Local Money - A Response to the Globalisation of Capital?
In response to the global financial crisis of 2007, a number of central banks used quantitative easing to address the collapse of confidence and credit. This involved increasing the liquidity of the financial system by creating new money. It is suggested that similar strategies of ‘printing money’ in the form of local currencies may be of value for local communities confronting the challenges of economic globalisation. This paper identifies the local impacts of economic globalisation, examines the underlying causes of the global financial crisis, explains the nature of money, and illustrates the goals and different forms of local money. Finally, the potential value of local currencies as a response to the globalisation of capital is assessed.
While the principle of public participation is an acknowledged requirement of planning in most Western countries there is continuing debate, and insufficient empirical evidence, on the effectiveness of public participation in practice. This research examines the power of public participation in local planning in Scotland. The paper first identifies the principal actors in the development planning process. The institutional framework for planning in Scotland is then explained to establish the legislative and procedural context for a case study analysis of conflict between developers and the local community in a village in the metropolitan green belt. Thirdly, using a combination of analysis of planning documents, interviews with local planners and developers, and a survey of village residents the empirical study provides detailed insight on the principles, practice, and problems for public participation in local planning. This is followed by a critique of recent government initiatives to enhance public engagement in planning. Finally, a number of conclusions are presented on the prospects for more effective public participation in planning. While the empirical focus of the research is on Scotland, the findings are of general relevance for the debate over the rhetoric and reality of public participation in Western society.