A local money to stabilize capitalism: the underestimated case of the WIR |
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Authors: | Guillaume Vallet |
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Institution: | Department of Economics-CREG, University of Grenoble Alpes, 1221 Rue des résidences, 38400 Saint Martin d’Heres, France |
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Abstract: | As a result of the current financial crisis, economists have paid increased attention to local monies designed in an effort to create a new kind of economy, as well as new ways to develop social links. This paper seeks to shed light on the WIR money, a local money that has been in existence in Switzerland since the 1930s. We argue that it provides a shield against crises for two significant and connected reasons. First, from a ‘horizontal’ perspective, the WIR is a coherent economic, as well as social, project that relies on the ‘melting money’ principle. Second, from a ‘vertical’ perspective, it is based on a banking model that is anchored to a specific ‘attitude’ designed to manage the monetary common good. The mix between these ‘horizontal’ and ‘vertical’ perspectives is likely to be insightful for other projects like the WIR. |
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Keywords: | WIR melting money banker attitude crisis |
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