19 January 2012

Community Currencies Invade Dark Towers of Davos

The global elite, the men we have come to know as the 1%, will be assembling soon in Davos, Switzerland to discuss the global economy over which they have so much power. This year's conference is organising under the rubric 'The Great Transformation: Shaping New Models'. It the reference to Polayni intended or accidental? It certainly gives intellectual scope to those of us who who seek to unwind some of the worst consequences of the original transformation from an embedded to a capitalist economy.

One idea that they will encounter is certainly a challenge to the centralised finance that has been such an important driver of the economic crisis. John-Paul Flintoff has published an article about alternative currencies in the mainstream business magazine CNBC Business, which he assures me will be distributed in hard copy to all Davos delegates.

Is capitalism compatible with barter? I would suggest not, but if there is a way to extract an unfair share of value from others' work, the Davos delegates are certainly the people to find it.

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