Here at Inclusive Economy, we’re in favour of a radical change to the model of urbanised economic development that has been a mainstream part of UK government policy for many decades. We want to see more people start businesses, community groups and other associations themselves, build their capacity, and set down deep roots, rather than rely on the nimble and footloose intentions of multinationals to provide external investment.
Local currencies have often been promoted as part of the policy changes that might realistically be introduced to see this shift happen. And whilst we’ve sometimes had doubts and reservations about their effectiveness, they have seemed empirically to signal a positive change.
This week, however, we read this article that argues that local currencies were a folly from the start, and that the current woes of the Bristol Pound are structural. We don’t agree with every point made, but it’s an interest and short read nonetheless. Take a look.