A relatively new financial tool is emerging that could greatly
strengthen the sharing movement. The tool is local currencies,
which are popping up in cities across the globe. The Boston Bean
is one of the newest U.S. examples. The local currency in
Bristol, U.K., can even be used to pay local business taxes.
Excitement is spreading, in part due to desperate economic
conditions and the potential of local currencies to boost local
economies. At the moment, most currencies are essentially “buy
local” programs which encourage residents to purchase goods and
services within their communities. But a more advanced form
could serve as the financial underpinning of an expanded sharing
economy. A local currency could become a full-fledged local
monetary system that creates new currency free of debt and uses
it to drive smart, sustainable growth, as well as fund
education, public works, and social services. Most businesses or
non-profits — but particularly labor-intensive ones in
construction, health care, child care, a