“Community Medium of Exchange” Resources
One of the key components of successful Commons is to establish a local value exchange system which is often known as a ‘commons currency’. Commons members come together and negotiate a value exchange of time, credit, and services, which uses resources they have on hand to enrich and support their local communities and local economy.
Because there is such a diversity of resources and needs in every community, a common value exchange system can take many forms.
Ann Arbor Medium of Value Exchange System
As Ann Arbor citizens explore the options for creating commons, there are many discussions to be had between the Commoners, Businesses, and the Local Officials.
To begin that discussion, Center of the City Commons welcomes its members and citizens, and any interested party to participate with the discussion forum “Community Value Exchange System” and let us know what methods you believe might be useful in our city of Ann Arbor, MI.
“Commons Currency” Resources
In this YouTube video, Gwendolyn Hallsmith discusses some of the potential and practicalities of a community creating its own medium of value exchange.
Creating a common currency can work closely, and successfully, with traditional banks in the community. At Public Banking Institute they have researched and explored the ways that Public Banks can fill in the gaps left by traditional banks to help bring prosperity to all corners of a community.
Currency does not always have to mean money, and some establishments have had incredible success by combing services, time, and volunteerism to create a local exchanges which bring mutual benefit. Reinventing Money hosts discussions, research, and case studies about creating value systems without using traditional, national currency.
Remember, all Ann Arbor Residents are welcome and encouraged to participate in the conversation and formation of the Commons. You can participate in the commons discussions as well as create your own topics in our discussion forums.