A local money to stabilize capitalism: the underestimated case of the WIR

Guillaume Vallet ()
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Guillaume Vallet: CREG - Centre de recherche en économie de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019]

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Abstract: As a result of the current financial crisis, economists have paid increased attention to local monies designed in an effort to create a new kind of economy, as well as new ways to develop social links. This paper seeks to shed light on the WIR money, a local money that has been in existence in Switzerland since the 1930s. We argue that it provides a shield against crises for two significant and connected reasons. First, from a "horizontal" perspective, the WIR is a coherent economic, as well as social, project that relies on the "melting money" principle. Second, from a "vertical" perspective, it is based on a banking model that is anchored to a specific "attitude" designed to manage the monetary common good. The mix between these "horizontal" and "vertical perspectives is likely to be insightful for other projects like the WIR.

Keywords: WIR; melting money; banker; attitude; crisis (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (5)

Published in Economy and Society, 2016, 45 (3-4), pp.479-504. ⟨10.1080/03085147.2016.1224146⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01450197

DOI: 10.1080/03085147.2016.1224146

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