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Cultural Norm Compliance and Standard-Based Stewardship of an Ecology of Alternative Currencies in a Digital World
Södertörn University, School of Social Sciences, Economics.ORCID iD: 0000-0001-6577-2915
2021 (English)Conference paper, Oral presentation only (Other academic)
Abstract [en]

Macroeconomic stability is an important element of the United Nations Sustainable Development Goals. The economy is a complex social system, which constitutes an emergent order, involving self-organization. As such it is the outcome of a web of social interactions among many economic agents. Coordination among them is done through the price mechanism. The capital structure of the economy evolves over time becoming increasingly complex, using a variety of currencies. Alternative monetary arrangements today involve complementary currencies and cryptocurrencies, as private monies adapted to the capital structure, in addition to the private monies created by commercial banks when they give credit, while central bank digital currencies would be digital public monies, providing liquidity that may distort the capital structure.  This paper analyzes standard-based stewardship of the blockchain, in contrast to preference-based regulation, considering intrinsic and epistemic internalization and cultural norm-based law, rather than external norm compliance and legislation. Complementary currencies often have a social dimension and contribute to sustainable community development. Cryptocurrencies involve the potential to do so on a global scale. Central bank digital currencies, issued against government securities, would be able to provide liquidity to the economy, based on NGDP targeting and carbon footprint requirements.

Place, publisher, year, edition, pages
2021.
Keywords [en]
Standard-based stewardship; cultural norms; blockchain; multiple digital currencies; macroeconomic stability
National Category
Economics
Identifiers
URN: urn:nbn:se:sh:diva-46071OAI: oai:DiVA.org:sh-46071DiVA, id: diva2:1577225
Conference
ComplianceNet Conference, London [Digital], June 28-30, 2021.
Available from: 2021-07-02 Created: 2021-07-02 Last updated: 2021-07-02Bibliographically approved

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Marmefelt, Thomas

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • harvard-anglia-ruskin-university
  • apa-old-doi-prefix.csl
  • sodertorns-hogskola-harvard.csl
  • sodertorns-hogskola-oxford.csl
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf