<abstract xml:lang="en" xmlns="http://www.w3.org/1999/xhtml"><p>In response to the global financial crisis of 2007, a number of central banks used quantitative easing to address the collapse of confidence and credit. This involved increasing the liquidity of the financial system by creating new money. It is suggested that similar strategies of ‘printing money’ in the form of local currencies may be of value for local communities confronting the challenges of economic globalisation. This paper identifies the local impacts of economic globalisation, examines the underlying causes of the global financial crisis, explains the nature of money, and illustrates the goals and different forms of local money. Finally, the potential value of local currencies as a response to the globalisation of capital is assessed.</p></abstract>

In response to the global financial crisis of 2007, a number of central banks used quantitative easing to address the collapse of confidence and credit. This involved increasing the liquidity of the financial system by creating new money. It is suggested that similar strategies of ‘printing money’ in the form of local currencies may be of value for local communities confronting the challenges of economic globalisation. This paper identifies the local impacts of economic globalisation, examines the underlying causes of the global financial crisis, explains the nature of money, and illustrates the goals and different forms of local money. Finally, the potential value of local currencies as a response to the globalisation of capital is assessed.

Local Money - A Response to the Globalisation of Capital?

Department of Geography, University of Strathclyde, Glasgow, United Kingdom

Quaestiones Geographicae

{"article-title":"Local Money - A Response to the Globalisation of Capital?"}

In response to the global financial crisis of 2007, a number of central banks used quantitative easing to address the collapse of confidence and credit. This...

Local Money - A Response to the Globalisation of Capital?

Published Online: Dec 21, 2011

Page range: 9 - 19

DOI: https://doi.org/10.2478/v10117-011-0033-x

Keywords
local money, complementary currencies

This content is open access.

Local Money - A Response to the Globalisation of Capital?

Published Online: Dec 21, 2011

Page range: 9 - 19

DOI: https://doi.org/10.2478/v10117-011-0033-x

Keywordslocal money, complementary currencies

This content is open access.

Keywords
local money, complementary currencies