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Community Currency in the United States: The Social Environments in Which it Emerges and Survives

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  • Ed Collom

    (Department of Sociology, University of Southern Maine, 96 Falmouth Street, PO Box 9300, Portland, ME 04104-9300, USA)

Abstract

Community currency originated as a means to empower the economically marginalized. This paper studies the US population of community currency systems using locally printed money. Eighty-two systems are identified that have been attempted in the United States since 1991. Internet searches and contact with system coordinators indicate that only 20.7% of all systems are active. Regions in which they occur are described; more than one quarter are in Pacific states. City-level Census 2000 data are employed in analyses of environmental conduciveness to determine in which types of social environments local currencies emerge and survive within. Social movement theory is engaged to identify general, population-based resources for local movements. Economic marginality and labor-market-independence hypotheses are also formulated and tested. The major findings indicate that cities with local currencies are characterized by populations with lower household incomes, higher poverty rates, higher unemployment rates, and larger self-employment sectors. Evidence is also presented indicating that community currencies tend to survive in places with younger populations, higher educational attainment, fewer married people, and less residential stability. Implications concerning the future of the community currency movement and its ability to empower the marginalized are drawn.

Suggested Citation

  • Ed Collom, 2005. "Community Currency in the United States: The Social Environments in Which it Emerges and Survives," Environment and Planning A, , vol. 37(9), pages 1565-1587, September.
    • Handle: RePEc:sae:envira:v:37:y:2005:i:9:p:1565-1587
    DOI: 10.1068/a37172
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    References listed on IDEAS

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    1. 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.
    2. 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. Gianni Bonaiuti, 2019. "Schemi di pagamento e valute virtuali (Payment schemes and virtual currencies)," Moneta e Credito, Economia civile, vol. 72(288), pages 389-415.
    2. Jérôme Blanc & Marie Fare, 2016. "Turning values concrete: the role and ways of business selection in local currency schemes," Review of Social Economy, Taylor & Francis Journals, vol. 74(3), pages 298-319, September.
    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. Michel, Arnaud & Hudon, Marek, 2015. "Community currencies and sustainable development: A systematic review," Ecological Economics, Elsevier, vol. 116(C), pages 160-171.
    5. Dev Narayan Sarkar & Kaushik Kundu, 2020. "Conceptual Expansion and Approaches to the Concept of Alternative Economy," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 12(3), pages 257-282, September.
    6. Hossain, Mokter, 2018. "Grassroots innovation: The state of the art and future perspectives," Technology in Society, Elsevier, vol. 55(C), pages 63-69.
    7. Sartori, Laura & Dini, Paolo, 2016. "From complementary currency to institution: a micro-macro study of the Sardex mutual credit system," LSE Research Online Documents on Economics 67135, London School of Economics and Political Science, LSE Library.
    8. Littera, Giuseppe & Sartori, Laura & Dini, Paolo & Antoniadis, Panayotis, 2017. "From an idea of a scalable working model: merging economic benefits with social values in Sardex," LSE Research Online Documents on Economics 68262, London School of Economics and Political Science, LSE Library.
    9. Degens, Philipp, 2013. "Alternative Geldkonzepte - ein Literaturbericht," MPIfG Discussion Paper 13/1, Max Planck Institute for the Study of Societies.
    10. Nina Stępnicka & Grzegorz Zimon & Dariusz Brzozowiec, 2021. "The Complementary Currency Zielony in Poland and Its Importance for the Development of Local Economy Entities during the COVID-19 Pandemic Lockdown," Sustainability, MDPI, vol. 13(16), pages 1-26, August.
    11. Dev Narayan Sarkar & Kaushik Kundu, 2018. "The overlap spaces of alternative economy and subaltern businesses: a study of emigrant peddlers," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 7(1), pages 1-24, December.
    12. 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.
    13. 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.
    14. Seon Mi Kim & Benjamin Lough & Chi-Fang Wu, 2016. "The conditions and strategies for success of local currency movements," Local Economy, London South Bank University, vol. 31(3), pages 344-358, May.
    15. Matti, Josh & Zhou, Yang, 2022. "Money is money: The economic impact of BerkShares," Ecological Economics, Elsevier, vol. 192(C).
    16. Jeremy September & Shigeto Kobayashi, 2022. "Sustained circulation: A descriptive framework of long-lived Japanese community currencies," Local Economy, London South Bank University, vol. 37(5), pages 364-383, August.
    17. Bibhu Dash & Namrata Sandhu, 2018. "Time Banking: The Missing Link," Development, Palgrave Macmillan;Society for International Deveopment, vol. 61(1), pages 164-171, December.

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