Supplementary Currencies: Theory and Practice

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G. Semeko, Institute of Scientific Information on Social Sciences (INION), Russian Academy of Sciences, 51/21, Nakhimovskii prosp., Moscow, 117997, Russian Federation (cemeko@mail.ru).

 

Abstract. The global financial and economic crisis of late 2000-ies cast a discredit on many official economic science principles. The fundamentally new approach is needed not only to lower the frequency of crises emegring, but also to shut out their recurrence. The currency diversification concept has a real potential and development prospects. Supplementary currencies turned out to be much more stable than national currencies and Euro, because they circulate at a local level only, and cannot become an object of speculation on the global financial market. Such currencies are constantly circulating, enhancing a commercial exchange and allowing people to earn real money. Many supplementary currencies projects are relatively cost-friendly, but proved to be a rather effective instrument of the local ecomomy support and revival, as well as of the social solidarity, cooperation and environmental protection strengthening at a local level. 

Keywords: global crisis, currency diversification, supplementary currencies, “free money” concept, local commercial exchange systems, alternative monetary systems, reciprocity


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For citation:
Semeko G. Supplementary Currencies: Theory and Practice. World Eonomy and International Relations, 2013, No 1, pp. 57-64



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