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87 In order to come up with a workable alternative to GDP as a measure of progress, we need to ask the right questions. In June 1996, I attended a New York conference on sustainable economics and listened to a speech from Mollie Olsen, a member of President Clinton’s Council on Sustainable Development. The president had appointed an unlikely combination of people to this task force – the CEOs of Dow Chemical, Ciba Geigy and Chevron were to work with top bureaucrats, environmentalists and indigenous people. There were 400 people and eight task forces. Olsen told us: For a while we could see no common ground. The growth conversation was problematical and caused a great deal of tension. Then someone asked the right question. ‘What precisely is it that we want to grow?’ And everyone had to change the lens through which they looked at the world. They didn’t want growth of poisonous or polluting chemicals, agreed. The CEOs said I’d get fired, and asked for a level of trust. People then stated their assumptions and values. 15 Over the years there have been several attempts to adjust the GDP to produce a more meaningful single indicator. This work is often called natural resource accounting. One such indicator is the United Nations Human Development Index (HDI), which ranks countries according to a mix of various measures, including GDP per capita, life expectancy, adult literacy rate and percentage share of household incomes accruing to the lower four deciles of households. 16 Another single indicator is the Genuine Progress Indicator (GPI), which was developed in the US and in the UK, where it is known as the Index of Sustainable Economic Welfare. The GPI includes an estimate of the nonmarket economy, adjusts for income inequality, and subtracts social and economic costs
88 rather than adding them to the whole. The graph below, sent by Redefining Progress, was created in 2004 using figures collected by Jason Ventoulis and Cliff Cobb. To calculate the GPI, first a nation’s personal consumption is taken, then categories of spending are added or subtracted depending on whether they enhance or detract from the nation’s wellbeing. The services of highways and streets are added in, along with the services of consumer durables and the time spent on household work, parenting and volunteer work. Item that are subtracted include loss of farmland and wetlands, the cost of commuting, loss of leisure, cost of crime and cost of water. Comparing GPI with GDP, Redefining Progress calculated in 2004 that the economic health of the US had in fact been overestimated by some US$7 trillion. Emphasising the drawbacks of GDP in a media release, the organisation stated that: ‘The wrongdoings of Enron alone will contribute up to $1 billion to the US economy, in the form of legal fees, jail time, media frenzy and associated payouts.’ 17 The graph shows that the GDP in the US has risen steadily. The GPI, meanwhile, started below the GDP in 1950, rose until the 1970s, and since then has gradually declined. The gap between the GDP and GPI is now very wide. In fact, the rate of decline of GPI accelerated during the 1990s, 18 which is why we don’t feel any better off even though GDP has increased. As Clive Hamilton, Director of the Australia Institute, says, ‘In the presence of sustained economic growth throughout the 1970s, 1980s and 1990s, Australians have been strangely restive. They are disgruntled, fractious and suspicious of the claims by politicians that the economy is doing well.’ 19
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Healthy Money Healthy Planet by Dei
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2 During the 1960s I listened on th
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4 money. Richard’s enthusiasm for
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6 must first be complemented by mon
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6 For over a decade, Japan struggle
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8 interestbearing money creation.
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10 provides a benefit for seller an
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2 After that, it didn’t take long
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4 Bank B. This is called a ‘depos
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6 Second comes the bit where banker
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8 debt, hence the collective debt c
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10 simply unsustainable in a finite
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12 pieces of paper grant the bearer
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14 master of all industry and comme
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16 Money Supply 1935 - 2000 120000
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18 commercial banks and is lent int
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2 And nor are things getting any be
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4 international trade in currencies
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6 The data on New Zealand mortgage
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8 The scheme has had unintended soc
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10 Household loans (1978-2000) 90 8
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12 City Council in mid2000 review
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14 Similarly, mortgages are classif
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16 And it is not just bank assets t
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18 Keeping the Secret But surely if
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20 Deputy Prime Minister. I asked h
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22 Individuals have to compete with
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24 instability. This speculation is
Page 58 and 59: 51 cared for. The cancerous parts o
Page 60 and 61: 53 constraints. What we need are so
Page 62 and 63: 55 accelerating. Eighty per cent of
Page 64 and 65: 57 waters to draw down. They also s
Page 66 and 67: 59 As far back as 1987, a UN World
Page 68 and 69: 61 The State of New Zealand Since 1
Page 70 and 71: 63 Health and Disability Like other
Page 72 and 73: 65 Low skilled jobs have largely di
Page 74: 67 • One in two people in Ireland
Page 77 and 78: 1 4 Unhealthy Globalisation The Sir
Page 79 and 80: 3 Although the process of corporate
Page 81 and 82: 5 globalisation is transnational ca
Page 83 and 84: 7 Many others have spoken of invisi
Page 85 and 86: 9 currencies to the US dollar. The
Page 87 and 88: 11 policies of these nations in ret
Page 89 and 90: 13 000). Round Tables The original
Page 91 and 92: 15 annual meeting in the small ski
Page 93 and 94: 17 When an enemy is powerful and ce
Page 95 and 96: 19 In January 2001, protesters demo
Page 97 and 98: Martin Khor, Direitn 21
Page 99 and 100: 78 Every day we hear politicians, c
Page 101 and 102: 80 not return to the depression of
Page 103 and 104: 82 billion, equivalent to 39 per ce
Page 105 and 106: 84 which in turn rests on nature it
Page 107: 86 increase. And when jobs are crea
Page 111 and 112: 90 achieved very different levels o
Page 113 and 114: 92 placed at the top of the lists.
Page 115 and 116: 88 6 Facing the Critics Through the
Page 117 and 118: 90 the interestbased system, the
Page 119 and 120: 92 good or fair or sustainable. An
Page 121 and 122: 94 Certainly there are other ways o
Page 123 and 124: 96 landlord who charges you rent al
Page 125 and 126: 98 believe that credit to be valuab
Page 127 and 128: 100 If interest rates were zero the
Page 129 and 130: 102 It is quite fair that banks sho
Page 131 and 132: 2 free money before, as we shall se
Page 133 and 134: 4 In precolonial times, Maori tri
Page 135 and 136: 6 In Maori tribes, the gift society
Page 138 and 139: 9 What Gives Money its Value? To he
Page 140 and 141: 11 accept money as payment, we unco
Page 142 and 143: 13 goes still further and calls mon
Page 144 and 145: 15 Spanish and Dutch coins from ove
Page 146 and 147: 17 claimed that the UK’s financia
Page 148 and 149: 19 Today, the Reserve Bank retains
Page 150 and 151: 2 living systems. Finally, it discu
Page 152 and 153: 4 If our species is to survive, a n
Page 154 and 155: 6 with its own currencies, the patt
Page 156 and 157: 8 While it is possible for each tea
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10 addiction, chronic illness and i
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12 4. Human economies can and shoul
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14 furniture transported at great c
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16 down and money has been moved ar
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18 areas? Is there a continuing dyn
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Some estimate the costs of traffic
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22 be a tension between the two. Th
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24 democracy at the local governmen
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26 as the individual organs of the
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2 The democratisation of national c
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4 her children who were fed by its
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6 happened - the imposition of a co
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8 existed and thrived for thousands
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10 In addition, by focusing on loca
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12 there is no hierarchy. As we saw
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2 Michael Linton, David Weston and
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4 could. He described them as ‘a
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6 resorts may find themselves amass
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8 problems. Since then, the system
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10 forms. In version 1, operating u
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12 All the following examples of co
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14 sent a researcher to check the w
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16 Salt Spring Island Dollars Salt
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18 British Columbia Financial Insti
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20 partnership. This trend has spre
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22 traditional rice planting and ha
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24 The city solicitor put the bigge
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26 In the next chapter on commercia
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28 43 Email from Eric Booth to Cal
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2 Enz, who were supporters of the f
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4 As with WIR, businesses are regis
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6 A significant innovation in New Z
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8 granting temporary credit where t
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10 requiring transactions to be 100
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12 participants of the scheme were
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14 Ideology of the Wirtshaftsring
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255 are already in possession of it
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257 that all hoards of money would
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259 sophisticated that Egypt became
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261 Austria, for a period of 14 mon
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263 US$260 million worth of work in
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265 Saving will become impossible.
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267 law professor in Italy. Profess
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269 The Chiemgauer 21 In early 2002
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271 Currency to Support Waldorf Sch
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20 It started in 1989 when Frank To
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22 Privately Issued Fiat Currencies
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24 The Note Corporation itself then
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26 andahalf years, A$3.5 millio
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2 of agricultural and mining produc
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4 such resource as fossil fuel, sin
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6 • The demurrage charge would re
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1 15 Lessons Learnt From Currencies
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3 Regardless of whether the transac
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5 payment of taxes. When the mayor
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7 within that global economy we mus
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9 Money can also be spent into exis
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11 Huber and James Robertson, 6 it
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13 apparently no one spread rumours
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15 One of the weaknesses of local c
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17 example (see page 000), the demu
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19 trading. We therefore need decen
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21 If citizens decide to build a se
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23 In Even if the Reserve Bank deci
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25 possibilities for reforming our
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27 1905. 2 Michael Reddell of the R
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2 Taxation Policies Before I discus
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4 But, like other assets, realest
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6 Most taxes fall on work. It makes
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8 slows down the increasing gap bet
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10 Bob Keall has also proposed taxe
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12 ways of avoiding paying tax. Tax
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14 Ltd, 1879. 3 Henry George, Socia
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2 of reserves, a single exchange ra
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4 revealed to show that they wanted
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6 Countries using the Australian do
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8 3 Helen Clark in an interview on
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2 community projects can be funded.
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4 feeling that the banks were not t
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6 terminals per 100,000 people, com
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8 to lend to groups rather than ind
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10 Islamic Banks Banks run along st
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12 decided to create an entirely ne
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14 Attempts to Start New Banks In 1
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16 During the local body election c
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18 Zealand Post was that there was
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20 Problem numbertwo — fees going
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22 Other microcredit schemes. A goo
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24 now operates are the Cooperati
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26 They donManchester Unity does no
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28 The Wellington Women’s Loan Fu
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30 The Future of Community Banking
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32 8 Quoted in ‘Banks Profit Exce
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34 45 Details of Consumers’ Insti
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2 created when commercial banks iss
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4 Fund (IMF) protect global corpora
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6 economic thinking and taxation sy
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8 It is not easy to start again and
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10 rest of the world, a US deficit
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12 competitive when the money syste
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14 environmentally friendly longt
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16 practitioners know a great deal
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18 moneycreation regime will natu
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20 international currencies. Some o
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22 and James Garfield have struggle
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24 away and the scientific programm
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26 Sources of Hope There are ground
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28 beneficial effects. Indigenous i
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30 taught me that some staff are re
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32 New Zealand’s isolation, humil
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34 • Visit Bali or Japan or any o
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36 Although such a system will not
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1 Ralph Chaplin Bars and Shadows. 2
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and narrated by Bill Still, and ava
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11 Lietaer, The Future of Money, p3
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37 Allison Stinson, ‘Developments
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4 Roy Madron and John Jopling, Gaia
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25 Viviane Forrester, The Economic
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2 Michael Rowbotham, The Grip of De
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25 Text of the Genoa G8 Summit, acc
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18 The Independent, 21 July 1999. 1
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14 Wolfgang Rosenberg, Money in New
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6 Fritjof Capra, The Web of Life: A
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11 Bernard Lietaer, ‘The Future o
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39 1.1 Warehouse receipts. (The fin
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41 2.3 By a commercial company, sma
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43 Summary of Complementary Currenc
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45 000) volunteers. Credits are put
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47 the currency generating enthusia
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140 Appendix 2: Useful Websites Gen
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142 writings of evolutionary biolog
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144 Green Dollars/LETS www.appropri
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146 www.earthsharing.org.au An Aust
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148 Email: bryank@earthsharing.org.
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Bibliography 1 Books and Chapters i
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3 Douthwaite, Richard, The Ecology
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5 Henderson, Hazel, Beyond Globaliz
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7 Mitchell, Ralph A., and Shafer, N
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9 Cobb, Clifford, ‘Displacing Bad
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Turnbull, Shann, ‘Why Reducing Ta
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The Guardian (UKbased daily) The
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1 Glossary Barter The direct exchan
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3 shared land ownership. Koha The M
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