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Alternative organizations in finance: Commoning in complementary currencies

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  • Camille Meyer
  • Marek Hudon

Abstract

The commons are alternative social and economic practices for fostering community development and regeneration. While finance is increasingly criticized as a trigger for individualism, community currencies are one of the financial initiatives that aim to reorganize finance in the collective interest. We analyze to what extent these alternative systems allow finance to constitute common goods or ‘commons’. To this end, we investigate the commoning practices through which resources are created, distributed, and consumed in a way that promotes new collectives. We analyze the extent to which community currencies can be considered as commons. Our findings suggest that community currencies have strong collective attributes such as community building, as well as the insertion of solidarity and cooperative values in money. Finally, we inquire into the limits and ambiguities of community currencies to represent an alternative to the capitalist economy.

Suggested Citation

  • Camille Meyer & Marek Hudon, 2017. "Alternative organizations in finance: Commoning in complementary currencies," ULB Institutional Repository 2013/259111, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:ulb:ulbeco:2013/259111
    Note: SCOPUS: ar.j
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    Cited by:

    1. Larue, Louis & Meyer, Camille & Hudon, Marek & Sandberg, Joakim, 2022. "The Ethics of Alternative Currencies," Business Ethics Quarterly, Cambridge University Press, vol. 32(2), pages 299-321, April.
    2. Francisco Javier García-Corral & Jaime de Pablo-Valenciano & Juan Milán-García & José Antonio Cordero-García, 2020. "Complementary Currencies: An Analysis of the Creation Process Based on Sustainable Local Development Principles," Sustainability, MDPI, vol. 12(14), pages 1-22, July.
    3. Forsberg, Per, 2023. "Symbols in wood as a means of reciprocity: Accounting and social cohesion in pluralistic economies," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 96(C).
    4. Rodrigo de Oliveira Leite & Layla dos Santos Mendes & Roberto Tommasetti & Vinicius Mothe Maia & Rodrigo Soto Larrain, 2022. "The Role of Motivated Financial Institutions on Community Currencies Loans," IJFS, MDPI, vol. 10(4), pages 1-10, October.
    5. Alexandra Lenis Escobar & Ramón Rueda López & Miguel Ángel Solano-Sánchez & María de los Baños García-Moreno García, 2020. "The Role of Complementary Monetary System as an Instrument to Innovate the Local Financial System," JOItmC, MDPI, vol. 6(4), pages 1-19, November.
    6. Bruno Nogueira Silva & Wesley Vieira Silva & Alvaro Fabiano Pereira Macêdo & Natallya Almeida Levino & Luciano Luiz Dalazen & Fabíola Kaczam & Claudimar Pereira Veiga, 2024. "A systematic review on social currency: a one-decade perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 636-652, June.
    7. Simon Cornée & Anastasia Cozarenco & Ariane Szafarz, 2023. "The Changing Role of Banks in the Financial System: Social Versus Conventional Banks," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Chrysovalantis Gaganis & Fotios Pasiouras & Menelaos Tasiou & Constantin Zopounidis (ed.), Sustainable Finance and ESG, pages 1-25, Palgrave Macmillan.
    8. Camille Meyer & Marek Hudon, 2019. "Money and the Commons: An Investigation of Complementary Currencies and Their Ethical Implications," Journal of Business Ethics, Springer, vol. 160(1), pages 277-292, November.
    9. Karim Ben-Slimane & Rachida Justo & Nabil Khelil, 2020. "Institutional Entrepreneurship in a Contested Commons: Insights from Struggles Over the Oasis of Jemna in Tunisia," Journal of Business Ethics, Springer, vol. 166(4), pages 673-690, November.
    10. Jean-Baptiste Desquilbet & Etienne Farvaque, 2022. "'As one dies, so dies the other' ? On local complementary currencies as two-sided platforms," Working Papers halshs-03518592, HAL.
    11. repec:sol:wpaper:2013/353812 is not listed on IDEAS
    12. Ana Cristina O. Siqueira & Benson Honig & Sandra Mariano & Joysi Moraes, 2020. "A Commons Strategy for Promoting Entrepreneurship and Social Capital: Implications for Community Currencies, Cryptocurrencies, and Value Exchange," Journal of Business Ethics, Springer, vol. 166(4), pages 711-726, November.
    13. Emmanouela Mandalaki & Marianna Fotaki, 2020. "The Bodies of the Commons: Towards a Relational Embodied Ethics of the Commons," Journal of Business Ethics, Springer, vol. 166(4), pages 745-760, November.
    14. Laura Albareda & Alejo Jose G. Sison, 2020. "Commons Organizing: Embedding Common Good and Institutions for Collective Action. Insights from Ethics and Economics," Journal of Business Ethics, Springer, vol. 166(4), pages 727-743, November.
    15. Leanne Ussher & Laura Ebert & Georgina M. Gómez & William O. Ruddick, 2021. "Complementary Currencies for Humanitarian Aid," JRFM, MDPI, vol. 14(11), pages 1-30, November.
    16. Louis Larue, 2022. "The case against alternative currencies," Politics, Philosophy & Economics, , vol. 21(1), pages 75-93, February.
    17. Ana María Peredo & Helen M. Haugh & Marek Hudon & Camille Meyer, 2020. "Mapping Concepts and Issues in the Ethics of the Commons: Introduction to the Special Issue," Journal of Business Ethics, Springer, vol. 166(4), pages 659-672, November.
    18. Christian Gelleri, 2022. "Creating Monetary Collaborative Spaces for Social and Ecological Transformation," Sustainability, MDPI, vol. 14(23), pages 1-20, November.

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    More about this item

    Keywords

    Commoning; commons; community currencies; complementary currencies; ethics in finance;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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