Search results

The purpose of this study hopes to encourage further research into the topic of local currencies, as well as specific research into increasing the efficiency of these systems through the use of blockchain technology. There is currently a lack of available research into the topic, which poses barriers for those who wish to study it, so the paper provides a general overview to be used as a starting point for those wishing to broaden their knowledge of local currency systems while also introducing a working implementation of a proof-of-concept for the proposed system.

A literature review of available studies on local currencies is conducted to provide an overview of the current systems and their shortcomings. Subsequently, blockchain technology is briefly introduced and an Ethereum-based model is proposed, which helps overcome the problems identified. The section exploring the Ethereum-based model draws code written by the author to simulate the features.

The paper concludes that blockchain technology can significantly help improve efficiency, transparency and security of local currency systems, while also helping cut costs associated with the implementation of a complementary monetary system. In the medium-term, local currency systems will most likely use a blockchain protocol as the underlying technology for the network.

Local currencies are an understudied topic by itself and the intersection between them and blockchain is a nearly non-existent research space. Thus, the paper takes a multidisciplinary approach, aiming to bridge the fields of computer science and economics to provide a foundation for further research.

Community currency (CC) is used as a tool for reviving local communities by promoting economic growth and facilitating the formation of social capital. Although the Japanese CC movement has stagnated since mid-2005, a new experiment, Fukkou Ouen Chiiki Tsuka (CC for supporting disaster recovery), was introduced across disaster-damaged areas after the Great East Japan Earthquake and tsunami of March 2011. Previous studies assessing the role of CC in these earthquake-damaged areas are rare; the purpose of this paper is to examine the micro processes of community rebuilding that underlie the transactional networks mediated by one of the experiments, Domo, in Kamaishi.

Using transactional records capturing residents’ CC activities during the five-month pilot period before actual implementation of Domo simultaneous investigation for empirical network analysis techniques identify the network configuration dynamics representing the multiple observed forms of social capital in this disaster-affected local community.

This study of the five-month pilot for the Domo system revealed: intensive dependence on the coordinating role of core members (i.e. the creation of weak ties), a lack of balanced support among members and the resulting uni-directional transactions (i.e. the avoidance of generalized exchanges), and the reinforcement of previous transactional ties via reciprocation or transitive triads (i.e. the formation of strong ties).

This study provides guidance for practitioners, researchers, and policy makers on how community residents’ engagement in CC activities could function as a potential tool for generating positive socio-economic effects for local communities in disaster areas.

Blockchain technology is an extension of distributed ledger technology and it is used in cryptocurrencies. Many studies describe blockchain technology and cryptocurrency is an application of it in a very broad sense. Blockchain technology has several applications. Some of these applications could have direct or indirect relevance to either or both pillars of sustainability advocated by Crowther, Seifi, and Wond (2019). Extending to cryptocurrencies like bitcoin, one possible connection to sustainability may be the reduction of the use of paper for printing currency notes, which can save forests. Furthermore, the growing cryptocurrency market attracted the investors to focus on the price fluctuations but making them forget about the terrifying carbon problem associated with cryptocurrencies. However, this possibility has not been demonstrated anywhere so far. The issue examined here is how blockchain technology can be used for solving sustainability problems. We initiate a qualitative study of the blockchain technology/cryptocurrency and sustainability using the twin pillars of sustainability: (1) responsibility, (2) governance. An exploratory review linking blockchain technology/cryptocurrency and sustainability and its two pillars revealed many actual and trial applications by corporates as CSR initiatives and other novel programs by various agencies in various countries. In governance, corporates use the CSR route to address sustainability issues. However, no definition is an available linking cryptocurrency, blockchain technology, and sustainability and we developed a definition to fill the gap. This paper stresses that the sustainability perspective has not been used to develop the cryptocurrency definition, but rather technological and legal perspectives have employed.

As the first decade of the 21st century drew to a close, the threats associated with economic crises, social inequalities, and human-induced environmental change focused unprecedented attention on global development trajectories. While questions about how the nature and impact of economic growth should be managed have long featured in environmentalist thought, the stark conditions created a new policy landscape of opportunity for alternative development strategies. National governments around the globe began to disseminate policy statements calling for ‘green growth’ and some, for example the United States, even developed stimulus packages aimed at restructuring economies towards a low carbon future. At the same time international non-governmental organisations such as the United Nations Environment Programme (UNEP) have developed entire initiatives focused on shaping what has come to be termed the ‘green economy’ (UNEP, 2011). Even large multinational corporations, such as Shell and their dialogues mechanism, are engaging with green economy discourses. New partnerships are emerging across governance sectors with Microsoft Corp and UNEP signing an agreement in 2009 to share knowledge collaboratively around green economy issues. In the United States, the BlueGreen Alliance is consolidating activity of labour unions and environmental organisations in order to maximise the number and quality of jobs in the green economy. With such a broad spectrum of actors and interests involved, it is unsurprising that there is no one agreed vision for a green economy. Some argue for development scenarios that promote reduced or no-growth pathways (Scott-Cato, 2009), others see the current crises creating innovation opportunities for new growth in different areas through processes of ‘creative destruction’ (Florida, 2010).

Although the generation of social value is the focus of social entrepreneurship, little research attention is paid on how social value and transformation can be created. By adopting a market approach, this study aims to develop a framework showing how social enterprises in tourism/hospitality can generate social value and transformation.

A thorough literature review revealed that a market approach is an appropriate lens for understanding social entrepreneurship. Consequently, a framework based on “learning with the market” is proposed as a useful tool for identifying, managing and also creating (new) opportunities for social ventures. The justification and the theoretical underpinnings of the market-based framework are further supported by discussing various other theories and concepts.

The framework identifies three capabilities that social entrepreneurs need to develop for generating social value and transformation: network structure, market practices and market pictures. Several examples from tourism and hospitality social enterprises are analyzed for showing the applicability and usefulness of the framework.

The paper proposes a conceptual framework as well as several research directions for further testing, refining and expanding it.

By applying the framework on several tourism and hospitality social enterprises, the paper provides practical implications about the capabilities that social enterprises should develop for engaging with other market actors to identify and exploit (new) market opportunities for social value co-creation, and influence market plasticity for forming new markets and driving social change.

The suggested framework identifies the capabilities and the ways in which (tourism/hospitality) social enterprises can engage with and form markets for co-creating social value and escalating their social impacts through social transformation.

The paper provides a new marketing approach (that overcomes the limitations of traditional economic theories) for understanding how social enterprises can shape, manage and engage with social markets for generating social value.

It is generally accepted that massive tourism and a vibrant indigenous culture are mutually exclusive. Bali has so far proven to be an exception to this rule. This article explores a hitherto overlooked socio‐economic mechanism behind that exception. It is a dual complementary currency system used for centuries by highly decentralized and democratic decision‐making organizations. The reasons why such a dual currency system is so effective in mobilizing popular cultural creativity is investigated, and a systems framework is proposed to determine the conditions under which this model could be applicable outside of Bali. This framework is then tested with a second case study: traditional shell currencies in Papua New Guinea. Finally, some potential applications in areas in the world other than traditional cultures are portrayed.

The purpose of this paper is to examine retailer response to the use of alternative currency, or scrip, as an emergency measure during the Great Depression. Advocates of scrip argue that it would help recovery efforts, encouraging consumer spending and keeping dollars “at home” within the local community. Merchants face a dilemma, as they hope to use any means to increase sales, but are worried that they would be left holding a stack of worthless paper that they would not be able to pass on to their suppliers. Two cases of scrip in action in Chicago and Atlanta are contrasted.

This paper draws upon primary data sources including period newspapers from across the USA, business periodicals, archival materials from retailers and city councils, and government reports.

There is no uniform response to the use of scrip by merchants. Some retailers hope to use scrip to boost sales and encourage consumer loyalty, and even organized their own campaigns to use alternative currency. In other cases, retailers felt the risks of accepting scrip were too high. Without the participation of retailers, scrip schemes were doomed to failure.

In the early years of the Depression, alternative currency enjoyed a remarkable popularity across the USA. It is now known that scrip would not end the crisis, as boosters hoped, yet this episode reveals much about popular understandings of the economy, and the role of retailers in local communities.

The concept of the commons, or common goods, is becoming increasingly widespread in the world of research and among civil society. The commons are defined as resources that are shared and collectively managed by communities of users, such as natural commons (e.g. fisheries, the climate) and knowledge commons (e.g. Wikipedia, open-source software). The paper aims to discuss this issue.

This paper presents the findings of the PhD dissertation “Social finance and the commons,” recipient of the 2017 Emerald/EFMD Outstanding Doctoral Research Award, category Management and Governance, sponsored by Management Decision. Adopting an interdisciplinary perspective of the commons, this dissertation investigates how community enterprises govern financial resources as commons to serve the common good. To do so, it builds on data collected on community development banks in Brazil and complementary currencies in multiple countries.

The findings explain how collective action favors the implementation of new forms of governance and management potentially enabling finance to create and support communities. In doing so, this dissertation provides insights on the transformative power of some governance features for the creation of commons.

This dissertation advances theoretical and conceptual foundations for a theory of the commons in management sciences. It contributes to a new conceptualization of the commons, especially by extending the concept of commons to finance and showing the variety of commons according to governance structures and values. It also generates theoretical insights into social and community entrepreneurship research through an in-depth investigation of social finance organizations.

Explores how European monetary systems have become an heterogeneous conglomerate with the passing of time, questioning the failures of the modern gold standard and the international monetary fund. Asks what kind of monetary and economic union is desirable, examining the choice in terms of the monetary and economic systems. Offers practical measures for the realization of a free and stable monetary and economic union which can be taken at community and national levels. Concludes with an examination of the problems of the accumulated US dollar in European central banks.