THE FUTURE OF MONEY Bernard A. Lietaer - library.uniteddiversity ...

Local complementary currencies
This last level, the local one, has been the topic of Chapters 5 and 6.
In reaction to economic globalisation and running parallel to it, selforganisation
at the local level has become very popular. The
Information Revolution also meant a systematic reduction of
production and service- related 'jobs'. As jobs grew scarcer,
communities created their own currencies to facilitate local exchanges
among their members. Once critical mass was attained,
complementary currency clearing houses on the Net made it possible
for members of these communities to participate in the cyber
economy as well.
The following table projects its future growth beyond 1999.
Emergence of complementary currencies (1936-2020)
1936: Creation of the oldest currently still surviving complementary
currency system: 'WIR' in Switzerland. (By 1997 its membership
reaches 80,000 and annual trade volume 52 billion, demonstrating the
potential scale of mature complementary currency systems.)
1982: implementation of first post-war LETS (Local Exchange
Trading System) in high unemployment areas in Canada.
1987: Creation of Time Dollars by Edger Cahn in Florida, Chicago
and Washington DC.
1990: IRS gives tax-free status to Time Dollar exchanges.
1982: Creation of ithaca HWRS, first post-war 'fiat' complementary
currency. Total number of local currency systems of all types reaches
200 world-wide.