Society (PKES).
    10. Almas Heshmati, 2018. "An empirical survey of the ramifications of a green economy," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 12(1), pages 53-85.
    11. Luigi Doria & Luca Fantacci, 2018. "Evaluating complementary currencies: from the assessment of multiple social qualities to the discovery of a unique monetary sociality," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(3), pages 1291-1314, May.
    12. Michael S Evans, 2009. "Zelizer's Theory of Money and the Case of Local Currencies," Environment and Planning A, , vol. 41(5), pages 1026-1041, May.
    13. Faridah Djellal & Faïz Gallouj, 2008. "Innovation in services and entrepreneurship: beyond industrialist and technologist concepts of sustainable development," Post-Print halshs-01113906, HAL.
    14. Yuya Ieiri & Kaishu Yamaki & Reiko Hishiyama, 2024. "Community-based management for low-digitalized communities using cross-cutting purchasing behavior," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
    15. Seyfang, Gill & Longhurst, Noel, 2013. "Growing green money? Mapping community currencies for sustainable development," Ecological Economics, Elsevier, vol. 86(C), pages 65-77.
    16. Boulanger Paul-Marie, 2010. "Basic Income and Sustainable Consumption Strategies," Basic Income Studies, De Gruyter, vol. 4(2), pages 1-11, September.
    17. Ronan Divard & Patrick Gabriel, 2020. "Think differently about market exchanges: potential and limits of local alternative currencies [Penser autrement les échanges marchands : potentiel et limites des monnaies alternatives locales]," Working Papers hal-03257812, HAL.
    18. Lee Gregory, 2009. "Spending Time Locally: The Benefit of Time Banks for Local Economies," Local Economy, London South Bank University, vol. 24(4), pages 323-333, June.
    19. Jérôme Blanc & Marie Fare, 2010. "Quel rôle pour les pouvoirs publics dans la mise en œuvre de projets de monnaies sociales ?," Post-Print halshs-00516382, HAL.

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