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Title: Redesigning the concept of money: a service design perspective on complementary currency systems
Authors: Telalbasic, Ida
Keywords: Complementary currency systems
Case study
Developing and developed economies
Service design
Social innovation
Issue Date: 2017
Publisher: Intellect
Citation: TELALBASIC, I., 2017. Redesigning the concept of money: a service design perspective on complementary currency systems. Journal of Design, Business and Society, 3(1), pp. 21-44.
Abstract: This article intends to introduce the failures of contemporary social and economic landscapes in terms of income distribution and its consequential structural causes. The notion of complementary currency systems is presented as one promising solution to socio-economic breakdowns. A selection of case studies of complementary currency systems is explored in detail, as best practices, from both developing and developed economies. These systems provide structural solutions to financial exclusion in contexts of diverse economic development. The lessons learned from case studies offer inspiration and practical guidance for design to address the echoes of 2008 socio-economic crisis that still poses difficulties for numerous communities, social entrepreneurs, start-up founders, etc. Active and equal participation and local empowerment can lead to a ‘proactive democracy’ based on economic stability, and informal financial institutions based on trust and behavioural change through reward. Service design is deployed within this research, not only by using service design methods for analysis of existing best practices, but also to further explore its potential to lead economic transformations. The power of service design shows it capacity to not only responds to contemporary socio-economic conditions, but to also contribute to new ways of practicing democratized economics.
Description: This paper is embargoed until 1 March 2018.
Version: Accepted for publication
DOI: 10.1386/dbs.3.1.21_1
URI: https://dspace.lboro.ac.uk/2134/23907
Publisher Link: https://doi.org/10.1386/dbs.3.1.21_1
ISSN: 2055-2106
Appears in Collections:Closed Access (Loughborough University London)

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