The Past and Present of "Local Currencies"; with Especial Reference to England and Japan

Stephen J. Davies
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Stephen J. Davies: Kobe University

Kobe Economic & Business Review, 2003, vol. 47, 117-141

Abstract: The recent spread of "local currencies" in Japan is considered in the context of earlier local currencies, particularly in England and Japan, and also of rural Japan's tradition of labour exchange. The economist can best understand the role for local currencies in relation to the literature on trust and "social capital", using the latter term in the sense now used by Western economists and sociologists rather than in the sense normally understood in Japan.

Keywords: local currency; credit; reciprocity; social capital (search for similar items in EconPapers)
JEL-codes: B59 E42 N13 N15 R51 Z13 (search for similar items in EconPapers)
Date: 2003
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