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Free Money for Social Progress: Theory and Practice of Gesell's Accelerated Money

Author

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  • Jérôme Blanc

    (CALW - Centre Auguste et Léon Walras - UL2 - Université Lumière - Lyon 2 - CNRS - Centre National de la Recherche Scientifique)

Abstract

Silvio Gesell (1862-1930) proposed a system of stamped money in order to accelerate monetary circulation and to free money from interest. This was part of a global socialist system intended to free the economy from rent and interest. In the 1930s, Irving Fisher, who proposed the system to President Roosevelt, and John Maynard Keynes rendered homage to Gesell's monetary proposals in the context of the economic depression. Several experiments took place that were based on his ideas, notably in the Austrian town of Wörgl and in the United States. These experiments were always local and never lasted more than a few months. This article shows that trust is the main issue of this kind of monetary organization; and therefore, that such experiments can only take place successfully on a small scale.

Suggested Citation

  • Jérôme Blanc, 1998. "Free Money for Social Progress: Theory and Practice of Gesell's Accelerated Money," Post-Print halshs-02380131, HAL.
    • Handle: RePEc:hal:journl:halshs-02380131
    DOI: 10.1111/j.1536-7150.1998.tb03376.x
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    Citations

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    Cited by:

    1. Cordelius Ilgmann & Martin Menner, 2011. "Negative nominal interest rates: history and current proposals," International Economics and Economic Policy, Springer, vol. 8(4), pages 383-405, December.
    2. Moon Soo Kim & Jee Yong Chung, 2018. "Sustainable Growth and Token Economy Design: The Case of Steemit," Sustainability, MDPI, vol. 11(1), pages 1-12, December.
    3. Roman N. Bozhya-Volya & Alina S. Rybak, 2019. "Why Should Money Lose Value With Time: Boosting Economy In The Era Of E-Money," HSE Working papers WP BRP 207/EC/2019, National Research University Higher School of Economics.
    4. Yannick Lung & Matthieu Montalban & Leo Malherbe, 2019. "Between territorial and virtual proximities. The digitalization process of the French ecosystem of complementary local currencies," Post-Print hal-03148426, HAL.
    5. Blanc, Jérôme, 2002. "Formes et rationalités du localisme monétaire," L'Actualité Economique, Société Canadienne de Science Economique, vol. 78(3), pages 347-369, Septembre.
    6. Jérôme Blanc, 2009. "Contraintes Et Choix Organisationnels Dans Les Dispositifs De Monnaies Sociales," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 80(4), pages 547-577, December.
    7. Horst Treiblmaier, 2022. "Do cryptocurrencies really have (no) intrinsic value?," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1749-1758, September.
    8. Martin Menner, 2011. ""Gesell Tax" and Efficiency of Monetary Exchange," Working Papers. Serie AD 2011-26, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    9. Frédéric A Hayek & Pascal Lafourcade & Ariane Tichit, 2023. "Generic and Universal Local Cryptocurrency: LCoin," Post-Print hal-04176704, HAL.
    10. Degens, Philipp, 2013. "Alternative Geldkonzepte - ein Literaturbericht," MPIfG Discussion Paper 13/1, Max Planck Institute for the Study of Societies.
    11. Alessandro Lanteri, 2010. "The Economic Ethics of Ezra Pound," ICER Working Papers 25-2010, ICER - International Centre for Economic Research.
    12. Ilgmann, Cordelius, 2011. "Silvio Gesell: 'a strange, unduly neglected' monetary theorist," CAWM Discussion Papers 23, University of Münster, Münster Center for Economic Policy (MEP).
    13. Mark S. Peacock, 2006. "The Moral Economy of Parallel Currencies," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(5), pages 1059-1083, November.
    14. Jérôme Blanc, 2006. "A quoi servent les monnaies sociales ?," Post-Print halshs-00085785, HAL.

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