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2024 | OriginalPaper | Chapter

We Don’t Need Banks, We Need Alternative Money

Author : Ottmar Schneck

Published in: Finance-Perspektiven im Wandel

Publisher: Springer Fachmedien Wiesbaden

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Abstract

In the past decade, there have been countless financial and banking crises. Names such as Lehman Brothers bank or Binance cryptocurrency exchange have become synonymous with the volatility of monetary systems. In 2013 there were national crises in America, Greece and Cyprus, where talk of national bankruptcy due to high levels of debt was commonplace, yet after the pandemic years this does not seem to be an issue for many countries – politicians who advocated for new alternative banking and monetary systems prior to this are now silent. However, discussion among scientists about a replacement monetary system has never ceased; ideas for innovative solutions can be free banking, regional currencies, bartering systems or Irving Fisher’s 100 percent money. This article will show us some alternatives and the opportunities in the future.

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previous chapter Anwendbarkeit des Standards IDW S6 in der mittelständischen Sanierungspraxis – ein Erfahrungsbericht

next chapter Steuermoral und Steuerehrlichkeit – Perspektiven auf Einstellungen, Emotionen, Gerechtigkeitswahrnehmung und innovative praxisbezogene Konzepte

This article is essentially based on Schneck’s 2015 book “A world without money” (only available in German) and Schneck’s 2013 journal article “A world without money needs no banks and no rating”.

Arestis, 2011; Binswanger, 2012, p. 13 ff.

There are two different discussions in the banking world. Once to chance the whole financial system and other to add the current system with complementary money currencies. We want to discuss the second approach. An overview about the system critics are in www.zfs.de and www.ijccr.net.

The discussion of fiat money was founded by Silvio Gesell, 1916 and further developed by George A. Selgin, 1988.

Faber, 1979; Gloria-Palermo, 1999.

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Detailled descriptions and overview of “Local Money” in: Lietaer, 2002. Based on: http://www.complementarycurrency.org/ccDatabase/les_public.html.

A differentiation from the Austrian to the Chicago school shows very good: Skousen, 2005.

Unterguggenberger, 1934, p. 60 ff.

Aron, 2011, p. 23 ff.; original website to Bitcoin: www.bitcoin.org.

Homepage of Michael Linton: http://www.gmlets.u-net.com/and http://www.gaianeconomics.org/linton.htm.

Blanc, 1998, p. 469 ff.

Kennedy & Bernard, 2004; Lietaer, 2001; Hubert, 2004.

An overview about bartering systems in: Oberländer, 2008.

WIR-Bank, Annual Report 2012; www.wir.ch.

Fisher, 2007; An overview of the influence of the “Chicago boys” in several financial systems in Latin America describes: Edwards, 1991; Allen, 1993, p. 703 ff.

Binswanger, 2012, p. 13 ff.

Douthwaite, 2011; Eyre, 2010, p. 432 ff.

The original plan after the 2nd World War for a new worldwide currency in: Keynes, 1980.

Xiaochuan, 2009, p. 2.

Lietaer & Belgin, 2011. All ideas for a worldwide currency from Lietaer in: http://www.lietaer.com/

Mayer, 2012.

Douthwaite, 2011.

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Schneck, O. (2013). A world without money needs no banks and no rating. Problems and Perspectives in Management, 11(2), 119–114.

Schneck, O. (2015). Eine Welt ohne Geld: Alternativen zum bisherigen Geldsystem.

Selgin, G. A. (1988). The theory of free banking: Money supply under competitive note issue.

Skousen, M. (2005). Vienna and Chicago: Friends or foes? A table of two schools of free market economics, The Quarterly Journal of Austrian Economics, 9(4), 75–78.

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Title: We Don’t Need Banks, We Need Alternative Money
Author: Ottmar Schneck
Publisher: Springer Fachmedien Wiesbaden
Book: Finance-Perspektiven im Wandel
Print ISBN: 978-3-658-42839-6

Electronic ISBN: 978-3-658-42840-2

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-3-658-42840-2_15