Local currencies in European History : an analytical framework

Although today's main organisation principle of monetary spaces is the nation-state's one, everyone can see it is not totally the case because of the existence and the development of local and social currencies and other sorts of parallel currencies. European history gives very useful lessons on this matter. One can distinguish, indeed, three historical periods : firstly, an “old regime” with a great diversity of money, including forms of local currencies ; secondly, the building of nation states and, consequently, what Benjamin Cohen (1998) calls a “westphalian model of geography of money”, centred on the principle of one nation, one money, excluding local currencies different from national currencies ; thirdly, the contesting of such a regime of monetary sovereignty. European history gives, then, evidences that the contemporary dynamics of local currencies is not a new one, but that it is undoubtedly the most important of the third period. European history leads however to make significant differences between forms of monetary localisms. Those differences are analyzed within the following framework. First, we have to make a distinction between the nature of issuers : public authorities, groups of citizens, businesses and banks. Monetary localisms before the Westphalian era were mainly organized by public authorities (lords) and religious orders, whereas today's monetary localisms mainly come from citizens and businesses (except from emergency issues and secessions logics). Second, we have to make a distinction between the rationales for monetary localisms : sovereignty, seignoriage and financing needs, protecting spaces, revitalizing spaces, transforming the nature of exchanges and money. Monetary localisms before the Westphalian era were mainly organized in order to capture money and dynamize spaces, whereas one can find the four rationales in today's monetary localisms. The paper, after presenting the analytical framework, concentrates on three sorts of local currencies : local currencies as a result of necessities, local currencies issued by banks and local currencies aiming to change money. It concludes on the differences between local currencies in European history and contemporary local currencies.Local currencies;monetary history;Europe;Owen;Gesell;Banks of issue

Silvio Gesell's Theory and Accelerated Money Experiments

Silvio Gesell (1862-1930) proposed a system of stamped money in order to accelerate monetary circulation and to free money from interest. This was part of a global socialist system intended to free economy from rent and interest. In the 1930s, Irving Fisher, who proposed the system to President Roosevelt, and John Maynard Keynes rendered homage to Gesell's monetary proposals in the context of the economic depression. Among the experiments that took place, several were based on his ideas, notably in the Austrian town of Wörgl and in the United States. These experiments were always local and never lasted more than a few months. This article shows that trust is the main issue of this kind of monetary organization; and therefore, that such experiments can only take place successfully on a small scale.Gesell. History of economic ideas, monetary utopia, local currencies.

Beyond the Competition Approach to Money: a Conceptual Framework applied to the Early Modern France

As other European countries of that time, Early modern France was characterized by its monetary plurality. The purpose of the text is to present this plurality and analyse the ways it was articulated. After a presentation of the intention of the paper, Section 2 presents the problem of monetary articulations, referring to existing literature: competition is too often the only articulation mode referred to by economists; however, an other one is increasingly analyzed, complementarity. We state that complementarity is too vague to be relevant enough and build a conceptual framework identifying four distinct articulation modes : competition, simultaneousness, supplementarity and autonomy. Section 3 presents a short overview of monetary plurality in the French early modern period and it applies the theoretical framework to it in order to stress the various possible combinations of articulation modes of money. It emphasizes the case of royal coins as being close to supplementarity, the case of gold coins as being close to competition, and the case of méreaux as being between supplementarity and autonomy. Section 4 addresses briefly the question as to whether the monetary complexity of that period means chaos. The role of social stratification and intermediates in reducing the complexity of monetary plurality is emphasized. Section 5 concludes.Monetary history;monetary plurality;competition;complementarity;Early modern France

Cooperatives' contributions to a plural economy

General introduction to the bookCooperatives;plural economy

Counteracting counterfeiting? False money as a multidimensional justice issue in 16th and 17th century monetary analysis

False money appeared as the general common issue in monetary debates that occured in European countries in the 16th and 17th centuries. It first refered to sovereignty, in a time of state-building, as well as to a serious economic problem. Beyond sovereignty and economy, justice and, then, the public faith, were endangered by those who devoted themselves to produce false coins. The thesis of this communication is that one cannot understand clearly the general topic of false money by reading texts of the time with today's general definition of false money. We propose, then, to identify the multiple dimensions of false money : counterfeiting (by individuals), degradations of coins (by individuals and officers of the Mint) and debasement and enhancement (by princes). These dimensions appeared in monetary discourses like Bodin's, Mariana's and Locke's ones, with sometimes a lack of clarity. Then, a general claim to counteract counterfeiting may conceal a claim to suppress any possibility of debasing currency. Making clearer monetary discourses on that topic and establishing a hierarchy between the three dimensions of false money helps to understand why the false money issue was firstly a matter of monetary justice by the prince himself. In order to do so, we pay special attention to Bodin, Mariana and Locke.History of monetary thought; monetary history; modern times; counterfeiting; debasement

La réforme monétaire française de 1577 : les difficultés d'une expérience radicale

National audienceLa France connaît en 1577 le sommet d'une crise monétaire aiguë qu'une réforme monétaire inédite tente de résoudre. Sa principale mesure consiste à supprimer le compte en livres tournois au profit d'une monnaie dite réelle, l'écu d'or. Ce texte vise à éclairer la réforme par son contexte historique et intellectuel et à identifier son rapport aux transformations de la souveraineté sur longue période et à ses soubresauts sur courte période. Après avoir posé le problème (1), il expose l'étendue de la crise monétaire et les caractéristiques de la réforme (2). Il propose alors plusieurs regards successifs sur ce moment de l'histoire monétaire française prenant forme de trois paradoxes. Un premier paradoxe tient à ce que l'on croit généralement que la controverse entre Malestroit et Bodin a servi de matrice à la réforme, alors que c'est la Cour des monnaies, et parmi elle en particulier Thomas Turquam, qui en est à l'origine (3). Un deuxième paradoxe tient au rapport de cette réforme à la souveraineté : elle est lue comme une tentative de recouvrer une souveraineté monétaire perdue alors que, en ancrant la monnaie dans le métal, elle élimine toute capacité de mener une politique monétaire (4). Un troisième paradoxe tient au contexte de la période : la réforme de 1577 vise à stabiliser la monnaie alors que les graves troubles politiques, économiques et financiers semblent vouer une telle tentative à l'échec (5). Tout cela contribue à rendre cette réforme difficilement tenable : bientôt les cours volontaires réapparaissent, la réforme rate son objectif de stabilisation et la souveraineté politique sur la monnaie est contestée dans ses fondements mêmes (6)

Thirty years of community and complementary currencies: a review of impacts, potential and challenges [editorial]

The editorial is available at http://ijccr.net/2012/07/08/editorial-2012-volume-16-special-issue-thirty-years-of-community-and-complementary-currencies/International audienceThe editorial is available at http://ijccr.net/2012/07/08/editorial-2012-volume-16-special-issue-thirty-years-of-community-and-complementary-currencies/ This special issue is composed of seventeen papers of which first versions were presented at the Lyon CC-Conference that was held on 16-17th February 2011. This selection of papers is not representative of the extent of what was discussed in Lyon since, for example, several areas are missing or are under-represented (Latin America, francophone countries) . However, they already cover a wide range of cases and topics and they rely on various research and analytical methods. The special issue is structured around four sections: (1) Historical accounts in the U.S., (2) Theoretical issues, (3) Shortcomings and achievements, (4) Prospects and projects

Regards sur les monnaies sociales et complémentaires

The special section presented by this introduction is composed of four papers whose preliminary versions were discussed during the international conference "Thirty years of community and complementary currencies - what next?", held at the Ecole normale supérieur de Lyon, February 16-17th 2011. This introduction presents this conference and discusses the four papers. It stresses the diversity of the studied CC schemes, their common question of difficulties and achievements, and transversal issues emphasized by the papers.Le dossier présenté ici est constitué de quatre textes dont des versions préliminaires ont été présentées lors du colloque international " Trente années de monnaies sociales et complémentaires, et après ? ", qui s'est tenu à l'École normale supérieure de Lyon les 16-17 février 2011. Cette introduction présente ce colloque et discute les quatre textes. Elle souligne la diversité des dispositifs étudiés, la question des difficultés et des réussites, commune aux quatre textes, ainsi que des questions transversales soulevées

Guest editorial. Theorizing economic plurality and making it mainstream is crucial

International audienceThe present issue of the Journal of Co-operative Studies features three papers selected from the Lyon ICA Conference. All three discuss the specific contributions of cooperatives in the context of organizational plurality. Under a theoretical viewpoint, Chevallier focuses on cooperative (in)efficiencies as they are analyzed (or not) in economics, while Borzaga, Depedri and Tortia discuss theories able to properly analyze the specific role of cooperatives and social enterprises as well. Under the empirics of evidence, Gloukoviezoff analyzes the remaining specificities of French financial cooperatives concerning financial inclusion

"Argentina o dolarización", ou quand la monnaie revient à la souveraineté

Les circonstances d'un retournement historique survenu dans les rapports de l'économie à la société en Argentine au tournant de 2001-03 fournissent une illustration dramatique et exemplaire d'une thèse très simple : en matière de décisions souveraines, rien n'est irréversible, pas même les décisions conduisant à une disparition des outils de la souveraineté ; en matière historique, rien n'est réversible. C'est de cette combinaison de réversibilité souveraine et d'irréversibilité historique dont traite ce texte, sur la base d'un examen des débats relatifs à la dollarisation intégrale avant la grande crise argentine de 2001-03 et leur retraite rapide dans la foulée de cette crise. Après avoir repris les moments forts correspondant au choix de la caisse d'émission (1989-1991), aux propositions de dollarisation intégrale (1999-2001) et au retour de la souveraineté (2001-03), ce texte développe une double analyse relative à ce qui a pu se jouer durant ces trois à quatre années. A un premier niveau d'analyse, ce retournement est celui d'un triomphe sinon durable, du moins provisoire, de la souveraineté, en particulier dans sa dimension monétaire. A un second niveau, ce retournement signe l'échec d'un programme théorique économiste au sens où il exclut de son analyse la dimension politique de la monnaie et où il en infère des préceptes d'ingénierie économique insoutenables au plan politique