Recently, I mused about a world economy without money.
- Rather than seeking to fix our current economic and social dilemmas by reducing the number of monetary systems from one to zero – as proposed by the Zeitgeist Movement – this alternative idea proposes increasing the number of monetary systems, from one to more-than-one.
The talk takes a bit of time to get going, but it makes an increasingly interesting series of points:
- We need resilience in our economic structures, as well as efficiency;
- One way to achieve resilience is to avoid mono-culture;
- Having “complementary” currency systems running in parallel is one way to avoid monetary mono-culture;
- Without adoption of complementary currencies, we risk repetitions of the recent economic crash.
Here’s one quote that struck me:
Complementary currencies are now where open source software and microfinance were 10 years ago.
It would be crazy to believe that we’re going into the information age, and the most important information system – our money – will not change.
Personally, I see it as much more likely that our monetary system will evolve and improve rather than it will be removed altogether.
Of course, there are risks in any such evolution (just as there are risks with the status quo). Some of the reasons for the recent economic crash, after all, were the innovative financial systems (with an alphabet soup of acronym names) that turned out to be insufficiently understood.
Footnote: There’s more about the concept of complementary currency on Wikipedia.