![]() ![]() ![]() They are too big, too abstract, and too far away to elicit our emotional attachment. There is still no great emotional identification with the European Institutions. Viewed through that lens, it makes perfect sense that community-based complementary currencies are emerging now. As the symbols of national pride decline, the tribe becomes the carrier of identity – and wants to adopt its own currency. Tribes are no longer defined by national borders but by communities of interest. Think of Scotland in the UK Catalonia in Spain or South Tyrol and Sardinia in Italy. (Tellingly, the UK, an island state, still retains the pound.) Nation-states, at least in Europe, don’t mean what they once did.Īs identification with the old nation states loses strength, tribal affiliations are becoming stronger. After the establishment of the peseta, bank notes, coins, and stamps were created having all the symbols of the Spanish nation: kings, queens and other political and cultural icons.īut today, pesetas, francs, deutschmarks, lira, and drachmas – all of which had a special place in the national psyches of their origin countries – have been replaced by the euro. For instance, the creation of the Spanish peseta in 1868 went in parallel to the establishment of the Banco de España in 1856, and its monopoly in 1874 of issuing currency, eliminating all other currencies in use at the time (escudos, reales, and maravedies). This took different forms: a national constitution a national language national banks and a national currency, including national symbols in the newly issued banknotes. It is about being part of a tribe.ĭuring the nineteenth century, newly created nation-states looked for unifying elements to bond a society together. But most of all, what the Brixton Pound provides is a sense of belonging. It is probably not so good at the third function, as a value reserve - complementary currencies tend to lose value over time. The Brixton Pound performs the first two functions well: it gives a value to tradable goods and it can be used as a means of payment. ![]() ![]() It is no coincidence that coins and notes bear the images of monarchs, presidents, and national heroes. However there is an important and often overlooked, fourth function: to provide a sense of belonging. Why is “tribal money” on the rise at the same time that barriers to trade and globalization are falling? Classical economics argues that money performs three functions: to give value to tradable goods as a means of payment and as a reserve of value. There are 70 complementary currencies in Spain alone, for example, and more than 5,000 worldwide. Supporters of the Brixton Pound use the slogan, “Creates Community Pride.” Other areas in the UK and beyond are also experimenting with new currencies. Tribal money is a currency that is created not by a national institution or authority, but by a group of people with common cause. The Brixton pound is a good example of a new phenomenon that I call tribal money. However, Council Staff from the city can take part of their salary, on a voluntary basis, in electronic Brixton Pounds and all trade performed with the currency attracts corporation tax and VAT. The Brixton Pound is a medium of exchange, but it is not technically a legal tender since it does not constitute a government-backed promise to pay the bearer. Launched with the partnership of the Bristol Credit Union, the Bristol Pound, another complementary currency, is now used by 650 businesses, with £528,000 of the currency in use in both electronic and paper format. Two years later, the electronic B£ pay-by-text platform was announced. The Brixton Pound was first issued as paper money in September 2009. ![]()
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