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A local money to stabilize capitalism : the underestimated case of the WIR

Author

Listed:
  • Guillaume Vallet

    (CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

Abstract

As a result of the current financial crisis, economists have paid increased attention to local monies designed in an effort to create a new kind of economy, as well as new ways to develop social links. This paper seeks to shed light on the WIR money, a local money that has been in existence in Switzerland since the 1930s. We argue that it provides a shield against crises for two significant and connected reasons. First, from a "horizontal" perspective, the WIR is a coherent economic, as well as social, project that relies on the "melting money" principle. Second, from a "vertical" perspective, it is based on a banking model that is anchored to a specific "attitude" designed to manage the monetary common good. The mix between these "horizontal" and "vertical perspectives is likely to be insightful for other projects like the WIR.

Suggested Citation

  • Guillaume Vallet, 2016. "A local money to stabilize capitalism : the underestimated case of the WIR," Post-Print halshs-01450197, HAL.
    • Handle: RePEc:hal:journl:halshs-01450197
    DOI: 10.1080/03085147.2016.1224146
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    Cited by:

    1. Larue, Louis, 2020. "The Ecology of Money: A Critical Assessment," Ecological Economics, Elsevier, vol. 178(C).
    2. Camille Meyer & Marek Hudon, 2019. "Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications," Journal of Business Ethics, Springer, vol. 160(1), pages 277-292, November.
    3. Louis Larue & Camille Meyer & Marek Hudon & Joakim Sandberg, 2022. "The Ethics of Alternative Currencies," ULB Institutional Repository 2013/341622, ULB -- Universite Libre de Bruxelles.
    4. Svartzman, Romain & Dron, Dominique & Espagne, Etienne, 2019. "From ecological macroeconomics to a theory of endogenous money for a finite planet," Ecological Economics, Elsevier, vol. 162(C), pages 108-120.

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