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Global Currency Reform: A Proposal إصلاح العملة العالمية: مقترح

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  • Sheila Dow

    (University of Stirling, Scotland, UK and University of Victoria, Canada)

Abstract

Bernard Lietaer (2017) makes a new contribution to the literature on international monetary reform with a proposal for a global currency valued against a commodity basket and subject to demurrage. The proposal is novel in particular because the currency would be private and self-financing, and would operate in parallel with conventional currencies; its impact would depend on how far demand would be diverted from conventional currencies. Lietaer adds to a long tradition of searching for a truly global currency to replace systems which created the problems to which this proposal is designed as a solution: monetary instability and financial instability. By including demurrage on the new currency, the proposal follows in the tradition of identifying the payment of interest on loaned money as a source of instability and usurious, as well as violating Shariah law. In addition, the need for a stable international standard of value has been a recurring theme in discussions of international monetary reform.

Suggested Citation

  • Sheila Dow, 2017. "Global Currency Reform: A Proposal إصلاح العملة العالمية: مقترح," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(2), pages 79-82, July.
    • Handle: RePEc:abd:kauiea:v:30:y:2017:i:2:no:8:p:79-82
    DOI: 10.4197/Islec.30-2.8
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    References listed on IDEAS

    as
    1. Sheila C. Dow, 2012. "Foundations for New Economic Thinking," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-00072-9, December.
    2. Sheila Dow, 2016. "The Political Economy of Monetary Reform," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 40(5), pages 1363-1376.
    3. Bernard Lietaer, 2017. "A Possibly Sharīʿah-Compatible Global Currency to Stabilize the Monetary System عملة عالمية متوافقة مع الشريعة الإسلامية لتحقيق استقرار النظام النقدي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(2), pages 47-58, July.
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