Complementary currency

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1 Schilling of the Wörgler Schwundgeldes as complementary currency

A complementary currency ( French: complément "addition") is a means of payment that has a complementary character. It is the agreement within a community to accept something in addition to official money as a medium of exchange .

Purpose, origin and context

An additional currency can be a commodity , a service or a money-equivalent credit . It is understood as “money” in the sense that it fulfills the original and actual function of money as a “medium of exchange”. Complementary currency can also be a foreign, stronger currency. The US dollar performs this function in large parts of the world with a weak local currency.

The aim of such an agreement is to compensate for existing social, economic and ecological imbalances that could result from the monopoly position of the official currency in the event of long-term scarcity without completely displacing the standard currency .

Depending on the intended use and scope, combined currency systems have been successfully practiced within communities for many centuries. Mostly it is handled in such a way that taxes can only be paid with the legal tender, whereas everyday transactions in the goods and services sector can also be partly paid with the second currency.

Especially in the course of the increasing criticism of globalization , numerous complementary currencies have been created around the world since the 1990s , with which some people in economically weak regions want to vitalize their economy and make themselves independent of external donors.

Ultimately, complementary currency systems can also be about effective and sustainable methods of preserving global cultural diversity , realizing rights of self-determination and avoiding long-lasting social unrest, if these are caused by insufficient monetary supply.

Examples of complementary currencies

Shell money in Papua New Guinea

Money string made from shell discs and dog teeth

In addition to the " kina " as legal tender, Papua New Guinea also knows the traditional shell money of the local population, the use of which is promoted by some provincial governments. The name Kina is derived from the Kina mussels , which have always been the traditional currency in the highlands of New Guinea .

The unit of the alternative currency is "1 fathom ", which consists of a chain of numerous small mussels of the genus Nassariidae that can be stretched between two outstretched arms. The name fathom is derived from the English word for “thread”, which is also a nautical measure of length and corresponds to 1.8288 meters. An English Fathom is roughly equivalent to a German fathoms .

In February 2002, the world's first mussel bank was opened near Rabaul on the island of New Britain. The bureau de change is in East New Britain. The Tolai make up the largest population group there. Traditionally the Tolai pay with shell money. In 2001, the provincial government of East New Britain even approved the payment of taxes with shell money. The Tolai Exchange Bank changes the shell money into hard currency, the kina. The current exchange rate is four kina for a Fathom (as of 2002). On the Gazelle Peninsula alone, the amount of shell money in circulation is estimated at eight million kina.

Japan

Persistent economic problems since 1990 have resulted in a relaxation of the law in Japan to try out complementary currencies. The biggest boost for this came in 1995 after the severe earthquake in Kobe . The government was unable to provide financial aid. This resulted in numerous local self-help organizations that made nationwide help possible. The traditional sense of honor of the Japanese provides for rewarding help from outside the family. This resulted in various “Fureai Kippu systems”, local networks on a non-profit basis, in which social care services are either paid out in yen or credited to a time account. You can transfer your own time credit to family members in need if you don't need them yourself.

In the years that followed, numerous currency combinations were created in various forms and for various purposes such as education, environmental protection, neighborhood help , disaster control , organic food cultivation and various measures to preserve cultural values, such as theater and music performances. They all form a large experimental laboratory for medium-term projects to research the most suitable models. In August 2002, the Minister for Economic Affairs, Takenaka, announced his view that the use of complementary currencies would free Japan from deflation because it would finally make money available again at the local level.

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The Japanese author and economic analyst Eiichi Morino compares the complementarity between the yen and the local secondary currencies with the yin-and-yang principle:

“That is why we say that a well-functioning economy consists of a yin economy and a yang economy. ... However, the existing economy is only designed as a Yang economy. ... In this sense, the local currency can be understood as a yin economy. ... The yin economy and the yang economy must be intertwined, and just as the blood circulates in the body, so should the money circulate in the economy. "

Germany

Probably by far the oldest complementary currency in Germany is the Bethel euro (until the euro was introduced, the Bethel mark). It has existed since 1908 and allows shopping at the von Bodelschwingh Foundation Bethel in Bielefeld . One Bethel euro is equivalent to one euro for purchases, but if you exchange euros for Bethel euros, you get 105 Bethel euros for 100 euros. For a long time, however, the Bethel money was an exception in Germany.

Between 1926 and 1931 there was the Wära experiment in Germany . In particular, it was possible to put the Schwanenkirchen lignite mine back into operation despite the global economic crisis, until the Wära-Geld was banned by the Ministry of Finance in 1931.

Since the beginning of the 1990s, local, locally limited complementary currencies have emerged with the so-called exchange rings . Since 2001, Germany has also seen an increase in regional initiatives to establish complementary currencies.

In October 2001, a regionally limited voucher ring was introduced in Bremen . The same goes for the follow-up projects in the regions of Chiemgau , Ainring , Pfaffenhofen , Göttingen , Witzenhausen , Gießen , Hagen , Schopfheim , Siegen , Berlin , Düsseldorf , Dresden , Kamenz , Zwönitz , Hitzacker (Elbe) , Neustadt (Dosse) and Schleswig-Holstein it is about a targeted stimulation of regional economic cycles. All consumers and traders can join the voucher rings.

The convertibility to the euro and the use of the exchange fees are handled differently. At Chiemgauer , social projects are also co-financed, whereby the participants in the voucher ring can decide which project they want to support.

Many of the projects in Germany are part of the umbrella organization “Regiogeld e. V. ”based in Magdeburg. Its aim is to initiate new projects nationwide and to make all individual projects convertible from one another. There are connections to similar initiatives from Austria and Switzerland .

In addition to these regional currencies, there have been banknotes on special occasions since the mid-1990s. They are based on the serial notes from around 1920. They are a means of payment and are valid on special occasions, such as school celebrations, in gastronomy, at class reunions, city festivals, company anniversaries, stock exchanges / exhibitions, club events or in children's play cities. They are usually only valid for one day, but can also be used for up to a year. Examples are the new generation of serial notes from Bonn, Weinstadt, Wiesbaden, Nidda, Bad Godesberg, Schwalmstadt-Treysa, Urbach, Schwäbisch Gmünd, Lich, Stuttgart, Bad Saulgau, Waiblingen, Esslingen, Winnenden, Fellbach, Kernen, Korb , Kloster Arnsburg, Remseck and Marburg there.

German Democratic Republic

Forum check 1 M

Beginning in 1979, were in the GDR currencies citizens in East Germany for use by Intershop from the State Bank of the GDR in Forum Check exchanged. One forum check mark corresponded to one DM.

Austria

history

Back of the circulation-secured Wörgl-Schwundgeldes

In 1932/33, the city of Wörgl under the then mayor Michael Unterguggenberger put a complementary currency into circulation in the form of Schwundgeld . In order to remain valid, the so-called employment confirmation slips had to be affixed monthly with a stamp worth one percent of the nominal value. This complementary currency experiment became known as the Wörgl miracle .

present

Even today there is a complementary currency in Wörgl. This was designed as a regionally used sectoral currency for the Wörgler youth as part of an LA21 project. The institution won the SozialMarie 2009.

The Unterguggenberg Institute was founded in Wörgl in 2003 and has since been devoted to the documentation of historical events and experiences, research and the coordinated networking of those interested in complementary currency projects.

The currently most important Austrian project is the Vorarlberg Talent Exchange Group. In addition, there is a further network of experts with NeuesGeld.Com and with Za: rt an amalgamation of active initiatives for the purpose of payment clearing and organizational networking.

Switzerland

WE

The Swiss WIR Bank Genossenschaft, called WIR-Wirtschaftsring Genossenschaft until 1998, offers the world's largest alternative clearing system.

When the global economic crisis reached its climax in Switzerland in 1934, the economic ring was founded by free economists to promote small and medium-sized businesses. Werner Zimmermann, Paul Enz and Otto Studer were among the founding members . However, the WIR economic ring soon shook off its influence and has no longer had any free-economic elements since 1952. In particular, he only worked with a circulating safety device until 1948 .

In addition to the Swiss franc, participants in clearing transactions work with a cashless complementary currency called WIR. At shop or hotel entrances in Switzerland you will come across the WIR logo again and again. In a web-based directory of participants and in business advertisements, WIR participants indicate their participation and announce what percentage of the complementary currency they accept instead of the Swiss franc.

The WIR-Wirtschaftsring has been subject to the Swiss Banking Act since 1936. In 1998 the company was officially renamed WIR Bank . In 2004, the complementary currency WIR was given the three-digit letter code CHW formed in accordance with ISO 4217, corresponding to the national currency CHF (Swiss francs).

Swap

In 2008, Easyswap , a Swiss non-profit association, created the exchange platform. In order to exchange goods and services, the "swappers" (registered Internet platform users of easyswap) use the swap , a virtual complementary currency.

talent

In 1992, a new Swiss complementary currency was created under this name, which again ties in with the ideas of the free economy.

Farinet

In 2017 (not for the first time) the Farinet was published in French-speaking Lower Valais , named after the counterfeiter Joseph-Samuel Farinet .

The Crédito in Argentina

The Crédito in Argentina was a complementary currency with a very high circulation that was traded in a nationwide network of clubs. The currency was used as a means of payment by up to 7% of the population during the Argentina crisis and collapsed when the Argentine peso was again available in sufficient quantities. Other reasons for the collapse of the currency could have been the easy counterfeitability of some Créditos, as well as the rapid growth in the number of participants.

Cuba

A complementary currency in Cuba was the US dollar for a long time , which competed with the peso Cubano and was mainly used for the so-called "dollar stores", state stores with western product selection.

This article or the following section is not adequately provided with supporting documents ( e.g. individual evidence ). Information without sufficient evidence could be removed soon. Please help Wikipedia by researching the information and including good evidence.
The CUC article knows nothing about the currency pot

The convertible peso used to be pegged one-to-one to the US dollar. It was voluntary for tourists and was intended to replace the US dollar. It is now a currency pot that also contains the euro , among other things . It has now ousted the US dollar as the complementary currency.

South Africa

The self-governing community of Orania in the Northern Cape Province has been issuing the complementary currency Ora since 2005 . This is tied to the South African rand at a ratio of 1: 1, but guarantees users a discount on all goods purchased in Orania. The Ora is only recognized as a means of payment in Orania.

Italy

Italy has been planning to introduce mini-BOTs to rehabilitate the budget since 2017 .

Disney Dollar from the Walt Disney Company

The Disney dollar is a complementary currency that is accepted as a method of payment at theme parks , resorts and stores of the Walt Disney Company . The currency only exists in the form of banknotes and was first issued on May 5, 1987. The Disney dollar is available as 1, 5, 10 and 50 dollar bills. The currency is pegged to the US dollar at a fixed rate of exchange guaranteed by the Walt Disney Company (1: 1) .

Financial crisis from 2007

In the context of the financial crisis from 2007 and the resulting euro crisis , parallel currencies were proposed, which should be introduced in addition to the euro in troubled countries such as Greece. The "GEURO" contribution by Thomas Mayer , which was received in media such as ZEIT and Spiegel, received greater attention .

A similar proposal by Markus C. Kerber , Professor of Public Finance and Economic Policy at the Technical University of Berlin , envisages introducing a so-called “ Guldenmark ” as a parallel currency to the euro. In contrast to "GEURO", however, it should be borne by countries with a current account surplus - specifically Germany, the Netherlands, Finland, Austria and Luxembourg. This could help to even out differences in competition between north and south. On the other hand, Kerber thinks little of the introduction of a "GEURO", since a parallel currency has never been formed or even held, which is weaker than the actual currency. However, this is the case with a "GEURO" or "New Drachma".

In 2013, the Federal Association of Small and Medium-Sized Businesses published an anthology, The Parallel Currency: Options, Opportunities, Risks, which gives an overview of the proposals.

See also

literature

Web links

Individual evidence

  1. ↑ Patrick Schüffel, Nikolaj Groeneweg, Rico Baldegg: The Crypto Encyclopedia: Coins, tokens and digital assets from A to Z . Ed .: University of Economics, Friborg. Growth Publisher, Bern August 2019 ( heg-fr.ch ).
  2. ↑ The Geuro: A parallel currency for Greece? (PDF; 618 kB). Deutsche Bank Research, May 23, 2012.
  3. ↑ Deutsche Bank suggests "Geuro" for Greece . In: Die Zeit , May 22, 2012
  4. ↑ Peter Bofinger : Second currency for Greece: Geuro, I dread you! . In: Der Spiegel , May 24, 2012
  5. ↑ a mixed word from the former Dutch currencies guilder and the German mark or Finnish markka
  6. ↑ Parallel currency is actually a modern expression for currency systems in which gold and silver coins were accepted as currency coins. See Helmut Kahnt, Bernd Knorr: Old measures, coins and weights. A lexicon. Bibliographisches Institut, Leipzig 1986, licensed edition Mannheim / Vienna / Zurich 1987, ISBN 3-411-02148-9 , p. 394
  7. ↑ A financial expert recommends the Guldenmark for Germany. Die Welt , August 13, 2013, accessed November 24, 2014 .
  8. ↑ Bundesverband Mittelständische Wirtschaft (Ed.): The parallel currency: options, opportunities, risks. ( Memento of July 29, 2013 in the Internet Archive ) (PDF; 1.8 MB), anthology 2013.