Shaping The Tech Piece in the Puzzle of Future Economies
Reflections on an inspiring conference about monetary diversity.
During three days in Liège in July 2024, people from different backgrounds gathered to learn from each other about monetary diversity. Our knowledge stretched from crypto to community currencies, physical vouchers, time banking, Offers and Needs Markets, cooperative banking, and various projects within these fields. The event was hosted by Nicolas Franka and Monetary Diversity.
Strengths and possibilities
Many of us are frustrated with the various heartbreaking crises in the world right now. It’s pretty safe to say that money is involved in all of them, and often as a root cause. It might be harder to agree on how exactly. But independently of our analysis, it turns out we can act — now.
Taking back agency is something I perceive as a core drive behind any alternative currencies — physical or digital. The economic system is so complex and hard even for experts to completely grasp, predict, or control. So, from under the heavy weight of Big Capital, any local, community, or complementary currencies seems like an opening, and a ray of light.
If grassroot economies can develop and include more people, the impact will be larger and they can transform other sectors.
Less debt is one of the benefits. Debt as a business model causes increasing economic inequality and a lot of stress. Mutual credit of different designs could be a way to replace the business model of indebtedness. This will in turn increase circulation within a community, like during the crisis in Argentina, a case that Georgina Gomez spoke about. A huge democratic win is of course a better understanding of the economy when people take part in the actual money creation themselves. This is something Diana Finch witnessed first hand in The Bristol Pound project.
Conferences like these are a way to both prevent and prepare for crises, building alternative economic infrastructure.
Weaknesses and risks
Many complementary currencies are young- and some have even failed. Or have they? Is it really a failure when something that is under development develops? The conference was a great place to share challenges and unexpected outcomes. Some common stumbling blocks and questions arose, such as: how to find long term funding, improve user friendliness for newbies, handle conflicts, or address resistance from politicians.
Stability and healthy anchoring remain key issues for all currencies. Our national currencies are completely unsustainable as there is no such thing as green growth. So, how can we anchor complementary currencies in ways beyond tech (like mining) or national or larger currencies such as the Euro? This is a question that needs urgent attention.
Because tech alone won’t save us. To a certain extent it is brilliant and a useful part of the future puzzle — but the energy required for all our devices and servers is soaring.
Gender roles and comfort zones
Maybe a look at our gender roles can help, an angle that Giulio Quarta raised on the third day. The patriarchal system has coded us into a binary, hierarchical imbalance and this of course has consequences. One of them is that male inventions and activities can be quickly given high priority and status over other arenas. The goal, however, is for tech to be part of a balanced world.
All adults need to leave our comfort zones for development sometimes. Modern men might need to compare the relationship they have to technology and the relationships they have with people. How much time and money do they invest in each? Finding a healthy ratio seems responsible. This might even improve the design and usage of tech. In my home country of Sweden, I’ve heard male academics speak of a possible AI takeover of the world, in a way they never speak of women taking over. Isn’t that a kind of poverty?
For women, the economic system is not a comfort zone — but some survival strategies can be. Much of our labor doesn’t count, and women remain excluded from finance in numerous ways. Women need to step out of our comfort zone and into money and tech, just like men need to step into our arenas. Meanwhile, the world of finance needs to better identify and address women as an audience in their own right.
Collaboration and development
In the end, we’re in this together. CoFi-networks and meetings are a great place to connect, fill in the gaps, and look deeper. As Matthew Slater pointed out, crypto or blockchain cannot use automation to bypass the lack of trust in our world. We need coordination, like we always have. Donnie Maclurcan also reminded us of some current economic phenomena (like banks) which are toxic in capitalism, but can be useful and of service in a not-for-profit design. This just to mention a few of many inspirational speakers.
Economic institutions are powerful — but we are too. This Co-Fi conference left me with a deep sense of long-term potential, through collective knowledge and energy.
Inspired by this article: Here are some things you can do next:
- Learn more about Monetary Diversity and support their work: Volunteer, learn + teach, design + implement, or join a working group.
- Read books and articles by Bernard Lietaer, a leading voice in the monetary diversity movement; and watch his TEDx Talk
- Find out more about British Transition Town Money: and other alternative currencies
Find out more about the Post Growth Institute on our website.
