Alternative currencies

In the article, “Money Nutters” Bill Maurer discusses a variety of new types of currencies that create alternative forms of exchange. Maurer explains how these forms of currency, such as Bitcoin, have created a new type of economy that is not regulated by state governments, and are also not dependent on cash in order to function. It seems that there are many advantages to these new forms of exchange, but it is important to be aware of the potential problems they may cause. Really Really Free Day is one of these new systems, in which the currency is based on “units of time” (Maurer, p.6). This system may have a lot of potential for solving the problem of wage inequality as well. It is an interesting solution to the current system, where many people are paid a minimum wage that does not provide adequate compensation for the amount of work they do or the cost of living.

It is not surprising that so many people are creating alternative economic systems that better fit their needs. These alternative methods work around the current system, which requires economic inequality in order to function. By not making debt and interest a necessary part of the way money is stored and exchanged, people have more control over their finances. When people are more financially independent, and no one is exploited for their labor, it seems logical that the economy will improve overall, on a local as well as a global scale.

Reference:

Maurer, Bill. “Money Nutters” Economic Sociology, Vol 12, Nr 3 (July 2011)