The conditions and strategies for success of local currency movements

Research output: Contribution to journalArticle

Abstract

This study investigates the successful conditions and implementation strategies of local currency movements. Data for this study were collected using semi-structured interviews with six presidents or managers from five separate local currency agencies in the US, Canada, and the UK. Applying a grounded theory approach, this study finds that conditions associated with successful local currency movements include being located in less populated areas, in a small community with comparatively lower levels of household income, and in a community with prior experience with alternative economic movements. Successful implementation strategies include organizational strategies for seeking seed funding and merchant engagement, operational logistics, and communication and marketing skills. Additional leadership strategies comprise leaders’ previous experiences with community projects and their commitment to the community, employing a full-time coordinator, and engaging a group of leaders. Conclusions suggest practical implications to groups that may want to initiate local currency movements in their own communities.

Original languageEnglish (US)
Pages (from-to)344-358
Number of pages15
JournalLocal Economy
Volume31
Issue number3
DOIs
StatePublished - Jan 1 2016

Fingerprint

Currency
Strategy implementation
Merchants
Logistics
Household income
Funding
Organizational strategy
Grounded theory
Marketing
Canada
Economics
Structured interview
Communication
Managers

Keywords

  • alternative currency
  • community currency
  • community development
  • local currency
  • local economy

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

Cite this

The conditions and strategies for success of local currency movements. / Kim, Seon Mi; Lough, Benjamin James; Wu, Chi-Fang.

In: Local Economy, Vol. 31, No. 3, 01.01.2016, p. 344-358.

Research output: Contribution to journalArticle

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