ALTERNATIVE CURRENCIES IN THEORY AND PRACTICE
THE ITHACA MODEL EXAMINED IN NORTHERN CALIFORNIA

Copyright © 2001 Andrew Lowd

 

TABLE OF CONTENTS


LIST OF ILLUSTRATIONS

LIST OF TABLES

ACKNOWLEDGEMENTS

INTRODUCTION

CHAPTER ONE: A BRIEF HISTORY OF MONEY

CHAPTER TWO: ECONOMIC THEORY OF MONEY

Defining Money
Measuring Money
Caution Against Misplaced Precision
A Value Governor
Implementing Other Monies
How to Obtain Value
Interest: Internal Feature or Unwanted Accessory?
Information Costs
Society's Money

CHAPTER THREE: THE HISTORY OF LOCAL CURRENCY

Silvio Gesell and Demurrage
European Success Stories
American Depression Experiments
The Exeter Constant
Barter Revisited
NORFED: Competition is Good
Discount Scrip: Deli Dollars and Farm Preserve Notes

CHAPTER FOUR: THE ITHACA MODEL

Program History and Design
Nine Benefits of HOURs

CHAPTER FIVE: LIFE OUTSIDE ITHACA

Motivation for Local Currencies
Challenges to Local Currencies
Surveying Co-ordinators
SonomaTime
REAL Dollars

CHAPTER SIX: LOCAL CURRENCY ASPECTS

Convertability
Education
Discounting
Return on Spending
A Downside to Regionally-Limited Monies

CHAPTER SEVEN: MENDOCINO SEED

Who Accepts SEED?
Struggles and Challenges
The Archangel Gabriel Plan
Surveying the Members
Recording and Reporting the Results
Across the Mountains to Ukiah

CONCLUSION: FUTURE DIRECTIONS AND DEVELOPMENTS

Life After Ithaca
Teen Bucks
The Utne Reader Factor
Last Words

APPENDIX ONE: SONOMATIME COMMUNITY VALUES

APPENDIX TWO: A STORY OF ROBINSON CRUSOE

APPENDIX THREE [in pdf format]: CO-ORDINATOR AND MEMBER QUESTIONNAIRES

SEED User Cover Letter
SEED User Follow-Up Letter
SEED User Questionnaire
Local Currency Co-ordinator Survey

WORKS CITED

 

ILLUSTRATIONS

Figure 1. Face, reverse of Two Wara note from Schwanenkirchen, Germany, 1932
Figure 2. Face of one schilling note from Wörgl, Austria, 1932
Figure 3. Face of one dollar Recovery Certificate from Chicago, Illinois, 1933
Figure 4. Face of Evanston Independent Retail Merchants' Association scrip, from Evanston, Illinois, January 1933
Figure 5. Reverse of one dollar scrip issue from Hawarden, Iowa, 1932
Figure 6. Face of Twenty-five Constants note from Exeter, Massachusetts, 1973
Figure 7. Reverse of Twenty-five Constants note, listing market basket of commodities by which the Constant was supposed to retain its value
Figure 8. Face, reverse of NORFED ten dollar coin, "The Silver Liberty," 2000
Figure 9. Face of quarter HOUR note from Ithaca, New York, 1995
Figure 10. Reverse of eighth HOUR note from Ithaca, New York, 1995
Figure 11. Glover's description of supply and demand (top) and the author's view (bottom)
Figure 12. Face of eighth HOUR note from Ithaca, New York, 1995
Figure 13. Face of half HOUR note from Ithaca, New York, 1993
Figure 14. Face, reverse of Two Barter Bucks note from Indianapolis, Indiana, 1994
Figure 15. Face of half SEED note from Mendocino, California, 1999
Figure 16. Reverse of quarter SEED note from Mendocino, California, 1999
Figure 17. Face of eighth SEED note from Mendocino, California, 1999

 

TABLES

Table 1. Currency Co-ordinator Survey Response Levels
Table 2. Summary Statistics of HOURs-style Programs Surveyed
Table 3. Summary Results of Mendocino SEED User Survey
Table 4. Local Currencies Present in Towns Dubbed Enlightened

 

ACKNOWLEDGEMENTS

Many persons have helped me with the research and preparation of this document, including all those I interviewed. I am indebted to them for their assistance in adding to the wealth of resources I had at my disposal during this project. Any omissions of useful sources is entirely my burden. I have had the pleasure of discussing the details of various currency programs with quite a variety of individuals, and their eagerness to share their thoughts and ideas has made this project much more enjoyable. I have tried to thank them throughout the document for their contributions. Special gratitude must be mentioned at this time to the following scholars, activists, and friends:

For their hospitality, Rafael Borras, the King Collins household, and John Manning.

For advance drafts of publications and permission to reprint their works, Thomas Greco, Bernard Lietaer, Peter Owen Publishers, SonomaTime, and Jim Toomey.

For their probing questions and exhortations, Amanda Babb, Jessica Brenion, Julianne Eastman, Patrick Gengoux, Matthew Goodwin, Barbara Jackson, Jenny Ly, and Clifford Pontbriand.

And to Sarah Lindsay Warden, who gave me both the support and the solitude to complete this endeavour.

 

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Last Updated: 21 December 2002, 2340 PDT.