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

Vallet, Guillaume

doi:10.1080/03085147.2016.1224146

Cited by 20 publications

(16 citation statements)

References 17 publications

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“…linking these monetary tools to sustainable development and social economy. Yet, most of this research stream rarely includes reference to inter-enterprise currencies (Kennedy et al, 2012;Vallet, 2016) and crypto or virtual currencies. Nonetheless, these two types of CCs are becoming increasingly important in business and finance (Brière et al 2015), and cryptocurrencies make up a huge share of complementary currencies, with more than a thousand digital cryptocurrencies based on blockchain technology.…”

Section: Most Of Ccs Typologies and Classifications Have Focused On Cmentioning

confidence: 99%

“…In his socio-economic investigation of WIR, Vallet (2015Vallet ( , 2016 emphasizes that the business network, created around the CC, generates an additional dimension in trade; a dimension that is more social and cooperative. Trust emerges from the 'club' (Vallet, 2016) characteristic of the systems, because a tie emerges by creating debit-credit relationships and the promise to pay. Hence, Vallet (2016: 486) argues that the WIR system 'is more than just a network; it is a community in which payment has a higher status than reciprocal transfer, an economic and social chain whose links rely on successive but equilibrated claims and debts according to the choice of a special money'.…”

Section: Inter-enterprise Currenciesmentioning

confidence: 99%

“…Indeed, as it happens in social banks (Cornée and Szafarz, 2014), there is a personal relationship between the saver, the banker and the borrower that is produced during lending. The sharing of social values creates reciprocity and trust among all these actors, which is also present when WIR bankers provide WIR loans to businesses (Vallet, 2016).…”

Section: Inter-enterprise Currenciesmentioning

confidence: 99%

“…Hence, they are often developed to respond to societal needs and aspirations that official currencies do not address (North, 2014a). For example, CCs can be designed to promote sustainable behavior (Joachain and Klopfert, 2014), build community social capital (Seyfang, 2004), and foster trade and local development (Kennedy et al, 2012;Vallet, 2016). This is not a small-scale phenomenon: Seyfang and Longhurst (2013) made an inventory of more than 3,000 community currency projects worldwide organized by citizens' associations and nonprofits.…”

Section: Introductionmentioning

confidence: 99%

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Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications

Meyer

Hudon

2018

J Bus Ethics

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Section: Most Of Ccs Typologies and Classifications Have Focused On Cmentioning

confidence: 99%

Section: Inter-enterprise Currenciesmentioning

confidence: 99%

Section: Inter-enterprise Currenciesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications

Meyer

Hudon

2018

J Bus Ethics

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“…Hence, they are often developed to respond to societal needs and aspirations that official currencies do not address (North 2014a). For example, CCs can be designed to promote sustainable behavior (Joachain and Klopfert 2014), build community social capital (Seyfang 2004), and foster trade and local development (Kennedy et al 2012;Vallet 2016). This is not a small-scale phenomenon: Seyfang and Longhurst (2013) made an inventory of more than 3000 community currency projects worldwide organized by citizens' associations and non-profits.…”

Section: Introductionmentioning

confidence: 99%

Money and the Commons: Lessons from Complementary Currencies

Meyer

Hudon

2016

AMPROC

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The commons is a concept increasingly used with the promise of creating new collective wealth. In the aftermath of the economic and financial crises, finance and money have been criticized and redesigned to serve the collective interest. In this article, we analyze three types of complementary currency (CC) systems: community currencies, inter-enterprise currencies, and cryptocurrencies. We investigate whether these systems can be considered as commons. To address this question, we use two main theoretical frameworks that are usually separate: the "new commons" in organization studies and the "common good" in business ethics. Our findings show that these monetary systems and organizations may be considered as commons under the "common good" framework since they promote the common interest by creating new communities. Nevertheless, according to the "new commons" framework, only systems relying on collective action and self-management can be said to form commons. This allows us to suggest two new categories of commons: the "social commons," which fit into both the "new commons" and the "common good" frameworks, and the "commercial commons," which fit the "common good" but not the "new commons" framework. This research advances a new conceptualization of the commons and of the ethical implications of CCs.

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Complementary currencies and entrepreneurship: Sustaining micro‐entrepreneurs in Kenyan informal settlements

Kuk,

Meyer,

Giamporcaro

2023

Strategic Entrepreneurship

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Research SummaryWith over a billion people inhabiting informal settlements worldwide, micro‐entrepreneurs are vital to local economies. Complementary currencies have emerged as tools to sustain these entrepreneurs, providing alternative trading and payment options. This study explores the daily strategies of micro‐entrepreneurs in Kenyan informal settlements using the digital complementary currency Sarafu. Our findings reveal that complementary currencies act as external enablers, transforming the local economies by enhancing payment systems, influencing supply and demand, and altering pricing structures. Significantly, when integrated with savings groups, they provide financial inclusion and collective purpose, strengthening local business networks. This research enriches our understanding of the mechanisms micro‐entrepreneurs deploy to leverage complementary currencies for growth, emphasizing the need for further exploration into the role of complementary currencies in supporting entrepreneurship.Managerial SummaryThis study explores how a complementary currency called Sarafu benefits micro‐entrepreneurs in Kenyan informal settlements. Sarafu acts as catalysts for entrepreneurship by boosting local markets and empowering community cooperation. Our findings reveal that micro‐entrepreneurs use Sarafu to adapt to the unique challenges of informal economies. They employ smart strategies like flexible pricing and inventory management to keep Sarafu flowing smoothly. Sarafu serves a dual purpose: a means of immediate spending and a tool for saving and growing capital. It also strengthens local business networks and creates a sense of collective purpose. For practitioners, this study suggests using complementary currencies to support local business networks, promote collective savings, and align the issuance of complementary currencies with local assets to foster sustainable entrepreneurship in informal economies.

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

Cited by 20 publications

References 17 publications

Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications

Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications

Money and the Commons: Lessons from Complementary Currencies

Complementary currencies and entrepreneurship: Sustaining micro‐entrepreneurs in Kenyan informal settlements

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