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Complementary Currencies

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by

Jessica Frank

on 13 March 2013

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Transcript of Complementary Currencies

How do they work? -The creators and administrators determine how the system works

-Can be exchanged 1:1

-People buy and spend complementary currency like national currency, except that it can only be used in certain economic sectors

-Only accepted by participating local business

-National retailers do not accept it

-Some accept partial payments in complementary currencies

Reason:
-Suppliers and employees don't accept the complementary currency

-A percentage of usually 5-10% are for the donation Comparison with private and alternative currencies What are complimentary currencies? Who uses Complementary Currencies? -People who want to support local businesses

-People who want to foster a sense of local community

-Environmentalists who want to reduce their carbon footprint

-help people who have been marginalized by the mainstream economy Overview of widely used complementary currencies Salt Spring Dollars Disadvantages (ergänzende Währung) Complementary Currencies Advantages Do they make sense? Ithaca HOURS Chiemgauer Frequent Flier Miles “Complementary currency (CC)
is a currency meant to be used as a complement to another currency, typically a national currency.” “A private currency
is a currency issued by a private organization, be it a commercial business or a nonprofit enterprise.” “An alternative currency
is any currency used as an alternative to the dominant national or multinational currency systems (usually referred to as national or fiat money)." - established in 2001
- Used on Salt Spring Island and British Columbia
- backed by the Canadian Dollar
- almost universal acceptance -founded in 1991
-used in Ithaca, New York
-oldest and largest local currency system in the U.S.
-one Ithaca HOUR is equal with one hour of basic labor or $10.00.
-you have to join the Ithaca HOURS system
-there are advantages for the members -started 2003 in Prien am Chiemsee
-named after the Chiemgau
-has a fixed exchange rate:
1 Chiemgauer = 1€
- was started by Christian Gelleri
as a project with his students - The Chiemgauer is intendet to:

1. Employment creation
2. Promotion of cultural, educational
and environmental activities
3. Promotion of sustainability
4. Strengthening the solidarity
5. Stimulation of local economy -nearly everyone is familiar with them
-type of sectoral currency
-frequent flier miles are accepted by participating businesses
-members could loose money
-currency may not catch on if less participants
-difficult to explain system to user
-not usable abroad -promote local economic development
-build social capital
-meet needs that mainstream money does not
-nurture more sustainable lifestyles Sense ~A medium of exchange that functions alongside a national currency

The main purposes are:
To promote local economic development
To build social capital
To fulfil needs that mainstream money does not

Not legal tender

Not allowed to look like the national currency Gliederung 1. What are complementary currencies?
2. Comparison with private and
alternative currencies
3. How do they work?
4. Who uses complementary currencies?
5. Overview of widely used
complementary currencies
5.1 Salt Spring Dollars
5.2 Ithaca HOURS
5.3 Chiemgauer
5.4 Frequent Flier Miles
6. Sense
6.1 Disadvantages
6.2 Advantages
7. Do they make sense? It may help a region to get closer to each other.
Makes purchase more personal.
It is voluntary and it won't harm someone, who do not want to use it. Vielen Dank
für Eure
Aufmerksamkeit! :-)
Full transcript