The grammar of money: a discursive institutional analysis of money in light of the practice of complementary currencies

Adopting the notion of Norman Fairclough’s progression from a negative critique of structures to a positive critique of change strategies (Fairclough 2010, p. 14), the analysis of our financial system and economies must not fail to recognise the novel approaches and prototyping practices of complementary currencies and monetary reform. These novel and extremely diverse practices, ranging from political campaigns for full-reserve banking to local currencies, timebanks, business-barter systems and so called crypto-currencies, highlight a blatant conceptual under-determination of money in legal, regulatory and economist discourses (Costa & Gauvin McNeill 2015; Ingham 1996). While there are no coherent theoretic frameworks to understand all kinds of complementary currencies and “money as we know it” (Blanc 2011), the lack of a clear touchstone definition of conventional money impedes the recognition of new forms of monetary innovations and the developmental pathways for monetary reform (Bendell et al. 2015) and systemic financial sustainability (Lietaer et al. 2012). This PhD research projects aims to pinpoint the conceptual discrepancies of monetary conceptualizations in the discourse of financial regulators and central banks when compared to that of complementary currency practices and thus elucidate policy options to improve the recognition and impact of community currencies and other monetary reform initiatives. It aims to critically analysis money, including the practices of complementary currencies, as discoursive institutions (Schmidt 2010) according to their constituent rules, norms and customs in an application of the“grammar of institutions” proposed by Crawford and Ostrom (Crawford & Ostrom 1995)

The grammar of money:an analytical account of money as a discursive institution in light of the practice of complementary currencies

Since the global financial crisis in 2008, complementary currencies - from local initiatives like the Brixton Pound to timebanks, business-to-business currencies and, of course, Bitcoin - have received unprecedented attention by academics, policy makers, the media and the general public. However, at close theoretic inspection money itself remains as elusive a phenomenon as water must be to fish. Economic and business disciplines commonly only describe the use and functionality of money rather than its nature. Sociology and philosophy have a more fundamental set of approaches, but remain largely unintegrated in financial policy and common perception. At the same time, new forms of currency challenge predominant definitions of money and their implementation in the law and financial regulation. Unless our understanding of money and currencies is questioned and extended to consistently reflect theory and practice, its current misalignment threatens to impede much needed reform and innovation of the financial systems towards equity, democratic participation and sustainability. After reviewing current monetary theories and their epistemological underpinning, this thesis proposes a new theoretic framework of money as a ‘discursive institution’ that can be applied coherently to all monetary phenomena, conventional and unconventional. It also allows for the empirical analysis of currencies with the methodologies of neo-institutionalism, practice theory and critical discourse analysis. This will here be demonstrated in a transdisciplinary triangulation concerning three sets of data from the diverse field of complementary currencies, the publications of the Bank of England and monetary laws from the United States. The findings do not only demonstrate the heuristic value of the theory of discursive institutionalism in regard to money and complementary currencies, but highlight how regulatory and legal definitions even of conventional money lack the coherence and clarity required to appropriately explicate monetary innovation. Accordingly, this study concludes with recommendations for monetary theory, policy and research that can address the current inconsistencies

Inconsistent definitions of money and currency in financial legislation as a threat to innovation and sustainability

External shocks, like the climate catastrophe or the COVID-19 pandemic, as well as intrinsic fallacies like the securitization of bad debt leading up to the financial crisis in 2008, point to the need for updating our monetary and financial systems. Ensuring their adequacy and resilience is an important factor for sustainability at large. This paper examines the definitions of “money” and “currency” in financial legislation as a foundational factor in achieving systemic resilience by allowing or hampering monetary innovation and diversity. From the unencumbered vantage point that the practice of complementary currencies offers, definitions of the terms “money” and “currency” are here traced through the laws and regulations of the United States of America, from the beginnings of modern banking to the recent rulings on crypto-currencies. They are both found to be used and defined in contradictory ways that are inapt even in regard to conventional modern banking practices, let alone when applied to novelty in payment, issuance and valuation. Consequently, this paper argues that basic legal definitions need to be reviewed and consolidated to enable the innovation and diversification in monetary systems needed for long term macro-economic stability. With this in mind, a terminology that is consistent with monetary practice—current, past and future—as well as the procedural difficulties of reforming laws and regulations is proposed

The grammar of money: an analytical account of money as a discursive institution in light of the practice of complementary currencies

Since the global financial crisis in 2008, complementary currencies - from local initiatives like the Brixton Pound to timebanks, business-to-business currencies and, of course, Bitcoin - have received unprecedented attention by academics, policy makers, the media and the general public. However, at close theoretic inspection money itself remains as elusive a phenomenon as water must be to fish. Economic and business disciplines commonly only describe the use and functionality of money rather than its nature. Sociology and philosophy have a more fundamental set of approaches, but remain largely unintegrated in financial policy and common perception. At the same time, new forms of currency challenge predominant definitions of money and their implementation in the law and financial regulation. Unless our understanding of money and currencies is questioned and extended to consistently reflect theory and practice, its current misalignment threatens to impede much needed reform and innovation of the financial systems towards equity, democratic participation and sustainability. After reviewing current monetary theories and their epistemological underpinning, this thesis proposes a new theoretic framework of money as a ‘discursive institution’ that can be applied coherently to all monetary phenomena, conventional and unconventional. It also allows for the empirical analysis of currencies with the methodologies of neo-institutionalism, practice theory and critical discourse analysis. This will here be demonstrated in a transdisciplinary triangulation concerning three sets of data from the diverse field of complementary currencies, the publications of the Bank of England and monetary laws from the United States. The findings do not only demonstrate the heuristic value of the theory of discursive institutionalism in regard to money and complementary currencies, but highlight how regulatory and legal definitions even of conventional money lack the coherence and clarity required to appropriately explicate monetary innovation. Accordingly, this study concludes with recommendations for monetary theory, policy and research that can address the current inconsistencies

Cross-fostering does not alter the neurochemistry or behavior of spontaneously hypertensive rats

BACKGROUND:Attention-deficit/hyperactivity disorder (ADHD) is a highly heritable developmental disorder resulting from complex gene-gene and gene-environment interactions. The most widely used animal model, the spontaneously hypertensive rat (SHR), displays the major symptoms of ADHD (deficits in attention, impulsivity and hyperactivity) and has a disturbance in the noradrenergic system when compared to control Wistar-Kyoto rats (WKY). The aim of the present study was to determine whether the ADHD-like characteristics of SHR were purely genetically determined or dependent on the gene-environment interaction provided by the SHR dam. METHODS: SHR/NCrl (Charles River, USA), WKY/NCrl (Charles River, USA) and Sprague Dawley rats (SD/Hsd, Harlan, UK) were bred at the University of Cape Town. Rat pups were cross-fostered on postnatal day 2 (PND 2). Control rats remained with their birth mothers to serve as a reference for their particular strain phenotype. Behavior in the open-field and the elevated-plus maze was assessed between PND 29 and 33. Two days later, rats were decapitated and glutamate-stimulated release of [3H]norepinephrine was determined in prefrontal cortex and hippocampal slices. RESULTS: There was no significant effect of "strain of dam" but there was a significant effect of "pup strain" on all parameters investigated. SHR pups travelled a greater distance in the open field, spent a longer period of time in the inner zone and entered the inner zone of the open-field more frequently than SD or WKY. SD were more active than WKY in the open-field. WKY took longer to enter the inner zone than SHR or SD. In the elevated-plus maze, SHR spent less time in the closed arms, more time in the open arms and entered the open arms more frequently than SD or WKY. There was no difference between WKY and SD behavior in the elevated-plus maze. SHR released significantly more [3H]norepinephrine in response to glutamate than SD or WKY in both hippocampus and prefrontal cortex while SD prefrontal cortex released more [3H]norepinephrine than WKY. SHR were resilient, cross-fostering did not reduce their ADHD-like behavior or change their neurochemistry. Cross-fostering of SD pups onto SHR or WKY dams increased their exploratory behavior without altering their anxiety-like behavior. CONCLUSION: The ADHD-like behavior of SHR and their neurochemistry is genetically determined and not dependent on nurturing by SHR dams. The similarity between WKY and SD supports the continued use of WKY as a control for SHR and suggests that SD may be a useful additional reference strain for SHR. The fact that SD behaved similarly to WKY in the elevated-plus maze argues against the use of WKY as a model for anxiety-like disorders

"Zero is where the real fun starts": evaluation for value(s) co-production

Aims: • To introduce Critical Discourse Analysis • Money as example of narrow focus on measurement and quantifiability (econophonics) • Implications of discourse for: teaching, evaluation, ESDG

Inconsistent Definitions of Money and Currency in Financial Legislation as a Threat to Innovation and Sustainability

External shocks, like the climate catastrophe or the COVID-19 pandemic, as well as intrinsic fallacies like the securitization of bad debt leading up to the financial crisis in 2008, point to the need for updating our monetary and financial systems. Ensuring their adequacy and resilience is an important factor for sustainability at large. This paper examines the definitions of “money” and “currency” in financial legislation as a foundational factor in achieving systemic resilience by allowing or hampering monetary innovation and diversity. From the unencumbered vantage point that the practice of complementary currencies offers, definitions of the terms “money” and “currency” are here traced through the laws and regulations of the United States of America, from the beginnings of modern banking to the recent rulings on crypto-currencies. They are both found to be used and defined in contradictory ways that are inapt even in regard to conventional modern banking practices, let alone when applied to novelty in payment, issuance and valuation. Consequently, this paper argues that basic legal definitions need to be reviewed and consolidated to enable the innovation and diversification in monetary systems needed for long term macro-economic stability. With this in mind, a terminology that is consistent with monetary practice—current, past and future—as well as the procedural difficulties of reforming laws and regulations is proposed

Money as a social technology

A presentation given by Leander Bindewald from the New Economics Foundation (nef) to the NICVA Centre for Economic Empowerment Masterclass on Community Currencies and Trading Schemes. This presentation looks at where money comes from - it's creation as debt created by commercial banks, to how it can be transformed and diversified to better serve community needs and bring economic benefits to localities

Understanding the impact of Community Currencies

Leander Bindewald presents an experience report on a Community Currencies in Action EU project

Zero is where the real fun starts: evaluation for value(s) co-production

In this chapter, we propose that the dominance of the discourse surrounding quantifiable measurable phenomena over qualitative, less tangible aspects of experience is simply a provisional, although ubiquitous, discursive artefact, a story no more necessary or truthful than any alternative view. The pedigree and increasing pervasiveness of this story can be traced to the ascent of the primary of rational thinking, which assumes that knowledge is fixed and can be externally verified, that humans can 'know' - in an absolute sense - and consequently control, the material world around them, which in the Enlightenment period was closely associated with the scientific revolution