Rethinking Money

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Rethinking Money Page 27

by Bernard Lietaer


  knowledge exchange network, 184

  learning currency, 153–155, 201

  in Mae Hong Son, 205

  mentoring, 153–154, 171–172

  paradigms in, 220–221

  in Paraná, 143–144

  Patch Adams Free Clinic and, 165

  in principled society, 193

  Prussian model of, 216

  standards, 43

  Time dollars and, 82–83

  university, 153–154, 193, 226–227n13

  wispos and, 156–157. See also Student loan

  Efficiency, 31–33, 62–63, 65–66, 199 80-20 rule, 68

  Elder care, 216

  fureai kippu and, 166–168

  TimeBank and, 80–81, 84–85

  Eleventh round, 37–39, 41

  Emergency currency, 170–171, 181

  Emergency loan, 104–105, 106, 107

  Emergency relief, 167, 169, 169–172

  Emergent property, 31–32

  Empiricism, 29–30

  Employment. See Unemployment

  Energy, 208, 219

  Entrepreneurship, 124–125

  in Hub, 130–131

  in Nyanza, 208–209

  Environment, 14

  ecological disaster, 34, 188

  muti and, 207

  as public good, 49

  United Nations Environmental Program, 144. See also Sustainability; Terra Trade Reference Currency

  Equity: collaboration requiring, 195

  equity-based compensation, 217

  equity capital, 45

  sweat equity, 165

  Era. See Age

  Ethics, 48–49, 221–222

  Euro crisis, 50

  E-wallet, 115–116, 207–208

  Excess capacity. See Unused resource

  Expansion, 51–52

  Exploitation, 196–197

  Exponential growth, 42–43, 52–53

  External trading value, 80

  Facebook, 200

  Fairness. See Equity

  Family, 18–19, 44

  in !Kung culture, 47

  time currency and, 80–81, 84–85

  Favela, 141

  Fear, 4

  Federalism, 69

  Federal Reserve Act of 1913, 25–26

  FEMA, 170–171

  Fiat money, 26–28

  creditos as, 184–185

  inflation and, 91

  as social construct, 58

  Finite world, 42, 44, 192–193

  Fisher equation, 63–64

  Flow network, 32–33, 61–63

  Fomentos, 105

  Food chain, 61

  Food stamp, 12

  Forgery, 184–185

  Fractional reserve banking, 25–26, 39–40, 228n1, 228n4

  Fractional reserve multiplier, 40, 228n1

  Fraud, 146–147, 194

  counterfeiting, 184–185

  emergency currencies and, 170–171

  fraudulent currency initiatives, 192

  Free clinic, 162–165

  Free Lakota Bank, 113–114

  Free market, 28, 31–32, 35, 217

  Free money, 176–178

  Freigelt, 176–178

  Frequent flyer miles: computers enabling, 60–61

  as cooperative currency, 59, 74

  inflation and, 92

  in multicurrency world, 55

  Friendly Favors (FF), 132–133, 183–184

  Fuel, 126–128

  Functional currency, 199, 201

  Fureai kippu, 166–169

  Futility, 20

  Game, 156–157

  Garbage. See Trash

  Garden, 151, 161

  Geuro, 149

  GI Bill, 153

  Gift, 47–49, 82

  Glass-Steagall Act, 69–70

  Globalization, 86, 221

  Global Trading Network, 182–183

  Golden ghetto, 19

  Gold standard, 24–26

  Free Lakota Bank and, 113

  homogeneity and, 65–66

  as reference currency, 140

  Terra and, 135

  in Utah, 201

  in Weimar Republic, 236n10

  Goodwill: in Friendly Favors, 132–133

  TimeBank and, 82

  Google, 200

  Google Wallet, 115–116

  Government Accountability Office (GAO), 170–171

  Government debt, 42–43, 70, 145–147, 227n21

  Gramm-Leach-Bliley Act, 70

  Great Depression, 24, 175, 180–181

  GDP and, 35

  GNP and, 33–34

  WIR and, 99, 102

  Greece, 149

  Greed, 4

  Green products, 152, 186

  Greenwashing, 198

  Gross domestic product (GDP), 34–35, 131, 146

  Gross National Happiness, 131

  Gross national product (GNP), 33–35

  Growth pressure, 2, 42–43, 52–53

  Happy Futures Global Challenge, 131

  Hate group, 182

  Health care, 14, 16

  free clinic, 162–165

  in Mae Hong Son, 205

  Helplessness, 17

  High-powered money, 40

  Hitler, Adolf, 180, 236n10

  Holacracy, 191

  Homogeneity, 65–66, 86

  Honey, 130–131

  HOURS, 162–165, 163

  Housing: buying, 110–111, 142–143

  improvised, 141

  Hubbee, 130–131

  Hub Network, 130–131

  Human construct, 2, 13, 217

  Human right, 49

  Human Right, A, 165–166

  Hyperinflation, 70, 176, 178–179

  ICCO, 105

  Identity, 19

  Immediacy. See Short-termism

  Immigration, 156

  Income, 51, 108

  Industrial Age, 2, 15, 203

  Information Age and, 120

  Third Industrial Revolution, 218

  values, 28

  Inflation, 91–93

  of creditos, 184–185

  hyperinflation, 70, 176, 178–179

  Information Age, 50, 120, 201

  Infrastructure, 15, 20–21, 103, 194

  Inheritance, 18

  Innernet, 223

  InspirePay, 116

  Instability, 134

  Insurance, 114, 121–122, 216

  Interconnectivity, 32, 62

  Interest, 37–42

  bankruptcy and, 39, 41

  competition and, 37–40

  compound, 42–43

  JAK and, 110

  regio and, 191

  scarcity and, 37–40

  short-termism and, 45–46, 52–53, 85–86

  wealth transfer via, 49–50

  WIR and, 99–100

  Intergenerational thinking, 44

  Intern, 16–17, 120

  International Architecture Exhibition, 85

  International Monetary Fund (IMF), 144, 182, 184

  International reserve currency, 57–58

  Internet: community, 57–58

  technologies, 115–116. See also Mobile phone

  Internet access: enabling currencies, 60–61, 117

  Human Right, A, and, 165–166, 166

  in multicurrency world, 55

  Internship, 16–17

  Intolerance, 182

  Intrinsic risk, 45

  Intrinsic value, 64

  Investing class, 193–194

  Ireland, 96–98

  Irrigation, 187

  Isolation, 19

  Ithaca Health Alliance (IHA), 163, 164

  Ithaca Health Fund (IHF), 164

  Ithaca HOURS, 162–165, 163

  Job: creation, 119, 145–146, 216

  satisfaction, 18

  work and, 219–220

  John Galt, 113

  Jord Arbete Kapital (JAK), 109–113, 111

  Junk mail, 152

  Jury duty, 83

  Juvenile justice, 80,
83

  Keynesian stimulus, 23–24, 145–146

  Keynesian School of Economics, 35

  Knowledge exchange network, 184

  Krama, 190

  KTA, 157

  Kukuyu, 209

  !Kung, 46–48, 196

  Kyoto Protocol, 116

  Labor certificate, 176–177

  Landfill. See Trash

  Layoff, 12

  Leadership, 221–122

  Learning currency, 153–155, 201

  Learning retention, 154–155

  Legal aid, 85

  Legal tender, 57–58, 150

  Lehman Brothers, 70

  Leverage, 101–102, 152–153

  Liberation Theology, 104–105

  Library, 21

  Liquidity, 145–146, 194

  Literacy, 155, 216

  Litigation, 18

  Loan: with Banco Palmas, 106–107

  consumption, 104–105, 106, 107

  income and, 108

  in Ithaca HOURS, 163–164

  with JAK bank, 109–110, 112

  microloan, 104–105, 107

  production, 104–105, 107

  Revolving Loan Fund, 129–130. See also Debt; Student loan

  Lobbying, 114

  Local Capital Project, 128–130

  Local currency, 5, 58–59

  BerkShare, 75, 89–91, 90

  BONUS, 170

  Chiemgauer, 74–75, 87–89, 88

  in Ireland, 96–98

  Ithaca HOURS as, 163–164

  in monetary ecosystem, 199, 200–201

  velocity of, 68–69. See also Regional currency

  Local Exchange Trading System (LETS), 75–78, 235n12

  inflation and, 91–92

  infrastructure and, 195

  spender-signed currency and, 196–197

  STRO and, 121

  Local Flavors Re-Circulating Gift Certificate Program, 128–130

  Localized production, 218–219

  London Club of Creditors, 43

  Loyalty currency. See Frequent flyer miles

  Madison Gas and Electric Company (MGE), 84

  Mad Men, 16–17

  Mae Hong Son, 204–206

  Malus, 124

  Mandatory growth, 2, 42–43, 52–53

  Marginal cost, 152, 154

  Marginalization, 32, 42–43, 156, 173

  Marginal-productivity theory, 50

  Materialism, 48–49

  Medicaid, 12

  Medicare, 12

  MediCash, 165

  Medium of exchange, 57, 58

  assumption of mere, 9

  choice of, 199

  conflicting with store of value, 66

  Fisher equation and, 64

  in flow system, 62–63

  money defined as, 28, 93

  monopoly as, 201

  professionals describing, 1–2

  Mentoring, 153–154, 171–172

  Merchant class, 2

  Microloan, 104–105, 107

  Micropayment, 116

  Middle class, 2, 50, 75, 216

  Mile High Business Alliance (MHBA), 128–130

  Millenial, 156

  Mine: Blaengarw, 160

  Schwanenkirchen, 179–180

  Mobile phone, 185–186

  Banco Palmas and, 109

  Bristol Pounds and, 114–115

  C3 and, 126–128

  enabling currencies, 60–61

  financial inclusion via, 117

  in Nyanza, 207

  Modern Age, 173

  Modernism, 15

  Mondragon, 104–105

  Monetary ecosystem, 59–60, 145, 199–202, 220

  Money: history of, 24–26

  as human construct, 2, 13, 217

  sacred wounds of, 18–19. See also specific topics

  Monoculture, 3, 70. See also Diversity

  Monopoly: Bell Telephone, 96

  of currency creation, 24, 27–28

  as medium of exchange, 201

  of money type, 63

  privatization and, 20–21

  state-owned, 128

  Morals, 48–49, 134

  Mortgage, 39–40

  Move Your Money, 95

  Multicurrency world, 55, 115, 220

  Multinational currency, 199, 200

  Musical chairs, 41

  Muti, 207

  Mutual credit system: currency creation in, 91–92

  in Ireland, 96–98

  LETS as, 75, 77

  reputation in, 195

  spender-signed currency as, 196–197

  TimeBank as, 75

  WIR as, 99–102

  Mythos, 222–223

  National debt, 42–43, 70, 145–147, 227n21

  National Homecomers Academy, 83–84

  National Program of Oriented Productive Microcredit (PMNPO), 107

  National Socialist Party. See Nazi Party

  Nayahan Banjar. See Banjar

  Nazi Party, 180

  Network structure, 32–33

  Newtonian physics, 29–31

  Nigeria, 42–43

  Nobel Prize in Economics, 35–36

  Nongovernmental organization (NGO), 56, 59, 73–74, 93

  in Blaengarw, 159–161

  competition among, 162

  in Japan, 167

  in principled society, 193

  Nonmarket economy, 34

  Nonprofit. See Nongovernmental organization

  NU-card, 186

  Nyanza, 207–209

  Obsolescence, 15

  Occupy Movement, 223

  Oil, 137–138

  Oil spill, 211

  Ooin, 186

  OPEC nations, 113–114

  Open source software, 123

  Operational cost, 139, 140

  Overcrowding, 164

  Overdraft, 39

  Panda, 32–33

  Papelitos, 183–184

  Paper money, 25–26, 114, 152–153, 184–185

  Paradigm: competition, 215–216

  in education, 220–221

  Pareto distribution, 68

  Paris Club, 43

  Patch Adams Free Clinic, 164–165

  Patriarchy, 15

  Pay-it-forward system, 83, 85

  PayPal, 115–116

  Pemaksan, 187

  Performance bonus, 50

  Pis bolong, 189

  Pollution, 141

  Poverty trap, 108

  Prestige, 64

  Principled society, 193–194

  Privacy, 48

  Private international scrip, 74, 199, 200

  Private public partnership (PPP), 20–21

  Privatization, 1, 20–21

  Production loan, 104–105, 107

  Profit-neutral investment system, 193–194

  Prohibition, 157

  Prostitution, 20, 184, 227n19

  Prosumidores, 183–184

  Psychiatry, 17, 34

  Public good, 49

  Publicity, 111–112

  Public transport, 141–143, 152

  Punishment, 197

  Puntos, 125

  Puntotransacciones, 125

  Qoin, 93, 123, 150

  Quality of life, 143

  QuipShare, 77–78

  Racial violence, 83

  Randomness, 31–32

  Rationalism, 217

  Age of Enlightenment, 15, 29–30

  markets as, 4

  Real estate, 110–111

  Realism, 30

  Recession, 2, 50, 78–79

  Recidivism, 83–84

  Reciprocity, 47–49, 82, 171–172

  Recirculation, 129–130

  Reconstruction Finance Corporation, 181

  Reconstruction multiplier, 170

  Recycling, 142, 234n1

  Red Cross, 83

  Red Global de Trueque, 182–183

  Redistribution, 217

  Reference currency, 140, 199, 200

  Reforestation, 67, 206, 207

  Regio, 85–8
9

  Regional currency, 5, 75, 85–87

  criteria for, 191

  in monetary ecosystem, 199, 201

  Reichsbank, 179–180

  Reichsmark, 176, 236n5

  Relief money. See Wörgl

  Relief tax, 176–177

  Religion, 3

  Reputation system, 194–195, 201

  Friendly Favors as, 132–133

  Hub as, 130–131

  spender-signed currency and, 196–198

  Resilience, 32–33, 62–63, 199, 219

  liquidity and, 145–146

  of Terra, 135

  Respect, 212–213

  Retention bonus, 50

  Retirement, 15–16, 216

  Revolving Loan Fund, 128–130

  Rice, 187–188, 190

  Right-brained thinkers, 156, 220–221

  Risk, 45

  of Chicago Plan, 3, 71

  JAK bank and, 112

  Robots, 218

  Robustness. See Resilience

  Rotating Loan Club, 172

  Runaway speculation, 33

  Saber, 153–155, 207–208

  Sabotage, 192, 194

  Sacred wounds of money, 18–19

  Safety net, 134, 135

  Savings. See Store of value

  Savings and loan system, 112

  Savings points, 110

  Sawayaka Fukushi, 166–167

  Scarcity, 215–216, 220, 222

  fear of, 4

  interest and, 37–40

  money system creating, 2, 9, 27–28

  solutions for, 1

  value and, 80

  Scholarship. See Education

  School. See Education

  School of economics, 28, 35

  Schwanenkirchen mine, 179–180

  Science, 3, 29–30

  Second economy, 120–121

  Second Life, 57–58

  Security, 194, 216. See also Fraud

  Sewerage, 21

  Shari’a, 112–113

  Shortage, 39

  Short-termism, 44–46, 217

  mandatory growth and, 2, 52–53

  sustainable money and, 85–86, 192

  Terra and, 138–139

  Slum, 141

  Small and medium-sized enterprise (SME), 120–124

  Smith, Adam, 29

  Social capital, 2, 46–49

  Social construct, 57–58

  Social decay, 34–35, 159

  Social media, 82

  Social Security, 12

  Social Trade Organization (STRO), 121, 127, 170, 194

  Social values, 194, 210–211

  Solidus, 24, 65, 227n2, 230n9

  Sovereign debt, 42–43, 70, 145–147, 227n21

  Speculation, 33

  Spender-signed currency, 196–198

  Spice, 160

  Square, 115–116

  Stamp scrip, 180–181

  Sterile reserve, 40

  Sternthaler, 88–89

  Stimulus, 23–24, 145–146

  Store of value, 58

  conflicting with medium of exchange, 66

  Fisher equation and, 64

  money defined as, 28

  professionals describing, 1–2

  Street children, 143

  Strike, 96–98

  Stripe, 115–116

  Student loan: debt, 17–18, 226–227n13

  GI Bill and, 153

 

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