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Why are people continually surprised to discover that money is "just" meaning? Mutual Life, Limited spends time among those who, in acknowledging the fictions of finance, are making money anew. It documents ongoing efforts to remake money and finance by Islamic bankers who seek to avoid interest and local currency proponents who would stand outside of national economies. It asks how alternative moneys both escape and reenact dominant forms of money and finance, and reflects critically on their broader implications for scholarship.

Based on fieldwork among participants in a local currency system in Ithaca, New York, and among Islamic banking practitioners in the United States, Indonesia, and elsewhere, this book exploits the convergence between the reflexivity of monetary alternatives and social inquiry by questioning the equivalence between money and ethnography. Can money ever be adequate to the value backing it? Can social description ever be adequate to messy and contingent realities?

Bill Maurer's ethnographic discovery is that ethnography as such--the holistic description of a way of life--cannot be sustained when faced with a set of practices that anticipates and incorporates it in advance. His fluently written book represents an unprecedented critique of social scientific approaches to money through an ethnographic description of specific monetary alternatives, while also speaking broadly to the very problem of anthropological knowledge in the twenty-first century. ... Read more

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Islamic Riba
"Mutual Life, Limited" by Bill Maurer (2005).The author uses anthropology to look at Islamic banking finance (IBF) and alternative currencies.He reviews why the Islamic religion is opposed to "riba" or interest-making (usury) on the loan of money.He quotes five ayats of the 20 in the Quran that admonishes usury (p. 27).He also reviews the Ithaca, NY "HOURS" alternative money culture.He inquires: do they make a "promise of a perfect market?", something "better" than the `free market" economy?He quotes various anthropologists, and both Islamist and free-market economists in analyzing IBF.He notes that IBF can have a blend of neo-classical economics, Keynesianism, and even some Marxism - and notes the inconsistencies of this mixture (p.30).Besides the Quran, he also reviews IBF in light of the `teachings' of the sunnah, the hadith, and sharia law - but briefly.The author is aware of the "time value of money" theory as offered by the Nobel Prize winner and Free Market economist Friedrich Hayek (with whom I had some correspondence with in the late 1960s), but little analysis of it in conjunction in with riba. The author wrote: "...I believe...IBF is frequently, if not almost exclusively, always so preoccupied with discussions of technique, apparatus, engineering, instrument, and rationality.The instruments of Islamic finance - contractural forms like murabaha, musharaka, ijara, and mudarabah - occupy center stage in all accounts of IBF" (p. 40). The author also discusses other issues pertaining to IBF: gharar, hiyal, taqlid,qiyas, istislah, and ijara.The author offers the opinions of various Muslim thinkers who argue that the Quran (the word of the Muslim god Allah) really doesn't prohibit riba (p. 80).The author briefly discusses the Dow Jones Islamic Market Index that was created in 1999 to provide "a definitive standard for measuring stock market performance for Islamic investors on a global basis" (p. 105).In discussing `what is money' the author brings in Marx, Freud and Shakespeare for their insights (p. 112).The author presents information regarding the Koin Emas ONK gold-tokens, or "Gold Coin for Pilgrimage Expenses" that are used by Indonesians in saving up and paying for their hajj to the Holy Kabba in Mecca (p. 126). Having lived in Indonesia for awhile, the author provides informative insights into Indonesian economics, banking, bullionism, and how `jiwa' (life-forces) influence insurance policies. Overall, this book is a little too strong on the anthropological look at IBF, and too short on basic free-market economic insights; nonetheless, very informative and well worth reading. ... Read more

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Over the past 15 years, local money networks, which are essentially trading networks using a community-created currency, have emerged in countries. They range from Local Exchange Trading Schemes (UK), to Time Dollars (US), Green Dollars (New Zealand, Australia and Canada), Trading Circles (Hungary), Barter Networks (Argentina) and Talents (Germany). Drawing on an ethnographic case study of alternative currency movements in Manchester, UK, this book provides an analysis of the motivations, aims, successes and failures of alternative currency networks. It also raises questions such as the contribution of the alternative currency movement to current debates about alternatives to neoliberalism. While it is theoretically informed, critical and grounded in fieldwork, it is also sympathetic to the political aims of the protagonists and cognisant of the non-economic benefits that arise from their development. ... Read more

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Chapters: Community Currencies, Private Currencies, Local Currency, Local Exchange Trading Systems, Ithaca Hours, Silvio Gesell, Freiwirtschaft, Uic Franc, Freigeld, Findhorn Ecovillage, Stelo, Liberty Dollar, Complementary Currency, Private Currency, Raam, Berkshares, Cornish Currency, List of Community Currencies in the United States, Digital Currency Exchanger, Antarctican Dollar, Potomac, Quasi Universal Intergalactic Denomination, Crédito, Time-Based Currency, Disney Dollar, Chiemgauer, Lewes Pound, Wir Bank, Totnes Pound, Ecosimia, Plenty, Detroit Community Scrip, Hero Card, Toronto Dollar, Stroud Pound, Terra, Calgary Dollars, Fourth Corner Exchange, Fureai Kippu, Eco-Money, Multi Registry System, Kelantanese Dinar, Sol Project, Saber, Urstromtaler, Instrodi, Flex Dollar, Seborga Luigino, Ora, Sectoral Currency. Source: Wikipedia. Pages: 196. Not illustrated. Free updates online. Purchase includes a free trial membership in the publisher's book club where you can select from more than a million books without charge. Excerpt: Findhorn Ecovillage is an experimental architectural community project based at The Park, in Moray, Scotland, near the village of Findhorn. The project's main aim is to demonstrate a sustainable development in environmental, social, and economic terms. Work began in the early 1980s under the auspices of the Findhorn Foundation but now includes a wide diversity of organisations and activities. Numerous different ecological techniques are in use, and the project has won a variety of awards, including the UN-Habitat Best Practice Designation in 1998. A recent independent study concludes that the residents have the lowest ecological footprint of any community measured so far in the industrialised world and is also half of the UK average. Although the project has attracted some controversy, the growing profile of environmental issues such as climate change has led to a degree of mainstream acceptance ...More: http://booksllc.net/?id=7776356 ... Read more

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This digital document is an article from The New American, published by American Opinion Publishing, Inc. on June 21, 2010. The length of the article is 858 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

Citation Details
Title: Alternative currencies.(THE LAST WORD)(Viewpoint essay)
Author: Alex Newman
Publication: The New American (Magazine/Journal)
Date: June 21, 2010
Publisher: American Opinion Publishing, Inc.
Volume: 26Issue: 13Page: 44(1)

Article Type: Viewpoint essay

Distributed by Gale, a part of Cengage Learning ... Read more

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This digital document is an article from E, published by Earth Action Network, Inc. on May 1, 2002. The length of the article is 821 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: The color of money: alternative currency promotes fresh thinking about sustainable economics. (Money Matters).(barter systems)(Brief Article)
Author: C.B. Gaines
Publication: E (Magazine/Journal)
Date: May 1, 2002
Publisher: Earth Action Network, Inc.
Volume: 13Issue: 3Page: 44(2)

Article Type: Brief Article

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This digital document is an article from Contemporary Southeast Asia, published by Institute of Southeast Asian Studies (ISEAS) on April 1, 2002. The length of the article is 7373 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: This article argues that Thailand's political elites have employed three different "currencies" in their quest for legitimacy since 1932. These "currencies" are defined as: security, development, and political accommodation or participation. Different currencies have enjoyed different degrees of salience according to prevailing domestic and international conditions. While security was a crucial legitimating rationale during the Cold War, since the economic crisis and the new constitution of 1997, political participation has loomed largest. The article examines the career of former army commander and prime minister Chavalit Yongchaiyudh, in order to illustrate the changing value of alternative sources of legitimacy from the early 1980s to the late 1990s. It argues that despite the growing importance of political participation, fundamental inequalities of power and resources persist in contemporary Thailand.

Citation Details
Title: Security, development and political participation in Thailand: alternative currencies of legitimacy.
Author: Duncan McCargo
Publication: Contemporary Southeast Asia (Refereed)
Date: April 1, 2002
Publisher: Institute of Southeast Asian Studies (ISEAS)
Volume: 24Issue: 1Page: 50(18)

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With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one. Recent examples include the adoption of the U.S. dollar by Ecuador and El Salvador.The introduction of a foreign currency as sole legal tender, termed full (de jure) dollarization, has been the center of much political and academic debate. This book provides a comprehensive analysis of the issues from both theoretical and empirical perspectives. The topics discussed include the role of balance sheet effects, the linkage between currency risk and country risk, the impact of dollarization on trade, financial integration and credibility, the implications of dollarization for the lender of last resort, and the institutional and political economy aspects of dollarization. ... Read more

Customer Reviews (3)

good and unbiased intro to a much politicized topic
As opposed to most of the literature on the topic (de jure/formal/full dollarization Salvadorean style; NOT de facto financial dollarization that characterizes many developing countries), this volume succeeds in presenting a balanced compendium of papers that summarizes the main issues, informing the reader without trying to sell a particular option. The Primer is particularly helpful for dollarization curious policy makers and economist without an emerging market orientation. While briefing on the contents of the different chapters of the volume, it tackles a number of diverse and related topics, ranging from old-style optimum currency area criteria to modern-style developing-coutries-cannot-manage-their-own-currency type of arguments (the so called monetary credibility argument), to non-economical political considerations, always avoiding easy simplifications of generalizations. For that reason, it may read as a little derivative sometimes, but a second reading and a long reference list provides a fairly comprehensive unbiased introduction that is difficult to find elsewhere. For those whose want more, the chapters elaborate on particular themes discussed in the introductory primer. The language is as diverse as the authors of the papers, going from an analytical presentation of the credibility-flexibility tradeoff by Chang and Velasco to a down-to-earth step by step guide for a prospective dollarizer by Gruber and co-authors, to a descriptive account of the political aspects by Frieden. All in all, a nice introduction for the lay and an up to date reference book for the initiated. (True, papers can be downloaded, some even in the final version, from the Internet. But this happens to be the rule rather than the exception in these days. At least, MIT Press has done an unexpectedly creative job with the cover.)

good and unbiased intro to a much politicized topic
As opposed to most of the literature on the topic (de jure/formal/full dollarization Salvadorean style; NOT de facto financial dollarization that characterizes many developing countries), this volume succeeds in presenting a balanced compendium of papers that summarizes the main issues, informing the reader without trying to sell a particular option. The Primer is particularly helpful for dollarization curious policy makers and economist without an emerging market orientation. While briefing on the contents of the different chapters of the volume, it tackles a number of diverse and related topics, ranging from old-style optimum currency area criteria to modern-style developing-coutries-cannot-manage-their-own-currency type of arguments (the so called monetary credibility argument), to non-economical political considerations, always avoiding easy simplifications of generalizations. For that reason, it may read as a little derivative sometimes, but a second reading and a long reference list provides a fairly comprehensive unbiased introduction that is difficult to find elsewhere. For those whose want more, the chapters elaborate on particular themes discussed in the introductory primer. The language is as diverse as the authors of the papers, going from an analytical presentation of the credibility-flexibility tradeoff by Chang and Velasco to a down-to-earth step by step guide for a prospective dollarizer by Gruber and co-authors, to a descriptive account of the political aspects by Frieden. All in all, a nice introduction for the lay and an up to date reference book for the initiated. (True, papers can be downloaded, some even in the final version, from the Internet. But this happens to be the rule rather than the exception in these days. At least, MIT Press has done an unexpectedly creative job with the cover.)

Old papers
Table of content:
1. Dollarization: A premier
2. Dollarization: Analytical issues
3. Using balance sheet data to identify sovereign default and devaluation risk
4. Dollarization and the lender of last resort
5. Measuring costs and benefits of dollarization: An application of Central Americana and Caribbean countries
6. Dollarization: The link between devaluation and default risk
7. Implementation guidelines for dollarization and monetary unions
8. The political economy of dollarization: Domestic and international factors

Most of these old papers (from the academic time line) can be downloaded from Internet for free by searching from google.com, for example. These days Economics books by MIT Press tend to collect old papers and keep the table of content secret. What a good strategy. ... Read more