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Contents Credits
Volunteer staff this issue:
Editor:
Production:
Contributors:
A word from the editor
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The Role of Time Banks
in Crisis Response
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Madison, Wisconsin: Leading
the fight for economic sanity
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BitCoin: a rube-goldberg
machine for using
electricity
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European co-op law for
Hungary local vouchers
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Maia Maia for carbon
emissions reductions!
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Financial Terrorism:
15 years for Liberty
Dollar founder
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Is it time
for Time
Banking?Sometimes introducing
accounting to a functioning
voluntary sphere can
actually be counter
productive. If the UK
government is to support
time banking, it must be
sensitive when paying
professionals to work
alongside volunteers, says
Alex Fox on
alexfoxbog.wordpress.com
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Transition economics
In a separate article, Nalini Sivathasan from the East London Times talked to some Time
Bankers about the UK government's plans to build a 'Big Society'...
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The elevator-pitch for
community currenciesby Eric Harris-Braun
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Transition economics
Analyses of the financial crisis present us with a
false dichotomy, argues Thomas Greco. We need
to look deeper into the systemic issues inherent to
the design of money.
The world's ominous reckoning
The reckoning will be
global because the
money and banking
regime is global -- and
deeply flawed.
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Stephen de MeulenaereFollowing on from the interview last issue with Bernard
Lieter, we take a big picture look at challenges and
opportunities in the complementary currency movement
1. What are the questions
you would most want to
explore with fellow movers
and shakers in the
complementary currency
movement?
2. What recent developments
in the field do you find most
exciting?
3. And what do you see askey challenges, obstacles or
blind spots which hinder the
movement's success?
"All the different strands of
the movement, like the grass
roots efforts, academics, and
entrepreneurs aren't
communicating effectively
enough. This is reducing the
opportunities for productive
synergies to appear"
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4. Where do you see
untapped resources and
unmet needs within the field
of complementary
currencies? And do you haveany suggestions about how
to bridge them?
5. Besides financial support,
what would help the
acceleration of the monetary
shifts that are needed?
6. What could bring about a
tipping point in the shift from
a monopoly of bank debt
money toward a monetary
ecology? And is the idea of a
tipping point the best way
of thinking about that
change?
7. There are those who feel
we need to organize
ourselves more efficiently
(the way the Right has done
in the United States), and
those who suggest that there
is strength in our natural
diveristy or that networkedsystems organise
themselves. Where do you
stand on this question?
8. A lot of valuable
community-building
initiatives in this movement
are done by dedicated
people, as a labor of love,
but would often highly
benefit from actual financial
support. if you were given
$10,000 to $50,000 to invest
in strengthening the
currency movement, how
would you invest these
funds?
Actionables:
1 explore closer relations with regional and local governments
2. improve interaction between different actors in the movement
3. Trust in diversity, as long as it is healthy
"all the different roles
have to be filled,
academics, innovators,
practitioners and
promoters, financiers,
and broadcasters"
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Exploring theSuperFluid
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International Journal of Community Currency Research 15 (2011) D 61-67 61
Introduction
Oneofthemostinterestingdevelopmentsin
theUKcomplementarycurrencymovement
overthepast4yearshasbeentheemergence
oflocalpapercurrencyschemesinTransition
towns.FollowingTotnesin2007,thetownsof
Lewes,StroudandBrixtoninSouthLondon
haveallsuccessfullylaunchedlocalpounds,
theusageofwhichisrestrictedtoindependent
businessesintheirrespectiveareas.Broadly
speaking,thegoalofthecurrenciesistohelpre-localiseproductionandconsumptionand
buildeconomicresilience,akeytenetofthe
Transitionmovement.Thispapersetsthe
Transitioncurrenciesincontextandreviews
theirprogresssofar.1
The Transition Network
TheTransitionNetworkisaglobalgrassroots
movementofcommunitiesseekingtocreate
greaterlocalresilienceandwell-beinginthefaceofthetwinthreatsofclimatechangeand
peakoil.Transitionthinkingdrawsinspiration
frompermacultureandecologyasthebasisfor
reimagininghowsettlementsandlocaleconomiesmightbeabletoadapttheshocks
thesetwophenomenonwillinevitablycreate
withoutcreatingmajorsocialandeconomic
dislocation.Thenotionofresilienceiskeyto
Transitionthinking,deMinedas:
...thecapacityofasystemtoabsorbdisturbance
andreorganisewhileundergoingchange,soas
tostillretainessentiallythesamefunction,
structure,identityandfeedbacks(Walkeretal,
2004)
Tocreategreaterresilience,Transitionargues
forthere-localisationofmanyaspectsof
productionandconsumption,arguingthat
lossesinnarrowlydeMinedefMicienciesofscale
aremadeupforintermsofreduced
vulnerabilitytoshocksbecauseofgreater
diversity,justasinnature.Transitionalso
involvescollectivelyimaginingadifferentlow-
carbonfuturefortheareaandthecreationof
anenergydescentplan(EDAP).
TheTransitionmovementishighlydecentralisedandnon-hierarchicalinstructure
andculture.Schemesarealmostallnot-for-
proMitandmainlydependentonvolunteer
Building Local Resilience:The Emergence of the UK TransitionCurrenciesJosh Ryan-Collins
new economics foundation
josh.ryan-collins@new-economics.org
InternationalJournal ofCommunityCurrency
Research
IJCCR
Abstract
ThispaperexaminestheemergenceofanewtypeoflocalcurrencyTransitionCurrencies-in
theUnitedKingdomoverthepast4years.TheTransitionCurrencymodel,sharedbytheinitial
fourschemes,isexplainedandthetheoreticalrootsoftheschemesreviewed.Thepapergoeson
to examine the success and limitations of the currencies and reMlects on potential future
developments andhowthe Transitioncurrenciesmightupscale anddeliveradditional social,
economicandenvironmentalobjectives.
www.ijccr.net
mailto:josh.ryan-collins@new-economics.orgmailto:josh.ryan-collins@new-economics.orgmailto:josh.ryan-collins@new-economics.org8/7/2019 Community Currency Magazine April 2011
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International Journal of Community Currency Research 15 (2011) D 61-67 62
labour.Theemphasisisverymuchopenactive
localparticipationandidentity,positivity,
innovation,creativityandcollectiveaction.
Therearecurrentlyaround270active
transitioncommunitiesacrosstheworld,
mainlyinEnglish-speakingcountries.2
Transition Local Currencies
LocalComplementarycurrencieshaveemerged
asinitiativesfromTransitioncommunities
acrossEngland,normallyfromwithin
transitiongroupsbusinessoreconomysub-
groups.Threeofthetransitioncurrenciesare
intownsinmoreruralareas- Totnesand
StroudintheSouthWestofEnglandandLewes
intheSouthEast.Thefourth,theBrixton
Pound,isininner-cityLondon.Allfourofthe
schemespreviouslyhadactiveLocalExchangeTradingSchemes(LETS)inthe1980sor1990s
andinsomecasesthesameindividualswho
runtheLETSschemesareinvolved.Thereare
alsoanumberofnascentTransition
currenciesintheplanningstages,includingin
Bristol,CanterburyandCamden.Theschemes
sharethefollowingbroadgoals:
Toenhancelocaleconomicresiliencethrough
encouragingmorelocalproductionand
consumptionandlimitingtheleakageof
moneyfromthelocaleconomy
supportandprotectlocalindependent
businesses3which:
protectsjobsandlivelihoodsand
maintainsthediversityandidentityof
thelocalarea
Createstrongerconnectionsbetweenlocal
peopleandbusinesses,boostingsocial
capitalandcohesion.
Stimulatethinkinganddiscussionabouthow
moneyworksandhowlocaleconomies
functionandcouldbemademoresustainable
Promotethearea,creatingprideforits
citizens,asenseofindependenceand
attractingtourists
Encouragingaself-helpmodelofexchange
andmutualsupport
Reducecarbonemissionsthroughreducing
thetransportationofproductsformlong
distances.
Thehardcurrencymodeladoptedbyallfour
existingtransitioninitiativesisbroadlysimilar:
Notesbacked1to1againstUKsterling,with
aone-ortwo-yearvalidity
Notesindenominationsof1,5,10(andin
thecaseofBrixton20andLewes21)with
multiplesecurityfeaturesandfeaturing
attractiveandoriginaldesignsreMlectinglocal
celebritiesorplaces
Currencycanbeacceptedonlyby
independent(broadlydeMined)local
businessesin(part-)paymentforanygoods
orservices
Currencyissoldintocirculationvia
selectedparticipatingbusinesses(Stroud
chargesa3%purchasefeewhichisdonated
tolocalcharities)orgivenaschange
CurrencycanbeexchangedbackintoUK
sterlingata1to1rateatselectedexchange
points(Stroudonlyallowsregisteredtraders
toredeemnotesandhasa5%redemption
fee)
Businessesareencouragedtoofferdiscounts
whencustomersusethecurrencytopayfor
goods,butattemptsbyTotnesandLewesto
introduceacompulsorydiscountwere
abandonedduetobusinessdissatisfaction.
EachschemehasawebsiteandleaMletlisting
allparticipatingbusinessesandinformation
astohowtheschemeworks
TheStroudPoundhasmodelleditselfmore
closelyontheChiemgauercomplementary
currencybasedinGermany(Gelleri,2009).It
hasademurragefeatureonthenoterequiring
userstopaya3%feeandhavethenote
stampedeverysixmonthstomaintainitsvalue,
theaimofwhichistofurtherincreasethe
circulationofthenote.TheChiemgauerwas
itselfinspiredbythewritingsofSilvioGesell
andthehighlysuccessfulWorglcurrencythat
helpedrebuildthetownofthesamenamein
Austriainthe1930sduringtheGreat
Depression(Gesell1958).
Stroudalsochargesa5%redemptionfeeand
anannualmembershipfeeforusersand
IJCCRTheUKTran
sitionCurrencies
The emphasis is very muchopen active local participationand identity, positivity,innovation, creativity andcollective action.
http://www.transitionnetwork.org/totnespound/homehttp://www.stroudpound.org.uk/http://www.thelewespound.org/http://www.brixtonpound.org/http://www.brixtonpound.org/http://www.chiemgauer.info/http://www.chiemgauer.info/http://www.chiemgauer.info/http://www.brixtonpound.org/http://www.brixtonpound.org/http://www.brixtonpound.org/http://www.brixtonpound.org/http://www.thelewespound.org/http://www.thelewespound.org/http://www.stroudpound.org.uk/http://www.stroudpound.org.uk/http://www.transitionnetwork.org/totnespound/homehttp://www.transitionnetwork.org/totnespound/home8/7/2019 Community Currency Magazine April 2011
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businesseswhojointheStroudPound
cooperative,apercentageofwhichisdonated
toalocalcharityoftheconsumerschoice.
Noneoftheotherthreecurrenciesoperatefee
basedmembershipschemes.BothBrixtonand
Leweshaveamoreinformalmembership
schemewithmembersreceivingamonthly
newsletterupdatingthemonthelatestnews.Intermsoforganisationalstructure,Lewesand
Brixtoncurrencygroupshavebothoptedfor
theCommunityInterestCompany(CIC)limited
byguaranteestatus.TheCICmodelisseento
providesomeoftheadvantagesofboth
charitableandlimitedcompanystatusasit
allowsorganisationstoqualifyforcharitable
donationsbutalsoallowsthemtomakea
surplusaslongasthatsurplusisinvested
solelyinthecommunity.TheCICmodelalso
providesDirectorswithlimitedliability.Totnesstartedtheprocessofregisteringasan
IndustrialandProvidentSocietybutraninto
issueswiththeFinancialServicesAuthority.
Stroud,againfollowingtheChiemgauer,isa
cooperativeandmembersarechargedan
annualfee.Noneoftheotherthreecurrencies
operatefeebasedmembershipschemes.
Theoretical Roots
TheintellectualinspirationfortheTransitioncurrenciescanbefoundintheworkofauthors
suchasBernardLietaerandRichard
Douthwaite,whowroteontheneedforlocal
currenciestosupportlocaleconomiesinthe
faceofglobalisation(Douthwaite,1996;
Douthwaite,2000;Lietaer,2001).Rob
Hopkins,oneofthefoundersoftheTotnes
Pound,wasinspiredbyatalkheheardby
BernardLietaeraspartofashortcourseon
TheFutureofoneyheldatSchumacher
Collegein2006inTotnes,DevonwhereLietaerspeciMicallyreferencedtheU.S.Berkshareslocal
currency.TheBerksharescurrency,basedin
BerkshireinassachusettsintheU.S.was
foundedin2006bytheEFSchumacherSociety,
athink-tankpromotingecologicaleconomics.
TheeconomicargumentsfortheTransition
currenciesareoftenjustiMiedbyreferenceto
theideaofthelocalmultiplier.Thisideais
baseduponRichardKahns(andlaterKeynes)
notionofthespendingmultipliereffectatthe
nationalleveloftheeconomy,wherebyanincreaseingovernmentspending,iftranslated
intohigherlevelsofconsumptionby
individuals,canhaveaproportionatelygreater
effectontotaloutputoraggregatedemand
(Keynes1936;Hahn1931).Asthetransition
currenciescannotbebanked,thereisgreater
incentivetocirculatethemlocally,enhancing
localdemandandcreatingamultipliereffect
withinadeMinedlocalarea.
WithintheUKtheconceptofthelocal
multiplierhasbeendevelopedbynef(theneweconomicsfoundation),theLondon-based
think-and-do-tankwhichhas,throughits
researchandpublications,developedthe
argumentthatlocaleconomiesasproneto
leakagethroughtaxes,externalcontractors
andthenon-localsupplychainsand
shareholdersofnationalandinternational
chainstores.(WardandLewis2002).In
contrast,smallindependentshopsaremore
likelytoemploylocalMirmsforthesekindof
servicesandspendanyproMitslocally(Sacks2002).nefconductedastudyin2002which
suggestedonlyaround10-12penceofevery
poundspentinsupermarketchainsremained
withinthelocaleconomy,whilstamorerecent
studyoftheWestichiganEconomyintheU.S.
concludedthatifresidentsoftheareawereto
redirect10percentoftheirtotalspendingfrom
chainstolocallyownedbusinesses,theresult
wouldbe$140millioninneweconomic
activityfortheregion,including1,600newjobs
and$53millioninadditionalpayroll(Sacks,2002;CivicEconomics,2007).
Followingthislineofargument,theTransition
currenciescanbeseenaspromotingthe
mediumofexchangefunctionofmoneyatthe
expenseofthestoreofvaluefunction.The
tensionbetweenthesuccessfulfulMilmentof
thesetwofunctionsofmoneywithinasingle
unitofaccount(thethirdfunction)iswidely
seenamongstmonetarytheoristsasoneofthe
maincausesofinstabilityinthemodernMiat-
basedmonetarysystem(Dodd1994;Douthwaite1999).
Key Challenges 5
TheTransitioncurrenciesmajorsuccesssofar
hasbeenasawareness-raisingtools.Theyhave
generatedastonishingmediacoverageand
capturedthepublicimaginationlocally,
nationallyandinternationally.Nodoubtthe
colourfulandhighlyoriginalnote-designhas
playedamajorpartinthis.TheDirectorof
BrixtonTownCentre,forexample,saidofthe
BrixtonPoundthatithaddonemorefor
Brixtonsreputationthananythingsincethe
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sitionCurrencies
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Launch In Circulation 4 No. Businesses Population
Totnes March 2007 c.5000 c.70 (2008) 8,000
Lewes September 2008 (firstissue), July 2009, (2ndissue)
c.15,000 (2nd
issuance) c.130 16,000
Stroud September 2009 4,329 37 20,000
Brixton September 2009 30,000 140 65,000
International Journal of Community Currency Research 15 (2011) D 61-67 64
IJCCRTheUKTransition
Currencies Table 1: Back round information on the Transition currencies an 2010
lightingofElectricAvenuein1900.TheLondon
BoroughofLambeth,whereBrixtonisbased,have
estimatedthevalueoftheschemeintermsof
positivemediacoveragetobearound100,000.Thereislittledoubtoftheimpacttheschemeshave
hadintermsofcreatingasenseofcommunitypride
anddiscussioninthefourareas.However,anumber
ofchallengeshaveemergedfortheschemesandthe
existing,UKsterling-backed,model.
a) Incentives for consumers and businesses
PerhapsthegreatestchallengefortheTransition
currenciesisthattheexistingmodelisdependent,
broadlyspeaking,uponnon-economicincentives.Asthecurrencyexchangesat1to1withUKsterlingand
noneoftheschemeshavebeensuccessfulin
implementingcompulsorydiscounts,consumers
mainmotivationforusingthecurrencyisabeliefin
theethicalprinciplesoftheinitiative.Thismay
restricttheuseofthecurrencytothesmall
proportionofthepopulationwhosharetheschemes
values.Evenwiththispopulationgroup,thereisthe
dangerofthenoveltyvaluewearingoffandthe
inconvenienceofcarryingtwopapercurrencies(and
ofusingapapercurrencyratherthanelectronicpaymentforlargerpurchases)outweighingthis
ethicalmotivation.Accessingthecurrencyalso
involvestwotransactionsinmostcases
withdrawingUKsterlingfromamachineandthen
purchasingthelocalcurrencyfromanissuingpoint.
Lackofknowledgeaboutthelocationofissuing
pointsisoftenquotedasareasonwhyusersdonot
usetheTransitioncurrenciesmoreoften.
Forbusinesses,themaineconomicincentivefor
acceptingthecurrencyisthefreemarketingwhichit
ishopedwillleadtoanincreaseinfootfall.However,
ifthemainusersofthecurrencyarecustomerswho
alreadyholdthevaluesadvocatedbythescheme,
businessesmayfeeltheincreasedfootfalleffectis
negligible.6
Thecosttobusinessesofdealingwithtwocurrencies
isalsoarguablygreaterthanforconsumers.
Businessescannot,atpresent,bankthelocal
currencies,hencetheymustspendthecurrencyon
supplies,offeritaspaymenttostaff,giveitaschange
oruseitpersonallyiftheyaretokeepitin
circulation.Whilstthiscouldbeseenasadvantagein
termsofthegoalsoftheschemetoencouragelocal
circulationofmoney,someofthetransitionschemes
havehadexperienceofbusinessesleavingthe
schemebecausetheyareunabletospendthecurrencyand/orseechangingitbacktoUKsterling
asa)acostandb)evidencethattheschemeisnot
workingadequately.
b) Social justice challenges
Relatedtotheabove,therearequestionsastohow
theTransitioncurrenciessupportpeopleor
businessesfacingMinancialexclusionoreconomic
hardship,anissuethathascometothesurface
signiMicantlyinthepasttwoyearswiththerecession.
Thehardcurrencymodeldoesnotcreateanykindof
additionalliquiditysinceeverynotemustbe
exchangedforUKsterlingandsofartheschemes
havebeenunabletodevelopaloanmechanism.Nor
doesitenableanyadditionaloralternativeformsof
exchangeorexploitunderutilizedcapacitieswithin
communities.Thiscontrasts,forexample,with
currencieswhichhavenon-monetarybacking,such
astime-backedcurrencysystems,whichareableto
involvepeopleinexchangeswhoarecurrently
excludedbythemarket.
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ThetransitionmodeldoescreateaUKsterling
backingorassetequivalentinsizetothe
amountsoldandexploitingthisinsomeway
appearsasonepotentialwayofcreating
additionalliquidity,e.g.throughaloworzero
interestloanscheme.However,anykindof
loanschemewouldrequiresigniMicant
administrativeandMinancialinfrastructureandsofartheTransitionschemeshavebeenunable
toMindwillingpartners,althoughbothhigh
streetbanksandcreditunionshavebeen
involvedindiscussionsaboutpotential
collaboration.ThiscontrastswiththeUnited
States,wheretheBerksharesmodelhasthe
supportof5regionalbanksand12branches
andtheChiemgauerinGermanywhichalsohas
regionalbankingsupport.
c) Financial sustainability
TheTransitioncurrencies,aswiththeother
transitioninitiatives,weresetupasnot-for-
proMitschemesandhavebeendependent
mainlyonunpaidlabourandoneoffdonations.
Theyhavebeensuccessfulinattractingsmall
Minancialorin-kindinvestmentsfromlocal
councilsandbusinessestopayforevents,set-
upcosts,marketingandprintingofthenotes.
BothLewesandBrixtonweresuccessfulin
raisingsponsorshipfundsfromlocal
businessesinreturnforfeaturingtheir
businesslogosprominentlyontheirmarketingmaterials.BrixtonandLeweshavealso
recentlybeensuccessfulinattractingpart-time
fundingforaprojectmanagerfrom,
respectively,theLabourgovernmentsFuture
JobsFund(nowdroppedbytheCoalition
government)andfromaCharitableTrust.One
wayinwhichmoneyhasbeenandwill
continuetobegeneratedfortheschemesis
throughleakage-unredeemednotesuponthe
completionofthevalidityperiod.
Nevertheless,volunteerfatigueremainsa
majorchallengefortheTransitioncurrencies
giventhedependenceonunpaidlabourfor
muchofthepromotionalandbusiness
engagementwork.Stroudistheonlyinitiative
tohavebuiltintoitsmodelafacilityfor
generatingfundingthroughmembershipand
redemptionfeesbutatpresentthisdoesnot
generateenoughfundingtopayforlabour
time.
d) Measurement and Evaluation
Onemajordrawbackinusingpapernotesisit
thatnotpossibletotrackhowthecurrencyis
beingusedandhowmanynotesareactuallyin
circulation.Theschemeshavethusbeen
reliantonsimplebalanceofaccountsMigureson
issuanceandredemptionandadhocand
anecdotalfeedbackfrombusinessesand
consumersaboutactualusage.Thereisasuspicionthataconsiderableproportionofthe
notessoldarefornovelty/souvenirpurposes
ratherthanpurposesofnormalexchange.
Evidenceforthiscomesfrombothaslowdown
inissuanceafteraninitialhoneymoonperiod
andthenon-redemptionpercentageforLewes
followingthe1-yearpilot(admittedlyfeaturing
just1issuance)whichwasover50%.In
termsofattractingfurtherpublicorcharitable
sectorfunding,evidenceofimpactwillbe
importantfortheschemes.
e) Under-developed bankinginfrastructure and support
TheTransitioncurrenciesintheUKhave
struggledtoMindsupportfromeitherthe
mainstreamcommercialbankingorcommunity
Minancesectors.ThisplacessigniMicant
additionalburdenonthevolunteersinvolvedto
carryoutadministration,reconciliationand
accountingfunctions.Italsolimitsthe
potentialofdevelopinglocalcurrencybank
accountfacilitiesorloaninitiatives,bothof
whichmightbewelcomedbythesmall
businessessigneduptheschemes,manyof
whomstruggletoaccesscreditfrom
commercialbanks.
ItmaybethattheUKsbankingsystem,which
hasseenthegradualdisappearanceoflocaland
regionalbanksandareductioninbranches
followingtheMinancialderegulationofthe1980sand1990s(LeyshonandSignoretta
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sitionCurrencies
volunteer fatigue remains a majorchallenge for the Transition currenciesgiven the dependence on unpaid labourfor much of the promotional andbusiness engagement work
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IJCCRTheUKTran
sitionCurrencies Endnotes
1FurtherinformationabouttheemergenceoftheTransition
CurrenciescanbefoundinPeteNorthsrecentbook,Local
oney,publishedbytheTransitionnetworkinJune2010.
2FormoreinformationonthehistoryandaimsofTransition,
see:http://transitiontowns.organdRobHopkinsbook,The
TransitionHandbook:fromoildependencytolocalresilience,
(GreenBooks2008).
3AccordingtotheFederationofSmallBusinesses,2000local
shopsareclosingeachyearseeTradeLocalanifesto,http://
www.fsb.org.uk/default.aspx?id=0&loc=keeptradelocal.Despite
this,smallbusinessesaccountforthemajorityofprivatesector
jobsintheUK:59.2%in2007,around13.5millionjobsoverall
4N.b.thisMigureistheamountofcurrencyactuallyincirculation
ratherthanthetotalamountofnotesissued.
5Itshouldbenotedthataccuratedataontheimpactof
TransitionCurrenciesislimitedastherehasbeenveryfew
robustempiricalstudiesoftheschemes.6ArecentstudyoftheLewesPoundfoundthat70%oftraders
felttheschemehadmadelittledifferencetofootfall.See
Graugard,J,(2009)Amixed-methodcasestudyoftheLewes
Poundanditscapacitytobuildresilienceinthecommunityof
Lewes,unpublishedAthesis,UniversityofEastAnglia.
7The-pesaschemeinKenyaallowsMinancialpaymentsusing
mobilephonesandhashelpedrevolutionizethefarmingtrade.
Seehttp://www.safaricom.co.ke/index.php?id=745
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