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Local Currency for Local EconomiesEdit

Gr 05 Ithaca Money-crop
A currency that only works locally supports local economic activity. It can allow people to trade goods and services regardless of what’s going on elsewhere and becomes more critical if national currencies are in crisis. Local currencies work best as a viable medium of exchange when there is enough local industry to meet basic needs through local production, but can also be used to encourage such local production.

Instead of: Loss of economic function if national currency falters, dependency on distant production for basic needs, and easy transfer of wealth and economic activity out of communities.

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Detailed DescriptionEdit

Currency which is only useful locally supports local exchange and economic activity. It can allow people to trade goods and services in their region regardless of what’s going on elsewhere. It becomes a more practically valuable to the extent there’s enough local industry that people’s basic needs can be met by local production, and enough buy-in from local producers to represent a viable medium of exchange. Its strategic use can help stimulate local entrepreneurship in meeting people's basic needs. Local currency becomes a lot more critical if national currencies are in crisis.

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