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The speaker believes that the current economic system needs to change in order to address environmental and social challenges. They argue that the markets and globalized free trade perpetuate the world as we know it, and dismantling these systems is necessary to avert a global collapse.
The Bristol Pound, a local currency, was introduced as a means to promote localization and reduce the carbon footprint. Local currencies aim to encourage consumers to buy local products and services, keeping money within the local community. By connecting businesses and promoting local supply chains, these currencies help create a more sustainable and resilient economy.
Mutual credit systems, such as local exchange trading schemes, promote the exchange of goods and services between individuals or businesses without the need for traditional currency. These systems emphasize the circulation and velocity of money, as each transaction contributes to the creation of value within the community. By increasing the speed of money circulation, more work is accomplished, benefiting local businesses and individuals.
Central bank digital currencies (CBDCs) have the potential to facilitate universal basic income (UBI) by offering direct distribution of money to individual accounts. CBDCs could simplify the implementation of UBI, as every citizen would have an account that enables the distribution of funds. This could help challenge the prevailing growth-oriented economy and enable people to choose work based on value and interest rather than survival.
In this podcast episode, Diana discusses the need for a new governance system that challenges the current market mentality. She emphasizes the importance of designing a system that values the true meaning of value, separate from money. Diana suggests that currencies are needed to track and value different forms of value, such as environmental and social indicators. She also advocates for a shift away from private ownership and the adoption of purpose-driven organizations. While the path to a new governance system might be unclear, Diana encourages individuals to start making small changes in their own lives to challenge the market mentality. She believes that bringing about change in small communities can lead to a ripple effect and eventual transformation at a larger scale.
Diana discusses the challenge of creating a soft landing to transition from the market mentality to a new governance system. She acknowledges that a major disaster or collapse of the current system might be unavoidable, leading to the need for a new system. However, she also emphasizes the importance of actively working towards a new governance system to minimize harms and create a model for future generations. Diana suggests that people can start by reducing their dependence on money and adopting a mindset of valuing and using less. She also highlights the significance of reimagining societal norms and behaviors, such as valuing caretaking roles and challenging the concept of private ownership. While the path forward may seem daunting, Diana remains hopeful that collective efforts and shifts in individual behaviors can bring about meaningful change.
Diana urges listeners to participate in creating change by starting small and fostering collaboration in their communities. She emphasizes the power of collective action and the importance of sharing ideas and actions with others in a safe and supportive space. By taking small steps to challenge the market mentality, such as reducing consumption and wasteful practices, individuals can contribute to the normalization of new behaviors. Diana also highlights the role of storytelling and media in promoting new narratives and ideas. She suggests that if everyone, including writers and filmmakers, embeds these concepts in their work, it can create a cultural shift and inspire broader change. Ultimately, Diana encourages listeners to be active agents of change and to find ways to contribute within their own spheres of influence.
Happy New Year. It feels to me as if this year, the journey is going to be one of continual change and of challenge - that 2024 will be the year when it is impossible for anyone to pretend that the life we knew, the life we grew up believing would go on indefinitely - is going to continue. The old order is dying, but if we're to absolute collapse on a global scale (because clearly it's happening locally all over the world, usually pushed by the governments of people who are statistically most likely to be listening to this podcast) -but if we're going to avert absolute breakdown everywhere, then we need to dismantle the super-organism of the markets. Markets, globalisation, the entire neo-liberal model of free trade that was neither free nor liberal, nor particularly new... these are the common thread that perpetuates the world we know. Yes, we have to change our political systems, our power generation, our food systems..... all of these are core, but it's the markets and our concepts of value and money - the core of capitalism that keep the whole show on the road.
One way or another, they are going - either there's a crash and nothing... or we succeed in managing a degrowth curve to a much simpler system that is not just less extractive, it's regenerative - it repairs some of the desperate harm we've done in recent times.
So I want this podcast really to begin to look at how we could shape this downward slope - to play with ideas that could take use forward into something different - to begin to build narratives, stories, mythologies, collective heroic journeys of how we as a culture could affect the change that we need. Yes, the super-organism feels as if it has a life of its own, but it is composed of individuals and if we all change our behaviour, our expectations, our understanding of what's good and what isn't - then it will change.
I still believe this is possible and I'm definitely working towards this. As is our guest this week. Diana Finch has worked in senior leadership roles in a variety of socially and environmentally focused non-profit organisations since 2001. Through this work, she became convinced that our economic system is the root cause behind the environmental and social challenges the non-profit sector is trying to address. She started to become interested in the field of new economics, and was thrilled to join the Bristol Pound team as Managing Director in 2018. She continued to be a director until the organisation was wound up in 2023. The experience helped her develop an understanding of the problems with our existing economic system, creating a determination to share what she has learned by writing a book called 'Value Beyond Money: an exploration of the Bristol Pound and the building blocks for an alternative economic system' The book is not out until September, but it I was privileged to read it early and was so struck by Diana's capacity to lay out clearly the various different ways we have begun to see money and the alternative systems that people are trying - the Bristol Pound was an astonishing endeavour and the story of how it came about and why it ended are remarkable in and of itself. But it's the ideas that come after - why did it not work and what could we do now - what could help us shift from exactly where we are, to where we need to be - these are the solid gold. We did talk for a long time. If necessary, we'll split this into two bits. I'm not sure if we're going to need to, so... we'll see. In the meantime, enjoy the ideas of how we could be different - and then if you know of anyone who could fund this, please do let us know.
PreOrder Diana's book https://crowdbound.org/product/value-beyond-money/
The Bristol Pound legacy homepage https://www.bristolpoundlegacy.info/
Holochain https://www.holochain.org/
Art Brock Metacurrency https://www.artbrock.com/metacurrency/resources
Bradford Citizen Coin https://bradford.citizencoin.uk/
Mark Fisher Ghosts of my Life https://uk.bookshop.org/p/books/ghosts-of-my-life-writings-on-depression-hauntology-and-lost-futures-mark-fisher/517207?ean=9781780992266
Mark Fisher Capitalis Realism - Is there No Alternative https://uk.bookshop.org/p/books/capitalist-realism-new-edition-is-there-no-alternative-mark-fisher/7313424?ean=9781803414300
Confessions of an Economic Hitman Short Animated Version https://www.youtube.com/watch?v=pYtb5zatgMg
New Economics Foundation https://neweconomics.org/
Positive Money https://positivemoney.org/
Reference books
Less is More: How Degrowth can save the world by Jason Hickel https://uk.bookshop.org/p/books/less-is-more-how-degrowth-will-save-the-world-jason-hickel/364774
Doughnut Economics: 7 Ways to Think like a 21st Century Economist https://uk.bookshop.org/p/books/doughnut-economics-seven-ways-to-think-like-a-21st-century-economist-kate-raworth/
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