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Gaian Economics Living well within planet limits Economic Key Jonathan Dawson, Ross Jackson , Helena Norberg-Hodge

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Page 1: GAIA ECONOMICS -
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Gaian Economics

living well within planetary limits

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Economic KeyEditors

Jonathan Dawson Ross Jackson

and Helena Norberg-Hodge

Permanent Publications

Gaian Economics

living well within planetary limits

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v

Introduction To The Four Keys Series

The Four Keys to the Design of Sustainable Communities

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vi GAIAN ECONOMICS

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Contents

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1 Shifting the Global Economy towards Sustainability

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2 Community Banks & Currencies

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3 Right Livelihood

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4 Local Economies

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5 Legal & Financial Issues

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The Editors

JONATHAN DAWSON is a sustainability educator and activist. He has spent much of the last 20 years working in Africa and South Asia as a researcher, author, project manager and consultant, primarily in the field of small enterprise and community economic development. He lives at the Findhorn ecovillage, where he teaches sustainability studies up to undergraduate level. He is past president of the Global Ecovillage Network and former Executive Secretary of GEN-Europe. He is author of Ecovillages: New Frontiers for Sustainability.

ROSS JACKSON, PhD, has for many years been an innovative leader in both the business and NGO worlds. He is chairman of Gaia Trust, a Danish-based charitable entity he co-founded in 1987 to promote a more sustainable and spiritual world. In his capacity as Gaia Trust Chairman, Ross, together with his Danish wife Hildur, is co-founder and major funder of the Global Ecovillage Network (GEN), and Gaia Education, and has supported hundreds of sustainability projects in dozens of countries over the years. He is author of And We ARE Doing it: Building an Ecovillage Future, the story of his conversion from businessman to environmental activist.

HELENA NORBERG-HODGE is a leading analyst of the impact of the global economy on cultures around the world. She is founder and director of the International Society for Ecology and Culture (ISEC), co-founder of the International Forum on Globalization, and is a recipient of the prestigious Right Livelihood Award. She is director of the Ladakh Project, renowned for its twenty-five years of groundbreaking work in sustainable development on the Tibetan plateau, an experience which led her to write the inspirational classic, Ancient Futures: Learning from Ladakh.

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Foreword

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x i i i

Introduction

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xiv GAIAN ECONOMICS

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INTRODUCTION xv

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1

MODULE 1

Shifting the Global Economy towards Sustainability

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Contents

Rebuilding True Security in an Age of Insecurity

The Great Turning: From Empire to Earth Community

Sustainable Growth: An Impossibility Theorem

Shifting the Global Economy

Shifting Direction

Beyond the Bailout: Agenda for a New Economy

Adapting to the Lean Economy

Descending the Energy Staircase with Tradable Energy Quotas (TEQs)

Global Warming and the South

Climate Solutions: Part I. Comparing Alternatives

Climate Solutions: Part II. The Carbon Board

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2

Rebuilding True Security in an Age of Insecurity

Vandana Shiva

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Indian activist, Vandana Shiva, lays out the core tenets of Earth Democracy; a philosophy that celebrates diversity, seeks to give a voice to species other than humans and attempts to balance rights with responsibilities.

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REBUILDING TRUE SECURITY IN AN AGE OF SECURITY 3

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4 GAIAN ECONOMICS

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5

The Great Turning: From Empire to Earth Community

David Korten

By what name will future generations know our time?T%$$*0'(+*&:(.S*%/*./B(,*./)*P,"&0,.0%2/*2P *0'(*0%-(*2P *0'(*;,(.0*</,.J($$%/BY*U'(/* :,2P$%B.0(* 12/&"-:0%2/* (H1(()()* 8.,0']&* 1.:.1%0+* 02* &"&0.%/* ./)*$()* 02* ./* .11($(,.0%/B*U.J(* 2P * 12$$.:&%/B* (/J%,2/-(/0.$* &+&0(-&Y* J%2$(/0*12-:(0%0%2/* P2,*U'.0* ,(-.%/()*2P * 0'(*:$./(0]&* ,(&2",1(&Y* ./)*.*),.-.0%1*)%(#.1S*2P *0'(*'"-./*:2:"$.0%2/j*I,*U%$$*0'(+*$22S*#.1S*%/*b2+P"$*1($(#,.0%2/*2/*0'(*0%-(*2P *0'(*;,(.0*5",/%/BY*U'(/*0'(%,*P2,(#(.,&*(-#,.1()*0'(*'%B'(,N2,)(,*:20(/0%.$*2P * 0'(%,*'"-./*/.0",(Y* 0",/()*1,%&%&* %/02*2::2,0"/%0+Y*./)*$(.,/()*02*$%J(*%/*1,(.0%J(*:.,0/(,&'%:*U%0'*2/(*./20'(,*./)*8.,0'j

A defining choiceT(*P.1(*.*)(P%/%/B*1'2%1(*#(0U((/*0U2*12/0,.&0%/B*-2)($&*P2,*2,B./%i%/B*'"-./*.PP.%,&R*;%J(*0'(-*0'(*B(/(,%1*/.-(&*8-:%,(*./)*8.,0'*72--"/%0+R*\#&(/0*./*"/)(,&0./)%/B*2P *0'(*'%&02,+*./)*%-:$%1.0%2/&*2P *0'%&*1'2%1(Y*U(*-.+*&f"./)(,*J.$".#$(*0%-(*./)*,(&2",1(&*2/*(PP2,0&*02*:,(&(,J(*2,*-(/)*1"$0",(&*./)*%/&0%0"0%2/&*0'.0*1.//20*#(*P%H()*./)*-"&0*#(*,(:$.1()R

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8.,0'*72--"/%0+Y*#+*12/0,.&0Y*2,B./%i(&*#+*:.,0/(,&'%:Y*"/$(.&'(&*0'(*'"-./* :20(/0%.$* P2,* 1,(.0%J(* 12N2:(,.0%2/Y* ./)* &'.,(&* ,(&2",1(&* ./)* &",N:$"&(&*P2,*0'(*B22)*2P *.$$R*6"::2,0%/B*(J%)(/1(*P2,*0'(*:2&&%#%$%0%(&*2P *8.,0'*72--"/%0+* 12-(&* P,2-* 0'(* P%/)%/B&* 2P * f"./0"-* :'+&%1&Y* (J2$"0%2/.,+**#%2$2B+Y* )(J($2:-(/0.$* :&+1'2$2B+Y* ./0',2:2$2B+Y* .,1'.(2$2B+Y* ./)* ,($%NB%2"&*-+&0%1%&-R* [0*U.&* 0'(*'"-./*U.+*#(P2,(*8-:%,(k*U(*-"&0*-.S(*.*1'2%1(*02*,(N$(.,/*'2U*02*$%J(*#+*%0&*:,%/1%:$(&R

David Korten is co-founder and board chair of the Positive Futures Network, which publishes Yes! Magazine. He is one of the most eloquent critics of the corporate dominated world we live in, and outlines here his vision of a shift to a world based on the values of ‘Earth Community’ based on his book The Great Turning.

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6 GAIAN ECONOMICS

X(J($2:-(/0&* )%&0%/10%J(* 02* 2",* 0%-(* .,(* 0($$%/B* "&* 0'.0* 8-:%,(* '.&*,(.1'()*0'(*$%-%0&*2P *0'(*(H:$2%0.0%2/*0'.0*:(2:$(*./)*8.,0'*U%$$*&"&0.%/R*\*-2"/0%/B*:(,P(10*(12/2-%1*&02,-*#2,/*2P *.*12/J(,B(/1(*2P *:(.S*2%$Y*1$%-.0(*1'./B(Y*./)*./*%-#.$./1()*<R6R*(12/2-+*)(:(/)(/0*2/*)(#0&*%0*1./*/(J(,*,(:.+*%&*:2%&()*02*#,%/B*.*),.-.0%1*,(&0,"10",%/B*2P *(J(,+*.&:(10*2P *-2)(,/*$%P(R*T(*'.J(*0'(*:2U(,*02*1'22&(Y*'2U(J(,Y*U'(0'(,*0'(*12/&(f"(/1(&*:$.+*2"0*.&*.*0(,-%/.$*1,%&%&*2,*./*(:%1*2::2,0"/%0+R*5'(*;,(.0*5",/%/B*%&*/20*.*:,2:'(1+R*[0*%&*.*:2&&%#%$%0+R

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THE GREAT TURNING: FROM EMPIRE TO EARTH COMMUNITY 7

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8 GAIAN ECONOMICS

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THE GREAT TURNING: FROM EMPIRE TO EARTH COMMUNITY 9

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10 GAIAN ECONOMICS

%/(f".$%0+Y* 0'(* "&(* 2P * :'+&%1.$* P2,1(* 02*-.%/0.%/* %-:(,%.$* 2,)(,Y* ./)* 0'(*&:(1%.$*,%B'0(2"&/(&&*2P *0'2&(*%/*:2U(,R

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11

Sustainable Growth: An Impossibility Theorem

Herman E. Daly

[-:2&&%#%$%0+*&0.0(-(/0&*.,(*0'(*J(,+*P2"/).0%2/*2P *&1%(/1(R*[0*%&*%-:2&&%#$(*02C* 0,.J($* P.&0(,* 0'./* 0'(* &:(()* 2P * $%B'0k* 1,(.0(* 2,* )(&0,2+*-.00(,N(/(,B+k*#"%$)*.*:(,:(0".$*-20%2/*-.1'%/(Y*(01R*^+*,(&:(10%/B*%-:2&&%#%$%0+*0'(2,(-&*U(* .J2%)*U.&0%/B* ,(&2",1(&* 2/* :,2b(10&* 0'.0* .,(* #2"/)* 02* P.%$R* 5'(,(P2,(*(12/2-%&0&*&'2"$)*#(*J(,+*%/0(,(&0()*%/*%-:2&&%#%$%0+*0'(2,(-&Y*(&:(1%.$$+*0'(*2/(*02*#(*)(-2/&0,.0()*'(,(Y*/.-($+*0'.0*%0*%&*%-:2&&%#$(*P2,*0'(*U2,$)*(12/2-+*02*B,2U*%0&*U.+*2"0*2P *:2J(,0+*./)*(/J%,2/-(/0.$*)(B,.).0%2/R*[/*20'(,*U2,)&Y*&"&0.%/.#$(*B,2U0'*%&*%-:2&&%#$(R

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Challenging the economic oxymoron812/2-%&0&*U%$$*12-:$.%/*0'.0*B,2U0'*%/*;Z!*%&*.*-%H0",(*2P *f"./0%0.0%J(*./)*f".$%0.0%J(*%/1,(.&(*./)*0'(,(P2,(*/20*&0,%10$+*&"#b(10*02*:'+&%1.$*$.U&R*5'(+* '.J(* .* :2%/0R* !,(1%&($+* #(1."&(* f"./0%0.0%J(* ./)* f".$%0.0%J(* 1'./B(*.,(* J(,+* )%PP(,(/0* %0* %&* #(&0* 02* S((:* 0'(-* &(:.,.0(* ./)* 1.$$* 0'(-* #+* 0'(*)%PP(,(/0* /.-(&* .$,(.)+* :,2J%)()* %/* 0'(* )%10%2/.,+R* 52* B,2U* -(./&* g02*%/1,(.&(*/.0",.$$+*%/*&%i(*#+*0'(*.))%0%2/*2P *-.0(,%.$*0',2"B'*.&&%-%$.0%2/*2,* .11,(0%2/]R* 52* )(J($2:* -(./&* g02* (H:./)* 2,* ,(.$%i(* 0'(* :20(/0%.$%0%(&*2Pk*02*#,%/B*B,.)".$$+*02*.*P"$$(,Y*B,(.0(,Y*2,*#(00(,*&0.0(]R*T'(/*&2-(0'%/B*B,2U&* %0* B(0&* #%BB(,R*T'(/* &2-(0'%/B*)(J($2:&* %0* #(12-(&*)%PP(,(/0R*5'(*(.,0'*(12&+&0(-*)(J($2:&* K(J2$J(&OY*#"0*)2(&*/20*B,2UR* [0&* &"#&+&0(-Y* 0'(*(12/2-+Y*-"&0*(J(/0".$$+*&02:*B,2U%/BY*#"0*1./*12/0%/"(*02*)(J($2:R*5'(*

Herman Daly, an ecological economist, is a professor of public policy at the University of Maryland in the USA. He has received numerous awards for his work in economics and the environment, including the Right Livelihood Award. Here he discusses both the quantitative and qualitative aspects of economic growth in a thought-provoking challenge to conventional economic thinking.

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12 GAIAN ECONOMICS

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Limits to growth?[P *0'(*(12/2-+*1.//20*B,2U*P2,(J(,*0'(/*#+*'2U*-"1'*1./*%0*B,2Uj*7./*%0*B,2U*#+*(/2"B'*02*B%J(*(J(,+2/(*%/*0'(*U2,$)*02).+*.*&0./).,)*2P *:(,*1.:%0.*,(&2",1(*"&(*(f".$*02*0'.0*2P *0'(*.J(,.B(*\-(,%1./j*5'.0*U2"$)*0",/*2"0*02*#(*.*P.102,*2P *&(J(/Y*.*P%B",(*0'.0*%&*/(.0$+*#,.1S(0()*#+*0'(*^,"/)0$./)*72--%&&%2/]&*1.$$*K^,"/)0$./)*03%"1PY*?_FEO*P2,*0'(*(H:./&%2/*2P *0'(*U2,$)*(12/2-+*#+*.*P.102,*2P *P%J(*02*0(/R$*5'(*:,2#$(-*%&*0'.0*(J(/*(H:./&%2/*#+*.*P.102,*2P *P2",*%&*%-:2&&%#$(*%P *l%02"&(S*03%"1R*K?_FaY*::R*=aFN=E=O*.,(*12,,(10*%/*0'(%,*1.$1"$.0%2/*0'.0*0'(*'"-./*(12/2-+*1",,(/0$+*:,((-:0&*2/(NP2",0'*2P * 0'(* B$2#.$* /(0* :,%-.,+* :,2)"10* 2P * :'202&+/0'(&%&* KZ!!OR*T(* 1.//20*B2*#(+2/)*?DD*:(,1(/0Y*./)*%0*%&*"/$%S($+*0'.0*U(*U%$$* %/1,(.&(*Z!!*&%/1(*0'(*'%&02,%1.$*0(/)(/1+*":*02*/2U*%&*P2,*(12/2-%1*B,2U0'*02*,()"1(*B$2#.$*:'202&+/0'(&%&R*

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[P *B,2U0'*":*02*0'(*P.102,*2P *P%J(*02*0(/*,(12--(/)()*#+*0'(*^,"/)0$./)*72--%&&%2/*%&*%-:2&&%#$(Y*0'(/*U'.0*.#2"0*b"&0*&"&0.%/%/B*0'(*:,(&(/0*&1.$(*c* %R(R*i(,2*/(0*B,2U0'j*8J(,+*).+*U(*,(.)*.#2"0*&0,(&&N%/)"1()* P(()#.1S&*P,2-* 0'(* (12&+&0(-* 02* 0'(* (12/2-+Y* &"1'* .&* B,((/'2"&(* #"%$)N":Y* 2i2/(*

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SUSTAINABLE GROWTH: AN IMPOSSIBIL ITY THEOREM 13

$.+(,* )(:$(0%2/Y* .1%)* ,.%/Y* (01RY* U'%1'* 12/&0%0"0(* (J%)(/1(* 0'.0* (J(/* 0'(*:,(&(/0*&1.$(*%&*"/&"&0.%/.#$(R*32U*0'(/*1./*:(2:$(*S((:*2/*0.$S%/B*.#2"0*g&"&0.%/.#$(*B,2U0']*U'(/C*K.O*0'(*:,(&(/0*&1.$(*2P *0'(*(12/2-+*&'2U&*1$(.,*&%B/&* 2P * "/&"&0.%/.#%$%0+Y* K#O*-"$0%:$+%/B* 0'.0* &1.$(* #+* .* P.102,* 2P * P%J(* 02*0(/*.&*,(12--(/)()*#+*0'(*^,"/)0$./)*72--%&&%2/*U2"$)*-2J(*"&*P,2-*"/&"&0.%/.#%$%0+*02*%--%/(/0*12$$.:&(Y*./)*K1O*0'(*12/1(:0*%0&($P *%&*$2B%1.$$+*&($PN12/0,.)%102,+*%/*.*P%/%0(Y*/2/NB,2U%/B*(12&+&0(-j*h(0*&"&0.%/.#$(*B,2U0'*%&* 0'(*#"ii*U2,)*2P *2",* 0%-(R*I11.&%2/.$$+* %0*#(12-(&* 0,"$+* $")%1,2"&Y*.&*U'(/*U,%0(,&*B,.J($+* &:(.S*2P * g&"&0.%/.#$(*B,2U0'* %/* 0'(* ,.0(*2P * %/1,(.&(*2P *(12/2-%1*.10%J%0+]R*Z20*2/$+*-"&0*U(*B,2U*P2,(J(,Y*U(*-"&0*.11($(,.0(*P2,(J(,d*5'%&*%&*'2$$2U*:2$%0%1.$*J(,#%.B(Y*020.$$+*)%&12//(10()*P,2-*$2B%1.$*./)*:'+&%1.$*P%,&0*:,%/1%:$(&R

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6"&0.%/.#$(* )(J($2:-(/0*-"&0* #(* )(J($2:-(/0*U%0'2"0* B,2U0'* c* #"0*U%0'*:2:"$.0%2/*12/0,2$*./)*U(.$0'*,()%&0,%#"0%2/*c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

Defining the optimal scale5'(* 12/1(:0* 2P * ./* 2:0%-.$* &1.$(* 2P * 0'(* .BB,(B.0(* (12/2-+* ,($.0%J(* 02*0'(* (12&+&0(-* %&* 020.$$+* .#&(/0* P,2-* 1",,(/0*-.1,2(12/2-%1* 0'(2,+R*5'(*.BB,(B.0(* (12/2-+* %&* .&&"-()* 02* B,2U* P2,(J(,R*9%1,2(12/2-%1&Y* U'%1'*%&*.$-2&0*(/0%,($+*)(J20()*02*(&0.#$%&'%/B*0'(*2:0%-.$*&1.$(*2P *(.1'*-%1,2N$(J($*.10%J%0+*#+*(f".0%/B*12&0&*./)*#(/(P%0&*.0*0'(*-.,B%/Y*'.&*/(B$(10()*02*

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14 GAIAN ECONOMICS

%/f"%,(*%P *0'(,(*%&*/20*.$&2*./*2:0%-.$*&1.$(*P2,*0'(*.BB,(B.0(*2P *.$$*-%1,2*.10%J%0%(&R*\*B%J(/*&1.$(*K0'(*:,2)"10*2P *:2:"$.0%2/*0%-(&*:(,*1.:%0.*,(&2",1(*"&(O*12/&0%0"0(&*.*B%J(/*0',2"B':"0*2P *,(&2",1(&*./)*0'"&*.*B%J(/*$2.)*2/*0'(*(/J%,2/-(/0Y*./)*1./*12/&%&0*2P *-./+*:(2:$(*(.1'*12/&"-%/B*$%00$(Y*2,*P(U(,*:(2:$(*(.1'*12/&"-%/B*12,,(&:2/)%/B$+*-2,(R

\/* (12/2-+* %/* &"&0.%/.#$(* )(J($2:-(/0* .).:0&* ./)* %-:,2J(&* %/*S/2U$()B(Y* 2,B./%i.0%2/Y* 0(1'/%1.$* (PP%1%(/1+Y* ./)* U%&)2-k* ./)* %0* )2(&*0'%&*U%0'2"0*.&&%-%$.0%/B*2,*.11,(0%/BY*#(+2/)*&2-(*:2%/0Y*./*(J(,*B,(.0(,*:(,1(/0.B(*2P *0'(*-.00(,N(/(,B+*2P *0'(*(12&+&0(-*%/02*%0&($PY*#"0*,.0'(,*&02:&*.0*.*&1.$(*.0*U'%1'*0'(*,(-.%/%/B*(12&+&0(-*K0'(*(/J%,2/-(/0O*1./*12/0%/"(*02*P"/10%2/*./)*,(/(U*%0&($P *+(.,*.P0(,*+(.,R*5'(*/2/NB,2U%/B*(12/2-+*%&*/20*&0.0%1*c*%0*%&*#(%/B*12/0%/".$$+*-.%/0.%/()*./)*,(/(U()*.&*(/J%,2/-(/0R

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\0* 0'(* :,2b(10* $(J($* 0'(,(* .,(* &2-(* .))%0%2/.$* :2$%1+* B"%)($%/(&* P2,*&"&0.%/.#$(* )(J($2:-(/0R* @(/(U.#$(* ,(&2",1(&* &'2"$)* #(* (H:$2%0()* %/* .*-.//(,* &"1'* 0'.0* '.,J(&0%/B* ,.0(&* )2* /20* (H1(()* ,(B(/(,.0%2/* ,.0(&* ./)*U.&0(*(-%&&%2/&*)2*/20*(H1(()* 0'(*,(/(U.#$(*.&&%-%$.0%J(*1.:.1%0+*2P * 0'(*$21.$*(/J%,2/-(/0R*

Balancing non-renewable and renewable resourcesZ2/N,(/(U.#$(*,(&2",1(&*&'2"$)*#(*)(:$(0()*.0*.*,.0(*(f".$*02*0'(*,.0(*2P *1,(.0%2/* 2P * ,(/(U.#$(* &"#&0%0"0(&R* !,2b(10&* #.&()* 2/* (H:$2%0.0%2/* 2P * /2/N

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SUSTAINABLE GROWTH: AN IMPOSSIBIL ITY THEOREM 15

L($M60$02"G10%60*(;6'0*%*4(;19%G0%90?10309%"3%"%6"30%0U;"1%3(%340%6"30%(@ %'60"3#($%(@ %60$02"G10%*;G*3#3;30*P

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16 GAIAN ECONOMICS

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17

Shifting the Global Economy

Ross Jackson

5'(* >DDEN>DD_* U2,$)* (12/2-%1* 1,%&%&* '.&* #((/* 1'.,.10(,%i()* #+* &2-(*-.%/&0,(.-*2#&(,J(,&*.&*0'(*P%/.$*)(.0'*0',2(&*2P *0'(*/(2N$%#(,.$*(12/2-%1*-2)($*%/0,2)"1()*#+*@2/.$)*@(.B./*./)*9.,B.,(0*5'.01'(,*%/*0'(*?_FD&R*5'(*$%&0*(J(/*%/1$")(&*G,./1%&*G"S"+.-.*U'2*P.-2"&$+Y*./)*:(,'.:&*.*$%00$(*022*'.&0%$+Y*:,21$.%-()*g0'(*(/)*2P *'%&02,+]*$(&&*0'./*>D*+(.,&*.B2Y*,(P(,,%/B*02* 0'(*/(2N$%#(,.$* P,((*-.,S(0*-2)($*.&* 0'(* P%/.$*2/(* P2,* 0'(* ,(&0*2P * 0%-(Y*.&* /20'%/B* #(00(,* U.&* :2&&%#$(R* K5'(* 2/$+* .$0(,/.0%J(* '(* 12/&%)(,()* U.&*0'(*'2:($(&&*1(/0,.$*:$.//%/B*-2)($*2P *0'(*62J%(0*</%2/RO?*9./+*.,(*0'(*1.$$&*/2UY*:,%-.,%$+*P,2-*0'(*2,)%/.,+*:(2:$(*U'2*.,(*&"PP(,%/B*P,2-*0'(*12$$.:&(Y*P2,*.*g0'%,)*.$0(,/.0%J(]Y*.*g/(U*(12/2-%1*2,)(,]*2,*.*g/(U*^,(002/*T22)&]*.B,((-(/0R*

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Ross Jackson, PhD, economist and long time critic of neo-liberal thinking, critiques the main components of the global economic system and highlights how these could be changed to protect the environment, while serving people’s needs.

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18 GAIAN ECONOMICS

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20 GAIAN ECONOMICS

5'(*:%2/((,&*U'2*:"0*P2,0'*0'%&*/(U*J%&%2/*&'2"$)*#(*:,(:.,()*02*#,(.S*.U.+*P,2-*0'(*T5I*./)*P2,-*.*/(U*0,.)(*2,B./%&.0%2/Y*./)*%/J%0(*20'(,*/.0%2/&*02*b2%/*U'(/*0'(+*.,(*,(.)+*c*/20*%--()%.0($+Y*#(1."&(*0'(+*.,(*/20*,(.)+*P2,*%0Y*#"0*:(,'.:&*.P0(,*0'(*/(H0*1,%&%&Y*U'%1'*%&*/20*P.,*2PPR

Conclusion5'(* >`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* =* !."$*^.%,21'Y*&'($()#'*%"$9%/(619%F#*3(67*K7'%1.B2C*</%J(,&%0+*2P *7'%1.B2*!,(&&Y*?__=OR* M* 6((Y* P2,* (H.-:$(Y* W2'/*;,.+Y% Q"1*0% E"2$+%B40% E01;*#($*% (@ % !1(G"1% A"?#3"1#*)* K42/)2/C*;,./0.*^22S&Y*?___OR*

* `* 6((Y* P2,* (H.-:$(Y* @2&&* W.1S&2/Y* g7$%-.0(* 62$"0%2/&C* !.,0* []* %/% !"#"$% &'($()#'** K<AC*!(,-./(/0*!"#$%1.0%2/&Y*>D?DOY*:RM_R

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21

Shifting Direction

Helena Norberg-Hodge

52).+Y*(J(,+*(12/2-+* %/* 0'(*U2,$)* %&*#(%/B* %/)"1()* 02*(/$%&0* %/*.* &%/B$(Y*'%B'$+N1(/0,.$%&()*(12/2-+Y*2/(*U'%1'*)(:(/)&*2/*J.&0*'2-2B(/%&()*-.,NS(0&*./)*(J(,N%/1,(.&%/B*0,.)(R*\$0'2"B'*0'(*B$2#.$%&.0%2/*2P *0'%&*(12/2-%1*-2)($*%&*(H.1(,#.0%/B*.*U%)(*,./B(*2P *&21%.$Y*(12/2-%1Y*./)*(/J%,2/-(/0.$*:,2#$(-&Y*B2J(,/-(/0&*12/0%/"(*02*&"#&%)%&(*0'(*B$2#.$*(12/2-+]&*:'+&%1.$*%/P,.&0,"10",(Y*./)*02*,(U,%0(*0,.)(*0,(.0%(&Y*$.U&*./)*,(B"$.0%2/&*02*P.1%$%0.0(*%0&*&:,(.)R*

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Helena Norberg-Hodge is a leading analyst of the impact of the global economy on culture and agriculture worldwide and a pioneer of the localisation movement. In this piece, she outlines the essential steps in shifting from economic globalisation to economic localisation, along with the social, ecological and economic benefits this would bring.

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28 GAIAN ECONOMICS

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30

Beyond the Bailout: Agenda for a New Economy

David Korten

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\0*0'(*&.-(*0%-(Y*(H1(&&%J(*12/&"-:0%2/*%&*:"&'%/B*8.,0']&*(12&+&0(-*%/02*12$$.:&(R*61%(/0%&0&*.,(*%/*.$-2&0*"/%J(,&.$*.B,((-(/0*0'.0*'"-./*.10%*J%0+*#(.,&*&"#&0./0%.$*,(&:2/&%#%$%0+*P2,*1$%-.0(*1'./B(*./)*0'(*,($.0()*%/1,(.&(*%/*),2"B'0&Y*P$22)&Y*./)*U%$)P%,(&R*T(*P.1(*.*-2/"-(/0.$*(12/2-%1*1'.$$(/B(*0'.0* B2(&* P.,* #(+2/)*./+0'%/B*#(%/B*)%&1"&&()* %/* 0'(*<R6R*72/B,(&&R*5'(*'.,)&'%:&*%-:2&()*#+*0(-:2,.,%$+*P,2i(/*1,()%0*-.,S(0&*:.$(*#+*12-:.,%&2/R*

David Korten is the co-founder and board chair of YES! magazine, founder of the People-Centred Development Forum, and widely read author of ‘When Corporations Rule the World’. In this article he explains how, in the wake of the bailout, we can avoid future large-scale financial crises through re-regulating the global economy

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BEYOND THE BAILOUT: AGENDA FOR THE NEW ECONOMY 31

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32 GAIAN ECONOMICS

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BEYOND THE BAILOUT: AGENDA FOR THE NEW ECONOMY 33

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34 GAIAN ECONOMICS

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BEYOND THE BAILOUT: AGENDA FOR THE NEW ECONOMY 35

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36

Adapting to the Lean Economy

David Fleming

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David Fleming, PhD, is a British economist, who for many years worked as an independent consultant in environmental policy and business strategy for the financial services industry. Here, he gives some illuminating and unexpected insights into the post-peak-oil world that is looming on the horizon, and explains why re-localising is an economic, as well as ecological, necessity.

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ADAPTING TO THE LEAN ECONOMY 37

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38 GAIAN ECONOMICS

On pottery [/*P.10Y*0'(*-.,S(0*(12/2-+*U(*$%J(*%/*%&*#+*/2*-(./&*0'(*2/$+*1%J%$%&.0%2/*U'%1'*'.&*'.)*02*#"%$)*":*.*B%./0*%/0(,-()%.0(*(12/2-+*b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ADAPTING TO THE LEAN ECONOMY 39

Prepare for the transition 5'(*12-%/B*1'./B(*U%$$*/20*12-(*&-220'$+R*5'(,(*U%$$*#(*&'21S&*)",%/B*U'%1'*K&.+O*:(0,2$*%&*"/2#0.%/.#$(*./)*&":(,-.,S(0*&'($J(&*.,(*(-:0+R*5'(*;2J(,/-(/0*'.&* %&&"()*.)J%1(*K(RBR*UUUR:P(RB2JR"SO*.#2"0*U'.0* 02*)2R*[0*%/1$")(&Y* P2,* %/&0./1(Y* 0'(* ,(12--(/).0%2/* 0'.0* '2"&('2$)&* &'2"$)* '.J(*&(J(,.$*).+&* &"::$+*2P * P22)*./)*#200$()*U.0(,R*62-(*:(2:$(* [*S/2U*'.J(*0.S(/*0'%&*J(,+*&(,%2"&$+Y*&021S%/B*":*0'(%,*1":#2.,)&*U%0'*.*-%/%-"-*2P *P%J(*U((S&*&"::$%(&Y*P,2-*U.0(,*:",%P%(,&*02*&"1'*g(&&(/0%.$&]*.&*&'2U(,*B($R*5'%/S*.#2"0*(J(,+0'%/B*+2"*-.+*/(()k*&0.,0*.))%/B*.*$%00$(*#%0*(H0,.*02*+2",*,(B"$.,*&'2::%/BR*

Get involved in politics in some way [0*U%$$*#(*./*.)J./0.B(*02*'.J(*.*$21.$*12"/1%$*U'%1'*%&Y*.0*$(.&0*02*&2-(*(H0(/0Y*.U.,(*2P *0'(*1'./B(&*0'.0*.,(*2/*0'(*U.+Y*./)*0'(*/(()*02*:,(:.,(*P2,*0'(-R*;(0*":* 02* &:(()*.#2"0* 0'(*S%/)*2P */.0%2/.$*:2$%0%1.$* %/%0%.0%J(*+2"*U2"$)*$%S(*02*&((R*G2,*%/&0./1(Y*.*P.%,*./)*(PP(10%J(*&+&0(-*P2,*,.0%2/%/B*(/(,B+*U%$$*#(*/(()()Y*&"1'*.&*5,.).#$(*8/(,B+*e"20.&*KUUUR0(f&R/(0OR*5.$S* 02*+2",*9!*.#2"0*&(00%/B*":*&"1'*.*&+&0(-*#(P2,(*0'(*2%$*&'21S*'%0&Y*&2*0'.0*U'(/*%0*'.::(/&Y*.*0,%()*./)*0(&0()*&+&0(-*%&*%/*:$.1(R*9.S(*":*+2",*-%/)*0'.0*+2",*12--"/%0+*c*.$2/B*U%0'*0'(*$%S(N-%/)()*12--"/%0%(&*.,2"/)*%0*c*'.&*02*#(*.*:$.1(*2P *#(."0+R*5'(,(*/(()&*02*#(*.,0Y*-"&%1Y*.,1'%0(10",(k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

Keep cheerful ^(%/B* )(:,(&&()* .#2"0* 0'(* U.+* 0'%/B&* .,(* B2%/B* %&* &($PN:(,:(0".0%/B* c* %0*U%$$*&%-:$+*-.S(*0'(-*U2,&(R*[P *+2"*.,(*&(,%2"&$+*2/*0'(*1.&(*K.&*.#2J(O*%0*U%$$*)2*U2/)(,&*P2,*+2",*12/P%)(/1(Y*./)*+2",*2:0%-%&-*U%$$*(/12",.B(*0'2&(*.,2"/)*+2"*02*)2*0'(*&.-(R*X(1%)(*02*b2%/*02B(0'(,*./)*-.S(*.*P"0",(Y*$21.$$+R

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40

Descending the Energy Staircase with Tradable Energy Quotas (TEQs)

Rob Hopkins

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f"%,(*?DD*/(U*/"1$(.,*:2U(,*:$./0&Y*/20*0'(*0(/*0'.0*.,(*:,2:2&()R*

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* G$(-%/B]&* .::,2.1'* %&* U($$* 0'2"B'0* 0',2"B'* ./)* 2PP(,&* 0'(* 1$(.,(&0*-(1'./%&-*+(0*2"0$%/()R*[/*#,%(PY*%0*%&*./*($(10,2/%1*&+&0(-*P2,*,.0%2/%/B*(/(,B+R*8J(,+*.)"$0*%&*.$$21.0()*./*(f".$*/"-#(,*2P *"/%0&*U'(,(.&*0'(*B2J(,/-(/0*./)*%/)"&0,+*'.J(*02*#%)*P2,*0'(%,&*.0*.*U((S$+*0(/)(,R*8J(,+2/(*'.&*.*1.,)Y*$%S(*.*1,()%0*1.,)Y*U'%1'*-"&0*#(*:,2)"1()*(J(,+*0%-(*(/(,B+*%&*:",1'.&()R*h2",*.112"/0*%&*0'(/*)(#%0()*.112,)%/B$+R*[P *+2"*"&(*-2,(*(/(,B+*0'./*+2",*f"20.*+2"*1./*#"+*"/%0&*P,2-*0'2&(*U'2*'.J(/]0*"&()*.$$*2P *0'(%,&R*5'%&*.$$*'.::(/&* ($(10,2/%1.$$+Y*U%0'* 0'(*-%/%-"-*2P*'.&&$(R*5'(*/"-#(,*2P *"/%0&*.J.%$.#$(*%&*&(0*2"0*%/*.*>D*+(.,*#")B(0Y*U'%1'*&'2U&*0'.0*(J(,+*U((S*0'(+*.,(*&$%B'0$+*,()"1()Y*%/*S((:%/B*U%0'*0'(*:,(N.B,(()*>D*+(.,&*8/(,B+*^")B(0R*

Rob Hopkins is best known as the founder of the transition town movement that activates local citizen groups to take responsibility for their own future in a world threatened by peak oil and climate change. Here, he comments on David Fleming’s proposal on how to reduce CO2 emissions while engaging ordinary citizens.

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CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 41

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42 GAIAN ECONOMICS

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44

Global Warming and the South

Helena Norberg-Hodge

\&*&%B/&*2P *1$%-.0(*%/&0.#%$%0+*%/1,(.&(*.,2"/)*0'(*U2,$)Y*:"#$%1*.U.,(/(&&*2P *0'(*/(()*P2,*P"/).-(/0.$*1'./B(*%&*B,2U%/BR*5'(*P2,-(,*:,(&%)(/0*^"&'*.)-%/%&0,.0%2/]&*&0./1(*2/*1$%-.0(*1'./B(*.::.$$()*0'(*U2,$)R*5'(%,*,(P"&.$*02*,.0%P+*0'(*A+202*:,20212$*c*%/*:.,0*#(1."&(*0'(+*1$.%-*%0*%&*"/P.%,*02*,(f"%,(*0'(*<6*02*1",#*%0&*(-%&&%2/&Y*U'%$(*P(U*$%-%0&*.,(*%-:2&()*2/*20'(,*:2$$"0(,&*%/*0'(*&2N1.$$()*5'%,)*T2,$)*c*./B(,()*:(2:$(*2/*.$$*&%)(&R*32:(&*.,(*'%B'*0'.0*!,(&%)(/0*I#.-.*U%$$*:"0*./*(/)*02*0'%&*(,.*2P *.,,2B./0*,(P"&.$*02*0.S(*0'(*&%0".0%2/*&(,%2"&$+R*;$2#.$*12$$.#2,.0%2/*P2,*,.)%1.$*./)*,.:%)*.10%2/*%&*,(f"%,()Y*#"0*%0*%&*1,"1%.$*0'.0*U(*P%,&0*,(0'%/S*-./+*2P *0'(*.&&"-:0%2/&*0'.0*'.J(*#((/*#./)%()*.#2"0*%/*12//(10%2/*U%0'*0'%&*1,%&%&R*

</P2,0"/.0($+Y*-./+* (/J%,2/-(/0.$%&0&* ./)* 12/1(,/()* 1%0%i(/&* %/* 0'(*T(&0*&"#&1,%#(*02*0'(*0'%/S%/B*0'.0*0'(*12"/0,%(&*2P *0'(*62"0'*&'2"$)*'.J(*0'(*,%B'0*02*12/0%/"(*%/1,(.&%/B*0'(%,*(-%&&%2/&*./)*0'(/Y*2/1(*0'(+*'.J(*,(.1'()*.*1(,0.%/*$(J($*2P *%/)"&0,%.$%i.0%2/Y*B,.)".$$+*,()"1(*0'(-R*5'(*.&&"-:0%2/*%&*0'.0*%/)"&0,%.$*:,2)"10%2/*%/*[/)%.*./)*7'%/.Y*P2,*(H.-:$(Y*%&*/(1(&&.,+*02*,()"1(*:2J(,0+R*I/*0'(*&",P.1(*0'%&*0'%/S%/B*-.S(&*&(/&(R*[0*%&*"/)(,:%//()*#+*0'(*P(($%/B*0'.0*,%1'*12"/0,%(&*'.J(*/2*,%B'0*02*-.S(*)(-./)&*2P *0'(*&2N1.$$()*:22,*12"/0,%(&R*5'(*.,B"-(/0*B2(&*$%S(*0'%&C*mT(*'.J(*#(/(P%0()*P,2-*12/J(/0%2/.$*%/)"&0,%.$*)(J($2:-(/0k*U(*1./]0*0($$*:(2:$(*/20*02*P2$$2U*%/*2",*P220&0(:&nR*5'%&*%B/2,(&*0'(*P.10*0'.0Y*%/*,(.$%0+Y*U(*%/*0'(*T(&0*'.J(*,2##()*0'(-*2P *0'(*.#%$%0+*02*P2$$2U*%/*2",*P220&0(:&k*0'(+*'.J(*/2*g5'%,)*T2,$)]*02*(H:$2%0R*5'(*P.10*%&*0'.0*-"1'*%/)"&0,%.$*:,2)"10%2/*%/*0'(*62"0'*%&*.%-()*.$-2&0* (/0%,($+* .0* &.0%&P+%/B* 0'(* 12/&"-(,%&0* /(()&* 2P *T(&0(,/* -.,S(0&Y*"&".$$+*.0*0'(*(H:(/&(*2P *$21.$*U2,S(,&*./)*0'(%,*12--"/%0%(&R*@%&%/B*7I>*(-%&&%2/&*%/*0'(*$(&&*)(J($2:()*:.,0&*2P *0'(*U2,$)*.,(*/20*.*&%B/*2P *:2&%0%J(*(/)2B(/2"&* )(J($2:-(/0Y* #"0* ,.0'(,* .* )%,(10* ,(&"$0* 2P * )(J($2:-(/0* ./)*B$2#.$%i.0%2/*:2$%1%(&R*5'(&(* &.-(*:2$%1%(&* .,(* ,(&:2/&%#$(* P2,* .*),.-.0%1*%/1,(.&(*%/*:2J(,0+*P2,*0'(*-.b2,%0+Y*U'%$(*#(/(P%0%/B*2/$+*.*&-.$$*U(.$0'+*($%0(R*

Helena Norberg-Hodge is founder/director of the International Society for Ecology and Culture (ISEC) and author of Ancient Futures: Lessons from Ladakh for a Globalizing World. Here, she reveals how globalisation fuels climate change and how localisation would reduce carbon emissions as well as alleviate poverty around the world.

I#*#$.%AW_%0)#**#($*%#$%340%10**%90-01(?09%?"63*%(@ %340%2(619%"60%$(3%"%*#.$%(@ %?(*#3#-0%0$9(.0$(;*%90-01(?)0$3K%G;3%6"3406%"%9#60'3%60*;13%(@ %90-01(?)0$3%"$9%.1(G"1#R"3#($%?(1#'#0*P

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CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 45

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46 GAIAN ECONOMICS

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48 GAIAN ECONOMICS

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49

Climate Solutions: Part I Comparing Alternatives

Ross Jackson

Summary/4"3% 2(;19% G0% 340% #90"1% #$306$"3#($"1% '1#)"30% ".600)0$3% 3(% *;''009% 340% O7(3(%56(3('(1%#$%_`a_%#@ %20%#.$(60%?(1#3#'"1%?(*#3#($#$.%@(6%340%)()0$3%"$9%'($*#906%24"3%2(;19%G0%G0*3%@(6%340%24(10%?1"$03b%

5"63%>%(@ %34#*%"63#'10%60-#02*%"%$;)G06%(@ %340%?6(?(*"1*%34"3%4"-0%G00$%?;3%@(62"69%3(% 90"1%2#34% 340% ?6(G10)% (@ % 1#)#3#$.% 340% 0)#**#($% (@ % .600$4(;*0% ."*0*P%B40*0% "60%90*'6#G09%"$9%0-"1;"309%G"*09%($%"%$;)G06%(@ %'6#306#"%34"3%*4(;19%60"*($"G17%G0%)03P%Y$@(63;$"3017K%$($0%(@ %340%?6(?(*"1*%)003%"11%340%'6#306#"P

5"63%>>%?60*0$3*%"%$02%?6(?(*"1%G7%340%";34(6%24#'4%9(0*%)003%"11%340%'6#306#"K%24#10%"3%340%*")0%3#)0%.#-#$.%340%#$306$"3#($"1%'());$#37%"%-#"G10%@6")02(6H%3(%3"'H10K%$0.(3#"30% "$9K% 2#34% .;"6"$300K% "'4#0-0% *;''0**% #$% 90"1#$.% 2#34% 340% ?6(G10)% G(34%0@@0'3#-017%"$9%[;*317P%

Introduction\*/"-#(,*2P *)%PP(,(/0*&1'(-(&*'.J(*#((/*:"0*P2,U.,)*,(1(/0$+*02*)(.$*U%0'*0'(*:,2#$(-*2P *,()"1%/B*B,((/'2"&(*B.&*(-%&&%2/&* %/*2,)(,* 02*:,(J(/0*./*"/12/0,2$$.#$(*U.,-%/B*2P *0'(*:$./(0Y*U%0'*:20(/0%.$$+*P.0.$*12/&(f"(/1(&*P2,*'"-./%0+R*62-(*&1'(-(&*.,(*.$,(.)+*%/*:,.10%1(Y*P2,*(H.-:$(*0'(*A+202*!,20212$*2P *0'(*<Z*G,.-(U2,S*72/J(/0%2/*2/*7$%-.0(*7'./B(Y*0'(*8<]&*8-%&&%2/&*5,.)%/B*6+&0(-*K856O*./)*J.,%2"&*P2,-&*2P *1.,#2/*0.H(&*%/*&2-(*12"/0,%(&R?*5'(*</%0()*Z.0%2/&*72:(/'.B(/*7$%-.0(*-((0%/B*%/*X(1(-#(,*>DD_*K7I!N?`O*P21"&&()*2/*,(.1'%/B*.*12/&(/&"&*2/*'2U*02*12/0%/"(*.P0(,*0'(*P%,&0*:'.&(*2P *0'(*A+202*!,20212$*(/)&*%/*>D?>Y*./)*P.-2"&$+*P.%$()*%/*0'(*(/)(.J2",R*5'(,(P2,(*%0*%&*0%-(*02*P%/)*0'(*#(&0*:2&&%#$(*U.+*02*B2*P2,U.,)R

Ross Jackson is the co-founder and chairman of Gaia Trust, the primary funder of the Global Ecovillage Network and Gaia Education. He holds a PhD in Operations Research (the theory and practice of problem solving) and, for many years, worked in the business world, specialising in investment theory and international finance. Here he applies his professional training to the issue of tackling global warming in an ideal world without political and ideological constraints.

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50 GAIAN ECONOMICS

CO2 target\$$*:,2:2&.$&*&0.,0*U%0'*0'(*.&&"-:0%2/*0'.0*./*%/0(,/.0%2/.$*.B,((-(/0*U%$$*#(*,(.1'()*2/*0'(*020.$*.$$2U.#$(*'"-./N)(:(/)(/0*7I>*(-%&&%2/&*B$2#.$$+**:,2)"1()*(.1'*+(.,Y*)",%/B*./*.B,(()*:$.//%/B*'2,%i2/R*5'(*1",,(/0*$(J($Y*.112,)%/B* 02* 0'(* [!77Y* U.&* .#2"0* M_* ;%B.02/&* 2P * g7I>* (f"%J.$(/0&]* %/*>DDMR>*5'(*(-%&&%2/&*1(%$%/B*U2"$)*'.J(*02*)(1$%/(*+(.,*.P0(,*+(.,*2J(,*0'(*:$.//%/B*:(,%2)R*G2,*(H.-:$(Y*.112,)%/B*02*0'(*[!77]&*$.0(&0*&0")+Y*#+*>D`DY*B$2#.$*(-%&&%2/&*U2"$)*'.J(*02*'.J(*)(1$%/()*#+*,2"B'$+*F`*r*,($.0%J(*02*>DDM* $(J($&* 02* S((:* 0'(* $2/B* 0(,-* 0(-:(,.0",(* %/1,(.&(*"/)(,* 0'(* 1,%0%1.$*12/1(/0,.0%2/* 2P * 7I>N(f"%J.$(/0&* 2P * MM`* ::-Y* 12,,(&:2/)%/B* 02* .* 0U2*)(B,((*7($&%"&*%/1,(.&(*%/*0(-:(,.0",(*,($.0%J(*02*:,(N%/)"&0,%.$*$(J($&R=*

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Defining the criteria[/* 0'(* P2$$2U%/B* [*U%$$* :"0* P2,U.,)* .*/"-#(,*2P * 1,%0(,%.* 0'.0* ./* (PP(10%J(*./)*b"&0*&+&0(-*&'2"$)*-((0*%/*2,)(,*02*.112-:$%&'*0'(*0.&S*.0*'./)Y*U'%$(*,(1(%J%/B*#,2.)*.11(:0./1(R*Z20(*0'.0*0'%&*:.:(,*)(.$&*2/$+*U%0'*0'(*-(0'2)Y*/20*U%0'*0'(*:.,0%1"$.,*0.,B(0*$(J($*P2,*7I>*(-%&&%2/&R

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CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 51

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52 GAIAN ECONOMICS

g-%)&0,(.-]*K%/*#(0U((/OR*T(*U%$$*/2U*$22S*.0*0'(*-.%/*1'.,.10(,%&0%1&*2P *0'(*J.,%2"&*&1'(-(&*2/*0'(*0.#$(*./)*12/&%)(,*0'(*(H0(/0*02*U'%1'*0'(+*P"$P%$*0'(*.#2J(*1,%0(,%.R

National or regional schemes

EU Emissions Trading Scheme (ETS)

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5'(*8<*B20*2PP *02*.*#.)*&0.,0*#+*B%J%/B*.U.+*P.,*022*-./+*:(,-%0&*%/*%0&*P%,&0*+(.,Y*,(&"$0%/B*%/*./*(/2,-2"&*"/(.,/()*B%P0*02*0'(*U2,&0*:2$$"0(,&Y*)"(*/2*)2"#0*02*:,(&&",(*P,2-*0'(*%/)"&0,%.$*&(102,R*[/*:,%/1%:$(Y*0'(*8<*1./*,(12J(,*P,2-*0'%&*#+*"&%/B*&0,%10(,*f"20.&*%/*P"0",(Y*#"0*0'(*20'(,*"/)(,$+%/B*P$.U&*.,(*%,,(:.,.#$(R*5'(*856*%&Y*.0*#(&0Y*./*%/0(,%-*&1'(-(*0'.0*-.+*-.S(*.*-%/2,*12/0,%#"0%2/*02*,()"1%/B*7I>*(-%&&%2/&*"/0%$*.*B$2#.$*&1'(-(*0'.0*,(.$$+*U2,S&*1./*#(*:"0*%/02*(PP(10R*Z(J(,0'($(&&Y*0'(*8<*%&*02*#(*12--(/)()*P2,*&'2U%/B*B$2#.$*$(.)(,&'%:R*[0*"/)(,022S*0'%&*%/%0%.0%J(*12",.B(2"&$+Y*(J(/*0'2"B'*%0*:"0&*%0&*2U/*%/)"&0,%(&*.0*.*12-:(0%0%J(*)%&.)J./0.B(R`

Carbon Tax

5'(*:,%/1%:$(*2P * 0'%&*.::,2.1'*%&* 02* %-:$(-(/0*.*/.0%2/.$* 0.H*&1'(-(*P2,*7I>*(-%&&%2/&R*[0*'.&*0'(*-(,%0*2P *%/1,(.&%/B*0'(*12&0&*2P *"&%/B*P2&&%$*P"($&Y*U'%1'* U2"$)* (/12",.B(* 0(1'/2$2B%1.$* %//2J.0%2/* ./)* ,(/(U.#$(* (/(,B+*"&(R*^"0*0'.0*%&*.#2"0*.$$*0'.0*1./*#(*&.%)*%/*%0&*P.J2",Y*.&*%0*'.&*P.0.$*P$.U&R*

B40%&BC%#*K%"3%G0*3K%"$%#$306#)%*'40)0%34"3%)"7%)"H0%"%)#$(6%'($36#G;3#($%3(%609;'#$.%AW_%0)#**#($*%;$3#1%"%.1(G"1%*'40)0%34"3%60"117%2(6H*%'"$%G0%?;3%#$3(%0@@0'3P

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CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 53

5'(*-2&0*%-:2,0./0*2/(*%&*0'(*$.1S*2P *B".,./0((*2P *-((0%/B*0.,B(0&R*5'(,(*-.+*(H%&0*.*0'(2,(0%1.$*0.H*U'%1'*%&*&2*'%B'*0'.0*7I>*(-%&&%2/&*U2"$)*#(*,()"1()*),.&0%1.$$+*02*0'(*0.,B(0*$(J($Y*#"0*/2*2/(*S/2U&*U'.0*0'%&*$(J($*%&*%/*.)J./1(*c*'(/1(*0'(,(*%&*/2*B".,./0((R*5'(,(*.,(*20'(,*:,2#$(-&R*

5'(,(*%&*/2*:(,-%0*0,.)%/B*02*%/1,(.&(*(PP%1%(/1+R*[0*12"$)*#(*(H:(/&%J(*./)*1"-#(,&2-(*02*.)-%/%&0(,Y*)(:(/)%/B*2/*'2U*%0*U.&*&0,"10",()*K(RBR*U'(,(* )2* +2"* .::$+* 0'(* 0.Hj* [&* %0* .* P$.0* 0.H* 2,* J.,%.#$(j*32U*U2"$)* 0.H*%/12-(*#(*"&()jOR*\*P$.0*0.H*U2"$)*#(*,(B,(&&%J(Y*U'%1'*U2"$)*#(*12/&%)(,()*%/(f"%0.#$(*#+*-./+R*\*:,2B,(&&%J(*0.H*12"$)Y*02*&2-(*)(B,((Y*12-:(/&.0(*0'(*:22,(,*&(B-(/0&*2P *&21%(0+*P2,*0'(*,(B,(&&%J(*(PP(10&*2P *%/1,(.&%/B*(/(,B+*12&0&Y*#"0*U2"$)*#(*1"-#(,&2-(*02*.)-%/%&0(,R

G%/.$$+Y* 0.H(&*.,(*.*/.0%2/.$*-.00(,Y*./)*&2*.*1.,#2/*0.H*%&*/(1(&&.,%$+*$%-%0()*02*.*&%/B$(*/.0%2/]&*.00(-:0*02*12/0,2$*%0&*7I>*(-%&&%2/&Y*.&&"-%/B*&2-(*/.0%2/.$*0.,B(0R*5'%&*12"$)*U2,S*%/*.*:%(1(U%&(NB$2#.$*&+&0(-*U'(,(*/.0%2/.$*f"20.&*U(,(*)(0(,-%/()*#+*/(B20%.0%2/Y*#"0*%0*U2"$)*#(*-(&&+*./)*&"#2:0%-.$R*5'(*1.,#2/*0.H*'.&*#,2.)*&"::2,0*%/*&2-(*12"/0,%(&Y*:(,'.:&*#(1."&(*2P *%0&*.::.,(/0*&%-:$%1%0+Ra

Tradable Energy Quotas (TEQs)

5'%&* &1'(-(* %&*/.0%2/.$Y* ,.0%2/%/BY*./)*./*(H0,(-(*)2U/&0,(.-*(H.-:$(*2P *0'(*g1.:*./)*&'.,(]*0+:(Y*%R(R*.*,.0%2/%/B*&+&0(-*U'(,(#+*.*:2,0%2/*2P *0'(*%/12-(*B(/(,.0()*#+*:(,-%0*&.$(&*%&*&'.,()*(f".$$+*.-2/B*.$$*1%0%i(/&*2P *0'(*12"/0,+R*5'(*58e&*&1'(-(*U.&*)(J($2:()*#+*X.J%)*G$(-%/B*2P *0'(*<AY*2,%B%/.$$+*%/*?__aR*6%/1(*0'(/*%0*'.&*B2/(*0',2"B'*&(J(,.$*%/1.,/.0%2/&*"/)(,*)%PP(,(/0* /.-(&Y* %/1$")%/B* X2-(&0%1* 5,.).#$(* e"20.&Y* !(,&2/.$* 7.,#2/*\$$2U./1(&Y* !(,&2/.$* 7.,#2/* 5,.)%/BY* 7.,#2/* e"20.&Y* ./)* %0&* 1",,(/0*/.-(*c*58e&*K:,2/2"/1()*g0(H]OR

[/)%J%)".$&*,(1(%J(*(-%&&%2/*f"20.&*1.$$()*58e6*12,,(&:2/)%/B*02*0'(*:,2:2,0%2/*2P *0'(*/.0%2/.$*7I>*(-%&&%2/&*.00,%#"0.#$(*02*:,%J.0(*'2"&('2$)&*K.#2"0* MDr* %/* 0'(*<AOR* [/)%J%)".$&* 1./* "&(* 0'(&(* 58e6*U'(/(J(,* 0'(+*:",1'.&(* P"($Y* ($(10,%1%0+Y* (01R* [P * 0'(+*U%&'Y* 0'(+*1./* 0,.)(* 0'(-*c*#"+%/B*-2,(* %P */(1(&&.,+Y* &($$%/B* P2,*1.&'* %P */20*/(()()R*72--(,1%.$*12-:./%(&*./)* 0'(* B2J(,/-(/0* -"&0* #"+* :(,-%0&* .0* .* U((S$+* ."10%2/R* 5'(* &+&0(-*,(f"%,(&*%/)%J%)".$*1.,#2/*.112"/0&*.0*.*#./SY*U'%1'*.10&*$%S(*.*-%))$(-./Y*0,.)%/B*:(,-%&&%2/&*%/*./*2/N$%/(*-.,S(0*U%0'*12--(,1%.$*12-:./%(&*0'.0*/(()*0'(*f"20.&R*5'%&*&1'(-(*&.0%&P%(&*&(J(,.$*2P *0'(*1,%0(,%.C*%0*B".,./0((&*0'.0*/.0%2/.$*0.,B(0&*U%$$*#(*-(0*K#"0*/20*%/0(,/.0%2/.$Ok*%0*(/B.B(&*1%0%i(/&*)%,(10$+*./)*%0*:,2J%)(&*./*%/1(/0%J(*P2,*%//2J.0%2/R*32U(J(,Y*.&*2::2&()*02*&2-(*2P *0'(*20'(,*&1'(-(&Y*2/$+*.*:2,0%2/*2P *0'(*.))%0%2/.$*12&0&*:.%)*#+*&21%(0+*.11,"(*02*%/)%J%)".$&R*62*0'(,(*%&*./*(f"%0+*)(P%1%0Y*.$0'2"B'*%0*)2(&*(/B.B(*%/)%J%)".$&*.10%J($+*%/*,()"1%/B*0'(%,*7I>*(-%&&%2/&R

5'%&*&1'(-(*P.%$&*&2-(*2P *2",*1,%0(,%.R*[0*%&*/20*(.&%$+*.).:0.#$(*02*0'(*B$2#.$*$(J($R*[0*U2"$)*.$&2*#(*12&0$+*./)*1"-#(,&2-(Y*,(f"%,%/B*%/)%J%)".$*12/0.10*U%0'*-%$$%2/&*2P *:(2:$(*./)*0'(*(&0.#$%&'-(/0*2P *-%$$%2/&*2P */(U*.112"/0&*.0*#./S&*./)*12--(,1%.$*12-:./%(&RE

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54 GAIAN ECONOMICS

[/*P.10Y*0'%&*$.&0*:2%/0*%&*0,"(*2P *.$$*(H0,(-(*)2U/&0,(.-*:,2:2&.$&R*5'(+*.,(* (H:(/&%J(* ./)* "/U%($)+* %/* :,.10%1(Y* ./)* .,(* (&:(1%.$$+* "/U2,S.#$(*%/* )(J($2:%/B* 12"/0,%(&R* \* &0")+* 2P * .$0(,/.0%J(* &1'(-(&* #+* 0'(* <6*72/B,(&&%2/.$*^")B(0*IPP%1(*1.-(*02*.*&%-%$.,*12/1$"&%2/Y*/.-($+*0'.0*g0'(*12&0*2P *%-:$(-(/0%/B*.*12-:,('(/&%J(*)2U/&0,(.-*0,.)%/B*:,2B,.-*12"$)*U($$*#(*:,2'%#%0%J(R]F*

FEASTA

5'%&*%&*./20'(,*1.:N./)N&'.,(*&1'(-(*)(J($2:()*#+*G8\65\*KG2"/).0%2/*P2,*0'(*812/2-%1&*2P *6"&0.%/.#%$%0+OY*U%0'*:(,-%0&*)%&0,%#"0()*02*%/)%J%)".$&*2/* ./* (f".$* #.&%&Y* #"0* U%0'* .* -.b2,* )%PP(,(/1(* 02* 58e6R* @.0'(,* 0'./*%/)%J%)".$&* "&%/B* 0'(%,* (-%&&%2/* 1'%0&* 02* #"+* P"($Y* (01R* 1'%0&* .,(* &%-:$+*&2$)*0',2"B'*0'(%,*$21.$*#./SR*5'(*#./S&*0'(/*-.S(*.*-.,S(0*%/*(-%&&%2/*:(,-%0&Y* &($$%/B* 02* :,%-.,+* :,2)"1(,&Y* U'2* 0'(/* :.&&* 2/* 0'(* .))()* 12&0*02* 0'(%,* 1"&02-(,&R* 5'%&*-2)%P%1.0%2/* ($%-%/.0(&* .* $20* 2P * 0'(* :.:(,U2,SY*.)-%/%&0,.0%2/*./)*12&0*.0*0'(*%/)%J%)".$*$(J($Y*./)*-.S(&*0'%&*&1'(-(*-2,(*":&0,(.-*./)*0'"&*-2,(*12&0*(PP(10%J(*0'./*58e&

5'(,(*.,(*:,2#$(-&Y*'2U(J(,R*\*-.b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f"%)*-.,S(0*U%0'*.* $.,B(*/"-#(,*2P * :.,0%1%:./0&R*\$0'2"B'*G8\65\* 1$.%-&* %0* 12"$)* %/* :,%/1%:$(*U2,S* %/0(,/.0%2/.$$+Y* 0'(*/(1(&&%0+* 2P * %/)%J%)".$&* &($$%/B* 0'(%,* :(,-%0&* 02* $21.$* #./S&* U2"$)* #(* .*-.b2,* ),.U#.1S* %/* $(&&* )(J($2:()* 12"/0,%(&* 1'.,.10(,%i()* #+* %/(PP%1%(/0*.)-%/%&0,.0%2/*./)*12--"/%1.0%2/*.&*U($$*.&*12,,":0%2/*.0*0'(*$21.$*$(J($R_

Global schemes

Contraction and Convergence

5'%&*&1'(-(Y*2,%B%/.0%/B*U%0'*\"#,(+*9(+(,Y*."0'2,*./)*P2,-(,*-(-#(,*2P * 0'(*^,%0%&'*;,((/*!.,0+Y*U.&*2/(*2P * 0'(* P%,&0*:"0* P2,U.,)* 02*)(.$*U%0'*0'(* :,2#$(-R* 5'%&* :,2:2&.$Y*U'%1'* P,2-* 0'(* #(B%//%/B*U.&* (/J%&.B()* .&*.* :%(1(U%&(* B$2#.$* &+&0(-Y* %&* .*-(0'2)* 2P * .$$21.0%2/* 2P * /.0%2/.$* f"20.&*,.0'(,*0'./*.*12-:,('(/&%J(*&2$"0%2/R*[0*0.S(&*%0&*&0.,0%/B*:2%/0*%/*)(P%/%/B*%/%0%.$*7I>*f"20.&*2/*.*12"/0,+*#+*12"/0,+*#.&%&*12,,(&:2/)%/B*02*1",,(/0*(-%&&%2/*$(J($&Y*#"0*12/0,.10%/B*2J(,*0'(*:(,%2)*2P *)(&1(/0*.112,)%/B*02*0'(*.B,(()*)(&1(/0*:$./*"/0%$*,(.1'%/B*$(J($&*%/*(.1'*12"/0,+*12,,(&:2/)%/B*02*

C00$%#$%340%1#.43%(@ %(;6%'6#306#"%"$9%$009*%?(*3%_`a_K%340%O7(3(%*36;'3;60%#*%2(0@;117%#$"90U;"30P%B40%)"[(6%?6(G10)%#*%340%1"'H%(@ %"$7%.;"6"$300%(@ %*;''0**K%"*%#3%#*%G"*#'"117%"%-(1;$3"67%".600)0$3P%

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CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 55

.$$21.0%2/&*#.&()*2/*:2:"$.0%2/Y*&"1'*0'.0*(.1'*U2,$)*1%0%i(/*%&*.$$21.0()*./*(f".$*f"20.R*

5'(*:,2:2&.$*1./*#(*&((/*.&*./*.00(-:0*02*P%/)*.*:2$%0%1.$*12-:,2-%&(*#(0U((/*.11(:0./1(*2P *1",,(/0*(/(,B+*"&(*./)*0'(*:,%/1%:$(*2P *(f"%0+*0'.0*:(,1(%J(&*0'(*#%2&:'(,(*.&*.*12--2/*B22)R*e"20.&*.,(*/20*&2$)Y*U'%1'*%&*.*U(.S/(&&*.112,)%/B*02*2",*1,%0(,%.Y*#"0*$2/B*0(,-*(f"%0+*%&*:.,0*2P *0'(*-2)($*%/*0'(*&(/&(*2P *(f".$*1%0%i(/*,%B'0&*02*(-%0*7I>R*5,.)%/B*2P *:(,-%0&*%&*/20*-./).02,+R*5'(,(*%&*0'"&*/2*(PP%1%(/1+*%/1(/0%J(*#"%$0*%/Y*(%0'(,*/.0%2/.$$+*2,*%/0(,/.0%2/.$$+R*32U(J(,Y*0'(*12/1(:0*12"$)*#(*"&()*U%0'*)%J(,&(*/.0%2/.$*&1'(-(&*0'.0*)%)*%/J2$J(*&2-(*:(,-%0*0,.)%/BR?D

Kyoto Protocol

\&*0'(*P%,&0*.00(-:0*.0*.*122,)%/.0()*%/0(,/.0%2/.$*&2$"0%2/*02*0.1S$(*1$%-.0(*1'./B(Y* 0'(*A+202*!,20212$*U.&*:,2#.#$+* 0'(*#(&0* 0'.0*12"$)*#(*.1'%(J()*%/*0'(*?__D&*.0*.*0%-(*U'(/*0'(,(*U.&*/20*+(0*"/%J(,&.$*12/&(/&"&*2/*0'(*&(,%2"&/(&&*2P *0'(*:,2#$(-R*^"0*&((/*%/*0'(*$%B'0*2P *2",*1,%0(,%.*./)*/(()&*:2&0*>D?>Y*0'(*A+202*&0,"10",(*%&*U2(P"$$+*%/.)(f".0(R*5'(*-.b2,*:,2#$(-*%&*0'(*$.1S*2P *./+*B".,./0((*2P *&"11(&&Y*.&*%0*%&*#.&%1.$$+*.*J2$"/0.,+*.B,((-(/0R*

8J(/* %P * .$$* /.0%2/&* .B,(()* 02* 0'(* P2,-.0* ./)* 0'(*/.0%2/.$* 0.,B(0&* ./)*(J(/* %P * 0'(* 020.$* (-%&&%2/&* 0.,B(0*U.&* ,(.$%&0%1Y* 0'(,(* %&*/2*.&&",./1(* 0'.0*0.,B(0&* U%$$* #(*-(0R* [/)(()Y* (H:(,%(/1(* 02* ).0(* U%0'* 0'(* A+202* !,20212$*&'2U&*0'.0*(J(/*0'(*J(,+*-2)(&0*>D?>*0.,B(0&*.,(*/20*$%S($+*02*#(*-(0R??*5'(*A+202*0.,B(0*P2,*>D?>*%&*./*.J(,.B(*,()"10%2/*2P *`R>r*,($.0%J(*02*?__DY*U'%$(*U2,$)U%)(* 7I>* (-%&&%2/&* %/* 0'(* :(,%2)* ?__DN>DDM* .10".$$+* %/1,(.&()* #+*>ERErR?>*52*.&&"-(*0'.0*-"1'*&0,%10(,*0.,B(0&*U%$$*#(*-(0*%/*.*&(12/)*:'.&(*2P *0'%&*&1'(-(*%&*&%-:$+*/20*,(.$%&0%1R

5'(*A+202*!,20212$* %&* 1.$$()* g#%/)%/B]Y* #"0* 0'%&* 0(,-%/2$2B+*-"&0* #(*f".$%P%()R*Z2/N.1'%(J(-(/0*2P */.0%2/.$*0.,B(0&*U2"$)*%/*:,.10%1(*,(&"$0*%/*:",1'.&(*2P *7I>*1,()%0&*P,2-*.*)(J($2:%/B*12"/0,+*.0*0'(*$.&0*-%/"0(R*I,Y*%P *0'%&*U.&*/20*)2/(Y*0'(*)(P%1%0*U2"$)*#(*.))()*02*0'(*/(H0*:(,%2)]&*f"20.*U%0'*./*.))%0%2/.$*=Dr*.))()*2/R*5'(,(*%&*/2*B".,./0((*0'.0*7I>*1,()%0&*%/J2$J(*.10".$*,()"10%2/&*%/*B$2#.$*7I>*(-%&&%2/&R*!,.10%1(*02*).0(*%&*1'.,.10(,%i()*#+*U%)(&:,(.)*.#"&(&*./)*.*$20*2P *g'20*.%,]R*\*12/0%/".0%2/*2P *0'%&*g#%/)%/B]*.B,((-(/0*U%$$*/20*#(*2P *-"1'*12/&2$.0%2/*02*'"-./%0+*%P *.0*0'(*(/)*2P *0'(*g#%/)%/B]*:(,%2)*0.,B(0&*'.J(*/20*#((/*-(0R

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i()* ,.0'(,* 0'./* #(%/B*"/%J(,&.$*U%0'*2/N$%/(* 0,.)%/B*.&* %/*20'(,*&1'(-(&Y*./)*%&*-2,(* $%S($+* 02*(/12",.B(*.#"&(*./)*12,,":0%2/*0'./*20'(,*&1'(-(&R*I/(*(PP(10*2P * 0'(*7X9*%&*0'.0*0'(,(* %&* .*J(,+* $%-%0()*($(-(/0*2P * ,()%&0,%#"0%2/*2P *U(.$0'* P2,* 0'(*#(/(P%0*

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56 GAIAN ECONOMICS

2P *0'(*:22,(,*12"/0,%(&Y*#"0*P.,*$(&&*0'./*%/*-./+*2P *0'(*20'(,*&1'(-(&*%/*0'%&*12-:.,%&2/R*5'(*A+202*!,20212$*%&*(H:(/&%J(*02*.)-%/%&0(,Y*,(f"%,%/B*)(0.%$()*12/0,2$&*2/*.10".$*(-%&&%2/&*./)*1.,#2/*&%/S&*P,2-*(J(,+*12"/0,+*#(P2,(*.$$2U%/B*./+*:(,-%0*0,.)%/BR*5'(,(*%&*/2*($(-(/0*%/*0'(*&1'(-(*0'.0*B%J(&*%/)%J%)".$*1%0%i(/&*.*&0.S(R*\$$*%/*.$$Y*0'%&*&1'(-(*%&*:,2#.#$+*0'(*$(.&0*&"%0()*02*0'(*0.&S*.0*'./)R?=

Earth Atmospheric Trust (EAT)

5'%&*%&*./*":&0,(.-*J.,%.0%2/*2/*1.:*./)*&'.,(*U'%1'*%/*0'%&*1.&(*%&*.$&2*1.:*./)*0,.)(Y*:,2:2&()*P,2-*0'(*#(B%//%/B*02*#(*./*%/0(,/.0%2/.$*&1'(-(R*[/*0'%&*1.&(Y*./*%/0(,/.0%2/.$*0,"&0Y*%/)(:(/)(/0*2P *B2J(,/-(/0&Y*."10%2/&*(-%&&%2/*,%B'0&* 0',2"B'*.*-.,S(0*&+&0(-*02*:,%-.,+*:,2)"1(,&*K2%$*./)*/.0",.$*B.&*:,2)"1(,&Y*12.$*-%/(&OR*5'(,(.P0(,Y* 0'(*:,2)"1(,&*:.&&*2/*0'(*.))()*12&0&*02*0'(%,*1"&02-(,&R*[/)%J%)".$*1%0%i(/&*&'.,(*:.,0*2P *0'(*%/12-(*2/*./*(f".$*#.&%&R*5'(*,(-.%/%/B*:.,0*%&*"&()*02*P"/)*,(/(U.#$(*(/(,B+*:,2b(10&*./)*P2,*,(&(.,1'*./)*)(J($2:-(/0*2/*/(U*(/(,B+*&2",1(&Y*(01R*

\&%)(* P,2-*:,%-.,+* :,2)"1(,&Y* 0'%&* &1'(-(* ($%-%/.0(&* .$$* 20'(,* 12-N:./%(&Y* #./S&* ./)* %/)%J%)".$&* P,2-* 0'(* 0,.)%/BY*U'%1'*-.S(&* 0'(* &+&0(-*P.,*-2,(*12&0*(PP(10%J(*./)*$(&&*#",(."1,.0%1*0'./*0'(*58e6*./)*G8\65\*&1'(-(&R*32U(J(,Y* %0* '.&* 0'(* &.-(*U(.S/(&&* .&*G8\65\* %/* 0'.0* :(,-%0*0,.)%/B* %&* $%-%0()* 02* 0'(*&-.$$*/"-#(,*2P *:,%-.,+*:,2)"1(,&Y*U%0'*.$$* 0'(*,%&S&* 0'.0* P2$$2U* P,2-* 0'.0R*\/* ./.$2B2"&* g&S+* 0,"&0]* '.&* #((/* "&()*U%0'*&"11(&&* %/* 0'(*\$.&S.*!(,-./(/0*G"/)Y*U'%1'*)%&0,%#"0(&*)%J%)(/)&* P,2-*\$.&S./*2%$*:,2)"10%2/* 02*1%0%i(/&R*5'(*."0'2,&*c*.*/"-#(,*2P *\-(,%1./*.1.)(-%1*0'%/S(,&*U%0'*%-:(11.#$(*1,()(/0%.$&*c*.,B"(*P2,*./*%/)(:(/)(/0*0,"&0*#(1."&(*0'(,(*U2"$)*20'(,U%&(*#(*.*,%&S*0'.0*B2J(,/-(/0&*U2"$)*&((*0'%&*.&*.*0.H*%/12-(Y*./)*0'(*%/)%J%)".$*12-:(/&.0%2/*-%B'0*#(*"/)(,-%/()*(J(/0".$$+*)"(*02*:,(&&",(*P,2-*)%J(,&(*%/0(,(&0*B,2":&R?M

Kyoto2

5'%&* %&* .* J(,+* 12-:,('(/&%J(* 1.:* ./)* 0,.)(* &1'(-(* )(J($2:()* #+* <A*(/J%,2/-(/0.$* b2",/.$%&0* I$%J(,* 5%1S($$R?`* [0* '.&* &2-(* &%-%$.,%0%(&* 02* 0'(*8.,0'* \0-2&:'(,%1* 5,"&0* &1'(-(Y* %/1$")%/B* ./* %/)(:(/)(/0* g7$%-.0(*7'./B(*G"/)]* 02* &($$* ./)* 0,.)(* (-%&&%2/* ,%B'0&R*5%1S($$* )2(&* /20* &:(1%P+*1$(.,$+* b"&0* U'2* 1./* #"+* :(,-%0&Y* 2/$+* 0'.0* 0'(+* &'2"$)* #(* g.&* 1$2&(* .&*:2&&%#$(* 02* 0'(* :,%-.,+* :,2)"1(,&]Y* &2* 0'(,(* .,(* :20(/0%.$* :,2#$(-&*U%0'*:,%-.,+* :,2)"1(,&Y* .&* %/* 0'(* 8\5* &1'(-(R* \/20'(,* )%PP(,(/1(* %&* 0'.0*A+202>*:,2:2&(&*0'.0*.$$*0'(*,(J(/"(&*12$$(10()*.,(*"&()*02*-%0%B.0(*1$%-.0(*1'./B(*"/)(,*0'(*."&:%1(&*2P *0'(*7$%-.0(*7'./B(*G"/)*K(RBR*,(&(.,1'*./)*)(J($2:-(/0*:,2b(10&OR*5'(,(*%&*/2*)%,(10*#(/(P%0*02*%/)%J%)".$*1%0%i(/&*'(,(Y*U'%1'*12"$)*"/)(,-%/(*:"#$%1*&"::2,0R

5'(* g1(/0,.$* :$.//%/B]* 0'%/S%/B* '(,(* ,%&S&* &2$"0%2/&* 0'.0* .,(* #20'*"//(1(&&.,+* ./)* P.,* $(&&* (PP(10%J(* 0'./* .$$2U%/B* 0'(*-.,S(0&* %/* )%PP(,(/0*12"/0,%(&* 02* P%/)* 0'(%,* 2U/* -2&0* (PP%1%(/0* U.+&* 02* -./.B(* U%0'* P(U(,*

O7(3(%56(3('(1%#*%0S?0$*#-0%3(%"9)#$#*306K%60U;#6#$.%903"#109%'($36(1*%($%"'3;"1%0)#**#($*%"$9%'"6G($%*#$H*%@6()%0-067%'(;$367%G0@(60%"11(2#$.%"$7%?06)#3%36"9#$.P%D11%#$%"11K%34#*%*'40)0%#*%?6(G"G17%340%10"*3%*;#309%3(%340%3"*H%"3%4"$9P

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CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 57

(-%&&%2/&Y* ./)* .$$2U%/B* %/)%J%)".$* 1%0%i(/&* 02*)(1%)(* P2,* 0'(-&($J(&*'2U*#(&0*02*"&(*0'(*,(J(/"(&*)"(*02*0'(-*.&*g2U/(,&]*2P *0'(*#%2&:'(,(R*32U(J(,Y*5%1S($$*)2(&*'.J(*.*:2%/0*%/*0'.0*0'(,(*-.+*#(*&:(1%P%1*.,(.&*U'(,(*B$2#.$$+*%-:2&()* ,(&0,%10%2/&* 2,* ,(&(.,1'* -.+* #(* 1.$$()* P2,* %P * ./)* U'(/* -.,S(0*.::,2.1'(&*.,(*/20*.)(f".0(R*

A+202>*)2(&*%/0,2)"1(*2/(*%-:2,0./0*%&&"(*0'.0*%&*-%&&%/B*%/*0'(*20'(,*&1'(-(&Y*/.-($+*0'(*:,2#$(-*2P */2/NP2&&%$*P"($*&2",1(&*2P *7I>*(-%&&%2/&*K(RBR*)(P2,(&0.0%2/*./)*1(,0.%/*%/)"&0,%.$*:,21(&&(&Y*&"1'*.&*1.$1%/.0%/B*$%-(*%/*1(-(/0*P.102,%(&OR*5'%&*%-:2,0./0*.&:(10*1./*./)*&'2"$)*#(*%/12,:2,.0()*%/02*U'.0(J(,*&1'(-(*%&*.)2:0()R

Oil Depletion Protocol

60,%10$+* &:(.S%/B* 0'%&* %&*/20*.*:,2:2&.$* 02* 0.1S$(*B$2#.$*U.,-%/BY*+(0* %0* %&*1$2&($+*,($.0()R*\&*@%1'.,)*3(%/#(,BY*."0'2,*2P *.*#22S*2/*0'(*&"#b(10Y*U,%0(&Y*m[B/2,./1(*2P *(/(,B+*&"::$+*%&&"(&*%&*$%S($+*02*$(.)*02*1$%-.0(*&2$"0%2/&*0'.0*P.%$Rn?a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

X(-./)* P2,* 2%$* %&* (H:(10()* 02* 12/0%/"(* 02* %/1,(.&(* #+* .#2"0* ?R`N>r*:(,* .//"-* %/* 0'(* 12-%/B* +(.,&Y* /20* $(.&0* 02* &.0%&P+* 0'(* /(()&* 2P * 7'%/.*./)* [/)%.R* 5'(* )(-./)* B,2U0'* ,.0(* ./)* '(/1(* 0'(* :(.S*-.+* #(* &$2U()*.* #%0* #+* 0'(* >DDFo>DD_* B$2#.$* (12/2-%1* )2U/0",/Y* ./)* 2%$* :,%1(&* -.+*P.$$* 0(-:2,.,%$+Y* #"0* 0'(* $2/B(,* 0(,-* ":U.,)&* 0,(/)* %&* %/(J%0.#$(R* 5'"&* .*g#"&%/(&&*.&*"&".$]*:.0'*-(./&*0'.0*U(*.,(*'(.)%/B*P2,*.*-.b2,*(12/2-%1*1,%&%&*%/*.*P(U*+(.,&Y*U%0'*)(-./)*P2,*2%$*:(,-./(/0$+*(H1(()%/B*&"::$+*./)*U%0'*0'(*B.:*%/1,(.&%/B*+(.,*.P0(,*+(.,R*T(*1./*(H:(10*02*&((*(H:$2)%/B*2%$*:,%1(&*U'(/*)(-./)*(H1(()&*&"::$+Y*U%0'*)(J.&0.0%/B*12/&(f"(/1(&*P2,*0'(*B$2#.$*(12/2-+R*9"1'*'"-./*&"PP(,%/BY*:.,0%1"$.,$+*%/*0'(*$(.&0*)(J($2:()*12"/0,%(&Y*%&*%/(J%0.#$(R*

7.-:#($$]&*.,B"-(/0*%&* 0'.0*0'(*%/0(,/.0%2/.$*12--"/%0+*&'2"$)*:$./*U($$*%/*.)J./1(*P2,*0'(*12-%/B*:(,%2)*2P *2%$*)(&1(/0*%/*2,)(,*02*-%/%-%i(*0'(* )%&,":0%2/Y* :,(P(,.#$+* #(B%//%/B* 0(/* +(.,&* #(P2,(* 0'(* :(.SR*5'(* #.&%1*%)(.*2P *'%&*:,2:2&()*:,20212$*%&*0'.0*U(*&'2"$)*,.0%2/*2",*:,2)"10%2/*./)*"&(*2P *2%$* %/*.*:$.//()*)(1$%/(*&"1'*0'.0*U(*)(1,(.&(*2",*2%$*"&.B(* P.&0(,*0'./* 0'(* :,()%10()* )(:$(0%2/* ,.0(* 2P * .::,2H%-.0($+* =r*:(,* +(.,* .P0(,* 0'(*:(.S*%&*,(.1'()R*[P *U(*)2*/20Y*'(*U.,/&*0'.0*U(*-.+*#(*%/*P2,*.*:(,%2)*2P *J(,+*J2$.0%$(*:,%1(*&U%/B&*./)*:./%1*,(.10%2/&*#+*"/:,(:.,()*B2J(,/-(/0&Y*U%0'* )(J.&0.0%/B* (PP(10&* 2/* 0'(* (12/2-+R*\%,* ./)* ,2.)* 0,./&:2,0.0%2/* %/*:.,0%1"$.,*U%$$*#(*'.,)*'%0Y*.&*0'(,(*%&*/2*12-:.,.#$(*&"#&0%0"0(*P2,*2%$R*52*

PPP"%\G;*#$0**%"*%;*;"1X%?"34%)0"$*%34"3%20%"60%40"9#$.%@(6%"%)"[(6%0'($()#'%'6#*#*%#$%"%@02%70"6*K%2#34%90)"$9%@(6%(#1%?06)"$0$317%0S'009#$.%*;??17%"$9%2#34%340%."?%#$'60"*#$.%70"6%"@306%70"6P

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58 GAIAN ECONOMICS

:"0* 0'(* )(&1(/0* %/02* :(,&:(10%J(Y* 0'(*A+202* !,20212$* 1.$$&* P2,* ./* .J(,.B(*,()"10%2/*2P *(-%&&%2/&*2P *2/$+*`R>r*2J(,*>>*+(.,&*K?__DN>D?>OY*./)*(J(/*0'.0*-2)(&0*B2.$*%&*"/$%S($+*02*#(*-(0R*

</P2,0"/.0($+Y*0'(*:(.S*2%$*12/1(:0*'.&*/20*:(/(0,.0()*%/02*0'(*-%/)&(0*2P * 2",* :2$%0%1.$* $(.)(,&'%:R*T.,/%/B&* #+*7.-:#($$* ./)* 20'(,* $(.)%/B* 2%$*%/)"&0,+*(H:(,0&*'.J(*/20*-.)(*-"1'*2P *./*%-:,(&&%2/Y*:(,'.:&*#(1."&(*0'(*12/&(f"(/1(&*.,(*022*:.%/P"$*02*12/&%)(,Y*:(,'.:&*#(1."&(*:2$%0%1%./&*U2"$)*,.0'(,*#($%(J(* 0'(*2%$*2:0%-%&0&* ./)* $(.J(* 0'(*:,2#$(-* 02* 0'(%,* &"11(&&2,&R*T'.0*0'(/*)2(&*:(.S*2%$*-(./*P2,*&2$"0%2/&*02*B$2#.$*U.,-%/Bj*[*-(/0%2/()*%/*0'(*%/0,2)"10%2/*0'.0*'%00%/B*0'(*0.,B(0*2P *MM`*::-*7I>N(f*%/*>D`DY*0'"&*S((:%/B*0'(*0(-:(,.0",(*,%&(*02*$(&&*0'./*0U2*)(B,((&*7($&%"&Y*U%$$*,(f"%,(*.*,()"10%2/*%/*020.$*(-%&&%2/&*K%/1$")%/B*2%$Y*/.0",.$*B.&*./)*12.$O*2P *.#2"0*F`r* ,($.0%J(* 02* >DDMR*7.-:#($$* :,2b(10&* .* &"::$+N#.&()* )(1$%/(* 2P * .#2"0*`_r*%/*2%$*KU'%1'*%/1$")(&*.$$*12/J(/0%2/.$*./)*/2/N12/J(/0%2/.$*&2",1(&Y*#"0*%&*(H1$"&%J(*2P */.0",.$*B.&O*%/*0'(*:(,%2)*.P0(,*0'(*:(.S*P,2-*>D?DN>D`D*c*P,2-*=M*;%B.*#.,,($&*2P *2%$*(f"%J.$(/0*K;#2(O*02*?M*;#2(Y*.&*&'2U/*%/*0'(*)%.B,.-*#($2UR*Z20(*0'.0*/.0",.$*B.&*:,2)"10%2/*%&*(H:(10()*02*:(.S*&22/*.P0(,*0'(*2%$*:(.S*./)*B2*%/02*.*&%-%$.,Y*#"0*&$%B'0$+*&$2U(,*)(1$%/(R?F

5'(* [!77* 0.,B(0* %&* 0'"&* &0,%10(,* 0'./* 7.-:#($$]&* &"::$+N#.&()* $%-%0Y*#"0*0'(*&"::$+*12/&0,.%/0*)2(&*.0* $(.&0*2PP(,* 0'(*12/&2$.0%2/*0'.0*0'(,(*.,(*:'+&%1.$* $%-%0&* 02* '2U*-"1'*).-.B(* 1./* #(* )2/(* #+* ./* %/P(,%2,* 1$%-.0(*.B,((-(/0R*!"0*./20'(,*U.+C*%P *U(*)2*/20*B(0*2",*.10*02B(0'(,Y*/.0",(*U%$$*)2* %0* P2,*"&R* [0*U2"$)*#(*-2&0* %/0(,(&0%/B* %P * 0'(*[!77*12"$)*1.$1"$.0(* 0'(*0(-:(,.0",(*%/1,(.&(*"/)(,*0'(*f"%0(*$%S($+*&1(/.,%2*0'.0*0'(*U2,$)*P2$$2U&*7.-:#($$]&*&"::$+N#.&()*:.0'*2P *P2&&%$*P"($*#",/%/B*K%R(*U(*#",/*(J(,+0'%/B*0'.0*U(*1./OR

1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030

0

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10

15

20

25

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40

45

50

Gboe

2040 2050

55

Oil & Gas Production Profiles2006 Base Case

Regular Oil Heavy etc. Deepwater Polar NGL Gas Non-Con Gas

Page 77: GAIA ECONOMICS -

CLIMATE SOLUTIONS: PART 1. COMPARING ALTERNATIVES 59

Kyoto2

Earth Atmosphere Trust

FEASTA

Tradable Energy Quotes

Carbon Tax

EU’s Emission Trading System

Kyoto Protocol

Contraction & Convergence

1 2 43 5 6

yes yes yesyes no yes

yes yes yesno *c yes

yes yes nono *c no

yes yes noyes *c no

no yes *ano *a no

no no no*b no no

no no no*b no yes

yes no *a*a yes no

2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100

0

10

20

30

40

50

60

70

80

90

100

Glob

al E

mis

sion

s (G

tCO

2e/y

r)

450ppm CO2e550ppm CO2eBusiness as usual

Meeting the Criteria

4(0*"&*/2U*12-:.,(*0'(*J.,%2"&*&1'(-(&R

?R* T%$$*0'(*0.,B(0*#(*-(0*U%0'*1(,0.%/0+j>R* \,(*:(,-%0&*:.%)*P2,j=R* \,(*:(,-%0&*0,.).#$(*.-2/B*%/)"&0,%.$*"&(,&jMR* [&*.)-%/%&0,.0%2/*&%-:$(j`R* T2"$)*0'(*&1'(-(*#(*:(,1(%J()*.&*(f"%0.#$(*#+*1%0%i(/&jaR* [&*0'(*&1'(-(*%/0,%/&%1.$$+*B$2#.$*K.&*2::2&()*02*:%(1(U%&(*B$2#.$Oj

v.C*X(:(/)&*2/*'2U*/.0%2/.$*B2J(,/-(/0&*.)-%/%&0(,*%0Rv#C*I/$+*2/*.*J(,+*$%-%0()*#.&%&Rv1C*9.+#(C*!.,0*2P *0'(*,(J(/"(*B2(&*02*B2J(,/-(/0&R

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60 GAIAN ECONOMICS

Three scenarios5'(*."0'2,&*2P *0'(*8\5*.,0%1$(*%$$"&0,.0(*0',((*.$0(,/.0%J(*:.0'&*0'.0*U(*1./*1'22&(*.&* &'2U/* %/* 0'(*)%.B,.-*#($2UR*Z20(* 0'.0*``D*::-Y*U'%1'* &2-(*:2$%0%1%./&* &((-* 02* 0'%/S* %&* .* ,(.$%&0%1* 0.,B(0Y* '.&* .* &%B/%P%1./0$+* '%B'(,*:,2#.#%$%0+*2P *,"/.U.+*U.,-%/B*0'./*M`D*::-*7I>N(fR>=*

[0* &'2"$)* #(* /20()* 0'.0* 2/(* 2P * 0'(* $(.)%/B* 1$%-.0(* ,(&(.,1'* $(.)(,&Y*Z\6\]&*W.-(&*3./&(/Y*U'2*2,%B%/.$$+*&"::2,0()*0'(*M`D*::-*0.,B(0Y*/2U*#($%(J(&* 0'.0* (J(/* M`D* ::-* %&* .* gB".,./0(()* )%&.&0(,]* )"(* 02* :,(J%2"&$+*2J(,$22S()* :2&%0%J(* P(()#.1S* -(1'./%&-&R* 3(Y* $%S(* -./+* 20'(,&Y* /2U*#($%(J(&*0'.0*U(*2"B'0*02*.%-*P2,*.*-.H%-"-*2P *=`D*::-R?_

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=R* %#%)Y*:R>?RMR* 6((*UUUR(:.RB2Jo.%,o1..o`R* 6((*UUUR:./).R2,Bo*P2,*TTG]&*1,%0%1.$*./.$+&%&*2P *0'(*8<*8-%&&%2/&*5,.)%/B*6+&0(-Y*g8-%&&%2/&*[-:2&&%#$(]R

aR* G2,*./*2J(,J%(UY*&((*'00:Coo(/RU%S%:()%.R2,BoU%S%o7.,#2/w0.HR*ER* 6((*UUUR0(f&R/(0oFR* g\/*8J.$".0%2/*2P *7.:N./)N0,.)(*!,2B,.-&*P2,*@()"1%/B*<R6R*7.,#2/*8-%&&%2/&]Y*<6R*72/B,(&&%2/.$*^")B(0*IPP%1(Y*KW"/(*>DD?OR*6((*UUUR1#2RB2J*

_R* 6((*UUURP(.&0.R2,B?DR* \"#,(+*9(+(,Y*A($36"'3#($%<%A($-06.0$'0Y*K520/(&*<AC*;,((/*^22S&Y*>DDDOR*??R* g;,((/'2"&(* ;.&* 8-%&&%2/* 5,(/)&* ./)* !,2b(10%2/&* %/* 8",2:(* >DDa]Y* 8",2:(./*

8/J%,2/-(/0*\B(/1+*@(:2,0*Z2R_o>DDaR?>R* 7.,#2/* X%2H%)(* [/P2,-.0%2/* \/.$+&%&* 7(/0(,Y* I.S* @%)B(* Z.0%2/.$* 4.#2,.02,+Y*

5(//(&&((Y*<6\Y*9.+*>DDER?=R* G2,*./*2J(,J%(UY*&((*'00:Coo(/RU%S%:()%.R2,BoU%S%oA+202w!,20212$?MR* !(0(,* ^.,/(&Y* @2#(,0* 72&0./i.Y* !."$* 3.US(/Y* X.J%)* I,,Y* 8$%/2,* I&0,2-Y* \$J.,2*

<-.x.Y*./)*I,./*h2"/BY*g7,(.0%/B*./*8.,0'*\0-2&:'(,%1*5,"&0k*\*&+&0(-*02*12/0,2$*1$%-.0(*1'./B(*./)*,()"1(*:2J(,0+]Y*KW./".,+*>DDFOR*6((*.,0%1$(*2/*UUUR(.,0'%/1R2,Bo(.,0'w.0-2&:'(,%1w0,"&0R:':

?`R* I$%J(,*5%1S($$Y*O7(3(_c%F(2%3(%="$".0%340%!1(G"1%!600$4(;*0Y*K42/)2/C*y()*^22S&Y*>DDFOR?aR* @%1'.,)*3(%/#(,BY*B40%W#1%E0?103#($%56(3('(1K*K;.#,%2$.*[&$./)*^7*7./.).C*Z(U*621%(0+*

!"#$%&'(,&Y*>DDaOR?ER* 6((*'00:Coo(/RU%S%:()%.R2,BoU%S%o@%-%/%*:,20212$?FR* 72$%/*WR*7.-:#($$Y*Z(U&$(00(,*F=*KZ2J(-#(,*>DDEOY*:"#$%&'()*2/*UUUR.&:2N%,($./)R2,B?_R* W.-(&*3./&(/*(0*.$Y*g5.,B(0*.0-2&:'(,%1*7I>C*T'(,(*6'2"$)*3"-./%0+*\%-j]Y*I:(/*

\0-2&:'(,%1*61%(/1(*W2",/.$Y*K>DDFY*J2$R*>OY*::R*>?EN>=?R

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61

Climate Solutions: Part II The Carbon Board

Ross Jackson

Introduction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i(/R

^20'* &1'(-(&* .,(* g1.:* ./)* 0,.)(]* &+&0(-&Y* ./)* 0'"&* 12/&%&0(/0* U%0'*0'(*gT.&'%/B02/*X(1$.,.0%2/]*2P *G(#,".,+*>DDEY*U'(,(*0'(*<6\Y*7./.).Y*G,./1(Y*;(,-./+Y* [0.$+Y*@"&&%.Y*;,(.0*^,%0.%/Y*7'%/.Y* [/)%.Y*9(H%12*./)*62"0'*\P,%1.*U(,(*.$$*%/*:,%/1%:$(*.B,((-(/0*0'.0*0'(*&"11(&&2,*02*0'(*A+202*!,20212$*%/*>D?>*&'2"$)*#(*.*g1.:*./)*0,.)(]*&+&0(-Y*U'%1'*%/1$")(&*#20'*%/)"&0,%.$%&()*./)*)(J($2:%/B*12"/0,%(&RM*

62*P.,*&2*B22)R*32U(J(,Y* %/*&:%0(*2P * 0'(%,*-./+*:2&%0%J(*J%,0"(&Y*#20'*&1'(-(&*'.J(Y* %/*-+*2:%/%2/Y* 0U2*U(.S/(&&(&Y*U'%1'*12"$)*#(* %-:,2J()*":2/R*4(0*"&*$22S*.0*0'(&(R

Who buys the permits?^20'* &1'(-(&* &"BB(&0* 0'.0* :,%-.,+* :,2)"1(,&* &'2"$)* #(* %/1$")()* %/* 0'(*."10%2/&*K.$0'2"B'*A+202>*%&*/20*(/0%,($+*1$(.,*2/*0'%&*:2%/0OR*32U(J(,Y*U(*1.//20*'.J(*#20'*0'(*,($.0%J($+*P(U*:,%-.,+*:,2)"1(,&*./)*0'(%,*1"&02-(,&*#%))%/B*2/*0'(*&.-(*:(,-%&&%2/&R*T(*'.J(*02*-.S(*.*1'2%1(Y*./)*0'(*#(00(,*1'2%1(*#+*P.,*%&*0'(*1"&02-(,&*c*0'(*%/0,2)"1(,&*2P *P2&&%$*P"($&*%/02*0'(*(12/N2-+* K2%$* %-:2,0(,&Y*:2U(,*:$./0&Y* ,(P%/(,%(&Y*(01RO*#(1."&(* 0'(,(*.,(*-./+*

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62 GAIAN ECONOMICS

-2,(*2P * 0'(-*c*-./+* 0'2"&./)&* %/* P.10Y*U'%1'*B".,./0((&*.*12-:(0%0%J(*."10%2/Y*B,(.0(,*$%f"%)%0+Y*-2,(*&0.#$(*-.,S(0*:,%1(&*./)*$(&&*,%&S*2P *-./%:"N$.0%2/*./)*12,,":0%2/R*I/*0'(*20'(,*'./)*0'(,(*.,(*/20*-2,(*0'./*1./*(.&%$+*#(*'./)$()*%/*.*-2)(,/*12-:"0(,N#.&()*B$2#.$*0,.)%/B*2:(,.0%2/R*

Who gets the income from permit sales?^20'* &1'(-(&* &"BB(&0* 0'.0* &2-(* K8\5O* 2,* .$$* KA+202>O* 2P * 0'(* ,(J(/"(&*&'2"$)*#(*"&()*P2,*1$%-.0(*-%0%B.0%2/*:,2b(10&Y*&"1'*.&*,(&(.,1'*./)*0(1'N/2$2B%1.$*%//2J.0%2/R*[*)2*/20*0'%/S*0'%&*U2"$)*#(*U%&(*P2,*0',((*,(.&2/&R*G%,&0$+Y* %0* U2"$)* /20* .::(.$* &"PP%1%(/0$+* 02* 0'(* )(J($2:%/B* 12"/0,%(&Y* /2,*U2"$)*%/)%J%)".$*1%0%i(/&*./+U'(,(*P(($*.*:(,&2/.$*%/0(,(&0*%/*0'(*:,2:2&.$R*[P * 0'(*#%2&:'(,(* %&* 0,"$+*.*12--2/*B22)Y* 0'(/*0'(*,(J(/"(&*&'2"$)*B2*02*0'(* %/)%J%)".$*1%0%i(/&R*@(-(-#(,* 0'.0* 0'%&*:$./* %&*B2%/B* 02*-.S(*.$-2&0*.$$*(J(,+*).+*:,2)"10&Y*:.,0%1"$.,$+*P22)*./)*0,./&:2,0Y*-2,(*(H:(/&%J(R*[/N)%J%)".$*1%0%i(/&*)(&(,J(*&2-(*12-:(/&.0%2/*P2,*0'%&*02*B(0*0'(-*2/*#2.,)R*

6(12/)$+Y*-.&&%J(* :"#$%1$+* &:2/&2,()* @pX* &'2"$)* /20* #(* /(1(&&.,+R*;2J(,/-(/0* &"#&%)%(&* .,(* /2,-.$$+* b"&0%P%()* %/* %-:2,0./0* ,(&(.,1'* .,(.&*0'.0*0'(*:,%J.0(*&(102,*U2"$)*/20*/2,-.$$+*"/)(,0.S(*%0&($PR*^"0*0'(*,(.&2/*%0*U2"$)*/20*%/*0'(*:.&0*%&*0'.0*:,%1%/B*%/*2",*0,.)%0%2/.$*(12/2-%1*&+&0(-*'.&*/(J(,*,(P$(10()*0'(*0,"(*(/J%,2/-(/0.$*12&0&*2P *:,2)"10%2/*02*&21%(0+R*T%0'*./* (PP(10%J(* 1$%-.0(* .B,((-(/0* %/* :$.1(Y* 0'(* (/J%,2/-(/0.$* 12&0&* 2P * 7I>*

(-%&&%2/&*U%$$*#(12-(*:.,0*2P *0'(*12&0*2P *)2%/B*#"&%/(&&R*X(.$%/B*U%0'*0'%&*/(U*,(.$%0+*U%$$*#(12-(*.*-.00(,*P2,*&",J%J.$*P2,*:,%J.0(*12-:./%(&R*5'(+*U%$$*%/J(&0*%/*7I>*,()"10%2/*2,*)%&.::(.,Y*./)*U%0'2"0*B2J(,/-(/0*'($:R*

5'%,)$+Y* ./* ."0'2,%0.,%./* ,(B%-(* -.S%/B* B$2#.$* )(1%&%2/&* 2/* 1$%-.0(*-%0%B.0%2/*:,2b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i(/&R*

[P *U(*-2)%P+*0'(&(*0U2*&1'(-(&*.112,)%/B$+Y*U(*0'(/*'.J(*.*/(U*&1'(-(Y*U'%1'*P2,*0'(*&.S(*2P *,(P(,(/1(*[*U%$$*1.$$*5'(*7.,#2/*^2.,)R

The Carbon Board Scheme!(,-%0&*02*:",1'.&(*7I>*c*(-%00%/B*P2&&%$*P"($&*K2%$Y*/.0",.$*B.&Y*12.$O*.,(*&2$)*12-:(0%0%J($+*./)*B$2#.$$+*#+*5'(*7.,#2/*^2.,)*./)*2/$+*#+*5'(*7.,#2/*^2.,)* 02* 12-:./%(&* P"/10%2/%/B* .0* 0'(* :2%/0* 2P * (/0,+* %/02* 0'(* (12/2-%1*&+&0(-*K,(P%/(,%(&Y*/.0",.$*B.&*0,./&:2,0*P%,-&Y*12.$*:,21(&&2,&Y*%-:2,0(,&*2P *P2&&%$*P"($*)%,(10$+*P,2-*:,%-.,+*:,2)"1(,&Y*(01ROR*[/*0'(*<6\*.$2/(Y*0'(,(*.,(*

>$%B40%A"6G($%8("69%*'40)0K%340%60-0$;0%60'0#-09%@6()%?06)#3%*"10*%#*%9#*36#G;309%0U;"117%3(%"11%2(619%'#3#R0$*%#$%0U;"1%")(;$3*K%60@10'3#$.%340%?6#$'#?10%34"3%340%"3)(*?4060%#*%"%'())($%.((9P%

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CLIMATE SOLUTIONS: PART 2. THE CARBON BOARD 63

D$%";34(6#3"6#"$%60.#)0%)"H#$.%.1(G"1%90'#*#($*%($%'1#)"30%)#3#."3#($%?6([0'3*%2(;19%G0%"%4(6$03*X%$0*3%(@ %?(1#3#'"1%?(*#3#($#$.K%*?0'#"1%#$3060*3*K%4(6*0%36"9#$.%"$9%2#90*?60"9%@001#$.*%(@ %"$.06%"$9%@6;*36"3#($P%

,2"B'$+*?MDD*&"1'*P%,-&R=*5'"&*.*12-:(0%0%J(*:,%1(*./)*&"PP%1%(/0*$%f"%)%0+*%&*f"%0(*1(,0.%/R*5'(&(*&.$(&*&'2"$)*0.S(*:$.1(*U($$*%/*.)J./1(*2P *0'(*+(.,*%/*f"(&0%2/*%/*2,)(,*02*P.1%$%0.0(*12-:./+*:$.//%/B*K&0.,0%/B*-%/%-"-*?F*-2/0'&*#(P2,(OR

!(,-%0&*2/1(*:",1'.&()*12"$)*#(*&2$)*.B.%/*0',2"B'*5'(*7.,#2/*^2.,)*.&* $2/B* .&* 0'(+*U(,(* J.$%)R*5'%&* 0,.)%/B* B".,./0((&*-.H%-"-*(PP%1%(/1+Y*&2*:(,-%0&*B2* 02* 0'(* P%,-&* 0'.0*.,(*-2&0*7I>*(PP%1%(/0* %/*(J(,+*#,./1'*2P *#"&%/(&&R

[/*5'(*7.,#2/*^2.,)*&1'(-(Y* 0'(* ,(J(/"(*,(1(%J()* P,2-*:(,-%0* &.$(&*%&*)%&0,%#"0()*(f".$$+*02*.$$*U2,$)*1%0%i(/&*%/*(f".$*.-2"/0&Y*,(P$(10%/B*0'(*:,%/1%:$(* 0'.0* 0'(* .0-2&:'(,(* %&* .* 12--2/* B22)R* 5'%&*-(./&Y* %/* (PP(10Y*.* 0,./&P(,* P,2-* 0'(*U(.$0'%(,* 02* 0'(* :22,(,* 12"/0,%(&R* [/* .))%0%2/Y* %/* 0'(*,%1'(,*12"/0,%(&Y*%0*-(./&*.*,($.0%J($+*$.,B(,*:.+-(/0*02*0'(*:22,(&0*1%0%i(/&Y*U'2* 0+:%1.$$+* '.J(* $.,B(,* (/(,B+* 12&0&* %/* :(,1(/0.B(* 0(,-&R* 62-(* &"1'*,()%&0,%#"0%2/*%&*/(1(&&.,+*02*B(0*#,2.)*#.1S%/B*P2,*./+*:,2:2&.$R

\*B(/(,.$*1'.,.10(,%&0%1*2P * 0'%&* &1'(-(* %&* 0'.0* 0'(,(*.,(*-./+*.&:(10&*0'.0* .,(* &"#b(10* 02* %/0(,/.0%2/.$* ./)* /.0%2/.$* /(B20%.0%2/&Y* :,2J%)()Y* 2P *12",&(Y*0'.0*0'(*(&&(/0%.$*1'.,.10(,%&0%1&*2P *0'(*2J(,.$$*&1'(-(*,(-.%/*%/0.10R

Control of The Carbon Board[0* %&* J%0.$* 0'.0* 5'(* 7.,#2/* ^2.,)* %&* #(+2/)* 0'(* %/P$"(/1(* 2P * %/)%J%)".$*12"/0,%(&*2,*12--(,1%.$*%/0(,(&0&Y*./)*%&*,(&:2/&%#$(*%/*(PP(10*02*0'(*(/0%,(*B$2#.$* :2:"$.0%2/* 2P * &2-(* aR`* #%$$%2/* :(2:$(R* [* U2"$)* &"BB(&0* 0'.0* 5'(*7.,#2/*^2.,)*)%,(102,&*#(*.::2%/0()*#+*./)*#(*.112"/0.#$(*02*0'(*;(/(,.$*\&&(-#$+*2P *0'(*</%0()*Z.0%2/&*K/20*0'(*6(1",%0+*72"/1%$Y*U'%1'*,(:,(&(/0&*/.,,2U(,*%/0(,(&0&OR*

The Role of Primary Producers5'(*,($.0%2/&'%:*U%0'*0'(*:,%-.,+*:,2)"1(,&*%&*2:(/*02*/(B20%.0%2/R*5'(+*'.J(*./*%/0(,(&0*%/*/20*:,2)"1%/B*-2,(*0'./*0'(*.B,(()*+(.,$+*f"20.*.&*0'(,(*U2"$)*#(*/2*1"&02-(,&*P2,*(H1(&&*:,2)"10%2/R*̂ "0*#+*'2U*-"1'*&'2"$)*(.1'*:,2)"1(,*,()"1(*:,2)"10%2/j

\*,(.&2/.#$(*&2$"0%2/*U2"$)*#(*P2,*0'(*:,%-.,+*:,2)"1(,&*02*U2,S*1$2&($+*U%0'* 5'(* 7.,#2/* ^2.,)Y* U'%1'* U2"$)* .$$21.0(* f"20.&* 02* 0'(* %/)%J%)".$*:,2)"1(,&*#.&()*2/*0'(%,*:,2)"10%2/*1.:.1%0%(&*./)*0'(*020.$*f"20.*P2,*0'(*+(.,R*\*,()"10%2/*:,2:2,0%2/.$*02*1.:.1%0+*U2"$)*#(*.*,(.&2/.#$(*&0.,0%/B*:2%/0R* [/*./+* 1.&(Y* %0* %&* J%0.$* 02*-2/%02,* 0'(*:,%-.,+*:,2)"1(,&* 02*'%/)(,*)(J($2:-(/0* 2P * .* #$.1S*-.,S(0R* 5'(,(* %&* ,22-* P2,* &2-(* P$(H%#%$%0+* '(,(Y*:,2J%)()*0'.0*020.$*:,2)"10%2/*%&*"/)(,*12/0,2$R*\*12"/0,+*0'.0*%&*.*:,%-.,+*:,2)"1(,*1.//20*)(-./)*:,%2,%0+*2/*%0&*)2-(&0%1*:,2)"10%2/R*\$$*&'2"$)*#(*0,(.0()*(f".$$+R*Z2,*&'2"$)*.*J(,0%1.$$+*%/0(B,.0()*2%$*:,2)"1(,*#(*.$$2U()*02* P.J2",* %0&* 2U/* ,(P%/(,%(&* ./)*)."B'0(,* %-:2,0* 12-:./%(&Y*U'%1'*-"&0*:",1'.&(*:(,-%0&*%/*2:(/*12-:(0%0%2/*U%0'*20'(,&R

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64 GAIAN ECONOMICS

Permit costs!.+%/B*P2,*:(,-%0&*%&*(&&(/0%.$*P2,*0U2*,(.&2/&R*I/(*%&*02*:,2J%)(*0'(*%/12-(*02* &.0%&P+* 0'(* (f"%0+* ,(f"%,(-(/0R* 5'(* 20'(,* %&* 02* 1,(.0(* 0'(* (12/2-%1*%/1(/0%J(* P2,* ,(&(.,1'* ./)* )(J($2:-(/0* 0'.0* U%$$* $(.)* 02* 0(1'/2$2B%1.$$+*-2,(* (/(,B+N(PP%1%(/0* :,2)"10&R* 5'(* ."0'2,&* 2P * 5'(* 8.,0'* \0-2&:'(,%1*5,"&0*&1'(-(*(&0%-.0(*0'.0*0'(*12&0*2P *.*:(,-%0*U%$$*:,2#.#$+*#(*%/*0'(*,./B(*2P *t>D*02*tFD*:(,*02/*7I>N(f"%J.$(/0Y*12,,(&:2/)%/B*02*./*%/12-(*2P *t?DDD*#%$$%2/*02*tMDDD*#%$$%2/*.0*1",,(/0*(-%&&%2/*$(J($&R`

Trading permits [0*%&*%-:2,0./0*0'.0*.*B$2#.$*-.,S(0*P2,*2/N$%/(*0,.)%/B*%/*:(,-%0&*.)-%/%&0(,()*#+*5'(*7.,#2/*^2.,)*#(*(&0.#$%&'()Y*&2-(U'.0*&%-%$.,*02*.*7(/0,.$*^./S*1",,(/1+*0,.)%/B*)(&SR*5'(*.102,&*.$$2U()*02*#"+*./)*&($$*:(,-%0&*02*(.1'*20'(,* U2"$)* #(* $%-%0()* 02* .* $%&0* 2P * .::,2J()* %-:2,0(,&* ./)* 20'(,&* U'2*%/0,2)"1(* P2&&%$* P"($&* %/02* 0'(* (12/2-+R* 52*-%/%-%i(* 12,,":0%2/* ./)o2,*$(.S.B(Y*.$$*0,./&.10%2/&*U2"$)*#(*#22S()*0',2"B'*5'(*7.,#2/*̂ 2.,)Y*U'%1'*U2"$)*-.%/0.%/*.*&0.#$(*./)*$%f"%)*-.,S(0*b"&0*.&*.*7(/0,.$*^./S*U2"$)*)2R*

[0*%&*.*f"(&0%2/*P2,*)%&1"&&%2/*.&*02*U'(0'(,*:(,-%0&*&'2"$)*#(*J.$%)*P2,*2/$+*2/(*+(.,*2,*U'(0'(,*0'(+*12"$)*#(*S(:0*P2,*$.00(,*"&(R*\"10%2/*(H:(,0*!(0(,*7,.-02/*2P *0'(*</%J(,&%0+*2P *9.,+$./)*,(12--(/)&*0'(*$.00(,Y*#"0*&"1'*.* &+&0(-*12"$)* $(.)* 02* &"#&0./0%.$* &:(1"$.0%2/*./)*'2.,)%/BY*U'%1'*U2"$)*#(*'.,-P"$* 02* &21%(0+* K.&*:,%1(&* P2,*:(,-%0&*U%$$* :,2#.#$+* %/1,(.&(*P,2-*+(.,*02*+(.,ORa*5'%&*%&&"(*,(f"%,(&*P",0'(,*./.$+&%&*./)*)(#.0(R

I/1(* .$$* :(,-%0&* '.J(* #((/* &2$)Y*5'(*7.,#2/*^2.,)* &'2"$)* .B.%/* #(*0'(*-%))$(-./*02*$%/S*#"+(,&*U%0'*:(,-%0&*02*&:(1%P%1*:,%-.,+*:,2)"1(,&*2P *J.,%2"&*1.0(B2,%(&*2P *2%$Y*/.0",.$*B.&*./)*12.$R*[/*0'%&*U.+Y*,%&S*2P *$(.S.B(*2,*12,,":0%2/*1./*#(*S(:0*02*.*-%/%-"-*./)*12/0,2$*2P *0'(*:,%-.,+*:,2)"1(,&]*f"20.&* %&* -.%/0.%/()R* 5'(* 7.,#2/* ^2.,)* U%$$* .0* .$$* 0%-(&* S/2U* (H.10$+*U'(,(*.$$*"&()*./)*"/"&()*:(,-%0&*.,(*./)*U'.0*f"20.&*,(-.%/*.J.%$.#$(*.0*(.1'*:,%-.,+*:,2)"1(,R*

[/)%J%)".$* 12-:./%(&* U%$$* /.0",.$$+* :.&&* 2/* .&* -"1'* .&* :2&&%#$(* 2P *0'(%,*.))()*12&0&*02*0'(%,*)2U/&0,(.-*1"&02-(,&*%/*12-:(0%0%2/*U%0'*20'(,*&($$(,&R*5'2&(*12-:./%(&*0'.0*.,(*f"%1S(&0*./)*1$(J(,(&0*02*%//2J.0(*./)*&.J(*0'(*-2&0*7I>*(-%&&%2/&*U%$$*:,2P%0*-2&0R*

National variants5'(,(*%&*.*:2&&%#%$%0+*2P */.0%2/.$*J.,%.0%2/&*'(,(R*G2,*(H.-:$(Y*%P *.*12"/0,+]&*B2J(,/-(/0* U./0()* -2,(* 12/0,2$* 2J(,* 0'(* :,21(&&* U%0'%/* %0&* #2,)(,&Y* %0*12"$)*&(0*":*.*&%/B$(*.112"/0*U%0'*5'(*7.,#2/*^2.,)*%/&0(.)*2P *%/)%J%)".$*.112"/0&* U%0'* %0&* )2-(&0%1* P2&&%$* P"($* %/0,2)"1(,&R* 5'(/* 0'(* B2J(,/-(/0*12"$)*"&(*U'.0(J(,*%/0(,/.$*&+&0(-*%0*U%&'()*P2,*)%&0,%#"0%/B*0'(*:(,-%0&*0'.0*%0*:",1'.&()Y*:,2J%)()*0'(*20'(,*12-:2/(/0&*2P *0'(*&1'(-(*U(,(*":'($)R*

G2,*(H.-:$(Y*%P *.*:.,0%1"$.,*12"/0,+*U%&'()*02*"&(*.*g)2U/&0,(.-]*-2)($*2,*.*1.,#2/*0.HY*0'%&*12"$)*#(*)2/(R*62-(*-.+*&((*0'%&*.&*.*:2&%0%J(*U.+*02*

B40%6#*H%#*%34"3%#$%"%@02%70"6*X%3#)0K%340%2(619%2#11%@#$9%#3*01@ %#$%"$%0-0$%900?06%'6#*#*K%"$9%340%?(1#3#'"1%10"906*4#?%2#11%G0%?60**;609%G7%'#-#1%*('#037%3(%3"H0%36;17%0@@0'3#-0%"'3#($P%/40$%34"3%3#)0%'()0*K%#3%)"7%G0%;*0@;1%3(%4"-0%340%(;31#$0%(@ %"$%0@@0'3#-0%*(1;3#($%#$%340%96"206P

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CLIMATE SOLUTIONS: PART 2. THE CARBON BOARD 65

%/J2$J(*%/)%J%)".$*1%0%i(/&*)%,(10$+*%/*0'(*:,21(&&*2,*02*&.0%&P+*20'(,*:2$%0%1.$*B2.$&R*5'(,(*U2"$)*#(*(H0,.*.)-%/%&0,.0%J(*12&0&*./)*&2-(*$2&&*2P *(PP%1%(/1+*B$2#.$$+Y*#"0*%0*12"$)*U2,SR

Fairness issues^.&()* 2/* 0'(* (&0%-.0()* ,./B(*-(/0%2/()* .#2J(* P2,* &.$(&* 2P * :(,-%0&Y* 0'%&*U2"$)*1",,(/0$+*.-2"/0*02*./*%/12-(*2P *t?`aNa>`*:(,*:(,&2/*:(,*+(.,*KtDRM=Nt?RE?*:(,*).+OR*G2,*0'(*:22,(&0*1%0%i(/&*%/*-./+*)(J($2:%/B*12"/0,%(&Y*0'%&*%&*J(,+*&%B/%P%1./0R*5'(*020.$*.-2"/0&*0,./&P(,,()*02*-./+*:22,*12"/0,%(&*U%$$*#(*P.,*B,(.0(,*0'./*0'(%,*1",,(/0*P2,(%B/*.%)*K1.*t`M*#%$$%2/OR*5'%&*:,2&:(10*U%$$*'2:(P"$$+*:,2J%)(*.*&"PP%1%(/0*%/1(/0%J(*P2,*.$$*12"/0,%(&*02*.11(:0*0'(*&1'(-(R

5'(,(*%&*.*,%&S*2P *.#"&(*%/*,(J(/"(*)%&0,%#"0%2/R*G2,*(H.-:$(Y*.*12,,":0*B2J(,/-(/0*-%B'0*#(*.00,.10()*#+*0'(*%)(.*2P *S((:%/B*0'2&(*J(,+*&"#&0./0%.$*P"/)&*P2,*0'(*$21.$*($%0(Y*2,*P2,*0'(*B(/(,.$*0,(.&",+*2,*P2,*20'(,*:(0*:,2b(10&R*5'(,(P2,(* %0* %&* %-:(,.0%J(* 0'.0* 0'(* 7.,#2/* ^2.,)Y* .&* :,20(102,&* 2P * 0'(*%/0(,(&0&*2P *aR`*#%$$%2/*U2,$)*1%0%i(/&Y*.::,2J(*2P * 0'(* ,(J(/"(*)%&0,%#"0%2/*:,2:2&.$*P2,*(.1'*12"/0,+Y*./)*'.J(*0'(*:2U(,*02*U%0''2$)*P"/)&*%/*1.&(*2P *"/&.0%&P.102,+*0(,-&*2,*.#"&(*2P *.B,((-(/0&R

Non-fuel emissions5'(*A+202>*&1'(-(*12,,(10$+*/20()*0'(*/(()*02*)(.$*U%0'*0'(*/2/NP"($*7I>*(-%&&%2/&Y*&"1'*.&*)(P2,(&0.0%2/*./)*1(,0.%/*%/)"&0,%.$*:,21(&&(&*&"1'*.&*0'(*1.$1%/.0%2/*2P *$%-(*%/*1(-(/0*:,2)"10%2/R*5'%&*&'2"$)Y*2P *12",&(Y*#(*)(.$0*U%0'*%/*./+*.B,((-(/0R*32U(J(,Y*0'(*022$&*./)*2,B./%&.0%2/*/(()()*02*12/0,2$*0'(&(*S%/)&*2P *(-%&&%2/&*.,(*f"%0(*)%PP(,(/0*P,2-*5'(*7.,#2/*^2.,)]&*-.%/*&0,"10",(*./)*2:(,.0%2/R*5'(,(P2,(*0'(*.)-%/%&0,.0%J(*.B(/0*12"$)*#(*(%0'(,*.* &:(1%.$* )(:.,0-(/0* 2P * 0'(*7.,#2/*^2.,)* 2,* .* &(:.,.0(* #"0* 122:(,.0%/B*.B(/1+R*5'(*#(&0*&2$"0%2/*P2,*12/0,2$*2P */2/NP"($*7I>*(-%&&%2/&*%&*&"#b(10*02*P",0'(,*&0")+*./)*/(B20%.0%2/*./)*%&*#(+2/)*0'(*&12:(*2P *0'%&*.,0%1$(R*

Is the scheme realistic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

* * *32U(J(,Y*0'(*$2/B*,"/*%&*.*)%PP(,(/0*&02,+R*[0*%&*'%B'$+*$%S($+*0'.0*U(*U%$$* &((* (%0'(,* /2* )(.$* 2,* .* #.)* )(.$* %/*9(H%12* .0*7I!N?aY* P2$$2U()* #+*12/0%/"()*%/1,(.&(&*%/*7I>*(-%&&%2/&*.P0(,*>D?>Y*2,*022*&$2U*.*)(1$%/(*02*&02:*.*,"/.U.+*B$2#.$*U.,-%/BR*5'(*,%&S* %&* 0'.0* %/*.* P(U*+(.,&]* 0%-(Y* 0'(*

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66 GAIAN ECONOMICS

U2,$)*U%$$*P%/)*%0&($P *%/*./*(J(/*)((:(,*1,%&%&Y*./)*0'(*:2$%0%1.$*$(.)(,&'%:*U%$$*#(*:,(&&",()*#+*1%J%$*&21%(0+*02*0.S(*0,"$+*(PP(10%J(*.10%2/R*T'(/*0'.0*0%-(*12-(&Y*%0*-.+*#(*"&(P"$*02*'.J(*0'(*2"0$%/(*2P *./*(PP(10%J(*&2$"0%2/*%/*0'(*),.U(,*0'.0*1./*.10".$$+*)(.$*U%0'*0'(*:,2#$(-R*[/*0'(*$2/B*,"/Y*%P *U(*0,"$+*U./0*02*)(.$*U%0'*1$%-.0(*1'./B(*(PP(10%J($+Y*5'(*7.,#2/*^2.,)*&1'(-(Y*2,*&2-(0'%/B*J(,+*&%-%$.,Y*U%$$*:,2#.#$+*#(*/(1(&&.,+R*

What if some nations will not participate?T'.0*%P *.*&"#&0./0%.$*-.b2,%0+*2P */.0%2/&*.,(*:,(:.,()*02*.11(:0*.*&1'(-(*./)*20'(,&*U%$$*/20*b2%/Y*.&*U.&*0'(*1.&(*U%0'*0'(*A+202*!,20212$j*Z.0%2/&*0'.0* &0.+* 2"0&%)(* &"1'* .* &1'(-(* .,(* /20* 2/$+* .#)%1.0%/B* 0'(%,* -2,.$*,(&:2/&%#%$%0%(&Y*#"0*0'(+*.,(*B(00%/B*.*12-:(0%0%J(*.)J./0.B(*%/*0'.0*0'(+*1./*:,2)"1(*B22)&*1'(.:(,*U%0'2"0*0'(*12&0*2P *(-%&&%2/*:(,-%0&R*5'(,(P2,(Y*02*$(J($*0'(*:$.+%/B*P%($)Y*0'(*&%B/.02,%(&*12"$)*.B,((*02*:$.1(*0.,%PP&*2/*./+*./)*.$$*B22)&*(H:2,0()*P,2-*0'2&(*12"/0,%(&*0'.0*)2*/20*b2%/Y*0'(,(#+*($%-%/.0%/B*./+* 12-:(0%0%J(* .)J./0.B(R* G,(/1'* :,(&%)(/0*Z%12$.&* 6.,12i+* ,.%&()* 0'%&*J(,+*:2&&%#%$%0+*%/*0'(*."0"-/*2P *>DDER*E

5'(*:2%/0*-.+*#(*,.%&()*#+*&2-(*2#&(,J(,&*0'.0*&"1'*0.,%PP&*U2"$)*#(*.B.%/&0*0'(*,"$(&*2P *0'(*T2,$)*5,.)(*I,B./%i.0%2/*KT5IOY*U'%1'*%&*.#&2N$"0($+*12,,(10R*5'%&*2#&(,J.0%2/*2"B'0*02*U.S(*":*.*$20*2P *:(2:$(*02*0'(*P.10*0'.0*0'(*T5I*,"$(&*.,(*.*-.b2,*,(.&2/*P2,*0'(*)(B,.).0%2/*2P *0'(*(/J%,2/N-(/0*%/*B(/(,.$*./)*0'(*1$%-.0(*%/*:.,0%1"$.,Y*#(1."&(*(/J%,2/-(/0.$*12&0&*&"1'* .&*7I>* (-%&&%2/&Y* .,(* g(H0(,/.$%i()]* P,2-* 12,:2,.0(* #.$./1(* &'((0&R*5'(&(*J(,+*,(.$*12&0&*02*&21%(0+Y*U'%1'*2"B'0*02*#(*%/1$")()*%/*:,2)"10*:,%1(&Y*.,(*1",,(/0$+*:.&&()*2/*02*0'(*aR`*#%$$%2/*0.H:.+(,&*02*)(.$*U%0'R*5'(*:,2#$(-*2P *0'(*T5I*./)*(/J%,2/-(/0.$*)(B,.).0%2/*%&*)(.$0*U%0'*%/*./20'(,*.,0%1$(*2P *-%/(*%/*0'%&*J2$"-(RF

References?R* [/0(,B2J(,/-(/0.$*!./($*2/*7$%-.0(*7'./B(*K[!77OY*T2,S%/B*;,2":*[[[k*6"--.,+*P2,*!2$%1+-.S(,&Y*:R=*K&((*UUUR%:11R1'OR

>R* %#%)Y*:R*>?R=R* !(0(*7,.-02/Y*g5,.)(.#$(*7.,#2/*!(,-%0*\"10%2/&]Y*</%J(,&%0+*2P *9.,+$./)Y*K8/(,B+*!2$%1+Y*=DY*===N==M`Y*>DD>Ok*.J.%$.#$(*.0*UUUR1,.-02/R"-)R()"R*

MR* '00:Coo(/RU%S%:()%.R2,BoU%S%ol%(//.w7$%-.0(w7'./B(w5.$S&w>DDEzG(#,".,+w>DDEwT.&'%/B02/wX(1$.,.0%2/

`R* !(0(,* ^.,/(&Y* @2#(,0* 72&0./i.Y* !."$* 3.US(/Y* X.J%)* I,,Y* 8$%/2,* I&0,2-Y* \$J.,2*<-.x.Y*./)*I,./*h2"/BY*g7,(.0%/B*./*8.,0'*\0-2&:'(,%1*5,"&0k*\*&+&0(-*02*12/0,2$*1$%-.0(*1'./B(*./)*,()"1(*:2J(,0+]Y*KW./".,+*>DDFOR*6((*.,0%1$(*2/*UUUR(.,0'%/1R2,Bo(.,0'w.0-2&:'(,%1w0,"&0R:':

aR* 6((*!(0(,*7,.-02/*.,0%1$(*.#2J(RER* g7$%-.0(*7'./B(C*6.,S2i+*#.1S&*1.,#2/*0.HY*8<*$(J+*2/*/2/NA+202*%-:2,0&]Y*\B(/1(*G,./1(N!,(&&(Y*KI102#(,*>`Y*>DDEOR*

FR* @2&&*W.1S&2/Y*g6'%P0%/B*0'(*;$2#.$*812/2-+]Y*%/*92)"$(*?R

5'(* 7.,#2/* ^2.,)* :,2:2&.$* U.&* P%,&0* :"#$%&'()* %/* @2&&* W.1S&2/]&* g\/* [)(.$* 7$%-.0(*\B,((-(/0j]Y*506)"';13;60%="."R#$0*Z2R*`F*KT%/0(,*>DDFO

/BW%6;10*%"60%"%)"[(6%60"*($%@(6%340%90.6"9"3#($%(@ %340%0$-#6($)0$3%#$%.0$06"1%"$9%340%'1#)"30%#$%?"63#';1"6K%G0'";*0%0$-#6($)0$3"1%'(*3*%*;'4%"*%AW_%

0)#**#($*K%"60%d0S306$"1#R09e%@6()%'(6?(6"30%G"1"$'0%*4003*P

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67

MODULE 2

Community Banks & Currencies

T(*,.,($+*:.+*-"1'*.00(/0%2/*02*'2U*-2/(+*U2,S&k*-2&0*0.S(*%0*P2,*B,./0()*.&*.*/(1(&&.,+*#"0*$.,B($+*/("0,.$*$"#,%1./0*2P *(12/2-%1*0,./&.10%2/&R*[/*P.10*/20'%/B*12"$)*#(*P",0'(,*P,2-*0'(*0,"0'C*0'(*)%&0%/10%J(*U.+*%/*U'%1'*-2/(+*U2,S&*'.&*.*:,2P2"/)*%/P$"(/1(*2/*.$-2&0*.$$*.&:(10&*2P *2",*(12/2-%1*$%P(R

5'%&*92)"$(*(H:$2,(&*)%PP(,(/0*U.+&*%/*U'%1'*2",*-2/(+*&+&0(-&*12/N)%0%2/*(12/2-%1*#('.J%2",*./)*:,2:2&(&*1'./B(&*0'.0*'.J(*#((/*-.)(*P2,*-2/(0.,+*,(P2,-*U%0'*0'(*.%-*2P *(/.#$%/B*-2/(+*02*'.J(*.*-2,(*#(/%B/*%-:.10*2/*(12/2-%1*$%P(R*G%/.$$+Y*.*U%)(*,./B(*2P *12-:$(-(/0.,+*1",,(/1+Y*&.J%/B&*./)*%/J(&0-(/0*-2)($&*0'.0*'.J(*#((/*)(J($2:()*%/*,(1(/0*+(.,&*.&*022$&*02*P.1%$%0.0(*12--"/%0+*(12/2-%1*(-:2U(,-(/0Y*U%$$*#(*)(&1,%#()R

Contents

Financial Stability: A Case for Complementary Currencies

The Politics of Money

Reforming the Financial Casino

The Saber: A Complementary Currency for Learning

A Tale of Two Ecovillages: Reviving the Health of Local Communities

Beyond Equality:Work, Money, and Equality in the Economic Fellowship of the Camphill Communities

The Second Foundation at The Farm

The Permaculture of Pensions: Making Savings Work for People and Planet

Freecycle: Something for Nothing

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68

Based in Lebensgarten ecovillage in Germany, Margrit Kennedy has perhaps done more than anyone, over several decades, to critique conventional money systems and to pioneer new complementary currencies. This article provides a comprehensive analysis of the various ways in which money in its current guise is a key driver of today’s unsustainable, inequitable economy. She also makes the case for regionally-based complementary currencies and describes numerous schemes that are already in operation.

Financial Stability: A Case for Complementary Currencies

Margrit Kennedy

Executive summary5'%&*:.:(,*)(.$&*U%0'*.*P"/).-(/0.$*:,2#$(-*12/1(,/%/B*2/(*2P *0'(*-2&0*%/B(/%2"&*%/J(/0%2/&*2P *-./S%/)*c*-2/(+R*[0*&"BB(&0&*0'.0*-2/(0.,+*&0.#%$%0+*./)*&"&0.%/.#%$%0+*U%$$*#(*B,(.0$+*(/'./1()*#+*.*)%J(,&%0+*2P *1",,(/1+*&+&0(-&*,.0'(,*0'./*/.0%2/.$*2,*%/0(,/.0%2/.$*-2/(+*-2/2:2$%(&R

[/*0'(*P%,&0*:.,0Y*%0*&"-&*":*0'(*:,2#$(-&*1,(.0()*#+*./*.$-2&0*%B/2,()*.&:(10*2P *0'(*:,(&(/0*&+&0(-Y*U'%1'*%&*2/(*2P *0'(*,220*1."&(&*P2,*%0&*%-:(0"&*2/*(H:2/(/0%.$*B,2U0'C*0'(*12-:2"/)%/B*2P *%/0(,(&0R*72-:2"/)*%/0(,(&0*$(.)&*02*0'(*.&&"-:0%2/*0'.0*-2/(+*-"&0*./)*1./*S((:*B,2U%/B*2,*.11"-"$.0%/B*P2,(J(,R* IJ(,* 0'(* $.&0* )(1.)(&* c* %/* U'%1'* .$$* #.,,%(,&* 02* 0'(*-2#%$%0+* 2P *P%/./1%.$*0,./&.10%2/&*'.J(*#((/*,(-2J()*c*0'%&*'.&*$()*02*.*B$2#.$*P%/./1%.$*&+&0(-*%/*U'%1'*&:(1"$.0%2/*%&*-2,(*:2U(,P"$*0'./*0,.)(Y*'.&*-2,(*P%/./1%.$*1$2"0Y*./)*)(:(/)&*2/*%/)%J%)".$&*U'2*'.J(*-2,(*02*B.%/*P,2-*%/&0.#%$%0+*,.0'(,*0'./*&0.#%$%0+R*[/P$.0%2/Y*-2/(0.,+*&:(1"$.0%2/*./)*./*"/(J(/*B,2U0'*2P * J.,%2"&* (12/2-%1* %/)%1.02,&* c* $%S(*-2/(0.,+*.&&(0&Y*;Z!*./)* 0'(*/(0*%/12-(*%/*,(.$*U.B(&*./)*&.$.,%(&*c*.,(*b"&0*&2-(*2P *0'(*:,2#$(-&*.&&21%.0()*U%0'*0'%&*)(J($2:-(/0R*

[/* 0'(* &(12/)* :.,0Y* '%&02,%1* (J%)(/1(* .&* U($$* .&* /(U* (H.-:$(&* P2,*-2/(0.,+*)(&%B/&*&'2U*'2U*0'(&(*:,2#$(-&*1./*#(*.J2%)()*./)*'2U*&2-(*2P *0'(*-2&0*:,(&&%/B*:,2#$(-&*2P *&21%.$Y*P%/./1%.$Y*./)*(12$2B%1.$*%/&0.#%$%0+*1./* #(* ,(&2$J()* 02B(0'(,R* [0* &"BB(&0&* 0'.0* g72-:$(-(/0.,+* 7",,(/1%(&]*K77&O*c*)(P%/()*.&*-(./&*2P *:.+-(/0*U%0'*.*#"%$0N%/*0.,B(0*c*2PP(,*1'(.:(,*./)*-2,(*(PP(10%J(*&2$"0%2/&*0'./*0'2&(*U'%1'*1./*#(*.1'%(J()*0',2"B'*0'(*12/J(/0%2/.$* -2/(+* &+&0(-R* 5'(+* )2* /20* %/0(/)* 02* ,(:$.1(* 0'(* (H%&0%/B*/.0%2/.$*2,*%/0(,/.0%2/.$*1",,(/1%(&*#"0*,.0'(,*02*12-:$(-(/0*0'(-R*9.%/$+*P2,*&21%.$Y*1"$0",.$*./)*(12$2B%1.$*:,2B,.-&*2,*-(.&",(&Y*/(U*$%f"%)%0+*1./*#(*1,(.0()*U%0'2"0*#",)(/%/B*0'(*0.H:.+(,*2,*B2J(,/-(/0&*U%0'*.))%0%2/.$*12&0&R*77&* 1./*#(* &((/* .&* :2U(,P"$* 022$&* P2,* &0,(/B0'(/%/B* 0'(* (12/2-%1*

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F INANCIAL STABIL ITY: A CASE FOR COMPLEMENTARY CURRENCIES 69

J%.#%$%0+*2P *.*&:(1%P%1*&21%.$*&(102,*2,*B(2B,.:'%1.$$+*$%-%0()*,(B%2/*K)(P%/()*'(,(*.&*./*.,(.*#(0U((/*0'(*$21.$*./)*0'(*/.0%2/.$OY*#"0*.$&2*P2,*(12/2-%1*.10%J%0%(&*2/*.*U2,$)U%)(*&1.$(R*[/*&2-(*%/&0./1(&Y*0'(+*.$,(.)+*'.J(*:,2J(/*0'(%,*:20(/0%.$*02*&"::2,0*./)*&0,(/B0'(/*0'(*(12/2-+*2J(,*&(J(,.$*)(1.)(&R

!,2:2&.$&* P2,* U2,$)U%)(* 12-:$(-(/0.,+* 1",,(/1%(&* :,2J(* 0'.0* -2,(*P.%,/(&&*./)* &"&0.%/.#%$%0+* 1./*.$&2*#(*.1'%(J()*2/*.*B$2#.$* &1.$(R*@.0'(,*0'./*.11(:0%/B*-2/2:2$%(&*P2,*/.0%2/.$*-2/(+&*.&*./*"/f"(&0%2/.#$(*B%J(/Y*%0* &((-&* "&(P"$* 02* (/'./1(*-2/(0.,+* &0.#%$%0+* #+* .* )%J(,&%0+* 2P * 1",,(/1+*&+&0(-&Y*&2*0'.0*-"$0%:$(*./)*-2,(*)%J(,&(*1'.//($&*2P *-2/(0.,+*$%/S&*./)*(H1'./B(&*1./*(-(,B(R*[/*.*0%-(*U'%1'*1.$$&*P2,*/(U*&2$"0%2/&*02*0'(*:,(&&%/B*:,2#$(-&*U(*.,(*P.1%/B*B$2#.$$+Y*.*-2J(*02U.,)*B%J%/B*":*.*:2U(,P"$*1(/0,.$*-2/2:2$+*./)*122:(,.0%/B*U%0'* &-.$$(,*:.,0/(,&* %/*2,)(,* 02* 1,(.0(*-2,(*)%J(,&%P%()* ./)* $%P(* (/'./1%/B* -2/(0.,+* &+&0(-&* c* .* :.,.)%B-* &'%P0* P2,*(12/2-%&0&*./)*#./S(,&*c*-.+*U($$*'.J(*.*1'./1(*P2,*0'(*P%,&0*0%-(*%/*,(1(/0*'%&02,+R*

Reasons for my look at monetary sustainability[/*0'(*$.0(*&(J(/0%(&Y*(/J%,2/-(/0.$%&0&*c*.-2/B*U'%1'*[*12"/0*-+&($P *c*U(,(*.-2/B*0'(*P%,&0*02*f"(&0%2/*U'+*(12/2-%1*,(.&2/%/B*)(-./)()*(H:2/(/0%.$*B,2U0'* ,(0",/&* 0'.0* 0'(* :$./(0* 12"$)* /(J(,* &"&0.%/R* T(* )%&12J(,()* 0'.0*0'(,(* U.&* &(J(,(* $.1S* 2P * "/)(,&0./)%/B* 2P * 0'(* -2&0* #.&%1* P.10&* .#2"0*-2/(+* .-2/B&0* $.+-(/* .&* U($$* .&* :,2P(&&%2/.$* (12/2-%&0&R* @(-.,S.#$+*$%00$(*,(&(.,1'*#+*(12/2-%&0&*'.)*#((/*)(J20()*02*0'(*f"(&0%2/&*2P *-2/(+*1,(.0%2/*./)*P"/10%2/%/BR*<:*02*0'%&*).+Y*%0*,(-.%/&*.$-2&0*0.#22*02*)%&1"&&*%0Y*#20'*P2,*(12/2-%&0&*./)*B2J(,/-(/0&Y*.&*%P *0'(*B$2#.$*-2/(0.,+*&+&0(-*U.&*.*P"/).-(/0.$*B%J(/R*32U(J(,Y*/20'%/B*12"$)*#(*P",0'(,*P,2-*0'(*0,"0'R*

[/*0'%&*:.:(,Y*[*U%$$*&"--.,%i(*-+*$(.,/%/B*:,21(&&Y*U'%1'*&0.,0()*%/*?_F>*U'(/*[*P%,&0*.&S()*0'(*f"(&0%2/C*T'+*1./]0*0'(*(12$2B%1.$*,(/(U.$*-(.&",(&*U(*.,(*:$.//%/B*P2,*^(,$%/Y*;(,-./+*#(*12/&%)(,()*g(12/2-%1.$]j*\&*-2&0*:(2:$(*U./0()*02*-2J(*02U.,)&*.*&"&0.%/.#$(*$%P(*&0+$(*%/*0'(*1%0+Y*[*P($0*0'.0*0'(,(*'.)*02*#(*&2-(0'%/B*U,2/B*U%0'*0'(*(12/2-%1*&+&0(-Y*%P *%0*U.&*0'(*1."&(* P2,*:,(J(/0%/B*"&* P,2-*%-:$(-(/0%/B* 0'(-R*422S%/B* %/02* 0'%&* %&&"(*&2-(U'.0*)((:(,Y*[*P2"/)*0'.0*0'(,(*%&*.*#.&%1*./0%/2-+*#(0U((/*(12$2B+*./)*(12/2-+*)"(*02*.*U($$N'%))(/*:,2#$(-*U%0'%/*2",*-2/(+*&+&0(-R

The hidden problem – compound interest92/(+*c*.&*2/(*2P *0'(*-2&0*%/B(/%2"&*%/J(/0%2/&*2P *'"-./S%/)*c*P.1%$%0.0(&*0'(*(H1'./B(*2P *B22)&*./)*&(,J%1(&*./)Y*0'(,(#+Y*2J(,12-(&*0'(*$%-%0.0%2/&*2P * #.,0(,Y* ./)* 1,(.0(&* 0'(* :2&&%#%$%0+* 2P * &:(1%.$%i.0%2/* .&* 0'(* #.&%&* 2P *1%J%$%i.0%2/R*5.S%/B* .*-2,(* )(0.%$()* J%(U* $(.)&* "&* 02* .* :,2#$(-* 0'.0* '.&*#((/* %B/2,()* P2,* .* $2/B* 0%-(C* 0'(* .J.%$.#%$%0+* 2P * -2/(+* c* #.&()* 2/* 0'(*:.+-(/0*2P *%/0(,(&0*c*'.&*0U2*&%)(&R*5'(*"&(P"$*&%)(*-2&0*:(2:$(*"/)(,&0./)*%--()%.0($+*c*&((&* %/0(,(&0*.&* 0'(*:,%1(*P2,*-2/(+Y*U'%1'*P"/10%2/&*.&*./*%/)%1.02,*P2,*0'(*&1.,1%0+*2P *:,2)"10&*2,*-2/(+*%/*2",*(12/2-%(&*c*./)*.&*

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70 GAIAN ECONOMICS

&"1'Y*%0*%&*)%PP%1"$0*02*,(:$.1(R*5'(*:,2#$(-.0%1*&%)(Y*U'%1'*%&*,.,($+*)%&1"&&()Y*%&*0'.0*%/0(,(&0*.$&2*1,(.0(&*./*%-:(0"&*P2,*(H:2/(/0%.$*B,2U0'R*T'.0*U(*1.$$*g[/0(,(&0]*/20*2/$+*12/0.%/&*0'(*12&0*2P *0'(*U2,S*2P *0'(*#./SY*.*,%&S*:,(-%"-*./)*./*%/P$.0%2/.,+*.)b"&0-(/0Y*K%R(R*12&0&Y*U'%1'*1.//20*#(*($%-%/.0()OY*#"0*.$&2*12/0.%/&* 0'(*&2N1.$$()* g$%f"%)%0+*:,(-%"-]R*5'%&* %&* 0'(*,(U.,)*P2,* 0'(*$(/)(,*U'2* $(/)&*'%&*-2/(+* 02*20'(,&R*\/)*0'(*-2/(+*2U/(,&]*.#%$%0+* 02*'2$)*-2/(+*#.1S*"/0%$*0'(*g:,%1(*%&*,%B'0]*K.&*%0*:,2)"1(&*.$-2&0*/2*&02,.B(*12&0&*$%S(*.$$*20'(,*B22)&O*P2,1(&*20'(,*:.,0%1%:./0&*%/*0'(*-.,S(0*02*:.+*-2,(*0'./*0'(%,*P.%,*&'.,(*P2,*2#0.%/%/B*0'(*/(1(&&.,+*-(./&*2P *(H1'./B(R*92/(+*c*%/*%0&*:,(&(/0*P2,-*c*0'(,(P2,(*/20*2/$+*:,2J%)(&*.*S(+*#"0*.$&2*.*$21S*02*0'(*-.,S(0R*5'%&*:2&&%#%$%0+*P2,*0'(*,(0(/0%2/*2P *-2/(+*0(/)&*02*)%&02,0*.$$*-.,S(0*-(1'./%&-&*./)Y*0'(,(P2,(Y*&'2"$)*#(*($%-%/.0()R*I0'(,U%&(Y*-2/(+*K./)*/20*0'(*:,2J%&%2/*2P *B22)&*./)*&(,J%1(&O*#(12-(&*0'(*:,%-(*P21"&*2P *.$$*(12/2-%1*.10%J%0%(&R*[0*%/(J%0.#$+*$(.)&*c*2J(,*0%-(*c*02*(H1(&&(&*2P *-2/(0.,+*&:(1"$.0%2/Y*.0*:,(&(/0Y*P2,*0'(*P%,&0*0%-(*%/*'"-./*'%&02,+Y*2/*.*B$2#.$*&1.$(R*

T(*/2U*'.J(* .*U2,$)* P%/./1%.$* &+&0(-* %/*U'%1'* &:(1"$.0%2/* %&*-2,(*:2U(,P"$* 0'./* 0,.)(Y* '.&* -2,(* P%/./1%.$* 1$2"0Y* ./)* )(:(/)&* 2/* :(2:$(*,"//%/B* 0'(* &+&0(-* U'2* '.J(* -2,(* 02* B.%/* P,2-* %/&0.#%$%0+* ,.0'(,* 0'./*&0.#%$%0+R* G2,(&((%/B* 0'%&* %/* ?_=aY* A(+/(&* U,20(C* g6:(1"$.02,&* -.+* )2*/2*'.,-*.&*#"##$(&*2/*.* &0(.)+* &0,(.-*2P * (/0(,:,%&(R*^"0* 0'(*:2&%0%2/* %&*&(,%2"&*U'(/*(/0(,:,%&(*#(12-(&*0'(*#"##$(*2/*.*U'%,$:22$*2P *&:(1"$.0%2/R*T'(/*0'(*1.:%0.$*)(J($2:-(/0*2P *.*12"/0,+*#(12-(&*.*#+N:,2)"10*2P * 0'(*.10%J%0%(&*2P *.*1.&%/2Y*0'(*b2#*%&*$%S($+*02*#(*%$$N)2/(]R*[/*0'(*-(./0%-(Y*0'(*1.:%0.$*)(J($2:-(/0*2P * 0'(*U2,$)* &((-&* 02*'.J(*#(12-(*.*#+N:,2)"10*2P *0'(*.10%J%0%(&*2P *.*1.&%/2R*5'(,(P2,(Y*0'(*f"(&0%2/*.,%&(&C*32U*1./*U(*1,(.0(*.* -2/(+* &+&0(-Y* U'%1'* .J2%)&* 0'(* 12-:2"/)%/B* 2P * %/0(,(&0* ./)* .$$* %0&*.&&21%.0()*:,2#$(-&j*G2,* 0'%&* %0* %&* "&(P"$* 02*"/)(,&0./)* 0',((* c*2"0*2P * .0*$(.&0*0'%,0+*c*-%&12/1(:0%2/&*.#2"0*-2/(+Y*U'%1'*.$-2&0*(J(,+#2)+*'2$)&*K7,("0iY*>DDMOR

Three misconceptions?R* 5'(*g;,2U0'*9%&12/1(:0%2/]* %&*#.&()*2/*0'(*#($%(P * 0'.0*-2/(+*#.&()*

2/*%/0(,(&0*1./*B,2U*P2,(J(,*c*./)*0'%&*%/*0",/*%&*#.&()*2/*:(2:$(*/20*"/)(,&0./)%/B*0U2*B(/(,%1.$$+*)%PP(,(/0*0+:(&*2P *B,2U0'*KG%B",(*?OR*

7",J(* K.O* ,(:,(&(/0&* 0'(*/2,-.$* :'+&%1.$* B,2U0'*:.00(,/* %/*/.0",(* %/*U'%1'* (J(,+0'%/B* &02:&* B,2U%/B* .0* ./* 2:0%-.$* &%i(R* 5'%&* %&* 0'(* 2/$+*&"&0.%/.#$(*B,2U0'*:.00(,/*0'.0*(H%&0&R

7",J(* K#O* ,(:,(&(/0&* (H:2/(/0%.$* B,2U0'* )2"#$%/B* %0&* "/%0&* .0* ,(B"$.,*%/0(,J.$&R*[0*-.+*#(*)(&1,%#()*.&*0'(*(H.10*2::2&%0(*02*1",J(*K.OY*%/*0'.0*%0*B,2U&*&$2U$+*%/*0'(*#(B%//%/BY*0'(/*.11($(,.0(&*12/0%/".$$+*P.&0(,*./)Y*P%/.$$+Y*B,2U&*%/*./*.$-2&0*J(,0%1.$*P.&'%2/R

^.&()* 2/* %/0(,(&0* ./)* 12-:2"/)* %/0(,(&0Y* 2",*-2/(+* P2$$2U&* ./*(H:2/(/0%.$*B,2U0'*:.00(,/C*.0*=r*12-:2"/)*%/0(,(&0*%0*)2"#$(&*%/*>M*

AA*%'"$%G0%*00$%"*%?(206@;1%3((1*%@(6%*360$.340$#$.%340%0'($()#'%-#"G#1#37%(@ %"%*?0'#@#'%*('#"1%*0'3(6%(6%.0(.6"?4#'"117%1#)#309%60.#($%]90@#$09%4060%"*%"$%"60"%G03200$%340%1('"1%"$9%340%$"3#($"1^K%G;3%"1*(%@(6%0'($()#'%"'3#-#3#0*%($%"%2(6192#90%*'"10P

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F INANCIAL STABIL ITY: A CASE FOR COMPLEMENTARY CURRENCIES 71

+(.,&k*.0*ar*%0*0.S(&*?>*+(.,&k*.0*?>r*&%H*+(.,&R*52*&'2U*0'(*%-:.10*2/*-2/(+* %/* 0'(* $2/B* ,"/Y*U(*-.+*"&(* 0'(* P.-2"&*(H.-:$(*2P * W2&(:'&]*1(/0* %/J(&0()* .0* `r* %/0(,(&0* %/* 0'(* +(.,* DR* [/* 0'(* +(.,* >DDD* 0'%&* 1(/0*U2"$)*#(*U2,0'*2J(,*`DD*#%$$%2/*#.$$&*2P *B2$)*2P *0'(*U(%B'0*2P *0'(*(.,0'Y*.0*0'(*:,%1(*2P *B2$)*%/*0'.0*+(.,R*T%0'2"0*0'(*12-:2"/)%/B*2P *%/0(,(&0Y*0'(*&"-*.11"-"$.0()*U2"$)*'.J(*#((/*?YD?*sR*5'%&*&'2U&*0'.0*%0*%&*/20*%/0(,(&0*0'.0*%&*0'(*:,2#$(-Y*#"0*0'(*12-:2"/)%/B*2P *%/0(,(&0R*5',2"B'*0'(*"&(*2P *0'(*g)%&12"/0()*1.&'*P$2U]Y*'2U(J(,Y*%/0(,(&0*./)*12-:2"/)*%/0(,(&0*:,2J%)(*0'(*#.&%&*P2,*.$$*(J.$".0%2/&*2P *(12/2-%1*(PP%1%(/1+*P2,*%/J(&0-(/0&*%/*12/J(/0%2/.$*1",,(/1%(&R*

>R* 5'(*B6"$*?"60$'7%=#*'($'0?3#($* )(.$&*U%0'* 0'(* &(12/)*-.b2,* )%PP%1"$0+*%/* P"$$+* "/)(,&0./)%/B* 0'(* %-:.10* 2P * 0'(* %/0(,(&0* -(1'./%&-* 2/* 2",*(12/2-%1*&+&0(-R*92&0*:(2:$(*0'%/S*0'.0*0'(+*:.+*%/0(,(&0*2/$+*%P *0'(+*#2,,2U*-2/(+R*5'(+*)2*/20*"/)(,&0./)*0'(*P.10*0'.0*(J(,+*:,%1(*12/0.%/&*.*1(,0.%/*.-2"/0*2P *%/0(,(&0Y*)(:(/)%/B*2/*0'(*&'.,(*2P *1.:%0.$*)(:$2+()*:(,*"/%0*2P *2"0:"0R*5'%&*,($.0%2/&'%:*c*02B(0'(,*U%0'*0'(*,.0(*2P *%/0(,(&0*c*)(0(,-%/(&*0'(*%/0(,(&0*12-:2/(/0*%/*:,%1(&R*G2,*0'(*0',((*P2$$2U%/B*(H.-:$(&*P,2-*;(,-./+Y*%0*,./B(&*P,2-*.*?>*r*%/0(,(&0*12-:2/(/0*%/*0'(*:,%1(*P2,*B.,#.B(*12$$(10%2/*K#(1."&(*'(,(*0'(*&'.,(*2P *1.:%0.$*12&0&*%&*,($.0%J($+*$2U*./)*0'(*&'.,(*2P *:'+&%1.$*$.#2,*%&*:.,0%1"$.,$+*'%B'O*02*=Fr*P2,*),%/S%/B*U.0(,*c*./)*":*02*EEr*%/*0'(*,(/0*P2,*:"#$%1*'2"&%/B*KU'(/*1.$1"$.0()*2J(,*?DD*+(.,&Y*U'%1'*%&*0'(*(&0%-.0()*0%-(*'2"&(&*%/*;(,-./+* .,(* &"::2&()* 02* $.&0OR*I/* .J(,.B(Y* :(2:$(* %/*;(,-./+* :.+*.#2"0*M`r*%/0(,(&0*%/*0'(*:,%1(&*2P *B22)&*./)*&(,J%1(&*0'(+*/(()*P2,*0'(%,*$%P(R*

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72 GAIAN ECONOMICS

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F INANCIAL STABIL ITY: A CASE FOR COMPLEMENTARY CURRENCIES 73

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1 2 3 4 5 6 7 8 9 10

0

10

20

30

40

50

60

70

80

Ths.

!

Household Groups

Interest gained on monetary and fixed assets (incl. bank fees)

Interest paid for monetary and fixed assets (incl. bank fees)

Comparison of Interest Paid and GainedIn ten groups of households of 3.8 million each reference year 2000.

All values in thousands of Euros per household per year.

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74 GAIAN ECONOMICS

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F INANCIAL STABIL ITY: A CASE FOR COMPLEMENTARY CURRENCIES 75

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Three historical solutions 5'(*,($%B%2"&* $(.)(,&*2P *W").%&-Y*[&$.-*./)*7',%&0%./%0+*"/)(,&022)*0'(*:,2#$(-&*2P * 12-:2"/)%/B* %/0(,(&0* ./)* $(P0*"&* &2$"0%2/&* P2,*'2U* 02*)(.$*U%0'*%0C*[/*[&$.-%1*:(2:$(*U'2*P2$$2U*0'(*6'.,%.*2#&(,J(*.*12-:$(H*&(0*2P *,"$(&*02*:,(J(/0*%/0(,(&0*P,2-*12-:2"/)%/BR*[0*P2,#%)&*/20*2/$+*%/J(&0-(/0&*%/*-2,.$$+*2,*&21%.$$+*:,2'%#%0%J(*.10%J%0%(&*#"0*.$&2*&:(1"$.0%2/*./)*(H1(&&%J(*12&0&*2P *$2./&*./)Y*12/&(f"(/0$+Y*-.S(&*0'(*-2/(+$(/)(,&*c*U'(0'(,*:,%J.0(*2,*:,2P(&&%2/.$*c*.*:.,0*2P *0'(*:,2b(10*U'%1'*0'(+*.,(*P%/./1%/BR*5'(,(P2,(Y*0'(+*'.J(*.*&0,2/B*&(/&(*2P *,(&:2/&%#%$%0+*P2,*%0&*12/0%/"%0+*./)*&"11(&&R

W").%&-*"&()*02*,(&2$J(*0'(*:,2#$(-*2P *12-:2"/)%/B*%/0(,(&0*#+*U.%J%/B*.$$*)(#0*,(B"$.,$+*(J(,+*&(J(/*+(.,&*%/*0'(*&2N1.$$()*gb"#%$((*+(.,]R*\P0(,*E*H*E*2,*M_*+(.,&*/20*2/$+*U(,(*)(#0&*gP2,NB%J(/]*./)*)(#0N&$.J(&*U(,(*P,(()Y*:,%J.0(*$./)*U.&*.$&2*B%J(/*#.1S*02*0'(*12--"/%0+R

5'(* 7',%&0%./* 1'",1'(&* %/* 8",2:(Y* -.%/$+* )",%/B* 0'(* 9%))$(* \B(&*#(0U((/*_DD*./)*?MDD*\XY*%-:2&()*&0,%10* %/0(,(&0*:,2'%#%0%2/*$.U&R*5'(+*:"/%&'()* 0'2&(* U'2* $(J%()* %/0(,(&0* 2/* $2./&Y* &(J(,($+* (H1$")%/B* 0'(-*P,2-*0'(*7',%&0%./*12--"/%0+*./)*7',%&0%./*P"/(,.$&R*92/(+*U.&*S(:0*%/*1%,1"$.0%2/*#+*,(B"$.,$+*,(N1.$$%/B*./)*,(N-%/0%/B*0'(*0'%/*-(0.$*12%/&*c*%/*&2-(*.,(.&*1.$$()*^,.S0(.0(/*c*(J(,+*0',((*02*P2",*+(.,&*./)*#+*$(J+%/B*.*P((*2P *=D*c*MDr*%/*0'(*,(/(U.$*:,21(&&R*5'%&*U.&*.*U.+*2P *12$$(10%/B*0.H(&R*5'(*"&(*2P * 0'(*2$)*12%/&*U.&* P2,#%))(/*#+* $.U*./)*&./10%2/()*#+*:,%&2/*&(/0(/1(&R*5'%&*0%-(c,($.0()*1'.,B(*2/*-2/(+Y*1.$$()*g)(-",,.B(]Y*.10()*.&*.*g1%,1"$.0%2/*%/1(/0%J(]*./)*-(./0*0'.0*/2#2)+*U.&*.#$(*02*'2.,)*-2/(+*U%0'2"0*,%&S%/B*.*$2&&R*[/&0(.)*2P *1'.,B%/B*%/0(,(&0Y*:(2:$(*"&".$$+*.11(:0()*$2./&*0'.0*B".,./0(()*0'(*(f"%J.$(/0*J.$"(*.P0(,*&2-(*-2/0'&*2,*+(.,&*c*./)*0'"&*0'(+*($%-%/.0()*0'(*g$%f"%)%0+*:,(-%"-]*2,*,(U.,)*P2,*0'(*$(/)(,Y*U'%1'*1."&(&*0'(*12-:2"/)%/B*2P *%/0(,(&0R*[/*0(,-&*2P *-2)(,/*#./S%/B*:,.10%1(&Y*$(.J%/B*2"0*0'%&*&'.,(*%/*0'(*12&0*2P *%/0(,(&0*U2"$)*'.$J(*0'(*12&0&*P2,*$2./&*./)*&"#&(f"(/0$+Y*2J(,*0%-(Y*0'(*M`r*&'.,(*2P *%/0(,(&0*%/*:,%1(&R

\$$* 0',((* '%&02,%1* &2$"0%2/&* '.J(* ,(-.%/()* .$%J(* ":* 02* 0'%&* ).+R* 5'(*[&$.-%1*-2)($* %&* P%/)%/B*-2,(* ./)*-2,(* .11(:0./1(* .-2/B* 0'(*9"&$%-*:2:"$.0%2/*%/*J%(U*2P *0'(*P.%$",(*2P *0'(*1.:%0.$%&0*-2/(+*&+&0(-*02*:,2J%)(*P2,*&+&0(-%1*&0.#%$%0+*./)*P.%,/(&&R*5'(*W(U%&'*-2)($*2P *U.%J%/B*0'(*)(#0&*'.&*#((/*.)J21.0()*02*12"/0(,.10*0'(*1.:%0.$%&0*-2/(+*&+&0(-&]*%/.#%$%0+*02*)(.$*U%0'*&21%.$*b"&0%1(*c*%/*0(,-&*2P *U.%J%/B*0'(*2"0&0./)%/B*$2./&*2P *0'(*$(&&*)(J($2:()*12"/0,%(&R*\/)*-./+*2P *0'(*12-:$(-(/0.,+*1",,(/1%(&*/2U*,"//%/B*%/*;(,-./+*.,(*"&%/B*)(-",,.B(*.&*.*1%,1"$.0%2/*%/1(/0%J(R*

T'(,(* 0'(&(* &2$"0%2/&* '.J(* /20* #((/* .::$%()Y* 0',((* '%&02,%1* 12/*&(Nf"(/1(&*'.J(* .,%&(/C*'+:(,%/P$.0%2/* K2,* 1,.&'OY* &21%.$* ,(J2$"0%2/* ./)*U.,R*32U(J(,Y*/(%0'(,* 0'(*FE*-2/(0.,+* 1,.&'(&*2J(,* 0'(* $.&0* >`*+(.,&* K4%(0.(,*>DDEOY*/2,*#20'*T2,$)*T.,&Y*/2,*&21%.$*,(J2$"0%2/&*K$%S(*0'(*G,(/1'Y*@"&&%./*

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76 GAIAN ECONOMICS

2,*7'%/(&(OY* '.J(* 1'./B()* ./+0'%/B* P"/).-(/0.$* %/* 0(,-&*2P * 0'(*-2/(+*&+&0(-R*

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I/(* .))%0%2/.$* .::,2.1'* P2,* g0.-%/B]* 0'(* (12/2-+* 12-(&* P,2-* .*^"))'%&0*:(,&:(10%J(R* [/* 12/0,.&0* 02*\).-*6-%0']&* g%/J%&%#$(*'./)]* c* ./)*0'(*$%#(,.$*./)*/(2N$%#(,.$*.11(:0./1(*2P *0'(*:,2P%0*-20%J(*%/*.$$*%/)%J%)".$&Y*^,2)#(1S*K>DDEO*:2%/0&*2"0*0'.0*0'(*&0.,0%/B*:2%/0*2P *.*^"))'%&0*(12/2-+*%&* (J(,+* %/)%J%)".$]&* P,(()2-* 02* ,(12B/%i(*U'.0* %&* 0,"(* P2,* (/'./1%/B* $%P(*./)* 02*1'./B(* %0&*#('.J%2,*.112,)%/B$+R*5'"&Y*U(*1./*2J(,12-(* 0'(* 0',((*g:2%&2/&]*0'.0*.,(*:.,0*2P *0'(*.11(:0()*0'(2,(0%1.$*./)*:,.10%1.$*#.&%&*2P *0'(*B$2#.$*-.,S(0*(12/2-+C*%B/2,./1(Y*B,(()*./)*.BB,(&&%2/R*

Complementary currencies and the use of demurrage72-:$(-(/0.,+*7",,(/1%(&* K77&O*-.+* #(* )(P%/()* .&*-(./&* 2P * :.+-(/0*U%0'*.*#"%$0N%/*0.,B(0R*5'(+*.,(*/20*-(./0*02*,(:$.1(*0'(*(H%&0%/B*/.0%2/.$*2,*%/0(,/.0%2/.$*1",,(/1%(&*#"0*02*12-:$(-(/0*0'(-R*9.%/$+*%/*&21%.$Y*1"$0",.$*./)*(12$2B%1.$*.,(.&*%/*U'%1'*0'(*:,(&(/0*&+&0(-*)2(&*/20*U2,S*J(,+*U($$Y*/(U*$%f"%)%0+*1./*#(*1,(.0()*U%0'2"0*#",)(/%/B*0'(*0.H:.+(,*2,*B2J(,/-(/0&*U%0'*.))%0%2/.$*12&0&R*77&*1./*#(*&((/*.&*.*:2U(,P"$*022$*P2,*&0,(/B0'(/%/B*0'(*(12/2-%1*J%.#%$%0+*2P *.*&:(1%P%1*&21%.$*&(102,*2,*B(2B,.:'%1.$$+*$%-%0()*,(B%2/*K)(P%/()*'(,(*.&*./*.,(.*#(0U((/*0'(*$21.$*./)*0'(*/.0%2/.$OR*[/*-./+*%/&0./1(&Y* 0'(+* '.J(* :,2J(/* 0'(%,* :20(/0%.$* 02* &"::2,0* ./)* &0,(/B0'(/* 0'(*(12/2-+*c*(&:(1%.$$+*%/*(12/2-%1.$$+*)%PP%1"$0*:(,%2)&R*5'(*G",(.%*A%::"*7.,(* 5%1S(0* %/* W.:./Y* P2,* %/&0./1(Y* '($:&* 02* :,2J%)(* 1.,(* P2,*-%$$%2/&* 2P *($)(,$+* :(2:$(Y* #.&()* 2/* '2",&* 2P * &(,J%1(R* 5'(* T[@*T%,0&1'.P0&,%/B* %/*6U%0i(,$./)* %&*.*:.,.$$($* 1",,(/1+* 02* 0'(*6U%&&*G,./1*./)*&0,(/B0'(/&* 0'(*(12/2-%1*J%.#%$%0+*2P *>Dr*2P *0'(*&-.$$*./)*-()%"-*&%i()*#"&%/(&&(&Y*U'%1'*%/*0",/*1,(.0(*2J(,*FDr*2P *.$$*b2#&R*\/)*0'(*6.#(,*K.*:,2:2&()*()"1.0%2/.$*J2"1'(,*&+&0(-*P2,*^,.i%$O*%&*)(&%B/()*02*&0,(/B0'(/*0'(*()"1.0%2/.$*&+&0(-R*

5'(*^,.i%$%./*g6.#(,]*)(-2/&0,.0(&*1$(.,$+*0'(*)%PP(,(/0*)(&%B/*P(.0",(&*2P * 12-:$(-(/0.,+* 1",,(/1%(&* %/* 12-:.,%&2/* 02* 12/J(/0%2/.$* 1",,(/1%(&R*5'.0*%&*0'(*,(.&2/*U'+*[*U./0*02*)(&1,%#(*%0*'(,(*%/*-2,(*)(0.%$R*[/*^,.i%$*MDr*2P *0'(*:2:"$.0%2/*%&*$(&&*0'./*?`*+(.,&*2P *.B(R*5'%&*1."&(&*./*(/2,-2"&*()"1.0%2/.$*:,2#$(-R*T'(/*0'(*-2#%$(*:'2/(*%/)"&0,+*U.&*:,%J.0%i()Y*0'(*B2J(,/-(/0*$(J%()*.*?r*&",1'.,B(*P2,*()"1.0%2/*2/*.$$*-2#%$(*:'2/(*#%$$&R*5'%&*,(&"$0()*%/*.*P"/)*2P *2/(*#%$$%2/*<6t*2,*0',((*#%$$%2/*@(.$&*P2,*()"1.0%2/*

=(*3%(@ %340%'()?10)0$3"67%';660$'#0*%9(%$(3%'4"6.0%#$3060*3%G;3%;*0%"%'#6';1"3#($%#$'0$3#-0%(6%"%90);66".0%)0'4"$#*)%3(%H00?%340%';660$'7%\($%340%)(-0Xc%34;*%3407%"-(#9%"11%340%9#60%'($*0U;0$'0*%"**('#"309%2#34%#$3060*3P%

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F INANCIAL STABIL ITY: A CASE FOR COMPLEMENTARY CURRENCIES 77

%/* >DDMR*^(,/.,)*4%(0.(,* :,2:2&()* 0'(* %/0,2)"10%2/* 2P * .* J2"1'(,* &+&0(-*1.$$()*g6.#(,]*%/*2,)(,*02*%/1,(.&(*0'(*/"-#(,*2P *&0")(/0&*0'.0*12"$)*.PP2,)*.*12$$(B(*$(J($*()"1.0%2/R*5'(*J2"1'(,&*U2"$)*#(*B%J(/*02*&1'22$&*P2,*0'(*+2"/B(&0*K(RBR*0'(*&(J(/*+(.,N2$)O*:":%$&Y*2/*0'(*12/)%0%2/*0'.0*0'(+*U2"$)*1'22&(*.*-(/02,*P,2-*./*2$)(,*1$.&&*02*&0,(/B0'(/*0'(%,*U(.S(,*&"#b(10&R*5'(*6.#(,*U2"$)*0'(/*-2J(*02*0'(*2$)(,*&1'22$1'%$),(/Y*./)*&2*2/*"/0%$Y*.0*$.&0Y*&(/%2,&*2P *?E*+(.,&*KU'2*U./0*02*B2*02*"/%J(,&%0+O*U2"$)*"&(*0'(*6.#(,&*02*:.+*.*:.,0*2P *0'(%,*0"%0%2/R*T'%$(*0'(*J.$"(*2P *0'(*6.#(,*U2"$)*#(*0'(*&.-(*.&*0'(*@(.$Y*/2-%/.$$+Y*%0*U2"$)*2/$+*#(*,()((-.#$(*P2,*0"%0%2/*:.+-(/0&*P2,*'%B'(,*()"1.0%2/R*[/*.))%0%2/Y*%0*U2"$)*$2&(*>Dr*:(,*+(.,*.&*./*%/1(/0%J(*02*:.&&*%0*2/*c*"/$(&&*%0*'.)*,(.1'()*0'(*"/%J(,&%0%(&R*5'"&*K%/1$")%/B*.*,()"1()*0"%0%2/*,.0(*P2,*0'2&(*&"#b(10&*U%0'*P,((*&:.1(&*%/*0'(*"/%J(,&%0%(&OY*0'(*6.#(,*&+&0(-*U2"$)*-"$0%:$+*#+*0(/*0%-(&*U'.0*.*)%,(10*.$$21.0%2/*2P *0'(*,(&2",1(&*P2,* ()"1.0%2/* U2"$)* 20'(,U%&(* .$$2U* ./)Y* 0'(,(#+Y* 1,(.0(* 0(/* 0%-(&* 0'(*.-2"/0*2P *()"1.0%2/*&(,J%1(&R*

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78 GAIAN ECONOMICS

I/(*.))%0%2/.$*)%PP(,(/1(*./)* ,(.&2/* P2,* 0'(* %/0,2)"10%2/*2P * 12-*:$(N-(/0.,+*1",,(/1%(&*2/*.*&1.$(*0'.0*12"/0&Y*U2"$)*#(*0'(*-.&&%J(*,()(-:0%2/*2P * 0.H*,(J(/"(*0'.0* %&Y*.0*:,(&(/0Y*(J.)()*)"(* 02*-"$0%/.0%2/.$*12-:./%(&*:$.+%/B*2PP */.0%2/.$* 0.H*."0'2,%0%(&*.B.%/&0*(.1'*20'(,* %/*&"1'*.*U.+*0'.0*-./+*2P *0'(-*:.+*J(,+*$%00$(*2,*/2*0.H*%/*0'(%,*'2-(*(12/2-%(&R*62-(U'(,(*#(0U((/*.*&%H0'*./)*.*0'%,)*2P *.$$*0'(*-2/(+*%/*0'(*U2,$)*c*%&*/2U*$2)B()*2PP&'2,(Y*./)*0'2"B'*%0*,(N(/0(,&*0'(*(12/2-+Y*%0*)2(&*&2*-2&0$+*%/*0'(*P2,-*2P * &'2,0N0(,-* &:(1"$.0%2/* %/* 0'(* B,2U0'* 1(/0,(&*2P * 0'(*U2,$)* KX2+$(* ./)*A./22,Y*>DDaOR*

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F INANCIAL STABIL ITY: A CASE FOR COMPLEMENTARY CURRENCIES 79

12"/0,%(&*.,2"/)*0'(*U2,$)OY*./)*&(12/)$+Y*0'(*(H:(,%(/1(&*2P *>>*%/%0%.0%J(&*%/*;(,-./+Y*U'%1'*'.J(*.$,(.)+*%&&"()*0'(%,*2U/*,(B%2/.$*12-:$(-(/0.,+*1",,(/1+R*5'(*g62//(/61'(%/]*%&*)(&%B/()*02*(/'./1(*0'(*"&(*2P *,(/(U.#$(*(/(,B+* ./)* 1,(.0(* 0'(* #.1S%/B* P2,* .* 12-:$(-(/0.,+* ,(B%2/.$* 1",,(/1+*0',2"B'* 0'(* gST'N'.,J(&0]*U'%1'* %&* B2%/B* 02*.::,(1%.0(* %/*J.$"(*.&* P2&&%$*P"($&*B(0*-2,(*(H:(/&%J(R*5'"&Y*0'(*%/'.#%0./0&*2P *0'(*,(B%2/*1./*.1f"%,(*.*&0.#$(Y*%/P$.0%2/N:,22P *./)*1,.&'N,(&%&0./0*1",,(/1+R*</$(&&*/(1(&&.,+*c*.&*%/*0'(*1.&(*2P *.*1,.&'*2,*'+:(,%/P$.0%2/*2P *0'(*8",2*c*%0*U%$$*/20*#(*&"#b(10*02*.*P((*2,*)(-",,.B(Y*.&*0'(*%/%0%.02,&*#($%(J(*0'.0*0'(*$%-%0()*.11(:0./1(*%/*0'(*,(B%2/*:,2J%)(&*(/2"B'*2P *./*%/1(/0%J(*02*"&(*%0*#(P2,(*&:(/)%/B*0'(*8",2R*

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80 GAIAN ECONOMICS

ConclusionsT'%$(* 12-:$(-(/0.,+* &(102,.$* ./)* ,(B%2/.$* 1",,(/1%(&* 1./* &'2U* '2U*.::$+%/B*,($.0%J($+*&-.$$*.-2"/0&*2P *(/(,B+*./)*,(&2",1(&*.0*0'(*,%B'0*0%-(*./)*:$.1(*1./*:,2)"1(*-.H%-"-*.)J./0.B(2"&*1'./B(Y*%0*&'2"$)*#(*-.)(*1$(.,* 0'.0* 0'(%,*#.&%1* 0(/(0&*1./*.$&2*#(*.::$%()*2/*.* $.,B(,*&1.$(R*\0* $(.&0*0U2*&2$"0%2/&*P2,*12-:$(-(/0.,+*1",,(/1%(&*0'.0*.,(*-(./0*02*2:(,.0(*2/*.*U2,$)U%)(*&1.$(*&'2"$)*#(*-(/0%2/()C*0'(*(-%&&%2/&N#.1S()*1",,(/1+*"/%0*1.$$()*g8^7<]*KX2"0'U.%0(Y*?__FOk*./)*0'(*g5(,,.]Y*.*B$2#.$*5,.)(*@(P(,(/1(*7",,(/1+*K4%(0.(,Y*>DDEOR*^20'*.%-*.0*.))%/B*-2,(*P.%,/(&&Y*&"&0.%/.#%$%0+*./)*&0.#%$%0+*02*2",*%/0(,/.0%2/.$*-2/(0.,+*&+&0(-&R*

5'(* &2$"0%2/&* P2,*-2/(0.,+* &"&0.%/.#%$%0+* ./)* P%/./1%.$* &0.#%$%0+Y* :,(N&(/0()*'(,(Y*U%$$*#(*.*&",:,%&(*P2,*12/J(/0%2/.$*(12/2-%1*0'%/S%/BY*U'%1'*%/J.,%.#$+*.&&"-(&*-2/2:2$%(&*P2,*/.0%2/.$*-2/(+&*.&*./*"/f"(&0%2/.#$(*B%J(/R* T'.0* 0'(* .#2J(* (H.-:$(&* .,(* 0,+%/B* 02* &'2U* %&* 0'.0* -2/(0.,+*&"&0.%/.#%$%0+*U%$$*#(*(/'./1()*#+*.*)%J(,&%0+*2P *1",,(/1+*&+&0(-&Y*&2*0'.0*-"$0%:$(*./)*-2,(*)%J(,&(*1'.//($&*2P *-2/(0.,+*$%/S&*./)*(H1'./B(&*1./*(-(,B(R*T(*'.J(*.$$*0'(*0(1'/2$2B%(&*02*-.S(*0'(*"&(*2P *-"$0%:$(*1",,(/1%(&*P(.&%#$(R*32U(J(,Y*12-:$(-(/0.,+*1",,(/1%(&*2:(,.0(*.&*+(0*.0*0'(*-.,B%/&*2P *0'(*2PP%1%.$*&+&0(-R*T'%$(*0'(+*.,(*:,2J%/B*0'(%,*1.:.1%0+*02*:$.+*.*&0.#%$%i%/B*,2$(*2/*.*&-.$$*&1.$(Y* %0* %&*",B(/0* 02*,(12B/%i(* 0'.0* 0'(+*1./*12/0,%#"0(* 02*&"&0.%/%/B*0'(*B$2#.$*(12/2-%1*&+&0(-*02-2,,2UY*%P *0'(+*.,(*.#$(*02*B,2U*02*.*&1.$(*/(1(&&.,+*P2,*0'(-*02*-.S(*.*)%PP(,(/1(R*G2,*.$$2U%/B*0'%&*02*'.::(/Y*.* 12N2:(,.0%2/* #(0U((/* 1(/0,.$* #./S&* ./)* P()(,.0%2/&* 2P * 12-:$(-(/0.,+*1",,(/1+*.&&21%.0%2/&*c*U'%1'*P2,-"$.0(*f".$%0+*1,%0(,%.*./)*2#&(,J(*0'(%,*%-:$(-(/0.0%2/*c*%&*./*(&&(/0%.$*:,(N12/)%0%2/R

LiteratureX.J%)* ^2+$(* p* 62/+* A./22,* KP2,0'12-%/BOC* 92/(+Y* T2,$)* G"0",(* 72"/1%$* c* ^,%(P%/BY*42/)2/RR

A.,$N3(%/i* ^,2)#(1S* KP2,0'12-%/BOC* ^(%0,|B(* i",* ;,"/)$(B"/B* (%/(,* #"))'%&0%&1'(/*}S2/2-%(Y*;,~#(/i($$R*

60(P./*^,"//'"#(,./)*p*3.,.$)*A$%-(/0.Y*/#0%2#6%2#63*'4"@30$%20690$*KG,./SP",0C*@()$%/(Y*>DD=OR

3($-"0*7,("0iY*E#0%_g%>663h)06%6;$9%;)*%!019*K9�/1'(/C*3(,#%BY*>DD`OR@%1'.,)*X2"0'U.%0(Y%B40%&'(1(.7%(@ %=($07*K520/(&C*;,((/*^22S&Y*?__FOR[,J%/B*G%&'(,Y*C3")?%C'6#?*KZ(U*h2,SC*\)($:'%Y*?_==OR9.,B,%0*A(//()+Y%>$3060*3%"$9%>$@1"3#($M@600%=($07*K!'%$.)($'%.C*Z(U*621%(0+*!"#$%&'(,&Y*?__`OR9.,B,%0*A(//()+*p*^(,/.,)*4%(0.(,Y*I0.#($"12"046;$.0$*K9�/1'(/Y*>DDMORW2'/*9.+/.,)*A(+/(&Y**B40%!0$06"1%B40(67%(@ %&)?1(7)0$3K%>$3060*3%"$9%=($07*K42/)2/C*UUUR#/:"#$%&'%/BR12-Y*?_=aOR

^(,/.,)*4%(0.(,Y*B40%Q;3;60%(@ %=($07*K42/)2/C*7(/0",+Y*>DD?OR^(,/.,)*4%(0.(,Y**5'(*5(,,.*5@7N59*T'%0(*!.:(,Y*UUUR0(,,.0,1R2,B*K>DDEOR^(,/.,)*4%(0.(,*p*60(:'(/*^($B%/Y*W@ %F;)"$%/0"134%T%807($9%!6009%"$9%C'"6'#37* K^2"$)(,Y*>DDaOR

W.-(&*@2#(,0&2/*p*W2&(:'*3"#(,Y*A60"3#$.%L02%=($07*KZ(U*812/2-%1&*G2"/).0%2/Y*>DDDORW.-(&* 602))(,Y* g72,:2,.0(* #.,0(,* ./)* (12/2-%1* &0.#%$%&.0%2/]Y* >$306$"3#($"1% J(;6$"1% (@ %

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!,(&(/0()* .0* 0'(* 7'%/.N8",2:(* G2,"-Y* T2,S&'2:* =>Y* g5.&S&* ./)* @(&:2/&%#%$%0%(&* 2P *[/&0%0"0%2/&*2P *0'(*G%/./1%.$*6(102,]Y*!.,%&*./)*^,"&&($&Y*I102#(,*MNEY*>DDER

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81

The Politics of Money

Hazel Henderson

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i.0%2/*c* .$$* P2$$2U* 0'(*-2/(+R*3.::%$+Y* .$$* 0'%&* P21"&*2/*-2/(+* %&*$(.)%/B* 02* 0'(*U%)(&:,(.)*.U.,(/(&&*2P *U.+&*-2/(+* %&*)(&%B/()Y* 1,(.0()*./)*-./%:"$.0()R*5'%&*:2$%0%1&*2P *-2/(+*%&*.0*$.&0*"/,.J($$%/B*1(/0",%(&*2P *-+&0%P%1.0%2/R

7%J%1* .10%2/* U%0'* $21.$* 1",,(/1%(&Y* #.,0(,Y* 12--"/%0+* 1,()%0* ./)* 0'(*-2,(*)"#%2"&*,.&'*2P *)%B%0.$*1+#(,-2/(+*.$$*,(J(.$*0'(*:2$%0%1&*2P *-2/(+R*812/2-%1&*%&*/2U*U%)($+*&((/*.&*0'(*P."$0+*&2",1(N12)(*)((:*%/*&21%(0%(&]*'.,)*),%J(&{*,(:$%1.0%/B*"/&"&0.%/.#%$%0+C*#22-&Y*#"&0&Y*#"##$(&Y*,(1(&&%2/&Y*:2J(,0+Y*0,.)(*U.,&Y*:2$$"0%2/Y*)%&,":0%2/*2P *12--"/%0%(&Y* $2&&*2P *1"$0",.$*)%J(,&%0+* ./)* #%2N)%J(,&%0+R* 7%0%i(/&* .$$* 2J(,* 0'(* U2,$)* .,(* ,(b(10%/B* 0'%&*-.$P"/10%2/%/B*(12/2-%1*&2",1(N12)(*./)*%0&*2:(,.0%/B*&+&0(-&C*0'(*T2,$)*^./SY* 0'(* [9GY* 0'(* T5I* ./)* %-:(,%2"&* 1(/0,.$* #./S&R* [0&* '.,)NU%,()*:,2B,.-Y*0'(*/2U*)(,%)()*gT.&'%/B02/*72/&(/&"&]*,(1%:(*P2,*'+:%/B*;Z!NB,2U0'Y*%&*1'.$$(/B()*#+*0'(*3"-./*X(J($2:-(/0*[/)(H*K3X[OY*812$2B%1.$*G220:,%/0*\/.$+&%&Y*0'(*4%J%/B*!$./(0*[/)(HY*0'(*7.$J(,0N3(/)(,&2/*e".$%0+*2P *4%P(*[/)%1.02,&Y*0'(*;(/"%/(*!,2B,(&&*[/)(H*./)*̂ '"0./]&*;,2&&*Z.0%2/.$*3.::%/(&&{*/20*02*-(/0%2/*&12,(&*2P *$21.$*1%0+*%/)%1(&*&"1'*.&*W.1S&2/J%$$(Y*G$2,%).]&* e".$%0+* [/)%1.02,&* P2,* !,2B,(&&Y* :%2/((,()* #+* 0'(* $.0(* 9.,%./*7'.-#(,&*%/*?_F=R

\&*U%0'*:2$%0%1&Y*.$$*,(.$*-2/(+*%&*$21.$Y*1,(.0()*#+*:(2:$(*02*P.1%$%0.0(*(H1'./B(*./)*0,./&.10%2/&Y*./)*%0*%&*#.&()*2/*0,"&0R*5'(*&02,+*2P *'2U*0'%&*"&(P"$*%/J(/0%2/Y*-2/(+Y*B,(U*%/02*.#&0,.10*/.0%2/.$*P%.0*1",,(/1%(&*#.1S()*2/$+*#+*0'(*:,2-%&(&*2P *,"$(,&*./)*1(/0,.$*#./S(,&*%&*#(%/B*02$)*./(UR*T(*U%0/(&&* '2U* %/P2,-.0%2/* 0(1'/2$2B+* ./)* )(,(B"$.0%2/* 2P * #./S%/B* ./)*

Celebrated green economist, Hazel Henderson, draws upon her extensive experience of complementary currencies to pinpoint the manifold weaknesses with current monetary systems and to describe various alternatives. She provides a good historical contextualisation of the emergence of alternative money systems.

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82 GAIAN ECONOMICS

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86

Reforming the Financial Casino

Ross Jackson

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Ross Jackson was for many years a management consultant specializing in the area of international finance, investments, portfolio theory and currency markets, where his clients included many of the international banks which found themselves in severe difficulties in the financial crisis of 2008. Ross is founder/chair of Gaia Trust, Denmark and majority shareholder in organic foods wholesaler Urtekram A/S, Denmark.

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88 GAIAN ECONOMICS

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90 GAIAN ECONOMICS

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91

The Saber: A Complementary Currency for Learning

Bernard Lietaer

I/(*2P *0'(*P(U*1(,0.%/0%(&*U(*'.J(*.#2"0*2",*P"0",(*%&*0'.0*%0*U%$$*,(f"%,(*.*-.&&%J(*.-2"/0*2P *$(.,/%/BY*#+*b"&0*.#2"0*(J(,+#2)+Y*(J(,+U'(,(R*[/*.))%0%2/Y*2J(,*0'(*:.&0*0',((*)(1.)(&*./*.J.$./1'(*2P *&1%(/0%P%1*).0.*'.&*#((/*:2",%/B*%/*U'%1'*,(J(.$*0'.0*$(.,/%/B*c*./)*(J(/*-2,(*%-:2,0./0$+Y*$(.,/%/B*,(0(/0%2/*c*)(:(/)&*$(&&*2/*0'(*:(,&2/*2,*0'(*02:%1&*%/J2$J()Y*#"0*2/*0'(*)($%J(,+*&+&0(-*2P * 0'(* S/2U$()B(R* [/)(()Y* .J(,.B(* $(.,/%/B* ,(0(/0%2/* ,.0(&* 2P * 1'%$),(/* 2,*.)"$0&* .,(* ),.-.0%1.$$+* )%PP(,(/0* )(:(/)%/B* 2/* 0'(* :,21(&&* 0',2"B'*U'%1'*$(.,/%/B*211",&R*5'(*,(&"$0*%&*0'(*$(.,/%/B*:+,.-%)*&'2U/*/(H0R*

T'.0* %&* &0,%S%/B* %&* 0'.0* 2",* P2,-.$* ()"1.0%2/* &+&0(-* &((-&* &0"1S* 2/*"&%/B*-.%/$+*0'(*0U2*$(.&0*(PP(10%J(*-(0'2)&*.J.%$.#$(C*$(10",%/B*./)*,(.)%/B*0',2"B'*U'%1'*,(&:(10%J($+*2/$+*`r*./)*?Dr*2P *U'.0*%&*#(%/B*0."B'0*U%$$*#(*,(-(-#(,()R*\0*0'(*20'(,*(/)*2P *0'(*&:(10,"-*.*U'2::%/B*_Dr*,(0(/0%2/*,.0(*.::$%(&*02*U'.0(J(,*2/(*0(.1'(&*2/(&($P *02*20'(,&d*

e"(&0%2/C*7./*2/(*%-.B%/(*U'.0*U2"$)*#(12-(*:2&&%#$(*%P *U(*-./.B()*02* ,(J(,&(* 2",* (/0,+* %/02* 0'(* $(.,/%/B* :+,.-%)* #+* )(&%B/%/B* ./* %/1(/0%J(*&+&0(-*0'.0*U2"$)*(/12",.B(*0'(*(-(,B(/1(*2P *1'.%/&*2P *g$(.,/%/B*0',2"B'*0(.1'%/B]j*6"1'*.*&+&0(-*12"$)*#(*)(&%B/()*02*2:(,.0(*%/*:.,.$$($*U%0'*0'(*2PP%1%.$* &1'22$%/BY* .&* .* &:(1%.$* S%/)* 2P * (H0,.1",,%1"$.,* %/0(,B(/(,.0%2/.$*B.-(Y*&2*0'.0*%0*)2(&/]0*'.J(*02*)(.$*U%0'*0(.1'(,]&*"/%2/&Y*2,*2,)%/.,+*&1'22$*:,21()",(&{*\$0'2"B'*0'%&*12/1(:0*U.&*%/%0%.$$+*)(&%B/()*P2,*^,.i%$Y*0'(,(*%&*/2*,(.&2/*02*#($%(J(*%0*U2"$)/]0*#(*.::$%1.#$(*($&(U'(,(R*

The Brazilian SaberT'(/* ^,.i%$* :,%J.0%i()* %0&* -2#%$(* 0($(:'2/(* %/)"&0,+Y* %0* %/0,2)"1()* .*?r* &:(1%.$* 0.H* (.,-.,S()* P2,*'%B'(,* ()"1.0%2/.$* :",:2&(&R*^+*>DDMY* 0'%&*8)"1.0%2/*G"/)*'.)*B,2U/*02*-2,(*0'./*<R6R*t?*#%$$%2/R*5'(*12/J(/0%2/.$*&2$"0%2/*U2"$)*#(*02*12:+*0'(*g;[*^%$$]*.::,2.1'*"&()*%/*0'(*</%0()*60.0(&*.P0(,*T2,$)*T.,*[[Y*0',2"B'*U'%1'*B2J(,/-(/0*P"/)&*U(,(*"&()*)%,(10$+*P2,*

Bernard Lietaer, renowned international expert in currency systems, both conventional and complementary, describes an ingenious proposal he has come up with for an educational currency in Brazil. His proposal would enable the benefits of a complementary currency to ripple through the entire educational system.

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92 GAIAN ECONOMICS

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THE SABER : A COMPLEMENTARY CURRENCY FOR LEARNING 93

S%)&* 2P * .$$* .B(&R*T'(/*U(* ,(P(,* 02* .* $(.,/%/B*-"$0%:$%(,* 2P * 0(/Y*U(*U(,(*2/$+* ,(P(,,%/B* 02* 0'(*/.,,2U* P%/./1%.$* (PP(10C* t?*^%$$%2/* &:(/0* 0',2"B'* 0'(*6.#(,* &+&0(-*U2"$)*)($%J(,*.* 020.$* $(.,/%/B*2P *./*2,)(,*2P *-.B/%0")(*2P *t?D*^%$$%2/*&:(/)%/B*2/*0'(*12/J(/0%2/.$*&1'2$.,&'%:*-2)($R*G",0'(,-2,(Y*P.102,%/B*%/*0'(*1'./B(*2P *0'(*$(.,/%/B*,(0(/0%2/*,.0(*P,2-*`N?Dr*K/2,-.$*()"1.0%2/* :,21()",(O* 02* _Dr* K0(.1'%/B* 20'(,&OY* ./20'(,* 0(/P2$)* (PP(10*#(12-(&* .J.%$.#$(Y* #,%/B%/B* 0'(* 020.$* -"$0%:$%(,* 2P * g,(0.%/()* $(.,/%/B]* 02*2/(*'"/),()d*[/*20'(,*U2,)&Y*&:(/)%/B*t?*^%$$%2/*0',2"B'*0'(*6.#(,*&+&0(-*12"$)*#(*,2"B'$+*(&0%-.0()*02*:,2)"1(*0'(*&.-(*.-2"/0*2P *,(0.%/()*$(.,/%/B*(f"%J.$(/0*02*t?DD*^%$$%2/*&:(/0*0',2"B'*12/J(/0%2/.$*-(./&{

\&*0'%&*&+&0(-*)(J($2:&Y*20'(,*U.+&*2P *(.,/%/B*6.#(,&*12"$)*#(* %/0,2N)"1()R* G2,* (H.-:$(Y* U'+* /20* (,.)%1.0(* ./.$:'.#(0%&-* 2/* .* :$./(0.,+*$(J($*%/*2/(*)(1.)(j*7./*+2"*J%&".$%i(*./*.,-+*2P *(%B'0*+(.,*2$)&*:,2")$+*0(.1'%/B*0'(%,* P,(&'$+* $(.,/()*,(.)%/B*./)*U,%0%/B*&S%$$&* 02*&2-(2/(*($&(]&*B,./):.,(/0&j*T'+*/20*'.J(*+2"/B*:(2:$(*(.,/*6.#(,&*#+*'($:%/B*0'(*($)(,$+*2,* './)%1.::()Y* (J(/* %/* 20'(,*U.+&* 0'./* 0(.1'%/BC* ,(.)%/B* 02* 0'(* #$%/)Y*'($:%/B*U%0'*&'2::%/Bj*4(.,/%/B*#(+2/)*&1'22$&*12"$)*#(12-(*.*J.&0*./)*,%1'* %/0(,B(/(,.0%2/.$*B.-({*\$$* 0'%&*U2"$)*(/12",.B(* %/0(,B(/(,.0%2/.$*,($.0%2/&'%:&*./)*P",0'(,*$(.,/%/BY*/20*02*-(/0%2/*1,(.0%/B*(H0,.*.%)*P2,*0'(*($)(,$+*U%0'2"0*#",)(/%/B*B2J(,/-(/0.$*#")B(0&R*;%J(/* 0'.0*.$$*12"/0,%(&*.,(*(H:(10%/B*.*'%B'(,*:(,1(/0.B(*2P *($)(,$+*:(2:$(*02*0.S(*1.,(*2PY*U2"$)*%0*/20*-.S(*&(/&(*02*12//(10*)2-.%/&*2P *:,2#$(-&*c*()"1.0%2/*./)*($)(,$+*1.,(*c*%/02*2/(*%/0(B,.0()*&+&0(-*&2$"0%2/j*

References?R* ^(,/.,)*4%(0.(,*Y*g5'(*6.#(,C*\/*8)"1.0%2/*7",,(/1+*P2,*^,.i%$]Y%B40%>$306$"3#($"1%

J(;6$"1%@(6%A());$37%A;660$'7%I0*0"6'4*.0*UUUR"(.R.1R"So(/Jo%b11,

!#-0$%34"3%"11%'(;$36#0*%"60%0S?0'3#$.%"%4#.406%?06'0$3".0%(@ %0190617%?0(?10%3(%3"H0%'"60%(@K%2(;19%#3%$(3%)"H0%*0$*0%3(%'($$0'3%9()"#$*%(@ %?6(G10)*%T%09;'"3#($%"$9%0190617%'"60%T%#$3(%($0%#$30.6"309%*7*30)%*(1;3#($b%

7 year-olds

10 year-olds

15 year-olds

12 year-olds

Phase 1 Phase 2

Saber allocation among schools

Cashing in of Sabers for National Currency at 50% of face value

Payment of University Tuition

Help for elderly & handicapped paid in Saber

“Saber” Complementary Currency System = Learning Multiplier

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94

A Tale of Two Ecovillages: Reviving the Health of Local Communities

Jonathan Dawson

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G%/)'2,/* ./)* X.-./'",* '.J(* -"1'* %/* 12--2/R* ^20'* &0.,0()* .&*&-.$$* %/%0%.0%J(&* %/* 0'(*?_aD&*./)*(.,$+*?_ED&R*^20'*'.)Y*./)*12/0%/"(* 02*'.J(Y* .* &0,2/B* &:%,%0".$* P21"&* 02* 0'(%,* .10%J%0%(&R* ^20'* $21.0()* 0'(-&($J(&*%/* (12/2-%1.$$+*-.,B%/.$%&()* .,(.&C*X.-./'",* %/* 0'(* .$:%/(* P220'%$$&* 2P *!%()-2/0k*G%/)'2,/*%/*/2,0'(,/*6120$./)R*G%/.$$+Y*#20'*'.J(*(H:(,%(/1()*&"#&0./0%.$*B,2U0'*%/*&%i(*2J(,*0'(*)(1.)(&C*02).+Y*X.-./'",*%&*.*P()(,.0%2/*

Jonathan Dawson is a resident of the Findhorn Foundation ecovillage in Scotland. In this piece, he describes the community economies of both Findhorn and the Italian ecovillage, Damanhur. Both communities have developed distinctively dynamic and diverse economies at least in part because they have their own community currencies and systems for enabling members to invest in community enterprises.

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A TALE OF TWO ECOVILLAGES: REVIV ING THE HEALTH OF LOCAL COMMUNIT IES 95

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96 GAIAN ECONOMICS

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98 GAIAN ECONOMICS

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99

Beyond Equality: Work, Money, and Equality in the Economic

Fellowship of the Camphill Communities

Jan Martin Bang

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Long-time communard and author, Jan Martin Bang of Norway describes the workings of the economies of Camphill communities. These are communities in which people with and without special needs live side by side. Though not formally part of the ecovillage family, they share many characteristics. Jan describes how it is possible to create webs of mutuality and interdependence within communities so that money is little required for the provision of needs.

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100 GAIAN ECONOMICS

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102 GAIAN ECONOMICS

Equality92&0* 2P * 0'(* 12NU2,S(,&* U'2* '.J(* -.)(* .* 12--%0-(/0* 02* $%J%/B* ./)*U2,S%/B*'(,(*$2/B*0(,-*'.J(*P2,-()*./*812/2-%1*G($$2U&'%:*./)*U(*&'.,(*2",*%/12-(R*5'%&*-(./&*0'.0*U(*:"0*.$$*2",*(.,/%/B&*%/02*2/(*.112"/0Y*./)*-((0*,(B"$.,$+*2/1(*.*-2/0'*02*)%&1"&&*'2U*02*:.,1($*%0*2"0R*5'(*#.&%&*%&*2/(*2P *(f".$%0+Y*U(*&0.,0*2PP *U%0'*0'(*&.-(*#.&%1*.-2"/0*2P *:21S(0*-2/(+Y*#"0*P,2-*0'(/*2/*0'%/B&*#(12-(*"/(f".$R*[*'.J(*0',((*S%)&*/(()%/B*&1'22$%/BY*-+*/(%B'#2",*'.&*P%J(Y*./)*0'(*12":$(*U'2*$%J(*.*P(U*-%/"0(&*.U.+Y*./)*.,(*,(&:2/&%#$(*P2,*0'(*0'%,)*$.,B(*P.-%$+*'2"&(*%/*0'(*J%$$.B(Y*'.J(*/2*1'%$),(/R*7$(.,$+*U(*0',((*P.-%$%(&*,(1(%J(*f"%0(*)%PP(,(/0*.-2"/0&*2P *-2/(+*%/*2,)(,*02*12J(,*0'(*12&0*2P *P(()%/BY*1$20'%/BY*&1'22$%/B*./)*)(.$%/B*U%0'*2",*S%)&R*

5'(*&%-:$(*U.+*02*)(.$*U%0'*0'(&(*-2/(+*%&&"(&*%&*02*%/J2S(*(f".$%0+Y*02*B%J(*(.1'*:(,&2/*0'(*&.-(Y*./)*0($$*0'(-*02*#(*,(&:2/&%#$(*P2,*0'(-&($J(&R*\/20'(,*U.+Y*-"1'*'.,)(,Y*#"0*-"1'*-2,(*()"1.0%2/.$Y*%&*02*#,%/B*":*2",*)%PP(,(/1(&Y*$22S*.0*0'(-Y*./)*-.S(*&",(*0'.0*2",*J(,+*)%PP(,(/0*/(()&*.,(*-(0R*4%J%/B*U%0'* (f".$%0+* %&* ,($.0%J($+* &%-:$(Y* (J(/*-(1'./%1.$Y* (J(,+2/(*B(0&*0'(*&.-(k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i+*2,*g/20*/%1(]*0',2U&*+2"*#.1S*%/02*+2",&($PY*P2,1%/B*+2"*02*0.S(*&021S*2P *+2",*2U/*:,(b")%1(&*./)*(H:(10.0%2/&R*^"0*%0]&*/20*(.&+k*%0*#,%/B&*+2"*":*02*P.1(*.$$*0'(*B,(()+Y*$.i+*2,*g/20*/%1(]*P(.0",(&*2P *+2",*2U/*:(,&2/.$%0+d*

5'%&*%&*U'.0*[*-(./*U'(/*[*1.$$*2",*12--"/%0+*$%P(*g#(+2/)*(f".$%0+]R*[0* U.&* 1(,0.%/$+* .* 0,(-(/)2"&$+* :,2B,(&&%J(* &0(:* U'(/* &21%.$%&-* ./)*)(-21,.1+* 12-#%/()* 02*2J(,0',2U* 0'(*2$)* 1.&0(* &+&0(-* %/* &21%(0+Y*U'(/*%/)%J%)".$&*U(,(*)(P%/()*./)*'($)*%/*0'(*&21%.$*1$.&&*0'(+*U(,(*#2,/*%/02R*\0*$(.&0*%/*T(&0(,/*8",2:(*U(*'.J(*.1'%(J()*&2-(*-(.&",(*2P *&21%.$*P.%,/(&&*./)*b"&0%1(R*5'(*/(H0*&0(:*-"&0*#(*02*B2*#.1S*%/02*2",*)%PP(,(/1(&Y*02*$(.,/*P,2-*0'(-Y*02*)(J($2:*0'(*&($P *02*$%J(*U%0'*(.1'*20'(,Y*/20*.&*0'(*&.-(Y*#"0*.&*U(*.,(*.$$*)%PP(,(/0R*

X"(*02*0'(*B(/(,2&%0+*2P *:,2J%&%2/*P2,*:(2:$(*U%0'*&:(1%.$*/(()&*%/*Z2,NU.+Y*0'(*Z2,U(B%./*7.-:'%$$*12--"/%0%(&*.,(*U($$*P"/)()*#+*0'(*;2J(,/N-(/0R*5'%&* '.&* (/.#$()* 0'(-* 02* '($:* 20'(,* J%$$.B(&* %/* 20'(,* :.,0&* 2P * 0'(*U2,$)R*IJ(,* 0'(*:.&0*?D* 02*?`*+(.,&*J%$$.B(&*'.J(*#((/* &0.,0()* %/*!2$./)Y*8&02/%.Y*4.0J%.*./)*@"&&%.R*5'%&*+(.,*.*/(U*J%$$.B(*%&*#(%/B*(&0.#$%&'()*%/*7i(1'*@(:"#$%1Y*./)*U(*.,(*.#2"0*02*&0.,0*./*(H1'./B(*&1'(-(*U%0'**J%$$.B(&*%/*̂ 20&U./.R*[/*.))%0%2/*02*0,.%/%/B*12NU2,S(,&Y*U(*'.J(*B%J(/*B%P0&*2P *(f"%:N-(/0Y*#"%$)%/B&*./)*)%,(10* P%/./1%.$* &"::2,0R*5'(*^,%)B(*^"%$)%/B*61'22$*U'(,(*[*U2,S*'.&*.*)(:.,0-(/0*2P *(12$2B%1.$*#"%$)%/BY*U'%1'*12/1(/0,.0(&*2/*#"%$)%/B*&0,.U*#.$(*'2"&%/B*%/*@"&&%.*./)*4.0J%.R*

>%@#$9%#3%401?@;1%3(%34#$H%(@ %)($07%#$%340*0%34600%306)*K%0-0679"7%1#-#$.%0S?0$*0*K%'60"3#-0%#$-0*3)0$3K%"$9%*?#6#3;"1%.#@3*P

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103

The Second Foundation at The Farm

Albert Bates

[P *+2"*b"&0*$./)()*P,2-*9.,&*./)*#(B./*(H:$2,%/B*0'(*&21%.$*./)*:2$%0%1.$*&+&0(-&* 2P * 0'(* U2,$)* %/* 0'(* $.0(* >D0'* 7(/0",+Y* "/)2"#0()$+* +2"* U2"$)*#(*.&02/%&'()*.0*-./+*2P * 0'(* %$$2B%1.$*./)*/2/&(/&%1.$* 0'%/B&*+2"])* P%/)R*5'(,(*.,(*(/2"B'*/.0",.$*./)*'"-./*,(&2",1(&*02*P(()Y*1$20'(*./)*&'($0(,*0'(*(/0%,(*:2:"$.0%2/*%/*.*/2/)(&0,"10%J(Y*(12$2B%1.$$+N&(/&%0%J(*P.&'%2/Y*#"0*0'(*J.&0*-.b2,%0+*2P *0'(*U2,$)]&*:2:"$.0%2/*$%J(&*%/*)(&:(,.0(*:2J(,0+Y*U'%$(*12/&"-%/B*/.0",.$*,(&2",1(&*.0*"/&"&0.%/.#$(*,.0(&*./)*$.+%/B*U.&0(*02*0'(*#.&%1*:$./(0.,+*&+&0(-&*0'.0*&"::2,0*.$$*$%P(R

5'(*6(12/)*G2"/).0%2/*%&*./*.00(-:0*02*(H:$2,(*-2,(*'.,-2/%2"&*./)*(f"%0.#$(* &21%.$* ./)* (12/2-%1* &+&0(-&R* [0* &0.,0&* #+* (&0.#$%&'%/B* .* B2$)(/*-(./*#(0U((/*0'2&(*0'%/B&*0'.0*.,(*#(&0*'./)$()*12$$(10%J($+*c*0',2"B'*B,2":*.B,((-(/0*2,*&21%.$*12/0,.10*c*./)*0'2&(*0'.0*.,(*#(&0*'./)$()*%/)%J%)".$$+*c*.0*.*P.-%$+*$(J($R*5'(*6(12/)*G2"/).0%2/*%&*.*-2)($*(12/2-%1*&+&0(-R*T(*1./Y*#(%/B*&-.$$Y*:$.+*.,2"/)*U%0'*0'(*P2,-Y*0U(.S*%0*02*&"%0*2",*/(()&Y*b.ii*%0*":*2,*02/(*%0*)2U/R*T(*.,(*1,(.0%/B*.*:,2020+:(*#.&()*2/*U'2$(*&+&0(-&Y*P.%,* :$.+Y* 1.,(* ./)* 12-:.&&%2/Y* ./)* (12$2B%1.$* &"&0.%/.#%$%0+R*T'(0'(,* %0*&"11(()&*2,*P%ii$(&*%&*(/0%,($+*":*02*"&R

How it started5'(* 6(12/)* G2"/).0%2/* :,.10%1(&* .* 12--"/%0+* 2P * B22)&R* ^(1."&(* 2",*-(-#(,&*'.J(*)(1%)()*02*'2$)*.$$*0'%/B&*%/*12--2/Y*%/)%J%)".$&*'.J(*/2*$(B.$*1$.%-*02*0'(*12$$(10%J(*'2$)%/B&*2P *0'(*B,2":R*[/&0(.)Y*-(-#(,&*&(,J(*.&*0,"&0((&*2P *:,2:(,0+*0'(+*-./.B(*P2,*0'(*#(/(P%0*2P *(J(,+2/(Y*/20*(H1$")%/B*0'(-&($J(&R* 62-(* :(2:$(* P%/)* 0'%&* 12/1(:0* %/0%-%).0%/BY* ./0%f".0()Y* 2,*.$%(/R*X%)/]0*12--"/%&-*P.$$*U%0'*0'(*^(,$%/*T.$$*%/*?_F_j

5'(*6(12/)*G2"/).0%2/*#(B./*U%0'*.*B,2":*2P *:(2:$(*U'2*'.)* $%J()*"/)(,*./*(H:(,%-(/0.$*12--"/.$*&+&0(-*P2,*?=*+(.,&*./)*0'(/*.#./)2/()*%0R*\-2/B* 0'(* P(.0",(&* 2P *5'(*G.,-]&* (.,$+* &+&0(-*U.&* 0'(* J2U*2P * :2JN(,0+Y*U'%1'*U.&*./*%-:2,0./0*:.,0*2P *0'(*,($%B%2"&*P.#,%1*2P *0'(*B,2":R*\P0(,*(12/2-%1*)(N12$$(10%J%i.0%2/*.0*5'(*G.,-*%/*?_F=Y*0'(,(*U(,(*.*/"-#(,*2P *

Ecovillage elder and former President of GEN, Albert Bates, describes a cooperative economic model he has helped to design and manage at The Farm ecovillage in Tennessee. This attempts to marry the best aspects of private and communal economies into a system for mutual provision of services including pension provision, accounting and legal services and common purchases of tools and provisions.

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THE SECOND FOUNDATION AT THE FARM 105

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106

The Permaculture of Pensions: Making Savings work for People and Planet

Jonathan Dawson

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Findhorn resident Jonathan Dawson explores how conventional pension schemes represent an important source of capital for multinational business. In this respect, they are contributing to vast social and ecological destruction and moreover, represent a very risky investment for those wishing for a secure retirement. The only true security, he argues, is healthy communities and ecosystems of the type that ecovillages are helping to build. The trick for ecovillages is to design mechanisms for secure investment in ecovillage-based projects and enterprises.

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THE PERMACULTURE OF PENSIONS: MAKING SAVINGS WORK FOR PEOPLE AND PLANET 107

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108 GAIAN ECONOMICS

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109

Freecycle: Something for Nothing

Simon Bradbury

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T'.0* &0.,0()*2"0*.&*.* &(,J%1(* P2,*.* P(U*'.&*B,2U/* %/* 0',((*+(.,&* %/02*.* U2,$)U%)(* :'(/2-(/2/* U%0'* 2J(,* 0U2* -%$$%2/* -(-#(,&* %/* 2J(,* `D*12"/0,%(&R*[/*-+*B,2":*%/*h2,SY*0'(*-(-#(,&'%:*(H1(()&*?YDDD*:(2:$(*./)*%0*%&*/2U*B,2U%/B*.0*?DD*:(,*U((SR*5'(,(*%&*./*(H:2/(/0%.$*B,2U0'*,.0(*%/*-(-#(,&*0'(*U2,$)*2J(,*#(1."&(*.&*-2,(*:(2:$(*b2%/Y*0'(*U2,)*&:,(.)&Y*0'(/*-2,(*:(2:$(*b2%/*./)*&((*P2,*0'(-&($J(&*'2U*"&(P"$*%0*%&R*\$$*S%/)&*2P *:(2:$(*.,(*:.,0*2P *G,((1+1$(R*!(2:$(*U'2*'.J(*022*-"1'*&0"PPY*:(2:$(*U'2*P2,*U'.0N(J(,*,(.&2/*)2/]0*'.J(*(/2"B'*c*.$$*U%0'*2/(*0'%/B*%/*12--2/*c*U(*'.J(*)%&12J(,()*'2U*,(P,(&'%/B*G,((1+1$(*1./*#(R

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Freelance writer, Simon Bradbury, describes the Freecycle scheme that enables people to offer unwanted goods between themselves for free in a growing number of communities around the world. Simon Bradbury is a freelance journalist. He lives with his wife Jan and his children in York, England, and is part of the York Freecycle group.

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110 GAIAN ECONOMICS

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FREECYCLE : SOMETHING FOR NOTHING 111

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113

MODULE 3

Right Livelihood

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Contents

Buddhist Economics

Simplicity: A Cool Lifestyle for a Hot Planet

Sarvodaya means ‘Everybody Wakes Up’

Designing your Local Economy

Rules for a Local Economy

In Defence of Pleasure: The Slow Food Movement

Tallying National Happiness

Economics of Happiness

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114

Buddhist Economics

E. F. Schumacher

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This is a classic text in which E.F. Schumacher sets out the basis for a moral economics by comparing the Buddhist and Western materialist approaches to the subject. It puts people and the planet back at the heart of the matter, with ‘economics’ as a means towards greater health and happiness rather than as an end in itself.

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BUDDHIST ECONOMICS 115

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Endnotes?R* *B40%L02%8;6)"*K812/2-%1*./)*621%.$*^2.,)Y*;2J(,/-(/0*2P *0'(*</%2/*^",-.Y*?_`MOR>R* [#%)R=R* [#%)MR* *\).-*6-%0'Y*/0"134%(@ %L"3#($**KIHP2,)C*IHP2,)*!.:(,#.1S&Y*>DDFOR`R* *\/./).* AR* 722-.,.&U.-+Y*D63% "$9% C2"90*4#* KZ(U* X($'%C* 9"/&'%,.-*9./&'.,$.$*!"#$%&'(,&Y*>DD?OR

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ER* *W2'/*A(//(0'*;.$#,.%0'Y*B40%D@@1;0$3%C('#037*K!(/B"%/*^22S&*40)*?_a>ORFR* *@%1'.,)* R̂* ;,(BBY*D% 54#1(*(?47% (@ % >$9#"$% &'($()#'% E0-01(?)0$3* K\'-().#.)Y* [/)%.C*Z.J.b%J./*!"#$%&'%/B*32"&(Y*?_`FOR

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121

Simplicity: A Cool Lifestyle for a Hot Planet

Duane Elgin

6%-:$%1%0+*%&*.*122$*$%P(&0+$(*P2,*.*'20*:$./(0R*6%-:$%1%0+*%&*.*$%B'0(,*$%P(&0+$(*0'.0* P%0&* ($(B./0$+* ./)* &"&0.%/.#$+* %/02* 0'(* ,(.$* U2,$)* 2P * 0'(* 0U(/0+NP%,&0*1(/0",+R*6%-:$%1%0+*%&*.*&-.,0*U.+*02*$%J(*0'.0*(/'./1(&*2",*2J(,.$$*'(.$0'*./)*'.::%/(&&R*6%-:$%1%0+*#$2&&2-&*%/*12--"/%0+*./)*12//(10&*"&*02*0'(*U2,$)*U%0'*.*&(/&(*2P *#($2/B%/B*./)*12--2/*:",:2&(R*6%-:$%1%0+*(/'./1(&*:(,&2/.$* P,(()2-*./)*1'2%1(R*6%-:$%1%0+*-(./&Y* .&*;./)'%* &.%)Y* g-+* $%P(*%&* -+* -(&&.B(]R* 6%-:$%1%0+* /",0",(&* 2",* &2"$R* 6%-:$%1%0+* %/J%0(&* $%J%/B*U%0'*#.$./1(*c* %//(,*./)*2"0(,Y*U2,S*./)* P.-%$+Y* P.-%$+*./)*12--"/%0+R*6%-:$%1%0+*S((:&*2",*(+(&*2/*0'(*:,%i(*2P *U'.0*-.00(,&*-2&0*%/*2",*$%J(&*c*0'(*f".$%0+*2P *2",*,($.0%2/&'%:&*U%0'*P.-%$+Y*P,%(/)&Y*12--"/%0+Y*/.0",(*./)*12&-2&R*6%-:$%1%0+*+%($)&* $.&0%/B*&.0%&P.10%2/&* 0'.0*-2,(* 0'./*12-:(/&.0(*P2,*0'(*P$((0%/B*:$(.&",(&*2P *12/&"-(,%&-R*6%-:$%1%0+*$(./&*02U.,)*.*-2,(*,($.H()*,($.0%2/&'%:*02*$%P(R*6%-:$%1%0+*1($(#,.0(&*0'(*#(."0+*./)*%/0($$%B(/1(*2P */.0",(]&*)(&%B/&R*6%-:$%1%0+* ,(J(,(&* 0'(*U%&)2-*2P * &%$(/1(* 0'.0* g&:(.S&*U%0'*"/1(.&%/B* ($2f"(/1(]R* 6%-:$%1%0+* ,(-2J(&*/(()$(&&* 1$"00(,* ./)* 12-N:$(H%0+*./)*1($(#,.0(&*0'(*#(."0+*%/*$%P(R*6%-:$%1%0+*P2&0(,&*0'(*&./%0+*2P *&($PN)%&12J(,+*./)*P,(()2-*P,2-*&(12/).,+*)%&0,.10%2/&R

* 6%-:$%1%0+* %&* /20* &.1,%P%1(R* 6.1,%P%1(* %&* .* 12/&"-(,* $%P(&0+$(* 0'.0* %&*2J(,&0,(&&()Y* 2J(,#"&+Y* ./)* 2J(,U2,S()R* 6.1,%P%1(* %&* %/J(&0%/B* $2/B* '2",&*)2%/B* U2,S* 0'.0* %&* /(%0'(,* -(./%/BP"$* /2,* &.0%&P+%/BR* 6.1,%P%1(* %&* #(%/B*.U.+*P,2-*P.-%$+*./)*12--"/%0+*02*(.,/*.*$%J%/BR*6.1,%P%1(*%&*0'(*&0,(&&*2P *12--"0%/B*$2/BN)%&0./1(&*./)*&%00%/B*%/*0,.PP%1R*6.1,%P%1(*%&*0'(*$2&&*2P *f"%(0*./)*0'(*&"#0$(*&2"/)&*2P */.0",(R*6.1,%P%1(*%&*/.0",(*'%))(/*#('%/)*.*&0,(.-*2P *#%$$#2.,)*.)J(,0%&(-(/0&R*6.1,%P%1(*%&*0'(*&-($$*2P *0'(*1%0+*&0,2/B(,*0'./*0'(*&-($$*2P *0'(*8.,0'R*6.1,%P%1(*%&*/2*$2/B(,*&((%/B*0'(*'(.J(/&*%/*0'(*/%B'0*&S+* #(1."&(* 2P * $%B'0* :2$$"0%2/R* 6.1,%P%1(* %&* 1.,,+%/B*-2,(* 0'./* >DD* 02H%1*1'(-%1.$&*%/*2",*#2)%(&*U%0'*12/&(f"(/1(&*0'.0*U%$$*1.&1.)(*P2,*B(/(,.0%2/&*.'(.)R*6.1,%P%1(*%&*.*),.-.0%1.$$+*)%-%/%&'()*./)*%-:2J(,%&'()*,./B(*2P *$%P(Y*#20'*:$./(0&*./)*./%-.$&R*6.1,%P%1(*%&*#(%/B*1"0*2PP *P,2-*/.0",(]&*U%$)/(&&*

Duane Elgin is an American author, speaker, educator, consultant, and media activist. His name is especially linked to the topic of voluntary simplicity, on which he has written several publications, the latest being a revised 2nd edition of Voluntary Simplicity (New York: Harper Collins, 2010). Based on his own experience over 30 years, Duane makes a heartfelt case for the multiple merits of cultivating a simple life.

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122 GAIAN ECONOMICS

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124 GAIAN ECONOMICS

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SIMPLIC ITY: A COOL L IFESTYLE FOR A HOT PLANET 125

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126 GAIAN ECONOMICS

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127

Sarvodaya means ‘Everybody Wakes Up’

Joanna Macy

[*,(0",/*P,2-*6,%*4./S.*U'(,(*[*&.U*'2U*.*12"/0,+Y*)(J.&0.0()*#+*1%J%$*U.,Y*1./*:,21(()*02*,("/%0(*./)*,(#"%$)R*6.,J2).+.*c*0'(*/.-(*-(./&*g(J(,+#2)+*U.S(&*":]*c*%&*.*̂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`0'Y*.*-.--20'*:(.1(*-()%0.0%2/*S%1S%/B*2PP *0'(%,*gJ%$$.B(N02NJ%$$.B(Y* '(.,0N02N'(.,0]* $%/SN":* :,2B,.-R* [* ,(0",/()* U%0'* 0'(&(*$(&&2/&C

1. Affirm and nourish the spiritual roots of action^+*-%)).+*2/*9.,1'*?`0'*P%B",(&*%/*U'%0(*P%$$()*0'(*:.0'&*02U.,)*0'(*B,(.0*&0":.&* ./)*U(,(* :2",%/B* 2/02* 0'(* B,2"/)&* 2P * 0'(* &.1,()* ./1%(/0* 1%0+* 2P *\/",.)'.:",.R*T.$S%/B*.$2/B*U%0'*0'(-Y*[*12"$)*/20*0($$*P,2-*U'%1'*&%)(*2P *6,%*4./S.]&*1%J%$*U.,*0'(&(*:%$B,%-&*1.-(R*Z2*:$.1.,)&*2,*&'2"0()*&$2B./&*:,21$.%-()*0'(%,*%)(/0%0%(&Y*#"0*:$.1(*/.-(&*2/*0'(*#"&(&*:.,S()*#.1S*2/*0'(*:(,%:'(,+*B.J(*.*1$"(R*5'(+*1.-(*P,2-*3%/)"*5.-%$*./)*̂ "))'%&0*6%/'.$(&(*.,(.&*0'.0*'.)*#((/*:%00()*.B.%/&0*(.1'*20'(,*P2,*0'(*$.&0*/%/(0((/*+(.,&Y*%/*.*U.,*0'.0*'.&*12&0*a`YDDD*$%J(&Y*U,(1S()*0'(*(12/2-+Y*./)*0,."-.0%i()*.*B(/(,.0%2/*2P *6,%*4./S./&R

5'%&*U.&*!(.1(*6.-.)'%*X.+Y*2,B./%i()*#+*6.,J2).+.*%/*&"::2,0*2P *0'(*1(.&(P%,(*,(1(/0$+*/(B20%.0()*U%0'*Z2,U(B%./*'($:*#(0U((/*0'(*6%/'.$(&(N%)(/0%P%()*B2J(,/-(/0*./)*0'(*&(1(&&%2/%&0*4558*2,*5.-%$*5%B(,&R*IJ(,*0'(*$.&0*+(.,*./)*.*'.$PY*X,R*\R5R*\,%+.,.0/(Y*6.,J2).+.]&*P2"/)(,Y*'.)*12/J(/()*:"#$%1*:(.1(*-()%0.0%2/&*02*1'./B(*0'(*g:&+1'2&:'(,(]R*5'(&(*B.0'(,%/B&*$(0*

Celebrated deep ecologist, Joanna Macy, describes the work and philosophy of Sarvodaya, emphasizing the spiritual roots of its activism. Sarvodaya is the largest single member of the Global Ecovillage Network, working as it does with over 10,000 communities throughout Sri Lanka.

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128 GAIAN ECONOMICS

2,)%/.,+*:(2:$(*.0*0'(*B,.&&,220&*$(J($*)(-2/&0,.0(*./)*)((:(/*0'(%,*)(&%,(*02* (/)* 0'(*U.,R*Z2UY*)(&:%0(* 12"/&($* P,2-*-2,(* 1."0%2"&*-%/)&Y*'(*'.)*,(.1'()*P2,*&2-(0'%/B*'"B(C*.*-()%0.0%2/*02*%/1$")(*.*'.$P *.*-%$$%2/*:(2:$(R*\/)*)(&:%0(*.*B,(/.)(*.00.1S*2/*0'(*\,%+.,.0/(*'2-(Y*,%B'0*#(P2,(*0'(*(J(/0*./)*b"&0*2"0&%)(*-+*#(),22-Y*0'(*(J(/0*U(/0*P2,U.,)R*[/*U'.0*-%B'0*U($$*#(*0'(*$.,B(&0*-()%0.0%2/*P2,*:(.1(*%/*0'(*'%&02,+*2P *0'(*U2,$)Y*a`DYDDD*:(2:$(*022S*:.,0R

6%00%/B*2/* 0'(*B,.&&*.&* P.,*.&* 0'(*(+(*12"$)*&((Y* 0'(+*-.)(*0'(*#%BB(&0*&%$(/1(* [* (J(,* '(.,)R* \P0(,* :,.+(,&* P,2-* ^"))'%&0Y* 3%/)"* ./)* 9"&$%-*1$(,%1&Y*./)*%/*0'(*%/0(,J.$&*#(0U((/*X,R*\,%+.,.0/(]&*U2,)&Y*B"%)%/B*"&*%/*-%/)P"$/(&&*2P *#,(.0'Y* %/* $2J%/B*S%/)/(&&*./)* P%,-* ,(&2$J(* P2,*:(.1(Y* 0'(*&%$(/1(* )((:(/()R* [* 0'2"B'0C* 0'%&* %&* 0'(* &2"/)* 2P * #2-#&* ./)* $./)-%/(&*/20*(H:$2)%/BY*2P *,21S(0&*/20* $."/1'()*./)*-.1'%/(*B"/&*$.%)*.&%)(R*[0* %&*:2&&%#$(Y*P2,*"&*.$$R

2. Have practical actions people can undertake together5'.0*).+Y*2PP *02*0'(*&%)(*#+*0'(*./1%(/0*#2)'%*0,((Y*.*1(,(-2/+*%/."B",.0()*6.,J2).+.]&*4%/SN<:*:,2B,.-R*\*0'2"&./)*J%$$.B(&*%/*0'(*-2,(*)(J.&0.0()*5.-%$*.,(.&*.,(*:.%,()*U%0'*.* 0'2"&./)* %/* 0'(*6%/'.$(&(*.,(.&R*5'(* $.00(,*U%$$*#,%/B*-.0(,%.$&*./)*&S%$$()*./)*"/&S%$$()*$.#2",Y*&2*0'.0*#20'*:.,0%(&*1./*U2,S*02B(0'(,*02*,(#"%$)*'2-(&*./)*&1'22$&Y*U($$&*./)*02%$(0&*./)*:$.1(&*2P *U2,&'%:*)(&0,2+()*%/*0'(*P%B'0%/BR*[*'(.,)*2P *.*J%$$.B(*%/*0'(*62"0'Y*0'.0Y*b"&0*2/*'(.,%/B*2P * 0'%&*:,2B,.-Y* %--()%.0($+* $2.)()* 0U2* $2,,%(&*U%0'* ,22P%/B*-.0(,%.$&*02*0.S(*/2,0'R******5'(*&.-(*).+Y*02*&+-#2$%i(*0'%&*:.,0/(,&'%:Y*.*J%$$.B(*P,2-*(.1'*&%)(*'.)*#((/*&($(10()Y*./)*.P0(,*0'(*0(-:$(*#($$*U.&*,"/B*c*.0*0'(*:,(1%&(*-2-(/0*#($$&*U(,(*,"/B*0'.0*).+*.1,2&&*6,%*4./S.*c*+2"/B*:(2:$(*P,2-*(.1'*2P *0'(&(*0U2*J%$$.B(&*1.-(*P2,U.,)R*5'(+*#2,(*,2"/)*0,.+&*2P *&:(1%.$Y* P(&0%J(* P22)*0'(+*'.)*:,(:.,()Y*./)* 0'(+* P()*(.1'*20'(,R*5'(*:$.0(&*U(,(* 0'(/*:.&&()*.-2/B* 0'(* ,(&0* 2P * "&* B.0'(,()* 0'(,(R* 8J(/* %P * 0'(* 1(.&(P%,(* %&* &.#20.B()Y*[*U./0*02*,(-(-#(,*0'.0*0.&0(*2P *&U((0*,%1(*./)*1212/"0R*[0*02$)*-(*0'.0*0'%&*%&*U'.0*U(*,(.$$+*U./0Y*-2&0*2P *.$$*c*02*&02:*0'(*P%B'0%/B*./)*P(()*(.1'*20'(,R

3. To build enduring peace, restore the land6.,J2).+.]&*:(.1(*:$./* %/1$")(&*B,.&&,220&*)(J($2:-(/0*&0,.0(B%(&* P2,* 0'(*),+*i2/(&Y*0'(*-2&0*(12/2-%1.$$+*'.,)N:,(&&()*.,(.&*2P *6,%*4./S.R*[0*P(.0",(&*$21.$$+*B(/(,.0()*(/(,B+*P,2-*#%2-.&&*.&*U($$*.&*&"&0.%/.#$(*%,,%B.0%2/Y*&2%$*,(/(U.$Y*./)*0'(*12--"/%0+N12/0,2$$()*-%1,21,()%0*&1'(-(&*0'(*92J(-(/0*'.&*:%2/((,()*%/*0'(*$.&0*)(1.)(R

5'(* .%-* 2P * 0'(* 92J(-(/0Y* .&* (J(,Y* %&* .* g/2* :2J(,0+Y* /2* .PP$"(/1(]*&21%(0+*02*,()"1(*0'(*)%&:.,%0+*#(0U((/*,%1'*./)*:22,*#,2"B'0*.#2"0*#+*$.0(*1.:%0.$%&-*./)*12,:2,.0(*B$2#.$%i.0%2/R*5'(*:,%2,%0+*:$.1()*2/*1.,(*P2,*0'(*$./)*,(-%/)&*-(*2P *6.,J2).+.]&*$%&0*2P *^.&%1*3"-./*Z(()&Y*0'(*J(,+*P%,&0*2P *U'%1'*%&*g.*&.P(*./)*#(."0%P"$*(/J%,2/-(/0]R

C"6-(9"7"X*%?0"'0%?1"$%#$'1;90*%.6"**6((3*%90-01(?)0$3%*36"30.#0*%@(6%340%967%R($0*K%340%)(*3%0'($()#'"117%4"69M?60**09%"60"*%(@ %C6#%,"$H"P

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4. Think long-term!(.1(*)2(&*/20*'.::(/*U%0'*0'(*&%B/%/B*2P *)21"-(/0&k* 0'(*(PP(10&*2P *U.,*12/0%/"(* 02* P(&0(,* P.,* %/02* 0'(* P"0",(Y* 2P0(/* 02* (,":0* .B.%/* %/* J%2$(/1(R*6.,J2).+.*:2%/0&*2"0*0'.0*0'(*&(()&*2P *6,%*4./S.]&*1%J%$*U.,*U(,(*:$./0()*`DD*+(.,&*.B2*U%0'*8",2:(./*12$2/%i.0%2/Y*./)*(&0%-.0(&* 0'.0* %0&*'(.$%/B*U%$$*,(f"%,(*./*(f".$*.-2"/0*2P *0%-(R*62*0'(*:(.1(*:$./*%0*#,%/B&*(-#,.1(&*0'(*/(H0*`DD*+(.,&R* * * * * 52* B%J(* +2"* .* ,2"B'* %)(.C* P%J(* +(.,&* 02* :"0*X,+* y2/(* )(J($2:-(/0*-(.&",(&*%/*:$.1(k*0(/*+(.,&*02*,(&(00$(*.$$*0'(*,(P"B((&k*`D*+(.,&*02*.1'%(J(*0'(*$2U(&0*:2J(,0+*,.0(*%/*0'(*U2,$)*./)*.#2$%&'*6,%*4./S.]&*&0./)%/B*.,-+R*5'(* J%&%2/* 12/0%/"(&* #(+2/)* 0'.0C* #+* >?DDY* 6,%*4./S.* #(12-(&* g0'(* P%,&0*12"/0,+*02*($%-%/.0(*:2J(,0+Y*#20'*(12/2-%1*./)*&:%,%0".$]R*̂ +*0'(*+(.,*>`DDY*g;$2#.$*1$%-.0(*U.,-%/B*-.+*1."&(*1'./B(&* 02*6,%*4./S./*(/J%,2/-(/0k*#"0*#(1."&(*2P *0'(*'%&02,+*2P *U2,S%/B*02B(0'(,*2J(,*'"/),()&*2P *+(.,&Y*0'(&(*1'./B(&*U%$$*/20*#(*)%&.&0(,&R*[/*`DD*+(.,&Y*:(2:$(*-%B'0*#(*$%J%/B*2/*20'(,*:$./(0&k*'2U(J(,Y*6,%*4./S.*U%$$*,(0.%/*0'(%,*%-.B(*2P *!.,.)%&(*2/*8.,0']R* [* 0'%/S*2P * 0'(* 0%B'0,2:(*U.$S(,*U'2Y* 02*-.%/0.%/*'(,* #.$./1(* ./)*-2J(*&0(.)%$+*P2,U.,)Y*-"&0*,.%&(*'(,*(+(&Y*S((:*$22S%/B*.'(.)R*T'(/*U(*)2*0'.0*%/*2",*U2,S*P2,*:(.1(*./)*b"&0%1(Y*U'(/*U(*P(($*2",*12//(10%2/&*02*P"0",(*B(/(,.0%2/&Y* U(* 1./* &0.+* &0(.)+* ./)* )(0(,-%/()Y* )(&:%0(* 0'(* %--()%.0(*1'.$$(/B(&*U(*P.1(R*9+*P,%(/)&*%/*0'(*6.,J2).+.*92J(-(/0*'.J(*&'2U/*0'.0*U(*2,)%/.,+*'"-./&*.,(*1.:.#$(*2P *0'.0R

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130

Designing your Local Economy

Hildur Jackson

7%J%$*&21%(0+*%&*"/)(,*&(,%2"&*:,(&&",(*P,2-*#"&%/(&&*./)*B2J(,/-(/0&R*62*'2U*)2*U(*,(1$.%-*-2,(*,22-*P2,*&($PN)(0(,-%/.0%2/*%/*2",*$%J(&j*32U*)2*0'(*%/P2,-.$*./)*P2,-.$*&(102,&*2P *0'(*(12/2-+*02B(0'(,*,($.0(*02*0'(*/(()&*2P * 1%J%$* &21%(0+j*T'.0* .,(* 0'(*.::,2:,%.0(* &0,.0(B%(&j*T'.0* %&* 0'(* ,2$(*2P *12--"/%0+Y*./)Y*%/*:.,0%1"$.,Y*'2U*&'2"$)*12--"/%0%(&*)(&%B/*0'(%,*$21.$*(12/2-%1*&+&0(-j*4(0*"&*&0.,0*#+*$22S%/B*.0*'%&02,+*./)*g'(,&02,+]R

From 1900-19707%J%$*&21%(0+*./)*$21.$*12--"/%0+*-.)(*":*0'(*B,(.0(&0*:.,0&*2P *:(2:$(]&*$%J(&R*92&0*:(2:$(*B$2#.$$+*$%J()*%/*J%$$.B(&*./)*&-.$$*1%0%(&R*8J(/*%/*?_ED*.*-.b2,%0+*KE`rO*2P *:(2:$(*%/*0'(*B$2#.$*62"0'*&0%$$*$%J()*%/*J%$$.B(&*.$0'2"B'*0'(+*U(,(* 0'(/*"/)(,*:,(&&",(* P,2-*",#./%&.0%2/*./)*B$2#.$%&.0%2/R*^"&%N/(&&(&* ./)* 12-:./%(&* %/1,(.&%/B$+* )(1%)()* '2U* U(* $%J()* ./)* #"%$0* 2",*&(00$(-(/0&*./)*J%$$.B(&Y*#"0*0'(%,*%/P$"(/1(*U.&*%/)%,(10*./)*:(2:$(*&0%$$*'.)*0'(*P(($%/B*2P *&($PN)(0(,-%/.0%2/*02*&2-(*)(B,((R*^"&%/(&&(&*U(,(*&0%$$*&-.$$Y*$21.$*2,*/.0%2/.$R*h2"*S/(U*0'(*$21.$*."0'2,%0%(&R

From 1970-2000[/1,(.&%/B$+Y* 1%J%$* &21%(0+* 1.-(* "/)(,* .00.1S* %/* 0'%&* :(,%2)R* 5'(* 0,./&N/.0%2/.$*12,:2,.0%2/&*B.%/()*:2U(,*.&*/.0%2/*&0.0(&*$2&0*0'(%,&R*Z.0%2/*&0.0(&*0,%()*02*.112--2).0(*./)*,(B"$.0(*./)*1.-(*":*U%0'*./&U(,&*$%S(*0'(*8<*02*12"/0(,#.$./1(*./)*,(B"$.0(R*5'(*T5I*U.&*-.%/$+*U,%00(/*#+*0'(*0,./&N/.0%2/.$&R*5'(*0U2*&(102,&*122:(,.0()*1$2&($+*./)*U(,(*%/1,(.&%/B$+*&((/*.&*%/&(:.,.#$(R*G,(/1'* &21%2$2B%&0Y*\/),(*;2,iY*)(&1,%#()* %/* 0'(*?_ED&*'2U*0'%/B&*U2"$)*)(J($2:*U%0'*:,2:'(0%1*:,(1%&%2/R*\*&0%$$* &-.$$(,*/"-#(,*2P *0,./&N/.0%2/.$&*U2"$)*&'.,(*0'(*-.,S(0*#(0U((/*0'(-&($J(&*U%0'*0'(*&"::2,0*2P *0'(*/.0%2/*&0.0(&Y*U'2*&.U*/2*.$0(,/.0%J(R*7%J%$*&21%(0+*U2"$)*12-(*"/)(,*.00.1S* P,2-*#20'*#"&%/(&&*./)*B2J(,/-(/0* K#(* %0* &":,./.0%2/.$Y*/.0%2/.$Y*,(B%2/.$*2,*$21.$OR

Hildur Jackson, the primus motor of Ecovillage Design Education, and co-founder of Gaia Trust, Denmark and GEN, provides an historical contextualization for the ecovillage and engaged spirituality movements and describes the importance of strong communities in the rebuilding and designing of the ‘love economy’.

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b2%/()*0'(*0,.)%0%2/.$*:,20(&0(,&R*

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132 GAIAN ECONOMICS

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134 GAIAN ECONOMICS

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DESIGNING YOUR LOCAL ECONOMY 135

Local currencies in ecovillages9./+*12--"/%0%(&*'.J(* %/0,2)"1()*.* $21.$* 1",,(/1+* 02*-.S(* (H1'./B(o#.,0(,*(.&%(,R*[P *+2"*b2%/*0'(*P22)*1$"#*2P *12",&(*+2"*:.+R*62*-2/(+*-.+*#(*%/J2$J()R*^"0*%0*%&*2/$+*.0*12&0*:,%1(R*[/*X(/-.,S*+2"*0+:%1.$$+*:.+*+2",*12--"/%0+*.#2"0*>Dr*2P *U'.0*0'(*&.-(*-(.$*U2"$)*12&0*.0*.*,(&0.",./0R*

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136

Rules for a Local Economy

Wendell Berry

6"::2&%/B*0'.0*0'(*-(-#(,&*2P *.*$21.$*12--"/%0+*U./0()*0'(%,*12--"/%0+*02*12'(,(Y*02*P$2",%&'Y*./)*02*$.&0Y*0'(/*0'(+*U2"$)*P2$$2U*.*P(U*,"$(&C

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MR* \$U.+&*&"::$+*$21.$*/(()&*P%,&0R*K\/)*2/$+*0'(/*0'%/S*2P *(H:2,0%/B*0'(%,*:,2)"10&Y*P%,&0*02*/(.,#+*1%0%(&Y*./)*0'(/*02*20'(,&RO

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aR* [P * %0* %&* /20* 02* #(* -(,($+* .* 12$2/+* 2P * 0'(* /.0%2/.$* 2,* 0'(* B$2#.$*(12/2-+Y*0'(*12--"/%0+*-"&0*)(J($2:*.::,2:,%.0($+*&1.$()*J.$"(N.))%/B*%/)"&0,%(&*P2,*$21.$*:,2)"10&R

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??R* [P *%0*%&*02*$.&0Y*.*12--"/%0+*-"&0*#(*.#$(*02*.PP2,)*02*%/J(&0*%/*%0&($PC*%0*-"&0*-.%/0.%/*%0&*:,2:(,0%(&Y*S((:*%0&($P *1$(./*KU%0'2"0*)%,0+%/B*&2-(*20'(,*:$.1(OY*1.,(*P2,*%0&*2$)*:(2:$(Y*0(.1'*%0&*1'%$),(/R

Kentucky farmer, poet and essayist, Wendell Berry, sets out the key moral choices in supporting the development of living local economies.

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RULES FOR A LOCAL ECONOMY 137

?>R* 5'(*2$)*./)*0'(*+2"/B*-"&0*0.S(*1.,(*2P *2/(*./20'(,R*5'(*+2"/B*-"&0*$(.,/*P,2-*0'(*2$)Y*/20*/(1(&&.,%$+*./)*/20*.$U.+&*%/*&1'22$R*5'(,(*-"&0*#(*/2* %/&0%0"0%2/.$%&()* g1'%$)*1.,(]*./)* g'2-(&* P2,* 0'(*.B()]R*5'(*12--"/%0+*S/2U&*./)*,(-(-#(,&*%0&($P *#+*0'(*.&&21%.0%2/*2P *2$)*./)*+2"/BR

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D12"7*%#$'1;90%1('"1%$"3;60%T%340%1"$9K%340%2"306K%340%"#6K%340%$"3#-0%'60"3;60*%T%2#34#$%340%)0)G06*4#?%(@ %340%'());$#37P

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138

In Defence of Pleasure: The Slow Food Movement

Aldra Robinson

8J(,+*U((S*)",%/B*-+*1'%$)'22)Y*-+*P.-%$+*U2"$)*:%$(*%/02*0'(*1.,*P2,*2",*,(f"%&%0(*g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i.0%2/R*6'2,0$+*.P0(,*P2$$2U()*T.$N9.,0*./)*20'(,*12--"/%0+NS%$$%/B*-(B.*12,:2,.0%2/&Y*./)*U%0'*0'(-Y*.*-.&&*(H2)"&*2P *12"/0,+*S%)&* 02* 0'(*1%0+Y*$22S%/B*P2,*U2,SR

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The Slow Food movement is a celebration of the rich diversity in our food cultures worldwide and of the key role that small producers play in maintaining them. Here, Aldra Robinson describes the movement and expresses her ‘gratitude for the gifts of a healthy planet and a healthy people, strong communities and the pleasure of delicious food’.

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IN DEFENCE OF PLEASURE : THE SLOW FOOD MOVEMENT 139

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140 GAIAN ECONOMICS

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142

Tallying National Happiness

The Japan Times, Editorial: Oct. 24, 2004

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Amidst concern in many corners that Gross Domestic Product (GDP) is a flawed measure of human and ecological wellbeing, a number of other more rounded and nuanced wellbeing indicators have emerged in recent years. Here, an editorial from The Japan Times takes a look at one of these – Gross National Happiness.

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144

Economics of Happiness

Helena Norberg-Hodge

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Helena Norberg-Hodge is a leading analyst of the impact of the global economy on culture and agriculture worldwide and a pioneer of the localisation movement. She is the founder/director of the International Society for Ecology and Culture (ISEC) and author of Ancient Futures: Lessons from Ladakh for a Globalizing World. Here, she reveals how globalisation fuels climate change. She also shows how localisation would reduce carbon emissions as well as alleviate poverty around the world.

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ECONOMICS OF HAPPINESS 145

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146 GAIAN ECONOMICS

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ECONOMICS OF HAPPINESS 147

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149

MODULE 4Local Economies

9./+* B22)&* ./)* &(,J%1(&* 0'.0* U2"$)* (/,%1'* 2",* 12--"/%0%(&* ./)* 2",*(12&+&0(-&*U(*1./*:,2J%)(*P2,*2",&($J(&* 0',2"B'*&21%.$*(/0(,:,%&(&R*5'(%,*)%&0%/10%J(*P(.0",(*%&*0'.0*0'(%,*:,%-.,+*P"/10%2/*%&*02*)($%J(,*&21%.$*./)o2,*(/J%,2/-(/0.$*&(,J%1(&*,.0'(,*0'./*02*-.S(*.*:,2P%0*c*0'2"B'*%P *0'(+*.,(*02*&"11(()Y*0'(+*)2*/(()*02*#('.J(*%/*.*#"&%/(&&N$%S(*-.//(,R

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*T(*.$&2*(H:$2,(*&2-(*2P *0'(*S(+*%&&"(&*P.1()*#+*(12J%$$.B(&*./)*20'(,*%/0(/0%2/.$*12--"/%0%(&*%/*0(,-&*2P *(-:$2+-(/0*B(/(,.0%2/*./)*.&&(0*c*./)*%/12-(N&'.,%/BR

Contents

The Specialization Trap

Fifty Million Farmers

Why You Should Think Local First

Reclaiming our Future: Reclaiming our Food

Profits of Place

Short Tails: The Coming Small-Mart Revolution

Economics of Solidarity: Good Practice from within the Ecovillage Family

The Economy of Auroville

Will Earthaven Become a ‘Magical Appalachian Machu Picchu’?

Creating and Managing an Ethical Business: Permanent Publications

Powerdown and Permaculture: At the Cusp of Transition

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150

The Specialization Trap

J.M. Greer

G(U*%)(.&*.,(*f"%0(*.&*"/:2:"$.,*/2U.).+&*.&*0'(*&"BB(&0%2/*0'.0*0'(*P.0(*2P * :.&0* 1%J%$%i.0%2/&* '.&* &2-(0'%/B* 02* 0(.1'* "&* .#2"0* 0'(* $%S($+* )(&0%/+*2P * 2",* 2U/R*5'%&* $.1S* 2P * (/0'"&%.&-* P2,* 0'(* $(&&2/&* 2P * '%&02,+* :(,J.)(&*12/0(-:2,.,+*1"$0",(k*U'.0*-.S(&*0'%&*%/0(,(&0%/B*%&*0'.0*%0*%&*.$&2*.-2/B*0'(*-2&0* P,"%0P"$* &2",1(&* 2P * )%&.&0(,* %/* 0'(*-2)(,/* U2,$)R* 5'(* 2/B2%/B*%-:$2&%2/*2P * ,(.$* (&0.0(* :,%1(&* .,2"/)* 0'(* %/)"&0,%.$*U2,$)* %&* &%-:$+*2/(*(H.-:$(*2"0*2P *-./+R*

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5'2&(*2P *"&*U'2*%/&%&0*2/*,(.)%/B*02).+]&*'(.)$%/(&*.#2"0*:(.S*2%$*%/*0'(*$%B'0*2P *'%&02,+*,%&S*.*&%-%$.,*,(.10%2/R*60%$$Y*%0]&*.*,%&S*U2,0'*0.S%/BR*5'(*$2B%1*U'%1'* %/&%&0&* 0'.0*U'%$(* .$$* 20'(,* 1%J%$%i.0%2/&*'.J(* ,%&(/* ./)* P.$$(/Y* 2",&*U%$$*b"&0*S((:*,%&%/B*P2,(J(,Y*)%PP(,&*/20*.*U'%0*P,2-*0'(*$2B%1*"/)(,$+%/B*0'(*$.0(*,(.$*(&0.0(*#"##$(k*0'(*2/$+*)%PP(,(/1(*%&*2/(*2P *&1.$(R*[0]&*P2,*0'%&*,(.&2/*.-2/B*20'(,&*0'.0*[*0,+*02*S((:*":*U%0'*&1'2$.,&'%:*2/*0'(*)(1$%/(*./)*P.$$*2P *:.&0*1%J%$%i.0%2/&Y*./)*0'.0*U.&*U'.0*#,2"B'0*-(*02*^,+./*T.,)N!(,S%/&]*J.$".#$(*#22S*B40%Q"11%(@ %I()0%"$9%340%&$9%(@ %A#-#1#R"3#($*KIHP2,)*<!Y*>DD`OR

5'2&(* 2P * -+* ,(.)(,&* U'2* )2/]0* S((:* 0,.1S* 2P * 1",,(/0* P.&'%2/&* %/*'%&02,%2B,.:'+*-.+*/20* S/2U* 0'.0* P2,* &(J(,.$* )(1.)(&*/2UY* &"1'*:',.&(&*.&* 0'(* gX.,S*\B(&]* ./)* g0'(* P.$$* 2P * @2-(]* '.J(* #((/* /2-%/.* /2/* B,.0.*%/* &1'2$.,$+* 1%,1$(&R* 5'(* 0,./&%0%2/* 0'.0* 0",/()* U(&0(,/* 8",2:(* P,2-* 0'(*1,2U)()Y*12&-2:2$%0./*@2-./*U2,$)*%/02*0'(*)(:2:"$.0()Y*%-:2J(,%&'()*:.01'U2,S* 2P * #.,#.,%./* 1'%(P)2-&* 0'.0* &"11(()()* %0* '.&* #((/* ,(1.&0* #+*

Drawing on a review of the history of previous civilizations, peak oil commentator John Michael Greer makes the case for small-scale decentralised economies in a low-energy future.

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THE SPECIAL IZATION TRAP 151

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152 GAIAN ECONOMICS

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Fifty Million Farmers

Richard Heinberg

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Celebrated peak oil author and educator Richard Heinberg explains why the US will need 50 million farmers to feed its population as fossil fuels begin to run down.

/0X-0%G"*#'"117%G00$%1#-#$.%($%@600%0$06.7%@(6%340%?"*3%32(%4;$9609%70"6*P%

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156 GAIAN ECONOMICS

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166 GAIAN ECONOMICS

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F IFTY MILL ION FARMERS 169

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170

Why you should Think Local First

Michael H. Shuman

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Attorney and economist Michael Shuman is author of The Small-Mart Revolution: How Local Businesses Are Beating the Global Competition and he has a blog at www.smallmart.org. Here he gives ten good reasons why consumers should favour locally-produced goods.

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172 GAIAN ECONOMICS

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175

Reclaiming Our Future: Reclaiming Our Food

Helena Norberg-Hodge

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Every year, millions of small farms and businesses are killed off in the march of globalisation. Helena Norberg – Hodge of ISEC explains the root causes of this insidious process, the negative results affecting us all and what we can do to turn it around. The local food movement is a key element of this renewal of food and farming. It is one of the most successful grassroots examples of localisation in action, sweeping the world and gaining momentum with each passing day.

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176 GAIAN ECONOMICS

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RECLAIMING OUR FUTURE : RECLAIMING OUR FOOD 177

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178 GAIAN ECONOMICS

P22)*(12/2-+*.$&2*:,2J%)(&*P.,-(,&*U%0'*0'(*2::2,0"/%0+*02*)%J(,&%P+*%/02*J.$"(N.))()*:,2)"10&R

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Tipping the scales towards local productionG2,*$21.$*P22)*&+&0(-&*02*B(/"%/($+*P$2",%&'*./)*:,2&:(,*./)*#(*,(:$%1.0()*%/*$.,B(*/"-#(,&*.,2"/)*0'(*U2,$)Y*1'./B(&*.0*0'(*:2$%1+*$(J($*.,(*1$(.,$+*/(1(&&.,+R* 7",,(/0* (12/2-%1* :2$%1%(&* .1,2&&* 0'(* U2,$)* .,(* .,0%P%1%.$$+*$2U(,*%/B*0'(*:,%1(&*2P * %/)"&0,%.$$+N:,2)"1()*P22)&*#+*&'%P0%/B*0'(*12&0&*2P *:,2)"10%2/* 2/02* 0'(* 12--"/%0+R* [P * B,2":&* 1.-:.%B/%/B* P2,* &"&0.%/.#$(*P.,-%/BY*U%$)$%P(*%&&"(&*./)*#(00(,*P22)*)2*/20*0.S(*0'(&(*'%))(/*&"#&%)%(&*

87%?6()(3#$.%);13#';13;60*%@(6%1('"1%?6(9;'3#($K%20%"11(2%?0(?10%"$9%$"3;60%*?"'0%3(%)(-0%"$9%G60"340P

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RECLAIMING OUR FUTURE : RECLAIMING OUR FOOD 179

%/02* .112"/0Y* ./)* )2* /20* 1'.$$(/B(* 0'(* (12/2-%1* #.&%&* 2P * 2",* 1",,(/0*-2/21"$0",.$Y*(H:2,0N#.&()* P22)*&+&0(-Y* 0'(+*,%&S* P.$$%/B* %/02* 0'(* 0,.:*2P *.,B"%/B*0'.0*12/&"-(,&*&'2"$)*:.+*-2,(*P2,*#(00(,*P22)*c*U'(/Y*.&*P.,-(,&*-.,S(0&*(01R*&'2UY*0'(+*1./*.10".$$+*:.+*$(&&R*5'%&*.::,2.1'*-.,B%/.$%&(&*0'(*:22,*./)*2:(/&*1.-:.%B/(,&*02*1'.,B(&*2P *($%0%&-R*G",0'(,-2,(Y*02*2J(,$22S*'%))(/*&"#&%)%(&*%&*02*-%&&*.*P./0.&0%1*2::2,0"/%0+C*%P *0'(&(*,(&2",1(&*U(,(*)%J(,0()*02U.,)&*)(1(/0*.B,%1"$0",(*./)*,(0.%$%/BY*U(*12"$)*'.J(*#(00(,*P22)*.0*/2*(H0,.*12&0*.0*.$$R[/*P.10Y*0'(*:,%1(*2P *P,(&'*$21.$*P22)*U2"$)*12-(*)2U/R

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180

Profits of Place

Josh Harkinson

\*&'2,0*U.$S*P,2-*0'(*</%J(,&%0+*2P *!(//&+$J./%.Y*2/*.*#$21S*2P *l%102,%./*#,2U/&02/(&*2/1(*12/)(-/()*02*0'(*U,(1S%/B*#.$$Y*,(&%)(&*2/(*2P *0'(*8.&0*72.&0]&*B,(.0*&.$2/&*P2,*0'(*$%#(,.$*%/0($$%B(/0&%.R*\*J%&%02,*2/*.*B%J(/*(J(/%/B*-%B'0* P%/)*8,%1*61'$2&&(,*)(12/&0,"10%/B*P.&0* P22)Y* P2,-(,*.-#.&&.)2,* 02*7i(1'2&$2J.S%.*T%$$%.-*4"(,&*./.$+&%/B* 0'(*</%0()*Z.0%2/&Y*2,*.*B.BB$(*2P *5l*1.-(,.&*1,.--()*%/*02*12J(,*.*:,20(&0*2P *0'(*@(:"#$%1./*Z.0%2/.$*72/J(/0%2/R*h(0*0'(*1,2U)&*.,(*.&*$%S($+*02*#(*:"$$()*%/*#+*0'(*6U((0*!20.02*!$./0.%/*62":Y*7,%&:+*5U%1(N722S()*e".%$Y*./)*I,B./%1*!(.,*6.$.)*U%0'*W"-#2*4"-:*7,.#*9(.0*.&*0'(+*.,(*#+*.*$(10",(*2/*0'(*'+),2B(/*P"0",(R

W")+* T%1S&* P2"/)()* 0'(* T'%0(* X2B* 7.P�* 2/* 0'(* P%,&0* P$22,* 2P * '(,*!'%$.)($:'%.*'2-(*%/*?_F=R*3(,*P22)*022S*%0&*1"(*P,2-*0'(*%//2J.0%J(*Z(U*\-(,%1./* 1"%&%/(* 2P * \$%1(* T.0(,&]&* 7'(i* !./%&&(* %/* ^(,S($(+C* ":).0()*,(B%2/.$*)%&'(&Y*,(#"%$0*2/*.*P2"/).0%2/*2P *&(.&2/.$* $21.$*:,2)"1(R*\0*0'(*T'%0(*X2B*0'(*P22)*U.&*.*'%0Y*./)*)%/(,&*&22/*&:%$$()*2/02*0'(*&%)(U.$SY*U.%0%/B* P2,* .* 1'./1(* 02* 0.&0(* P.,-NP,(&'* &0,.U#(,,+*:%(* ./)* 0'(* &"11"$(/0*$21.$* 02-.02(&* 2/* ^(00+]&* ^((P * A.#2#&R* \&* 0'(* ,(&0.",./0* B,(UY* &2* )%)*T%1S&]&*/20%2/*0'.0*0'(*&0,(/B0'*2P *'(,*#"&%/(&&*,($%()*":2/*0'(*f".$%0+*./)*&"&0.%/.#%$%0+*2P *%0&*$21.$$+*B,2U/*%/B,()%(/0&R*

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

Josh Harkinson supports his local coffee shop in Houston, Texas,which, unlike Starbucks, also serves tequila. His work has appeared in magazines such as E, San Francisco, and Harper’s, and he is a staff writer for the Houston Press.

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PROFITS OF PLACE 181

D*%340%60*3";6"$3%.602K%*(%9#9%/#'H*X*%$(3#($%34"3%340%*360$.34%(@ %406%G;*#$0**%601#09%;?($%340%U;"1#37%"$9%*;*3"#$"G#1#37%(@ %#3*%1('"117%.6(2$%#$.609#0$3*P%

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184 GAIAN ECONOMICS

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185

Short Tails: The Coming Small-Mart Revolution

Michael H. Shuman

\1,2&&* 0'(*:$./(0* 0'2"&./)&*2P *12--"/%0%(&*.,(* ,(&:2/)%/B* 02* 0'(*1'.$N$(/B(&* 2P * B$2#.$%i.0%2/* #+* $21.$%i%/B* 0'(%,* (12/2-%(&R* 5'(+* .,(* #"+%/B*$21.$Y* %/J(&0%/B*$21.$Y*'%,%/B*$21.$Y*,($+%/B*2/*$21.$*,(&2",1(&Y*./)*c*.#2J(*.$$*c*/",0",%/B*.*/(U*B(/(,.0%2/*2P *12-:(0%0%J(*&-.$$*#"&%/(&&(&*./1'2,()*02*:$.1(*0',2"B'*$21.$*2U/(,&'%:R*[/*0'(*</%0()*60.0(&*-2,(*0'./*?DD*1%0%(&*./)*02U/&Y*$()*#+*2,B./%i.0%2/&*$%S(*0'(*^"&%/(&&*\$$%./1(*P2,*421.$*4%J%/B*812/2-%(&*K^\448OY*'.J(*12--"/%0+N#.&()*.&&21%.0%2/&*%/J2$J%/B*&(J(,.$*0(/&*2P * 0'2"&./)&*2P *&-.$$*#"&%/(&&(&*:"&'%/B* P2,*.* g421.$*G%,&0]*.B(/).R*8J(,+U'(,(*1./*#(*P2"/)*&%B/&*0'.0*&.+*g421.$$+*IU/()*@(&0.",./0]Y*g421.$*^./SY*gT(*6($$*421.$*W(U($$(,+]R*8f".$$+*&0,%S%/B*%&*0'.0*/2/N$21.$*#"&%/(&&(&*.,(*0,+%/BY*'2U(J(,*)%&%/B(/"2"&$+Y*02*&/(.S*%/02*0'%&*-2J(-(/0R*I/(*2P *0'(*$.,B(&0*̂ ,%0%&'*#./S&Y*36^7Y*.)J(,0%&(&*%0&($P *.&*g5'(*T2,$)]&*421.$*̂ ./S]R*[0*U2"$)*#(*.*-%&0.S(*02*)%&-%&&*0'(&(*(PP2,0&*.&*2$)N&0+$(*:,20(10%2/%&-R*92&0*$21.$%i.0%2/*%&*P21"&()Y*/20*2/*(,(10%/B*$.U&*2,*20'(,*$(B.$*#.,,%(,&*.B.%/&0*%-:2,0&Y*#"0*,.0'(,*2/*:,2-20%/B*P,((*1'2%1(&*c*2P *12/&"-(,&*02*:,%2,%0%i(*$21.$* B22)&Y* 2P * %/J(&02,&* 02* P.J2",* $21.$* #"&%/(&&* 2::2,0"/%0%(&Y* ./)* 2P *(/0,(:,(/(",&* 02* $22S*'.,)(,* P2,* 12--"/%0+N#.&()* %/:"0&* P2,*:,2)"10%2/R*92,(2J(,Y* 0'(&(*-2J(-(/0&*.10".$$+* &"::2,0*)%&-./0$%/B*-./+*)2-(&0%1*&"#&%)%(&*./)*,(B"$.0%2/&*K12/1(,/%/B*0.H(&Y*./0%0,"&0Y*i2/%/BY*./)*&2*P2,0'OY*/(.,$+*.$$*2P *U'%1'*P.J2",*B$2#.$*2J(,* $21.$*#"&%/(&&R*5'%&* %&*.*-2J(-(/0*0'.0* %&* -2,(* P,((N0,.)(* -%/)()* 0'./* -2&0* B$2#.$%i.0%2/* .)J21.0(&* .,(R*6":(,P%1%.$$+Y*0'(*421.$*G%,&0*-2J(-(/0*U2"$)*&((-*02*'.J(*$%00$(*%/*12--2/*U%0'*7',%&*\/)(,&2/]&* .,B"-(/0&* 2/* g5'(*42/B*5.%$]R*421.$*-.,S(0&Y* '(*.,B"()Y*.,(*%/'(,(/0$+*022*&-.$$*P2,*-./+*$21.$*:,2)"1(,&R*I/$+*0',2"B'*0'(*.BB,(B.0%2/*2P *-.,S(0&*:,2J%)()*#+*B$2#.$*:$.0P2,-&*$%S(*\-.i2/*2,*8N^.+*1./* 0'(&(*-%1,2N#"&%/(&&(&* #(B%/* 02* (/b2+* &"11(&&R*32U*)2(&* 0'%&*-2)($*12-:2,0*U%0'*0'(*%)(.$&*2P *#"+%/B*$21.$j*

[/*P.10Y*'2U(J(,Y*0'(*0,%"-:'*2P *0'(*42/B*5.%$*.$&2*-(./&*0'(*0,%"-:'*2P *0'(*6'2,0*5.%$&*2P *$21.$*#"&%/(&&Y*%/*.0*$(.&0*0',((*%-:2,0./0*U.+&R

Michael Shuman, an attorney and economist, is Vice President for Enterprise Development for the Training & Development Corporation (TDC) of Bucksport, Maine. Here he describes the growing competitiveness of small enterprises in the economies of countries across the world.

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186 GAIAN ECONOMICS

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SHORT TAILS : THE COMING SMALL-MART REVOLUTION 187

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2. Find local niches \*&(12/)*P(.0",(*2P *0'(*42/B*5.%$*U2,$)*%&*0'.0*12/&"-(,&*.,(*%/1,(.&%/B$+*-%/)P"$*/20*2/$+*2P *:,%1(*#"0*f".$%0+R*6",(Y*.$-2&0*(J(,+0'%/B*-.&&N:,2)"1()*0'(&(*).+&Y*P,2-*0220':.&0(*02*&21S&Y*%&*#(%/B*1,(.0()*%/*$2UNU.B(*12"/0,%(&*$%S(*7'%/.Y*U'(,(*"/&S%$$()*U2,S(,&*./)*,2#20&*:(,P2,-*,2"0%/(*.&&(-#$+N$%/(*0.&S&*.0*'%B'*&:(()*./)*$2U*12&0R*T'.0*U(*P2,B(0Y*'2U(J(,Y*%&*0'.0*(J(/*0'(&(* B22)&* %/1,(.&%/B$+*-"&0* #(* )(&%B/()* ./)* &2$)* 02* /.,,2U*/%1'(&* 2P *)(-./)%/B*12/&"-(,&Y*U'2&(*0.&0(&*)%PP(,*(/2,-2"&$+*P,2-*:$.1(*02*:$.1(R[/* .* 6(:0(-#(,* >DD`*3.,J.,)* ^"&%/(&&*@(J%(U* .,0%1$(* .:0$+* (/0%0$()* g\$$*60,.0(B+*[&*421.$]Y*^,"1(*;,((/U.$)*./)*W"))*A.'/*.,B"(* 0'.0* 0'(*-2&0*&"11(&&P"$*P%,-&*0'(&(*).+&*.,(*g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l(,%i2/Y* 6^7Y* eU(&0Y* ./)* ^($$62"0'Y* /20*0'(*B$2#.$*:$.+(,&*$%S(*T2,$)72-*./)*;$2#.$*7,2&&%/BR*9./.B(,&*:(,P2,-*-2,(*(PP(10%J($+*U'(/* 0'(+*S/2U* 0'(%,*-.,S(0&* %/0%-.0($+Y*-.&0(,*2/(*2,*0U2*:,2)"10&Y*./)*)2-%/.0(*0'(%,*$21.$*/%1'(R*

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PROFITS OF PLACE 191

U2,$)U%)(Y*-2,(*./)*-2,(*#"&%/(&&(&*U%$$*P%/)*0'.0*0'(*%/B(/"%0+Y*),%J(Y*./)*f".$%0+*2P *%0&*-./.B(,&*./)*U2,S(,&Y*.&*U($$*.&*0'(*f".$%0+*2P *%0&*:,2)"10&*./)*&(,J%1(&Y*-.00(,*-2,(*0'./*0'(*&'((,*&%i(*2P *./*2:(,.0%2/R

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192

Economics of Solidarity: Good Practice from within the Ecovillage Family

Jonathan Dawson

5'(*:,21(&&*2P *(12/2-%1*B$2#.$%&.0%2/*'.&*&(J(,($+*"/)(,1"0*0'(*J%.#%$%0+*2P *$21.$*(12/2-%(&R*72,:2,.0(*&"#&%)%(&*./)*"/P.%,* 0,.)(*.,,./B(-(/0&*'.J(*1,(.0()*.*B$2#.$*(12/2-+*%/*U'%1'*'"B(*J2$"-(&*2P *:,2)"1(*.,(*&'%::()*'%0'(,*./)*0'%0'(,*.1,2&&*0'(*U2,$)R*5'%&*)($%J(,&*:,2P%0&*02*0'(*12,:2,.0%2/&*0'.0*12/0,2$*:,2)"10%2/*./)*)%&0,%#"0%2/Y*U'%$(*"/)(,-%/%/B*12--"/%0%(&Y*$21.$*(12/2-%(&*./)*(12&+&0(-&*.$%S(R*

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5'(,(* %&Y* %/* .))%0%2/Y* .* &0,2/B* %-:"$&(* 02* ,()(P%/(* 0'(* ,($.0%2/&'%:* 02*U2,SY*/20*.&*.*1'2,(*#"0*./*.10*2P *&(,J%1(*./)*(/b2+-(/0R*5'"&Y*0'(*5U%/*I.S&*(12J%$$.B(*%/*l%,B%/%.*)(1$.,(&C*gT(*"&(*.*0,"&0N#.&()*$.#2",*&+&0(-*%/*

Findhorn resident, and Global Ecovillage Network president Jonathan Dawson, provides an overview of economic good practice from within the global ecovillage family.

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ECONOMICS OF SOLIDARITY: GOOD PRACTICE FROM WITHIN THE ECOVILLAGE FAMILY 193

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194 GAIAN ECONOMICS

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52B(0'(,Y* 0'(&(* J.,%2"&* (12/2-%1* &0,.0(B%(&* c* J2$"/0.,+* &%-:$%1%0+Y*(12/2-%1*&2$%).,%0+*./)*0'(*"&(*2P *12--"/%0+*#./S&*./)*1",,(/1%(&*c*'.J(*'($:()*-./+*(12J%$$.B(*(12/2-%(&*.00.%/*.*)%&0%/10%J(*./)*"/12--2/*$(J($*2P *J%0.$%0+R*I/(*&((&*#.S(,%(&Y*0'(.0,(&Y*&'2:&*./)*1.P�&*0'.0*),.U*%/*J%&%02,&*P,2-*P.,*./)*U%)(R*421.$*2,B./%1*1'((&(&Y*U%/(&Y*P,"%0*./)*J(B(0.#$(&*12-#%/(*B,(.0* f".$%0+*U%0'* J(,+* $2U* P22)*-%$(&R* 7,.P0&* &0")%2&* 0",/* 2"0* #(."0%P"$*1(,.-%1&Y* 0(H0%$(&Y* 1.,J%/B&* ./)* 1./)$(&R* 61'22$&* ./)* 0,.%/%/B* 1(/0,(&* P2,*#20'*1'%$),(/*./)*.)"$0&*P$2",%&'R*!"#$%&'%/B*'2"&(&Y*:,%/0%/B*:,(&&(&Y*&2$.,*:./($&*-./"P.10",(,&Y*U.&0(NU.0(,*&+&0(-*)(&%B/(,&Y*12/&"$0%/B*12-:./%(&R*8J(,+U'(,(*0'(,(*%&*(J%)(/1(*2P *(12/2-%1*J%0.$%0+*./)*)%J(,&%P%1.0%2/R

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B(.03406K%340*0%-"6#(;*%0'($()#'%*36"30.#0*%T%-(1;$3"67%*#)?1#'#37K%0'($()#'%*(1#9"6#37%"$9%340%;*0%(@ %'());$#37%G"$H*%"$9%';660$'#0*%T%4"-0%401?09%)"$7%0'(-#11".0%0'($()#0*%"33"#$%"%9#*3#$'3#-0%"$9%;$'())($%10-01%(@ %-#3"1#37P

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195

The Economy of Auroville

Marti Mueller

5'(*h.-%U./.*[/)%./&*%/*81".)2,*1.$$*-2/(+*m&.)*$(.J(&nR*[/*02).+]&*U2,$)Y*P%/)%/B*J.$"(N2,%(/0()*(12/2-%1*&+&0(-&*0'.0*'2/2,*:(2:$(*./)*:,2J%)(*.*1,(.0%J(*&+&0(-*2P *(H1'./B(*0'.0*)2(&/]0*).-.B(*&2-(*P2,*0'(*#(/(P%0*2P *.*P(U*%&*.*'"B(*1'.$$(/B(R*[/*\",2J%$$(Y*U(*'.J(*#((/*&0")+%/B*'2U*02*B(/(,.0(*.#"/)./1(*U'%$(* /20* P.$$%/B* %/02* 0'(* 0,.)%0%2/.$* 0,.:&* ./)* 12/&0,.%/0&* 2P *12/J(/0%2/.$*#"&%/(&&(&*./)*0'(*.)J(,&(*.PP(10&*2P *B$2#.$%i.0%2/R*\",2J%$$(*%&* 1.$$()* g5'(*7%0+* 0'(*8.,0'*Z(()&]R* [0* %&*2",*.%-* 02* &'2U*'2U*(12$2B+*./)* &21%2N(12/2-%1* &2$"0%2/&* 1./* #(* ,(:$%1.0()* 0',2"B'2"0* 0'(* U2,$)*U'%$(* &+-#2$%i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

Business with a difference\",2J%$$(* %&* .* 12--"/%0+* 2P * /(.,$+* >DDD* :(,-./(/0* ,(&%)(/0&* :$"&* .*P$"10".0%/B*:2:"$.0%2/*2P *./*.))%0%2/.$*>DDD*:(2:$(*.0*./+*B%J(/*-2-(/0R*5'(*12--"/%0+*'.&*-2,(*0'./*?`D*&(,J%1(*./)*12--(,1%.$*"/%0&Y*&2-(*2P *0'(-*J(,+*&-.$$*%/*&%i(*./)*20'(,&*U%0'*.*,.0'(,*$.,B(*+(.,$+*0",/2J(,*./)*.*12/&%)(,.#$(*(H:2,0*-.,S(0R*̂ "&%/(&&*%/*\",2J%$$(*%&*#.&()*2/*/2/N2U/(,&'%:*./)*&0(U.,)&'%:*2P *.&&(0&Y*U'%1'*.,(*'($)*%/*0,"&0*#+*0'(*\",2J%$$(*G2"/).0%2/*P2,*g'"-./%0+*.&*.*U'2$(]R*\",2J%$$(*%&*.")%0()*#+*0'(*;2J(,/-(/0*2P *[/)%.*./)*(/b2+&*.*0.HN(H(-:0*&0.0"&*P2,*&2-(*2P *%0&*.10%J%0%(&R*G,2-*:'202J2$0.%1*&+&0(-&*./)*12-:"0(,*&2P0U.,(*02*J%$$.B(*'./)%1,.P0&Y*2",*#"&%/(&&*"/%0&*.,(*(/12",.B()*02*B%J(*.0*$(.&0*=`*:(,1(/0*2P *0'(%,*:,2P%0&*02U.,)&*12--"/%0+*)(J($2:-(/0R*92&0*2P *2",*:,2)"10%2/*"/%0&*.,(*&-.$$*02*-()%"-*%/*&%i(*./)*$.,B($+*2,%(/0()*02U.,)&*0(H0%$(&Y*/.0",.$* P22)*:,21(&&%/BY*./)*.::,2:,%.0(*(/(,B+R*5'(+*:,2J%)(* %/12-(* P2,* $21.$*J%$$.B(&*./)*'.J(*U.B(* &1.$(&* 0'.0*

Marti Mueller is a social-environmental activist, writer, and photographer who divides her time between Paris and the celebrated Indian ecovillage, Auroville. Here, she describes the workings of the Auroville economy.

=(60%34"$%0-06%G0@(60K%D;6(-#110%#*%)(3#-"309%G7%340%$009%3(%36"$*@(6)%#3*01@ %@6()%"%9($"3#($M90?0$90$3%'());$#37%3(2$*4#?%3(%"%*01@M*;*3"#$#$.%0'($()#'%)(901

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196 GAIAN ECONOMICS

.,(*.#2J(*0'(*/2,-*P2,*2",*,(B%2/R*\",2J%$$(*'.&*.$U.+&*'.)*.*,(:"0.0%2/*P2,*#(."0+*./)*f".$%0+*%/*1,.P0&-./&'%:R*T(*0,+*02*:,.10%1(*(0'%1.$*P.%,*0,.)(*./)*(/&",(*0'.0*2",*U2,S%/B*12/)%0%2/&*.,(*B22)*./)*0'.0*2",*U.B(*$(J($&*.,(*.#2J(*0'(*/2,-*P2,*2",*,(B%2/R*5'%&*.$$2U&*$21.$*:(2:$(*02*$%J(*U($$*./)*02*-.%/0.%/*0'(%,*1"$0",.$*'(,%0.B(R*

Becoming more sustainable in India52).+*12--"/%0+N#.&()*#"&%/(&&(&*%/*\",2J%$$(*2PP(,*/(U*./)*.$0(,/.0%J(*-2)($&* 02* 0'(* )2-%/./0* :.,.)%B-* 2P * (12/2-%1* B$2#.$%&.0%2/R* T'(/*\",2J%$$(* #"&%/(&&* "/%0&* ./)* &(,J%1(&* .,(* -20%J.0()* 02U.,)&* 12--"/%0+*U(.$0'*1,(.0%2/*%/&0(.)*2P *:,%J.0(*:,2P%0Y*/(U*:.,.)%B-&*(-(,B(R*I",*(/0%,(*$21.$*12--"/%0+*&'%P0&*P,2-C

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Creative thinking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b(10*P2,*J%$$.B(*P%&'%/B*U2-(/*#.&()*2/*.*B%P0*(12/2-+R*5'(*J%$$.B(*U2-(/*-.S(*)2$$&*2"0*2P *P.#,%1*U.&0(*./)*:(2:$(*)2/.0(*U'.0*0'(+*U%&'R*5'(*:,2b(10*U.&*'%B'$%B'0()*%/*!.,%&*#+*<Z867I*P2,*#,%/B%/B*:,2&:(,%0+*#.1S*02*0'(*J%$$.B(&R*

gT($$:.:(,]* %&* ./20'(,*\",2J%$$(* B(/(,.0()*#"&%/(&&*:,2b(10* $21.0()* %/*./*2"0$+%/B*J%$$.B(*U'(,(*,(1+1$()*/(U&:.:(,&*.,(*0,./&P2,-()*%/02*"&(P"$*2#b(10&Y*&"1'*.&*#2U$&Y*&.1S&Y*./)*12/0.%/(,&R*T($$:.:(,*'.&*/20*2/$+*0,.%/()*$21.$*U2-(/*#"0*'.&*-.)(*0'(-*:.,0*2U/(,&*2P *0'(*#"&%/(&&R*5'(*\",2J%$$(N#.&()* "/%0* './)$(&* 0'(* 12--"/%1.0%2/* ./)* -.,S(0%/B* ./)* 0'(* J%$$.B(&*'./)$(*0'(*-./"P.10",%/BR*5'(*:,2P%0&*.,(*0'(/*&:$%0R*I/(*2P *2",*:$./(0.,+*)%$(--.&* %&* 0'.0* .&* 2",* :2:"$.0%2/* %/1,(.&(&* ./)* 0'(,(* %&*-2,(* )(-./)*P2,* S/2U$()B(N#.&()* &S%$$&Y* :(2:$(* U%0'* P(U* ,(12B/%i.#$(* &S%$$&* #(12-(*

W;6%'4"110$.0%#*%3(%)"#$3"#$%*)"11%?6(9;'3#($%;$#3*K%24#'4%*;??(63%340%60.#($%#$%306)*%(@ %?6(-#9#$.%1('"1%#$'()0%"3%"%@"#6%6"30K%"$9%3(%*360$.340$%-#11".0%601"3#($*4#?*%24#10%G0#$.%(?0$%3(%$02%H#$9*%(@ %G;*#$0**%(??(63;$#3#0*P

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THE ECONOMY OF AUROVILLE 197

./)*,(-.%/*"/(-:$2+()R*5'%&* %&*2/(*2P *0'(*,(.&2/&*0'.0*0'(*)+/.-%1&*2P *%/0(,:(,&2/.$*,($.0%2/&'%:&*./)*.*&0,(&&*2/*0'(*J.$"(*2P *'"-./*,(&2",1(&*%/*#"&%/(&&*/2U*-.00(,&*(J(/*-2,(*0'./*%/*0'(*:.&0R*

Auroville’s specific challenge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

Research on branding!.,.$$($*02*2,B./%i%/B*P2,"-&*2/*#"&%/(&&Y*U(*'.J(*)2/(*,(&(.,1'*2/*#,%/B%/B*&2-(*2P *2",*-.b2,*&'2U1.&(*\",2J%$$(*#,./)&*02B(0'(,*"/)(,*2/(*$.#($*U%0'*$2B2&*./)*0,.)(-.,S&*0'.0*.,(*.*&%B/*2P *f".$%0+Y*#(."0+Y*:(,P(10%2/Y*,(&:(10*P2,*/.0",(Y*./)*P.%,*$.#2",*:,.10%1(&R*T(*'.J(*:$.1()*./*(-:'.&%&*2/*.::$%()*,(&(.,1'*./)*(/12",.B(*12/&0./0*%//2J.0%2/Y*.&*2",*:,2)"10*$%/(&*.,(*2P0(/*12:%()R*8&0.#$%&'%/B*./*\",2J%$$(*#,./)*0'.0*%&*#.1S()*#+*.*:$()B(*02*'%B'*f".$%0+*./)*B22)*$.#2",*&0./).,)&* %&*(&&(/0%.$*#(1."&(*\",2J%$$(*:,2)"10&*.,(*0'(*.-#.&&.)2,&*2P *2",*J.$"(&R*

Foodlink co-operative52*(/12",.B(*$21.$*:,2)"10%2/*P2,*$21.$*P22)*/(()&Y*\",2J%$$(*'.&*(&0.#$%&'()*gG22)$%/S]Y* .* P22)* 122:(,.0%J(* :,2B,.--(Y* 02* #,%/B* .* )2i(/* \",2J%$$(*P.,-&*"/)(,*2/(*1(/0,.$%i()*"/%0R*\&*./*2PP&'220*2P *2",*#"&%/(&&*&(-%/.,&Y*\",2J%$$(*P.,-(,&*b2%/()*P2,1(&*./)*)(J($2:()*.*-.,S(0%/B*12/1(:0Y*)(&%B/()*0'(%,*2U/*$2B2Y*./)*&%B/.0",(Y*g\",2J%$$(*B,2U/]Y*U'%1'*%&*%/1$")()*2/*0'(%,*:.1S.B%/B* ./)* %/* 0'(*)%&0,%#"0%2/*2P *\",2J%$$(* B22)&R*5'(%,* :,2)"10&* .,(*#,2"B'0*%/02*.*1(/0,.$*1$(.,%/B*'2"&(*U'(,(*0'(%,*.J.%$.#%$%0+*%&*:2&0()*./)*2,)(,&*.,(*0.S(/*./)*)%&:.01'()*02*)%PP(,(/0*:.,0&*2P *0'(*12--"/%0+R*[/*0'%&*U.+*2",*12--"/%0+*2P *12/&"-(,&*S/2U&*'2U*0'(*P22)*0'(+*(.0*'.&*#((/*

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:,2)"1()* ./)* 0'.0* P2,* 0'(*-2&0* :.,0Y* %0* %&* 2,B./%1R* !$./&* .,(* 02* $%/S* 0'%&*:,.10%1(*02*0'(*#%2&:'(,(*%0&($PY*U%0'*P22)&*0'.0*1.//20*#(*B,2U/*%/*\",2J%$$(*#(1."&(*2P *(/J%,2/-(/0.$*2,*1$%-.0%1*12/&%)(,.0%2/&R*

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THE ECONOMY OF AUROVILLE 199

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200

Will Earthaven become a ‘Magical Appalachian Machu Picchu’?

Diana Leafe Christian

8.,0'.J(/Y*U'(,(*[*$%J(Y*%&*.*?`N+(.,N2$)*.&:%,%/B*(12J%$$.B(*%/*0'(*̂ $"(*@%)B(*92"/0.%/&*2P *Z2,0'*7.,2$%/.Y*.#2"0*./*'2",* P,2-*\&'(J%$$(R*T(*B2J(,/*2",&($J(&*U%0'*12--"/%0+*-((0%/B&*./)*12--%00((&k*U(*$%J(*%/*&-.$$*:.&&%J(*&2$.,*'2-(&*U(*#"%$)*2",&($J(&*U%0'2"0*#./S*$2./&k*U(],(*2PP *0'(*B,%)R

32U(J(,Y*%/*0'%&*(12/2-%1.$$+*)(:,(&&()*.,(.*2P *62"0'(,/*\::.$.1'%.*%/*0'(*\-(,%1./*62"0'Y*U(],(*022*P.,*P,2-*\&'(J%$$(*02*&"::2,0*12--"0%/B*02*b2#&R*5'(,(*.,(*/2*$.,B(*(-:$2+(,&*U%0'%/*>D*-%$(&Y*./)*$21.$*&(,J%1(*b2#&*.,(*-2&0$+*?DN?`*-%$(&*.U.+*2J(,*U%/)%/B*-2"/0.%/* ,2.)&R*W2#&*-"&0*#(*.J.%$.#$(*2/&%0(*2,*/(.,#+R*T'%$(*.#2"0*?D*2P *2",*M`*-(-#(,&*.,(*,(0%,()Y*$%J(*2/*0,"&0*P"/)&Y*2,*'.J(*20'(,*.//"%0%(&Y*0'(*,(&0*-"&0*(.,/*%/12-(&R*

The economics of a rural ecovillage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

6(J(,.$*-(-#(,&*U2,S*2PP&%0(*c*.*0,((*&",B(2/Y*12"/&($$2,&*2,*0(.1'(,&*.0* ./* .)b.1(/0* &1'22$* P2,* .0N,%&S* +2"0'Y* 2,* :(2:$(* U'2* 0,.J($* ($&(U'(,(C*#22S&($$(,&* .0* 12/P(,(/1(&* .,2"/)* 0'(*<6Y* ./)*U2,S&'2:* :,(&(/0(,&* ./)*12/&"$0./0&R*\* P(U* 0($(12--"0(* #(1."&(*-2&0* 2/&%0(*U2,S* 2::2,0"/%0%(&*,(f"%,(*:'+&%1.$*&0,(/B0'Y*0'(*.#%$%0+*02*2:(,.0(*'(.J+*(f"%:-(/0Y*2,*&S%$$*%/*0'(*#"%$)%/B*0,.)(&Y*-(/*'.J(*.*-"1'*(.&%(,*0%-(*(.,/%/B*-2/(+*'(,(*0'./*-2&0*U2-(/R*5'"&*&2-(Y*(&:(1%.$$+*+2"/B*U2-(/Y*-2J(*02*\&'(J%$$(* 02*(.,/*-2/(+R*6.)$+Y*U(*"&".$$+*$2&(*0'(-*P2,*B22)R*

Diana Christian, author of Finding Community: How to Join an Ecovillage or Intentional Community, and editor of the free online newsletter Ecovillages (EcovillageNewsletter.org), describes the various enterprises that lie at the heart of the Earthaven community and explores the challenges and pitfalls of developing a private economy within a communal experiment.

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WILL EARTHAVEN BECOME A “MAGICAL APPALACHIAN MACHU PICCHU”? 201

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WILL EARTHAVEN BECOME A “MAGICAL APPALACHIAN MACHU PICCHU”? 203

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204 GAIAN ECONOMICS

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205

Creating and Managing an Ethical Business: Permanent Publications

Maddy Harland

5%-*./)*[*&0.,0()*0'(*:"#$%&'%/B*12-:./+*0'.0*U.&*02*#(12-(*!(,-./(/0*!"#$%1.0%2/&*U%0'* 0U2*20'(,* :.,0/(,&* %/* ?__DR*\0* 0'.0* 0%-(* 0'(* 12-:./+*%/'.#%0()*.*#(),22-*./)*)2U/&0.%,&*,22-*%/*2",*1200.B(R*^+*0'(*/.0",(*2P *%0&*&-.$$/(&&*./)*2",*&'2(&0,%/B*#")B(0*%0*U.&*P.%,$+*$2U*%-:.10R*T(*U,20(*./)*:.1S()*":*2",*2U/*#22S&Y*#,2"B'0*1'%$),(/*%/02*0'(*U2,$)*./)*B.,)(/()*.$$*%/*2/(*:$.1(*U'%$&0*2",*(+(&*B$(.-()*U%0'*%)(.$%&-*./)*.-#%0%2/R

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Editor of the UK-based award-winning Permaculture Magazine, Maddy Harland, tells the story of Permanent Publications, and describes the ecological design thinking behind the company

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CREATING AND MANAGING AN ETHICAL BUSINESS: PERMANENT PUBLICATIONS 209

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T(* .$,(.)+* &U.:* :$./0&* ./)* (/12",.B(* (.1'* 20'(,* 02* B,2U* P22)* #"0*U(])*.$&2*$%S(*02*P2,-*.*P22)*12N2:R*T(*12/0%/"(*02*0,+*02*#"+*(0'%1.$$+*./)*&"::2,0*G.%,*5,.)(*$.#($&*U'(,(*:2&&%#$(Y*./)*U2"$)*$%S(*02*&"::2,0*-2,(*$21.$$+*&2",1()*&"&0.%/.#$(*:,2)"10&R*T(*U2"$)*.$&2*$%S(*.*$%00$(*-2,(*0%-(*02*'.J(*P"/R

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210 GAIAN ECONOMICS

Permaculture design\&*.*#"&%/(&&Y*U(*'.J(*.$U.+&*"&()*:(,-.1"$0",(*:,%/1%:$(&*02*)(&%B/*(J(,+*.&:(10*2P *U'.0*U(*)2R*5'(*2#J%2"&*:,%/1%:$(&*.,(*,(&2",1%/B*$21.$$+*U'(,(*:2&&%#$(Y*1+1$%/B*(/(,B+*./)*0",/%/B*U.&0(*K%R(R*1.,)#2.,)Y*:.:(,Y*:.1S.B%/BY*S%01'(/*U.&0(O* %/02* ,(&2",1(&R*T%0'* .10".$* 2PP%1(* )(&%B/Y* 0'(* :,%/1%:$(* 2P *,($.0%J(*$21.0%2/*c*)%&12J(,%/B*0'(*12//(10%2/&*#(0U((/*($(-(/0&*./)*:"00%/B*0'%/B&*%/*0'(*,%B'0*:$.1(*02*&.J(*(/(,B+*c*%&*"&()*(J(,+U'(,(R*I",*:.1S%/B*&0.0%2/*%&*.*B,(.0*(H.-:$(*2P *%/0($$%B(/0*)(&%B/R*62*022*.,(*2",*U2,S*&0.0%2/&R*T(*P%0*.*$20*2P *($(-(/0&*%/02*&-.$$*&:.1(&*U'%1'*-%/%-%&(&*"&(*2P *&:.1(*K,(/0*%&*1'.,B()*#+*0'(*&f".,(*-(0,(*"&()O*./)*&.J(&*(/(,B+R

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Integrated thinking[/* g5'(* 6:%,%0".$* [-:(,.0%J(]Y* ./* .,0%1$(* #+* 6.0%&'* A"-.,* :"#$%&'()* %/*I0*;6.0$'0Y* '(* U,20(* g^"&%/(&&* U%0'2"0* &:%,%0Y* 0,.)(* U%0'2"0* 12-:.&&%2/Y*%/)"&0,+* U%0'2"0* (12$2B+Y* P%/./1(* U%0'2"0* P.%,/(&&Y* (12/2-%1&* U%0'2"0*(f"%0+* 1./* 2/$+* #,%/B* 0'(* #,(.S)2U/* 2P * &21%(0+* ./)* )(&0,"10%2/* 2P * 0'(*/.0",.$*U2,$)R*I/$+*U'(/*&:%,%0*./)*#"&%/(&&*U2,S*02B(0'(,*1./*'"-./%0+*P%/)*12'(,(/0*:",:2&(]R>*5'(&(*U2,)&*,(&2/.0(*U%0'*-(*#(1."&(*0'(+*&"-*":*U'.0*U(*.,(* 0,+%/B* 02*)2*c* 02*#(*&($PN.U.,(Y* 02*&(,J(*20'(,&*./)*#(*.&*'.,-$(&&*.&*:2&&%#$(R

>3%#*%340%'($'0?3*%(@ %;*#$.%09.0*K%90*#.$#$.%@6()%?"3306$*K%"$9%-"1;#$.%9#-06*#37%"$9%340%)"6.#$"1%34"3%)"7%*00)%"G*36"'3%#$%306)*%(@ %G;*#$0**K%G;3%3407%"60%(@ %.60"30*3%;*0P

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CREATING AND MANAGING AN ETHICAL BUSINESS: PERMANENT PUBLICATIONS 211

[*S/2U* 0'.0*U(*"&(*":* P%/%0(* ,(&2",1(&*c*U(*-2J(* %/P2,-.0%2/* %/* 0'(*P2,-*2P *:.:(,*.,2"/)*0'(*U2,$)*c*./)*%/*(&&(/1(*0'.0*"&(&*1.,#2/R*T(*0,+*.0*.$$*0%-(&*02*)2*0'%&*%/*.&*$2U*%-:.10*.*U.+*.&*:2&&%#$(*./)*U%0'%/*0'(*0%B'0*P%/./1%.$*12/&0,.%/0&*U(*P.1(*.&*./*(/0%,($+*%/)(:(/)(/0*2,B./%&.0%2/*U%0'N2"0*(H0(,/.$*P"/)%/BR*T(*.$&2*,"/*U%0'*0'(*:'%$2&2:'+*0'.0*0'(*"&(P"$/(&&*2P *0'(*%/P2,-.0%2/*U(*:,2)"1(*2"0U(%B'&*0'(*1.,#2/*$2.)*,(f"%,()*02*1,(.0(*./)* 0,./&-%0* %0* c* .* P2,-*2P * 0,./&%0%2/.$* (0'%1&R*T(* .,(* '(,(* 02* #,2.)1.&0*:2&%0%J(Y*&-.$$*&1.$(Y*&2$"0%2/*2,%(/0.0()*%)(.&*./)*:,.10%1(&R*5'(*P(()#.1S*U(*,(1(%J(*%/)%1.0(&*0'.0*2",*U2,S*)2(&*1'./B(*$%J(&*c*P2,*0'(*#(00(,R*T(*.,(*.$&2*.U.,(*0'.0*U(*.,(*2P *2",*0%-(*./)*2/(*).+*U(*-.+*U($$*'./B*":*2",*-%1(*./)*'(.)*2PP *%/*./20'(,*)%,(10%2/R*I,*U(*-.+*(/)*2",*).+&*U,%0%/B*./)*:"#$%&'%/BRRR*./)*&/22i%/B*%/*0'(*&"/*.&*2$)*)2B&*)2R

References?R* X.J%)*32$-B,(/Y*506)"';13;60%T%56#$'#?10*%<%5"342"7*%807($9%C;*3"#$"G#1#37k*K32$-B,(/*X(&%B/* !,(&&Y* >DD=* c* .J.%$.#$(* P,2-* 5'(* ;,((/* 6'2::%/B* 7.0.$2B"(Y* UUURB,((/N&'2::%/BR12R"SO

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212

Powerdown and Permaculture: at the Cusp of Transition

Rob Hopkins

!(,-.1"$0",(*'.&*.1'%(J()*-./+*B,(.0*0'%/B&*&%/1(*%0&*%/1(:0%2/*%/*0'(*-%)*c*?_ED&R*[0*'.&*&:,(.)*.,2"/)*0'(*U2,$)Y*./)*%/P2,-&*0'(*).+N02N).+*)(1%&%2/&*./)*0'%/S%/B*2P *-%$$%2/&*2P *:(2:$(R*[0*'.&*.$&2*2P0(/*.10()*.&*0'(*%/J%&%#$(*-20%J.02,* #('%/)* -./+* &"&0.%/.#%$%0+* %/%0%.0%J(&Y* U'%1'* .$0'2"B'* /20* %/*0'(-&($J(&*&0,%10$+*:(,-.1"$0",.$Y*.,(*%/P2,-()*#+*%0&*:,%/1%:$(&R*

@(.)(,&*2P *506)"';13;60%="."R#$0* K!9O*U%$$*S/2U*0'(* b2+*2P *.::$+%/B*:(,-.1"$0",(* )(&%B/* 02* 0'(%,* 2U/* $%J(&* ./)* (H:(,%(/1%/B* 0'(* #(/(P%0&* 2P *.::$%()* 12--2/* &(/&(Y*U'(0'(,* %0* #(* %/* 0'(* P2,-*2P * P,(&'* &.$.)*2,* .* 12N'2"&%/B*:,2b(10R*T(*P%/)*2",&($J(&*.&*.*-2J(-(/0Y*'2U(J(,Y*2/*0'(*()B(*2P *.*B$2#.$*0,./&%0%2/*2P *"/:,(1()(/0()*:,2:2,0%2/&R*[/*0'%&*.,0%1$(Y*[*.-*.&S%/BY*m[&*0'(*:(,-.1"$0",(*-2J(-(/0*,(.)+*P2,*0'(*&1.$(*2P *1'./B(&*.'(.)jn*

Peak oil – the great oversight of our times!(.S*2%$*%&*.*0(,-*%/1,(.&%/B$+*-(/0%2/()*%/*!9Y*#"0*U'.0*)2(&*%0*.10".$$+*-(./j*[/*#,%(PY*%0*%&*0'(*:2%/0*%/*U2,$)*2%$*:,2)"10%2/*.0*U'%1'*&"::$+*#(B%/&*02*)%10.0(*)(-./)Y*,.0'(,*0'./*)(-./)*),%J%/B*&"::$+Y*U'%1'*'.&*#((/*0'(*&%0".0%2/*P2,*0'(*:.&0*?`D*+(.,&R*[/*20'(,*U2,)&Y*U(*B2*P,2-*'.J%/B*.&*-"1'*2%$*.&*U(*1./*"&(Y*02*"&%/B*.&*-"1'*2%$*.&*U(*1./*'.J(R*[0*%&*.*:%J20.$*:2%/0*%/* '"-./*'%&02,+Y* ./)*U'%$(* %0* )2(&* /20*-(./* 0'.0*U(* .,(* g,"//%/B* 2"0]*2P *2%$Y*%0*)2(&*-(./*0'.0*0'(*\B(*2P *7'(.:*I%$Y*./)*.$$*0'.0*1'(.:*2%$*'.&*-.)(*:2&&%#$(Y* %&*12-%/B*02*.*1$2&(R*5'(*:,%1(*2P *2%$* %&*,%&%/B*&0(.)%$+k*U(*2/$+*)%&12J(,*2/(*/(U*#.,,($*2P *2%$* P2,*(J(,+*&%H*U(*12/&"-(Y*./)*-./+*2P *0'(*2%$*:,2)"1%/B*/.0%2/&*U(*,($+*2/*02*:2U(,*2",*$%P(&0+$(&*.,(*(%0'(,*%/*)(1$%/(Y*2,*.,(*&2*&(1,(0%J(*.#2"0*0'(%,*,(&(,J(&*0'.0*U(*'.J(*/2*,(.&2/&*02*P(($*12-:$.1(/0*0'.0*0'(+*.,(*/20*.$&2*)(1$%/%/BR*

T(*$%J(*%/*.*G22$]&*!.,.)%&(Y*&",,2"/)()*#+*%!2)&Y*U($$N&0.1S()*&":(,N-.,S(0*&'($J(&*./)*7($(#,%0+*42J(*[&$./)Y*#($%(J%/B*%0*02*#(*0'(*g,(.$*U2,$)]R*[/*,(.$%0+Y*%0*%&*./*(H0,(-($+*P,.B%$(*%$$"&%2/Y*U'%1'Y*.&*0'(*>DDD*0,"1S*),%J(,&]*

Rob Hopkins – permaculturist and founder of the Transition Towns movement – asks whether the permaculture movement is capable of influencing society as a whole when the coming peak oil energy crisis bites – or should we just head for the hills?

/0%1#-0%#$%"%Q((1X*%5"6"9#*0K%*;66(;$909%G7%#5(9*K%2011M*3"'H09%*;?06)"6H03%*401-0*%"$9%A010G6#37%,(-0%>*1"$9K%G01#0-#$.%#3%3(%G0%340%\60"1%2(619XP

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POWERDOWN AND PERMACULTURE : AT THE CUSP OF TRANSIT ION 213

&0,%S(*(H:2&()*U'(/*0'(*<A*&":(,-.,S(0*&'($J(&*/(.,$+*(-:0%()Y*%&*"00(,$+*)(:(/)(/0*2/*1(/0,.$%&()*0,./&:2,0R*5'(*<A*'.&*.$-2&0*/2*P22)*&(1",%0+Y*U(*/2*$2/B(,*-.S(*./+0'%/BY*2",*$%J%/B*.,,./B(-(/0&*'.J(*-.)(*"&*#($%(J(*0'.0*$%P(*U%0'2"0*.*1.,*%&*%-:2&&%#$(Y*./)*U(*'.J(*$.,B($+*P2,B200(/*0'(*&S%$$&*0'.0*(/.#$()*2",*./1(&02,&*02*&((*2"0*'.,)*0%-(&*%/*0'(*:.&0R*T(*.,(*)(:(/)(/0*P2,*(J(,+0'%/B*2/*.*B$2#.$%&()*(12/2-+Y*U'%1'*%/*0",/*%&*"00(,$+*)(:(/)(/0*2/*1'(.:*2%$R

8H:(,0&* :$.1()* 0'(* :(.S* %/* U2,$)* 2%$* :,2)"10%2/* &2-(* 0%-(* #(0U((/*>DDF*./)*>D?DY*./)*.*,(1(/0*&0")+*%/*0'(*<6Y*S/2U/*.&*0'(*3%,&1'*@(:2,0Y*12/1$")()* 0'.0*./+* g1,.&'*:,2B,.--(]*2P *:,(:.,.0%2/* P2,* $%P(*#(+2/)* 0'(*:(.SY*U2"$)*/(()*.0* $(.&0*?D*+(.,&Y*:,(P(,.#$+*>DY* 02*'.J(*./+*1'./1(*2P *&"11(&&R*T%0'*/2*&%B/*2P *&"1'*.*g1,.&'*:,2B,.--(]*12-%/B*P,2-*/.0%2/.$*B2J(,/-(/0Y*U'.0*,2$(*-%B'0*0'(*:(,-.1"$0",(*-2J(-(/0*'.J(*02*:$.+*%/*0'%&*0,./&%0%2/j

Challenging permaculture!(,-.1"$0",(Y*.&*%0*'.&*#((/*,(P,.-()*#+*X.J%)*32$-B,(/*%/*506)"';13;60%T% 56#$'#?10*% <% 5"342"7*% 807($9% C;*3"#$"G#1#37Y* %&* /20'%/B* $(&&* 0'./* 0'(*)(&%B/* &+&0(-* P2,* .* :2&0N:(.S* &21%(0+R?* 3(* U,%0(&* 0'.0Y* g:(,-.1"$0",(* %&*0'(*U'2$('(.,0()*./)*:2&%0%J(* .11(:0./1(*2P * (/(,B+*)(&1(/0Y* .&*/20*2/$+*%/(J%0.#$(*#"0*.&*.*)(&%,()*,(.$%0+]R*h(0Y*.&*8,%1*60(U.,0*U,20(*$.&0*+(.,*%/*.*:%(1(*%/*506)"';13;60%D'3#-#*3*1.$$()*g\*6(12/)*7'.$$(/B(*02*0'(*92J(-(/0]Y*:(,-.1"$0",(Y* .&* %0* &0./)&* 2/* 0'(* J(,B(* 2P * %0&* g1.$$* 02* :2U(,]Y* .::(.,&* 02*'.J(*.*#"%$0N%/*P$.UR>*g[0*&((-&*02*-(]Y*'(*U,20(Y*g0'.0*:(,-.1"$0",(*'2"&(&*0U2*J%,0".$$+*:2$.,*%-:"$&(&C*2/(*%/J2$J(&*,(-2J.$*P,2-*$.,B(,*&21%(0+k*0'(*20'(,* %/J2$J(&*U2,S%/B* P2,* 0'(* 0,./&P2,-.0%2/* 2P * &21%(0+R*T'%$(* 0'(* 1.&(*1./*#(*-.)(*0'.0*,(-2J.$*P,2-*0'(*$.,B(,*&21%(0+*,(:,(&(/0&*.10%2/*0'.0*%&*0,./&P2,-.0%J(* 2P * &21%(0+Y* [* #($%(J(* 0'.0* 0'(,(* %&* ./* %-#.$./1(*U%0'%/* 0'(*1"$0",.$* -./%P(&0.0%2/* 2P * :(,-.1"$0",(* 0'.0* '.&* P.J2",()* %&2$.0%2/* 2J(,*%/0(,.10%2/R*5'(*1"$0",.$*&'%P0*U(*/(()*)(:(/)&*2/*%/1,(.&%/B*%/0(,.10%2/*02*%/1,(.&(*0'(*.J.%$.#%$%0+*2P *0'(*,(&2",1(&*:(,-.1"$0",(*2PP(,&]R

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8H1(,:0()*P,2-*506)"';13;60%="."R#$0Y*/2R*`DR

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219

MODULE 5

Legal & Financial Issues

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Contents

Financial and Legal Issues in Ecovillage and Enterprise Formation

Making a Business Plan

Preparing Feasibility Studies and Business Plans

Legal Entities for owning Ecovillage Land

Buying in – the Effect of an Ecovillage’s Economic Choices

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220

Financial and Legal Issues in Ecovillage & Enterprise Formation

Alex Walker

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Findhorn resident Alex Walker describes the various options open for both financing and for legal incorporation of organizations and enterprises.

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F INANCIAL AND LEGAL ISSUES IN ECOVILLAGE AND ENTERPRISE FORMATION 221

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222 GAIAN ECONOMICS

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224

Making a Business Plan

Ross Jackson

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Executive summary9.H%-"-*2/(*:.B(*.0*0'(*#(B%//%/B*2P *+2",*,(:2,0*&"--.,%i%/B*#,%(P$+*0'(*(&&(/0%.$&*2P *U'2*+2"*.,(Y*U'.0*+2"*U./0*02*)2Y*U'+*+2"*U./0*02*)2*%0*./)*

Among other things, Ross Jackson is CEO of Gaia Technologies A/S, Denmark – the venture capital daughter company of Gaia Trust – that has given financial support to a number of ‘green’ start-ups in Denmark. He is therefore well acquainted with the evaluation of business plans from an investor’s viewpoint.

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MAKING A BUSINESS PLAN 225

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226 GAIAN ECONOMICS

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MAKING A BUSINESS PLAN 227

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228

Preparing Feasibility Studies and Business Plans

Alex Walker

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Findhorn resident Alex Walker describes the outline design of feasibility studies and business plans.

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PREPARING FEASIBIL ITY STUDIES AND BUSINESS PLANS 229

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230

Legal Entities for Owning Ecovillage Land

Diana Leafe Christian

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62*)(1$.,()*.*12P2"/)(,*2P *.*&0.,0N":*(12J%$$.B(*[*U.&*%/J2$J()*%/*&(J(,.$*+(.,&*.B2R*6'(*U.&*U%$$%/B* 02*1,(.0(*12--"/%0+*.B,((-(/0&*./)*:2$%1%(&Y*#"0* /20* .* $(B.$* 12,:2,.0%2/R* [* 1(,0.%/$+* &.U* '(,* :2%/0R* 72,:2,.0%2/&* .,(*(/0%0%(&*U'%1'*"/)(,*0'(*$.U*.,(*0,(.0()*.&*%P *0'(+*'.)*0'(*,%B'0&*2P *.10".$*:(2:$(Y*#"0*.$$2U*0'(*,(.$*:(2:$(*U'2*,"/*0'(-*02*%/1",*)(#0&Y*J%2$.0(*0'(*(/J%,2/-(/0Y* 2,* '.,-* 20'(,&* U%0'* /2* 12/&(f"(/1(* 02* 0'(-* :(,&2/.$$+R*\/)*U'(/*-2&0*:(2:$(* 0'%/S* g12,:2,.0%2/]Y* 0'(+* 0'%/S*#%BY*-"$0%/.0%2/.$*12,:2,.0%2/&R*\,-()*U%0'*-%$$%2/&*./)*P$((0&*2P *$.U+(,&Y*$.,B(*12,:2,.0%2/&*1./*)(/+Y*(J.)(Y*./)*)($.+*:,2&(1"0%2/*P2,*(/J%,2/-(/0.$*./)*20'(,*1,%-(&*P2,*U'%1'*./*%/)%J%)".$*:(,&2/*U2"$)*#(*&U%P0$+*0',2U/*%/*b.%$R*Z2*U2/)(,*-./+*2P *0'(*:(2:$(*-2&0*%/0(,(&0()*%/*1,(.0%/B*(12J%$$.B(&*.,(*2P0(/*.J(,&(*02*g12,:2,.0%2/&]*./)*g$(B.$*(/0%0%(&]R

h(0*P2,-*0'(-*U(*-"&0Y*%P *U(*.,(*02*:,20(10*2",&($J(&*P,2-*:20(/0%.$$+*,"%/2"&*$.U&"%0&Y*(H2,#%0./0*0.H(&Y*2,*&"))(/*,(&:2/&%#%$%0+*P2,*:.+%/B*)(#0&*U(*)%)/]0*.B,((*02R*4(B.$*(/0%0%(&*.,(*0'(-&($J(&*/("0,.$R*[0]&*U'(/*:(2:$(*"&(*0'(&(*(/0%0%(&*02*'.,-*20'(,&*./)*.J2%)*,(&:2/&%#%$%0+*0'.0*0'(+*#(12-(*2#b(10%2/.#$(R*T(*1./*"&(* 0'(-*02*1,(.0(*.*-2,(*&"&0.%/.#$(Y*122:(,.0%J(*U.+*2P *$%P(*./)Y*#+*)(-2/&0,.0%2/Y*%/P$"(/1(*2",*&21%(0+*P2,*0'(*#(00(,R*

Why you need a legal entity – and before buying your propertyT'+*)2(&*+2",*(12J%$$.B(*/(()*02*P2,-*.*$(B.$*(/0%0+j*G%,&0Y*+2"]$$*/(()*2/(*02*:",1'.&(*+2",*:,2:(,0+Y*./)*02*2U/*%0*02B(0'(,*2J(,*0'(*+(.,&R*K5(1'/%1.$$+*.*B,2":*1./*:",1'.&(*:,2:(,0+*.&*.*B,2":*U%0'*/2*$(B.$*(/0%0+Y*#"0*+2"*U%$$*/(J(,0'($(&&* &0%$$* '.J(Y* %/*+2",* B2J(,/-(/0]&* J%(UY* .* g)(P."$0]* $(B.$* (/0%0+Y*-2&0*$%S($+*P,2-*,(.$*(&0.0(*$.UY*./)*0'(&(*.,(*)(P%/%0($+*/20*#(/(P%1%.$*P2,*./*(12J%$$.B(*:,2b(10RO*6(12/)Y*+2"]$$*/(()*.*$(B.$*(/0%0+Y*U'%1'*12"$)*#(*.*

Author and former editor of Communities magazine, and current editor of the on-line Ecovillage Newsletter, Diana Christian, looks in depth at the different legal entities to choose from for land ownership in an ecovillage. She lives at Earthaven Ecovillage in North Carolina.

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LEGAL ENTIT IES FOR OWNING ECOVILLAGE LAND 231

&(:.,.0(*(/0%0+Y* 02*2U/*./)*-./.B(*./+*12--"/%0+N2U/()*#"&%/(&&(&*2,*02*-./.B(*./+*/2/N:,2P%0*.10%J%0%(&*c*(&:(1%.$$+*%P *+2"*U./0*02*,(1(%J(*0.HN)()"10%#$(*)2/.0%2/&*P2,*0'2&(*.10%J%0%(&R*

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mT.%0*.*-%/"0(Y*2",*(12J%$$.B(*U2/]0*#(*$%S(*0'.0Yn*+2"*-%B'0*&.+R*mT(],(*B2%/B*02*1,(.0(*&2-(0'%/B*#(."0%P"$*./)*/2#$(*c*/20*&2-(*#"&%/(&&Rn*\'Y*#"0*+2",*P%/./1%.$*)(.$%/B&*/(()*02*#(*12/)"10()*%/*.*#"&%/(&&$%S(*U.+R*\P0(,*.$$Y*+2"]$$*:,2#.#$+*#(*)(.$%/B*U%0'*'"/),()&*2P *0'2"&./)&*2,*-%$$%2/&*2P *8",2&Y*)2$$.,&Y*2,*+2",*12"/0,+]&*1",,(/1+Y*./)*+2"]$$*/(()*1$(.,Y*P.%,*.B,((-(/0&R*\/)Y*U'(/*+2"*B(0*,%B'0*)2U/*02*%0Y*+2",*(12J%$$.B(*%&*.*#"&%/(&&Y*&%/1(*%0*%/J2$J(&*+2",*:"00%/B*0'%&*-2/(+*02B(0'(,*./)*.B,((%/B*'2U*+2"]$$*&:(/)*%0Y*'2U*+2"]$$*,.%&(*-2,(*2P *%0*U'(/*/(()()Y*./)*'2U*+2"]$$*)(.$*P.%,$+*U%0'*./+*&",:$"&*2,*)(P%1%0R*

Why form a legal entity??R* 3.J%/B*.*$(B.$*(/0%0+*U%$$*-.S(*0'(*:,21(&&*2P *#"+%/B*$./)*(.&%(,R*\*&($$(,*

2,*$(/)%/B*%/&0%0"0%2/*U%$$*0.S(*.*$(B.$*(/0%0+*U%0'*0(/&*2P *0'2"&./)&*%/*0'(*#./S*./)*.*#,%(P *1,()%0*'%&02,+*-2,(*&(,%2"&$+*0'./*%0*U2"$)*0.S(*.*12$$(10%2/*2P *%/)%J%)".$&*0,+%/B*02*#"+*:,2:(,0+*02B(0'(,R** *

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232 GAIAN ECONOMICS

>R* \/+*.B,((-(/0&*0'(*B,2":*-.S(&*.&*:.,0*2P *0'(*)21"-(/0&*2P *%0&*$(B.$*(/0%0+* K&"1'* .&* ^+$.U&OY* U%$$* #(* 12-:.0%#$(* U%0'* /.0%2/.$* 2,* 20'(,*B2J(,/-(/0* $.UY* ./)* 0'"&* $(B.$$+* (/P2,1(.#$(R* [P * .* -(-#(,* J%2$.0(&*2/(*2P *0'(&(*.B,((-(/0&Y*0'(*20'(,*-(-#(,&*U%$$*'.J(*0'(*P2,1(*2P *$.U*#('%/)*0'(-*02*%/)"1(*0'(*(,,./0*-(-#(,*02*12-:$+R*

=R* 62-(*$(B.$*(/0%0%(&*.,(*-2,(*12-:.0%#$(*0'./*20'(,&*P2,*0'(*J.,%2"&*U.+&*+2"*1./*2U/*:,2:(,0+*02B(0'(,Y*&"1'*.&C*K.O*(J(,+2/(*2U/&*0'(*:,2:(,0+*%/* 12--2/k* K#O* (.1'* '2"&('2$)* 2U/&* %0&* 2U/* %/)%J%)".$* :$20k* 2,* K1O*(.1'*'2"&('2$)*2U/&*%0&*2U/*%/)%J%)".$*:$20*./)*(J(,+2/(*02B(0'(,*'.&*&'.,()*2U/(,&'%:*2P *0'(*,(&0R

MR* 6%/1(*+2",*12"/0,+]&*/.0%2/.$*./)*:,2J%/1%.$*2,*&0.0(*B2J(,/-(/0&*U%$$*0.H* +2",* 12--"/%0+]&* %/12-(* K./)* $21.$* 12"/0%(&* 2,* ,(B%2/&*U%$$* 0.H*+2",* :,2:(,0+O* .112,)%/B* 02*U'%1'(J(,* $(B.$* (/0%0+* +2"* '.J(* 1'2&(/Y*+2"*-%B'0*.&*U($$*:%1S*2/(* 0'.0* &.J(&* 0'(*-2&0* 0.H(&* ,($.0%J(* 02*+2",*12--"/%0+]&*:.,0%1"$.,*1%,1"-&0./1(&R

IP * 12",&(* +2"* &'2"$)* &(0* ":* 0'(* $(B.$* (/0%0+* P2,* 2U/%/B* :,2:(,0+* #(P2,(*#"+%/B*+2",*:,2:(,0+R*7'22&%/B*0'(*,%B'0*2/(*P2,*+2",*(12J%$$.B(*%&*.*:,21(&&*2P *.&&(&&%/B*.J.%$.#$(*$(B.$*(/0%0%(&*%/*0(,-&*2P *&(J(,.$*)%PP(,(/0*%&&"(&*0'.0*U%$$*.PP(10*+2",*B,2":]&*P"/10%2/%/B*./)*U($$N#(%/BR*h2"]$$*/(()*02*12/&%)(,*%&&"(&*&"1'*.&*'2U*+2"]$$*'2$)*0%0$(*02*$./)Y*:,2:(,0+*,%B'0&Y*P%/./1%/B*2:0%2/&Y*-(-#(,&]* $%.#%$%0+Y* 0.H*12/&(f"(/1(&Y*./)*'2U*.00,.10%J(*+2"]$$*#(* 02*/(U*-(-#(,&R*Z20*(J(,+*$(B.$*(/0%0+*U%$$*#(*%)(.$*,(B.,)%/B*(.1'*2P *0'(&(*%&&"(&d*62*+2"]$$*/(()*02*./.$+i(*(.1'*$(B.$*(/0%0+*P2,*0'(*#(&0*#.$./1(*2P *#(/(P%0&*P2,*(.1'R

IP *12",&(Y*+2"*&'2"$)*&((S*0'(*.)J%1(*2P *.*$.U+(,*+2"*0,"&0*.#2"0*0'(&(*-.00(,&R*\/)*2P *12",&(Y*/(%0'(,*[*/2,*0'(*:"#$%&'(,*2P *0'%&*#22S*/2,*;8Z*.,(*:,(&"-%/B*02*2PP(,*$(B.$*.)J%1(Y*#"0*,.0'(,*02*)(&1,%#(*&2-(*B(/(,.$%0%(&*.#2"0*0'(&(*%&&"(&R*

Checklist for choosing a legal entity3(,(]&*.*1'(1S$%&0*P2,*0'(*$(B.$*(/0%0%(&*+2"*-.+*#(*12/&%)(,%/BC

?R* 32U*U%$$* +2",* 12--"/%0+*'2$)* 0%0$(* 02* $./)j*X2(&* 0'%&* $(B.$* (/0%0+*&"::2,0*%0j*

>R* X2(&*0'%&* $(B.$*(/0%0+Y*./)*0'(*U.+*+2"*'2$)*0%0$(*02*$./)Y*.$$2U*+2"*02*1'22&(*U'2*U%$$*b2%/*+2"*.&*./*(12J%$$.B(*-(-#(,j*KG2,*(H.-:$(Y*%P * %/12-%/B*-(-#(,&*U%$$*#"+*.* $20Y*'2"&(Y*2,*'2"&%/B*"/%0* %/*+2",*(12J%$$.B(*U%0'*./*%/)%J%)".$*)(()Y*-"&0*+2"*&.+*mh(&n*02*./+2/(*U'2*1./*:.+*0'(*.&S%/B*:,%1(*./)*-((0*0'(*0(,-&*2P *0'(*&.$(jO

=R* X2(&* 0'%&* $(B.$* (/0%0+* 2PP(,* $%.#%$%0+* :,20(10%2/* P2,* (.1'* 2P * +2"* .&*%/)%J%)".$&j

MR* 32U* U2"$)* 0'%&* $(B.$* (/0%0+* %/P$"(/1(* #./S&* 2,* :,%J.0(* $(/)(,&* %/*)(1%)%/B*U'(0'(,*02*,(P%/./1(*.*-2,0B.B(*2,*-.S(*.*12/&0,"10%2/*$2./j

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LEGAL ENTIT IES FOR OWNING ECOVILLAGE LAND 233

`R* T%$$* %0*.$$2U*-(-#(,&*02*#"%$)*(f"%0+* %/*0'(*(12J%$$.B(Y*./)*0.S(*.$$*2,*:.,0*2P *0'%&*(f"%0+*U'(/*0'(+*$(.J(j*KG2,*(H.-:$(Y*&2-(*/2/N:,2P%0*(/0%0%(&*)2*/20*.$$2U*0'%&RO

aR* T%$$*0'%&*$(B.$*(/0%0+*.$$2U*0'(*(12J%$$.B(*02*.&&%B/*%0&*2U/*1,%0(,%.*P2,*)(1%&%2/*-.S%/BY* %/* 0(,-&*2P *'2U*)(1%&%2/&*.,(*-.)(*./)*U'2*1./*-.S(*0'(-j*

ER* T%$$* %0* .$$2U* +2",* (12J%$$.B(* 02* )(0(,-%/(* 0'(* ,($.0%2/&'%:* #(0U((/*0'(*.-2"/0*2P *-(-#(,&]*P%/./1%.$*12/0,%#"0%2/&*./)*0'(%,*2U/(,&'%:*,%B'0&j*^(0U((/*0'(%,*12/0,%#"0%2/&*./)*0'(%,*)(1%&%2/N-.S%/B*,%B'0&j

FR* 32U*U%$$*+2",*(12J%$$.B(*12$$(10*12/0,%#"0%2/&*P,2-*-(-#(,&*Kb2%/%/B*P((&Y* &%0(N$(.&(* P((&Y* :(,%2)%1* .&&(&&-(/0&Oj* \/)* U'.0* U%$$* #(* %0&*(H:(/&(&* K-2,0B.B(* :.+-(/0&Y* :,2:(,0+* 0.H(&Y* :,2:(,0+* %/&",./1(Y*-.%/0(/./1(Y*1.:%0.$*%-:,2J(-(/0&Oj*32U*U%$$*+2",*$(B.$*(/0%0+*0,(.0*0'%&*%/12-(*./)*(H:(/&(&*P2,*0.H*:",:2&(&j

_R* T%$$* +2",*-(-#(,&* &'.,(* %/12-(&j* [P * &2Y*U%$$* %0* #(* P,2-*:,2P%0&* 2P *12--"/%0+N2U/()*#"&%/(&&(&Y*P,2-*(.,/%/B&*2P *2"0&%)(*b2#&Y*2,*#20'j*T'.0*S%/)&*2P *-(-#(,*(H:(/&(&*U%$$*#(*:.%)*#+*0'(*(12J%$$.B(j*32U*U%$$*+2",* $(B.$*(/0%0+*0,(.0*+2",*&'.,()*%/12-(*./)*(H:(/&(&*P2,* 0.H*:",:2&(&j

?DR* 32U*(.&+*U%$$*0'%&*$(B.$*(/0%0+*#(*02*&(0*":*2,*-./.B(*2J(,*0%-(j*32U*J"$/(,.#$(* %&* %0* 02* 1'./B(&* %/* 0'(* $.UY* 2,* 02* +2",* B2J(,/-(/0]&* 0.H*.B(/1%(&*2,*20'(,*B2J(,/-(/0.$*&1,"0%/+j*32U*-"1'*.,(*.//".$*P%$%/B*P((&j

??R* 32U*(.&+*U2"$)*%0*#(*02*-.S(*1'./B(&*%/*0'(*)21"-(/0&*2P *0'%&*$(B.$*(/0%0+*2,* 02*-./.B(* 0'(* $(B.$*./)*2U/(,&'%:* %-:$%1.0%2/&*2P *:(2:$(*b2%/%/B*2,*$(.J%/Bj

?>R* T%$$* 0'%&* $(B.$* (/0%0+* ,(&0,%10* +2",* B,2":* P,2-* (/B.B%/B* %/* :2$%0%1.$*.10%J%0+j*

T'%$(*0'(&(*f"(&0%2/&*-.+*&((-*0(1'/%1.$Y*0'(%,*./&U(,&*,(P$(10*+2",*12-N-"/%0+]&*#.&%1*J.$"(&R*62*0'(*f"(&0%2/&*"/)(,$+%/B*.$$*0'(*.#2J(*f"(&0%2/&*.,(C*

u* X2(&*0'%&*$(B.$*(/0%0+*%/'(,(/0$+*&"::2,0*+2",*(12J%$$.B(*J%&%2/Y*-%&&%2/Y*./)*J.$"(&j*

u* X2(&*%0*&"::2,0*%0&*2U/(,&'%:Y*)(1%&%2/N-.S%/BY*./)*P%/./1%.$*&0,"10",(j

Corporations, non-profits, limited liability, double taxationg72,:2,.0%2/]* %&* 0'(* 0(,-* "&()* %/* 8/B$%&'N&:(.S%/B* 12"/0,%(&* P2,* .* $(B.$*&0,"10",(* 0'.0Y* $%S(*.*:(,&2/Y* 1./*(/0(,* %/02* 12/0,.10&Y* #"+*./)* &($$* B22)&*./)* &(,J%1(&Y* #2,,2U* -2/(+Y* ./)* :.+* 0.H(&R* [0* %&* 12/&%)(,()* ./* (/0%0+*

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234 GAIAN ECONOMICS

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LEGAL ENTIT IES FOR OWNING ECOVILLAGE LAND 235

0.H.#$(*+(.,Y*2,Y*.&*%/*0'(*1.&(*2P *1(,0.%/*$(B.$*(/0%0%(&*K&"1'*.&*32-(2U/(,&*\&&21%.0%2/&*%/*0'(*<6O*'.&*%/12-(*&2",1(&*2,*&:(/)&*-2/(+*%/*1.0(B2,%(&*20'(,*0'./*0'2&(*)(&%B/.0()*P2,*:.,0%1"$.,*:",:2&(&Y*0'%&*-2/(+*U%$$*#(*0.H()*.&* g%/12-(]R*I/(*U.+* (12J%$$.B(&* )(.$*U%0'* 0'%&* %&* 02* &:(/)* ./+* $(P02J(,*-2/(+*#(P2,(*0'(*(/)*2P *0'(%,*0.H.#$(*+(.,R*\/20'(,*U.+*%&*02*1'22&(*.*$(B.$*(/0%0+*P2,*&'.,()*:,2:(,0+*2U/(,&'%:*0'.0*-.+*0.H*./+*1.,,+2J(,*P"/)&*.0*.*$2U(,*,.0(R

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236

Buying in – the Effect of an Ecovillage’s Economic Choices

Tony Sima

How much does it cost to live there?5'.0]&* 0'(*f"(&0%2/*U(*B(0*-2&0*2P0(/*'(,(*.0*X./1%/B*@.##%0*812J%$$.B(R*8J(,+2/(*U./0&*02*S/2U*U'(0'(,*0'(+*1./*.PP2,)*02*$%J(*&"&0.%/.#$+*2,*/20R*IP *12",&(Y*0'(*./&U(,*%&*/20*.*&%-:$(*2/(*P2,*"&Y*2,*P2,*-2&0*(12J%$$.B(&Y*#"0*0'(*./&U(,*-.S(&*.*'"B(*)%PP(,(/1(*02*U'2*'.&*.11(&&* 02*0'(&(*(12N$%J%/B*(H:(,%-(/0&R

9./+*(12J%$$.B(&*.,(*#.&()*2/*0'(*%/0(/0%2/.$*12--"/%0+*-2)($*U%0'*.* B,2":* 2P * :(2:$(* 1'22&%/B* 02* $%J(* 02B(0'(,* U%0'* .* B2.$* 2P * $%J%/B* -2,(*&"&0.%/.#$+R*62-(*%/&0(.)*U2,S*U%0'*./*(H%&0%/B*:2:"$.0%2/*U%0'*0'(*&.-(*B2.$*./)*&2-(*.,(*.*-%HR

[/*(%0'(,*1.&(*(12/2-%1*1'2%1(&*U%$$*'.J(*.*#%B*%-:.10*2/*U'2*%&*:.,0*2P *0'(*(12J%$$.B(R*[/*(12J%$$.B(&*U'(,(*$./)*./)o2,*'2"&%/B*%&*b2%/0$+*2U/()*#+*0'(*J%$$.B(*0'(,(*%&*0'(*f"(&0%2/*2P *#"+N%/*P((&Y*12&0*02*#"%$)*'2"&%/BY*$(.&(*P((&Y*,(/0*./)*0'(*$%S(R*[/*(12J%$$.B(&*U'(,(*:,2:(,0+*%&*/20*b2%/0$+*2U/()Y*0'(*1'2%1(*2P *$21.0%2/&*U%$$*2P0(/*)(0(,-%/(*0'(&(*P.102,&*U%0'*(H%&0%/B*'2"&%/B*&021S*.J.%$.#$(*.0*&"#&%)%i()*./)o2,*-.,S(0*,.0(&R

4(0]&*$22S*.0*.*J.,%(0+*2P *1'2%1(&*(12J%$$.B(&*'.J(*-.)(R

Fully communal5U%/*I.S&* 12--"/%0+* %/* ,",.$* l%,B%/%.* U.&* P2"/)()* %/* ?_aE* ./)* 2/$+*,(1(/0$+* '.&* &0.,0()* 12/&%)(,%/B* %0&($P * ./* (12J%$$.B(R* 5'(* 12--"/%0+* 2P *.#2"0*?DD*:(2:$(* %&* P"$$+* %/12-(N&'.,%/BY*&%-%$.,* 02* 0'(* 0,.)%0%2/.$*[&,.($%*A%##"0i%-R*\0*5U%/*I.S&*0'(,(*%&*/2*#"+N%/*P((*./)*/2*2/B2%/B*P((&Y*2/$+*.*U2,S*,(f"%,(-(/0*2P *M`*2,*&2*'2",&*:(,*U((SR*9(-#(,&*S((:*./+*:,(J%2"&*.&&(0&Y* #"0* .$$* %/12-(* B2(&* 02* 5U%/*I.S&* ./)* /2* (f"%0+* %&* .11"-"$.0()*)",%/B*2/(]&*-(-#(,&'%:R*T'(/*+2"*$(.J(Y*+2"*0.S(*U'.0*+2"*#,2"B'0*%/R^.&()*2/*0'%&*(12/2-%1*1'2%1(*5U%/*I.S&*%&*J(,+*(12/2-%1.$$+*.11(&&%#$(*

Ecovillage resident, Tony Sima, explores some of the different legal structures open to ecovillages as well as differing models for employment and the sharing of incomes and assets.

>$%0'(-#11".0*%24060%1"$9%"$9n(6%4(;*#$.%#*%[(#$317%(2$09%G7%340%-#11".0%34060%#*%340%U;0*3#($%(@ %G;7M#$%@00*K%'(*3%3(%G;#19%4(;*#$.K%10"*0%@00*K%60$3%"$9%340%1#H0P%

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BUYING IN – THE EFFECT OF AN ECOVILLAGE’S ECONOMIC CHOICES 237

02*:(2:$(*2P *./+*(12/2-%1*$(J($R*\/+2/(*1./*b2%/*./)*&'.,(*(&&(/0%.$$+*0'(*&.-(* -%))$(* 1$.&&* $%P(&0+$(* .&* .$$* 20'(,* -(-#(,&R* </P2,0"/.0($+Y* 0'(&(*1'2%1(&*P%$0(,*2"0*./+2/(*/20*%/0(,(&0()*%/*12--"/.$*$%J%/B*./)*0'2&(*U'2*P(($*0'(*/(()*02*.11"-"$.0(*:(,&2/.$*.&&(0&*P2,*0'(-&($J(&*2,*0'(%,*:,2B(/+R*62-(*U2"$)*&.+*0'.0*5U%/*I.S&*'.&*'%B'(,*0",/2J(,*%/*-(-#(,&'%:*)"(*02*%0*#(%/B*&2*(12/2-%1.$$+*(.&+*02*b2%/*./)*$(.J(*#"0*0'.0*%&*./(1)20.$R

Rental property42&*\/B($(&*812J%$$.B(*%&*./*",#./*(12J%$$.B(*%/*&2"0'(,/*7.$%P2,/%.R*5'(%,*/2/N:,2P%0*'.&*#2"B'0*.*1$"&0(,*2P *.:.,0-(/0*#"%$)%/B&*%/*.*/(%B'#2,'22)*./)*,(/0&*0'(-*02*-(-#(,&Y*#20'*0'2&(*U'2*'.J(*12-(*&:(1%P%1.$$+*02*$%J(*%/*0'(*(12J%$$.B(*./)*&2-(*:,(N(H%&0%/B*,(&%)(/0&R*@(/0*%&*.0*2,*#($2U*-.,S(0*,.0(*./)*%0*%&*B(/(,.$$+*12/&%)(,()*./*.PP2,).#$(*:$.1(*02*$%J(*12-:.,()*U%0'*%0&*&",,2"/)%/B&R

6%-%$.,* 02* 5U%/* I.S&Y* 4\* 812J%$$.B(* %&* f"%0(* .11(&&%#$(* 02* :(2:$(*U%0'2"0*.&&(0&Y*#"0*%0*)2(&*,(f"%,(*:(2:$(*02*'.J(*.*&2",1(*2P *%/12-(*02*-((0*2/B2%/B*,(/0.$*P((&R*5'%&*.$$2U&*P2,*'%B'*(12/2-%1*)%J(,&%0+*#"0*-.+*.$&2*'.J(*0'(*&.-(*%&&"(*U%0'*0",/2J(,R*812/2-%1.$$+*'2-(2U/(,&*'.J(*-2,(*%/1(/0%J(*02*%-:,2J(*0'(%,*:,2:(,0+*0'./*,(/0(,&Y*#"0*&%/1(*0'(*(12J%$$.B(,&*'.J(*.*&0,2/B*12--%0-(/0*02*0'(%,*:,2b(10*[]-*&",(*0'(,(*%&*-20%J.0%2/*P2,*-.%/0(/./1(*./)*%-:,2J(-(/0R

Leased land – no buy-inX./1%/B*@.##%0*812J%$$.B(*%&*&(0*":*U%0'*.*/2/N:,2P%0*U'%1'*2U/&*0'(*$./)Y*U%0'* %/)%J%)".$&Y* P.-%$%(&Y* ./)* B,2":&* $(.&%/B* &-.$$* :.,1($&* P,2-* 0'(*X@*4./)*5,"&0*P2,*.*-2/0'$+*P((R*5'(,(*%&*/2*#"+N%/*P((*./)*0'(*-2/0'$+*P((&*.,(*S(:0*$2U*K.#2"0*t>`o:(,&2/*)(:(/)%/B*2/*&%i(*2P *:.,1($OR*32"&%/B*%&*/20*:,2J%)()*&2*-2&0*-(-#(,&*'.J(*.*&%B/%P%1./0*":*P,2/0*12&0*P2,*#"%$)%/B*2,*#"+%/B*'2"&%/B*0'2"B'*&2-(*,(/0.$*2:0%2/&*.,(*.J.%$.#$(R*9(-#(,&*,(0.%/*(f"%0+*%/*0'(%,*'2-(&*./)*1./*&($$*0'(-*02*20'(,*-(-#(,&*%P *0'(+*$(.J(R

5'%&*-2)($*.$$2U&*P2,*#,2.)*.11(&&*0'2"B'*0'(,(*.,(*&0%$$*P%$0(,&*#.&()*2/*0'(*.J.%$.#%$%0+*2P *'2"&%/B*./)*0'(*2/B2%/B*P((&R*</P2,0"/.0($+Y*0'%&*&+&0(-*%&* :,()%1.0()* 2/* X@* '.J%/B* #2"B'0* 1'(.:* $./)* %/* .* &2-(U'.0* ,(-20(*$21.0%2/Y* .* &%-%$.,* &+&0(-* %/* .*-2,(* (H:(/&%J(* $21.0%2/*U2"$)* ,(f"%,(* .*-"1'*'%B'(,*2/B2%/B*P((*./)o2,*.*#"+N%/*P((R*5'(*,",.$*$21.0%2/*.$&2*-.S(&*%0*1'.$$(/B%/B*P2,*:(2:$(*02*P%/)*%/12-(*U2,S*#"0*U%0'*P((&*&2*$2U*:(2:$(*1./*$%J(*2/*t=N?>YDDD*:(,*+(.,*)(:(/)%/B*2/*0'(%,*$%P(&0+$(*./)*'.#%0&R

Leased land, with buy-in fee8.,0'.J(/*812J%$$.B(*/(.,*\&'(J%$$(Y*Z7*'.&*.*&%-%$.,*&+&0(-*02*X./1%/B*@.##%0* %/*0'.0* %0*2U/&*%0&*=DDL*.1,(&* b2%/0$+*./)*B%J(&* $2/BN0(,-*$(.&(&*02*-(-#(,&R* \0* 8.,0'.J(/* .* -(-#(,* '.&* %/%0%.$* P((&* ":U.,)&* 2P * t>DYDDDY*.*-2)(&0* .-2"/0* 12-:.,()* 02* '2-(* :,%1(&* %/* 0'(* 1%0+Y* #"0* .* &%B/%P%1./0*

&'(-#11".0%"3%>34"'"%#$%;?*3"30%L02%:(6H%#*%G"*09%($%340%'(M4(;*#$.%)(901%24060%#$9#-#9;"1%4()0*%"60%(2$09%G7%)0)G06*%"$9%"60%G(;.43%"$9%*(19%($%340%(?0$%)"6H03P

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238 GAIAN ECONOMICS

.-2"/0* /2/(0'($(&&R* 5'(,(* .,(* -2)(&0* 2/B2%/B* P((&* &%-%$.,* 02* X@* ./)*'2"&%/B*%&*&%-%$.,$+*$(P0*":*02*(.1'*-(-#(,*02*:,2J%)(R*5'(+*)2*'.J(*&2-(*&+&0(-&*P2,*:(2:$(*02*U2,S*2PP *0'(*#"+N%/*P((*2J(,*0%-(R

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Homes at market rate812J%$$.B(*.0*[0'.1.*%/*":&0.0(*Z(U*h2,S*%&*#.&()*2/*0'(*12N'2"&%/B*-2)($*U'(,(*%/)%J%)".$*'2-(&*.,(*2U/()*#+*-(-#(,&*./)*.,(*#2"B'0*./)*&2$)*2/*0'(*2:(/*-.,S(0R*8l[*,(0.%/&*b2%/0*2U/(,&'%:*2P *.*$.,B(*.,(.*2P *2:(/*&:.1(*./)*.B,%1"$0",.$*.,(.R*32-(&*12&0*.::,2H%-.0($+*t>DDYDDD*02*:",1'.&(*U%0'*#./S*-2,0B.B(&*.J.%$.#$(R*I11.&%2/.$$+*,(/0.$&*.,(*.J.%$.#$(*%/*0'(*t?DDDo-2/0'*,./B(R5'%&*&+&0(-*-.S(&*8l[*.11(&&%#$(*02*./+2/(*U'2*1./*.PP2,)*'2-(*2U/(,&'%:*K.#2"0*EDr*%/*0'(*<6O*./)*%&*$(&&*0'./*0'(*-()%./*'2-(*:,%1(*%/*[0'.1.*K0'2"B'*'%B'(,*0'./*0'(*/.0%2/.$*-()%./OR*

5",/2J(,*%/*-2&0*12'2"&%/B*%&*f"%0(*$2UY*U%0'*&"1'*.*&%B/%P%1./0*%/J(&0N-(/0R*9(-#(,&*,(0.%/*(f"%0+*%/*0'(%,*'2-(&*U'%1'*%/1,(.&(*%/*J.$"(*U%0'*0'(*-.,S(0R*5'%&*&+&0(-*%&*J(,+*.00,.10%J(*02*0'(*-%))$(N1$.&&*.&*%0*%&*J(,+*&%-%$.,*02* 0,.)%0%2/.$* 2U/(,&'%:* ./)* (12/2-%1* -2)($&R* [/12-(* 2::2,0"/%0%(&*.#2"/)*%/*/(.,#+*[0'.1.Y*.*&'2,0*),%J(*.U.+R

What conclusions can we draw?G2,*2/(Y*(12J%$$.B(&*-"&0*.).:0*02*0'(*(/J%,2/-(/0*%/*U'%1'*0'(+*.,(*&(0R*T'.0*U2,S&*,",.$$+*-%B'0*/20*U2,S*%/*./*",#./*1(/0(,*./)*J%1(*J(,&.R*T(*-"&0* P%/)* $21.$$+* .::,2:,%.0(* &2$"0%2/&* 02* #20'* (12$2B%1.$* ./)* (12/2-%1*%&&"(&R

\11(&&%#%$%0+*'.&*02*#(*(H.-%/()*U%0'%/*0'(*$21.$*12/0(H0R*T'.0*%&*12/N&%)(,()*.PP2,).#$(*)(:(/)&*2/* 0'(* $21.$*12&0*2P * $%J%/BY* %/12-(*2::2,0"/%N0%(&Y* 12--"/%0+* (H:(/&(&Y* .J.%$.#%$%0+* 2P * P%/./1%/BY* (01R* 5'.0* &.%)Y* &2-(*1'2%1(&*U%$$*.$-2&0*1(,0.%/$+*P%$0(,*2"0*:2,0%2/&*2P *0'(*:2:"$.0%2/*#.&()*2/*(12/2-%1*&0.0"&Y*0'2"B'*&2-(*1'2%1(&*U%$$*1(,0.%/$+*P%$0(,*:(2:$(*2"0*#.&()*2/**%)(2$2B+*2,*$21.0%2/R

T'%$(*0'(,(*%&*/2*2/(*&2$"0%2/Y*%0&*J.$".#$(*P2,*(J(,+*B,2":*02*(H.-%/(*0'(&(*f"(&0%2/&*1$2&($+*./)*%/0(/0%2/.$$+Y*./)*1'22&(*0'(%,*(12/2-%1*&0,"1N0",(*02*-.01'*0'(%,*J.$"(&Y*U%0'*1$.,%0+*.#2"0*0'(*(H:(10()*(PP(10&R

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