SHARED MONETARY GOVERNANCE

Fung and Olin-Wright argue for small scale politico-economic institutions as a means of facilitating greater participatory governance. Similarly, Polanyi emphasised the distinction between large scale 'General Purpose Money' and smaller scale non-national Special Purpose Currencies' (SPCs). Smaller scale currency institutions, particularly when sponsored by local communities, may offer potential models for more participatory forms of monetary governance. This study applies established governance principles to monetary decision-making, highlighting the importance of regulatory frameworks, transparency, accountability and direct participatory input for all stakeholders (currency users). It further explores whether national regulations and scale inhibit attempts by monetary institutions to allow full stakeholder access to monetary governance. Shared Monetary Governance (SMG) is affected by three interrelated factors: national regulatory frameworks, internal decision-making processes, and scale. The study's findings imply that a multi-level interconnected monetary system which includes community-based, national and international currencies may facilitate greatest stakeholder access.