Complementary Currency

Pages: 585-588

Publisher: Edward Elgar Publishing

ISBN: 9781800377479

DOI: 10.4337/9781800377486.complementary.currency

Abstract:

Complementary currency (CC) refers to alternative currency used within a geographical region as a means of payment for exchange of goods and services without incurring interest. CCs are commonly used within a community in parallel with the conventional national currency. Their intention is not to replace national currencies but to perform social functions that the official currency does not fulfil. They may also be referred to as local, alternative, parallel or community currencies. Green movements, including non-governmental organizations (NGOs), non-profit organizations (NPOs) and informal groups worldwide have established an alternative monetary system that uses CCs to stimulate sustainable development. Four types of CCs are identified in the table based on the three dimensions of sustainability – economic, social and environmental – service credits, mutual exchange, local currencies and barter markets.

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Source: Manual