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class="vector-toc-numb">2</span> <span>Local currency</span> </div> </a> <ul id="toc-Local_currency-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Taxes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Taxes"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Taxes</span> </div> </a> <ul id="toc-Taxes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banks" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Banks</span> </div> </a> <ul id="toc-Banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Local_exchange_trading_systems" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Local_exchange_trading_systems"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Local exchange trading systems</span> </div> </a> <ul id="toc-Local_exchange_trading_systems-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Brexit" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Brexit"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Brexit</span> </div> </a> <ul id="toc-Brexit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " 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class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Institutions of localized monetary exchange</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist 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href="/wiki/Socialism" title="Socialism">Socialism</a></li> <li><a href="/wiki/Communism" title="Communism">Communism</a></li></ul> </div></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By ideology</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Associative_economics" title="Associative economics">Associative</a></li> <li><a href="/wiki/Capitalism" title="Capitalism">Capitalist</a> <ul><li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Laissez-faire" title="Laissez-faire">Laissez-faire</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Neomercantilism" title="Neomercantilism">Neomercantilist</a></li> <li><a href="/wiki/Protectionism" title="Protectionism">Protectionist</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social market</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Economics_of_fascism" title="Economics of fascism">Fascist</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Green_economy" title="Green economy">Green</a></li> <li>Religious <ul><li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist economics</a></li> <li><a href="/wiki/Christian_finance" title="Christian finance">Christian</a> <ul><li><a href="/wiki/Sabbath_economics" title="Sabbath economics">Sabbath economics</a></li></ul></li> <li><a href="/wiki/Islamic_economics" title="Islamic economics">Islamic</a></li></ul></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a> <ul><li><a href="/wiki/Communalism_(Bookchin)" class="mw-redirect" title="Communalism (Bookchin)">Communalist</a></li> <li><a href="/wiki/Communism" title="Communism">Communist</a></li> <li><a href="/wiki/Market_socialism" title="Market socialism">Market socialist</a></li> <li><a href="/wiki/Mutualism_(movement)" title="Mutualism (movement)">Mutualist</a></li> <li><a href="/wiki/Participatory_economics" title="Participatory economics">Participatory</a></li> <li><a href="/wiki/Socialist_market_economy" title="Socialist market economy">Socialist market</a></li> <li><a href="/wiki/Socialist-oriented_market_economy" title="Socialist-oriented market economy">Socialist-oriented market</a></li> <li><a href="/wiki/State_socialism" title="State socialism">State</a></li> <li><a href="/wiki/Syndicalism" title="Syndicalism">Syndicalist</a></li></ul></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State capitalism</a></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li>Traditionalist <ul><li><a href="/wiki/Corporatism" title="Corporatism">Corporatist</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By coordination</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Autarky" title="Autarky">Closed (autarky)</a></li> <li><a href="/wiki/Decentralized_planning_(economics)" class="mw-redirect" title="Decentralized planning (economics)">Decentralized</a></li> <li><a href="/wiki/Digital_economy" title="Digital economy">Digital</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Dual_economy" title="Dual economy">Dual</a></li> <li><a href="/wiki/Gift_economy" title="Gift economy">Gift</a></li> <li><a href="/wiki/Informal_sector" class="mw-redirect" title="Informal sector">Informal</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Natural_economy" title="Natural economy">Natural</a></li> <li><a href="/wiki/Open_economy" title="Open economy">Open</a></li> <li><a href="/wiki/Planned_economy" title="Planned economy">Planned</a></li> <li><a href="/wiki/Robinson_Crusoe_economy" title="Robinson Crusoe economy">Robinson Crusoe</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing</a></li> <li><a href="/wiki/Subsistence_economy" title="Subsistence economy">Subsistence</a></li> <li><a href="/wiki/Black_market" title="Black market">Underground</a></li> <li><a href="/wiki/Vertical_archipelago" title="Vertical archipelago">Vertical archipelago</a></li> <li><a href="/wiki/Virtual_economy" title="Virtual economy">Virtual</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">By regional model</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li>Asian <ul><li><a href="/wiki/East_Asian_model_of_capitalism" class="mw-redirect" title="East Asian model of capitalism">East Asian</a></li> <li><a href="/wiki/Beijing_Consensus" title="Beijing Consensus">Chinese</a></li> <li><a href="/wiki/Economy_of_Singapore" title="Economy of Singapore">Singaporean</a></li> <li><a href="/wiki/Kerala_model" title="Kerala model">Keralan</a></li></ul></li> <li>European <ul><li><a href="/wiki/Anglo-Saxon_model" title="Anglo-Saxon model">Anglo-Saxon</a></li> <li><a href="/wiki/German_model" title="German model">German</a></li> <li><a href="/wiki/Nordic_model" title="Nordic model">Nordic</a></li> <li><a href="/wiki/Polder_model" title="Polder model">Dutch</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Rhenish</a></li> <li><a href="/wiki/Soviet-type_economic_planning" title="Soviet-type economic planning">Soviet</a></li></ul></li> <li>Latin America <ul><li><a href="/wiki/Socialism_of_the_21st_century" title="Socialism of the 21st century">Socialism of the 21st century</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Sectors</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Common_ownership" title="Common ownership">Common ownership</a></li> <li><a href="/wiki/Private_sector" title="Private sector">Private</a></li> <li><a href="/wiki/Public_sector" title="Public sector">Public</a></li> <li><a href="/wiki/Voluntary_sector" title="Voluntary sector">Voluntary</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Property types</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Collective_ownership" title="Collective ownership">Collective ownership</a></li> <li><a href="/wiki/Commons" title="Commons">Commons</a> (<a href="/wiki/Common_ownership" title="Common ownership">Common ownership</a>)</li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/State_ownership" title="State ownership">State ownership</a></li> <li><a href="/wiki/Social_ownership" title="Social ownership">Social ownership</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Transition</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Collective_farming" title="Collective farming">Collectivization</a></li> <li><a href="/wiki/Communization" title="Communization">Communization</a></li> <li><a href="/wiki/Corporatization" title="Corporatization">Corporatization</a></li> <li><a href="/wiki/Demutualization" title="Demutualization">Demutualization</a></li> <li><a href="/wiki/Deregulation" title="Deregulation">Deregulation</a></li> <li><a href="/wiki/Expropriation" class="mw-redirect" title="Expropriation">Expropriation</a></li> <li><a href="/wiki/Financialization" title="Financialization">Financialization</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marketization" title="Marketization">Marketization</a></li> <li><a href="/wiki/Municipalization" title="Municipalization">Municipalization</a></li> <li><a href="/wiki/Mutualization" class="mw-redirect" title="Mutualization">Mutualization</a></li> <li><a href="/wiki/Nationalization" title="Nationalization">Nationalization</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Socialization_(economics)" class="mw-redirect" title="Socialization (economics)">Socialization</a> <ul><li><a href="/wiki/Socialization_(Marxism)" title="Socialization (Marxism)">Marxist</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Coordination</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Barter" title="Barter">Barter</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a> <ul><li><a href="/wiki/Free_market" title="Free market">Free</a></li> <li><a href="/wiki/Open_market" title="Open market">Open</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated</a></li></ul></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a> <ul><li><a href="/wiki/Calculation_in_kind" title="Calculation in kind">In kind</a></li> <li><a href="/wiki/Cybernetics" title="Cybernetics">Cybernetics</a></li> <li><a href="/wiki/Indicative_planning" title="Indicative planning">Indicative</a></li> <li><a href="/wiki/Material_balance_planning" title="Material balance planning">Material balancing</a></li></ul></li> <li><a href="/wiki/Price_system" title="Price system">Price</a></li> <li><a href="/wiki/Self-managed_economy" class="mw-redirect" title="Self-managed economy">Self-managed</a> <ul><li><a href="/wiki/Social_peer-to-peer_processes#P2P_economic_system" class="mw-redirect" title="Social peer-to-peer processes">Peer-to-peer</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing</a></li> <li><a href="/wiki/Open_access" title="Open access">Open access</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;border-top:1px solid #aaa;text-align:left;;color: var(--color-base)">Other types</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Commons-based_peer_production" title="Commons-based peer production">Commons-based peer production</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Hunter-gatherer" title="Hunter-gatherer">Hunter-gatherer</a></li> <li><a href="/wiki/Inclusive_Democracy" class="mw-redirect" title="Inclusive Democracy">Inclusive Democracy</a></li> <li><a href="/wiki/Information_economy" title="Information economy">Information</a></li> <li><a href="/wiki/Manorialism" title="Manorialism">Manorialism</a></li> <li><a href="/wiki/Newly_industrialized_country" title="Newly industrialized country">Newly industrialized</a></li> <li><a href="/wiki/Palace_economy" title="Palace economy">Palace</a></li> <li><a href="/wiki/Plantation_economy" title="Plantation economy">Plantation</a></li> <li><a href="/wiki/Plutonomy" title="Plutonomy">Plutonomy</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalist</a></li> <li><a href="/wiki/Post-industrial_economy" title="Post-industrial economy">Post-industrial</a></li> <li><a href="/wiki/Post-scarcity_economy" class="mw-redirect" title="Post-scarcity economy">Post-scarcity</a></li> <li><a href="/wiki/Resource-based_economy" title="Resource-based economy">Resource-based</a></li> <li><a href="/wiki/Token_economy" title="Token economy">Token</a></li> <li><a href="/wiki/Traditional_economy" title="Traditional economy">Traditional</a></li> <li><a href="/wiki/Transition_economy" title="Transition economy">Transition</a></li> <li><a href="/wiki/World_economy" title="World economy">World</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist" style="line-height:1.2em;font-weight:bold;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economic_systems_sidebar" title="Template:Economic systems sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economic_systems_sidebar" title="Template talk:Economic systems sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economic_systems_sidebar" title="Special:EditPage/Template:Economic systems sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Fiscal localism</b> comprises institutions of localized monetary exchange. Sometimes considered a backlash against <a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">global capitalism</a> or <a href="/wiki/Economic_globalization" title="Economic globalization">economic globalization</a>, fiscal localism affords voluntary, market structures that help communities trade more efficiently within their communities and regions.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Fiscal_localism">Fiscal localism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=1" title="Edit section: Fiscal localism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Farmer%27s_Market.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Farmer%27s_Market.jpg/220px-Farmer%27s_Market.jpg" decoding="async" width="220" height="116" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Farmer%27s_Market.jpg/330px-Farmer%27s_Market.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Farmer%27s_Market.jpg/440px-Farmer%27s_Market.jpg 2x" data-file-width="2225" data-file-height="1174" /></a><figcaption>Local Farmer's Market</figcaption></figure> <p>"Buy local" or <a href="/wiki/Local_purchasing" title="Local purchasing">local purchasing</a> is the most visible face of fiscal localism. There are more complex institutions (both new and well established) that contribute to a community's ability to flourish. Institutions like <a href="/wiki/Credit_unions" class="mw-redirect" title="Credit unions">credit unions</a>, <a href="/wiki/CDFI" class="mw-redirect" title="CDFI">CDFI</a>'s (Community Development Financial Institutions), and <a href="/wiki/Local_currency" title="Local currency">local currency</a> or <a href="/wiki/Complementary_currency" title="Complementary currency">complementary currency</a> all can contribute to making communities more resilient and wealthy. </p><p>Local currency has been in the news most, with journalists citing the <a href="/wiki/Berkshares" class="mw-redirect" title="Berkshares">Berkshares</a> in <a href="/wiki/Massachusetts" title="Massachusetts">Massachusetts</a>, and the <a href="/wiki/Ithaca_Hours" title="Ithaca Hours">Ithaca Hours</a> in <a href="/wiki/Ithaca,_New_York" title="Ithaca, New York">Ithaca, New York</a>. Beyond these salient examples, there are thousands of local currencies all over the world.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Fiscal localism is rooted in the concept of <a href="/wiki/Decentralization" title="Decentralization">decentralization</a>. The creation and maintenance of a regional economy is supported by communities who believe that their community is economically better off sustaining itself rather than being part of and relying upon a larger economy, such as a national economy or the global economy. This is a movement against the increasing globalization of all economies around the world. The main tenets of fiscal localism include buying products that are made locally and using a currency that is unique to that local economy.<sup id="cite_ref-auto_3-0" class="reference"><a href="#cite_note-auto-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> This allows a community to grow at a controllable and sustainable rate by supporting farmers, shopkeepers, and service providers of a community. Consumers in these communities are more informed about how their foods and products are grown and made. Using a unique form of currency allows a community to determine its economic growth and health more accurately than using metrics of a national economy to gauge economic health.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Taxation in these communities is emphasized at the local level and low importance is put on national taxes. These communities want to separate themselves from the larger national economy so they must rely on revenue generated from local taxation. Banking is also preferred to be done on a local level. Communities that follow fiscal localism would rather have one local bank than be customers of a massive bank that does business across the country as well as internationally. </p> <div class="mw-heading mw-heading2"><h2 id="Local_currency">Local currency</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=2" title="Edit section: Local currency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Unique currencies used by local economies are often backed by a national currency. The town of Totnes, England, from 2007 to 2019 used the <a href="/wiki/Totnes_Pound" class="mw-redirect" title="Totnes Pound">Totnes Pound</a>, which was backed by the British Pound sterling at a one-to-one ratio. The idea behind using a unique, local currency is to keep money flowing through the community while preventing money from leaving or relying on money to enter the community. This allows a community to become self-sufficient, have enough funds to create an energy source for the community to use, and eliminate transportation costs for bringing products into the community. A large reason Totnes wanted to become self-sufficient is to decrease its dependence on the use of oil; the town believed that it would be better off in the long run if it were able to operate without relying on oil, which is a finite resource. Following in Totnes' footsteps, several other English towns have established currencies of their own: the <a href="/wiki/Bristol_Pound" class="mw-redirect" title="Bristol Pound">Bristol pound</a>, <a href="/wiki/Brixton#Brixton_Pound" title="Brixton">Brixton Pound</a>, <a href="/wiki/Stroud_Pound" class="mw-redirect" title="Stroud Pound">Stroud Pound</a>, and <a href="/wiki/Exeter_Pound" class="mw-redirect" title="Exeter Pound">Exeter Pound</a>.<sup id="cite_ref-auto1_5-0" class="reference"><a href="#cite_note-auto1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> A few towns in the United States have also adopted unique currencies. Berkshire, Massachusetts and Ithaca, New York have implemented Massachusetts BerkShares and the HOUR, respectively. While a BerkShare is worth $.95 US dollars, the HOUR is not convertible to US dollars or any other type of national currency.<sup id="cite_ref-auto1_5-1" class="reference"><a href="#cite_note-auto1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>Calgary Dollars, created in 1996 as the Bow Chinook Barter Community, has not been backed by or exchangeable with national currency, Canadian dollars. Their belief is that the valuation of 1:1 without exchangeability allows exchanges to be simplified but reduces the linkages to the problems associated with national currency that complementary currencies are seeking to address such as currency speculation and interest-bearing design. This concept is to "complement" the national currency with unique Calgary Dollars economic activity and increasing the local multiplier of both the Calgary Dollars and the associated percentage of national currency that is often included in the transactions. </p><p>A British Quaker colony in Pennsylvania created and used the Pennsylvania Pound in the 18th century, but fiscal localism failed for the colony and the currency was abandoned. </p><p>Lorenzo Fioramonti, director of the Centre for the Study of Governance Innovation at the University of Pretoria in South Africa, believes that the European Union would be more stable if it used multiple local currencies combined with a "<a href="/wiki/Digital_euro" title="Digital euro">digital euro</a>".<sup id="cite_ref-auto1_5-2" class="reference"><a href="#cite_note-auto1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Taxes">Taxes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=3" title="Edit section: Taxes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Proponents of fiscal localism argue that paying higher local taxes and lower national taxes will help communities grow and thrive. A report from The TaxPayers' Alliance states that a decentralized form of taxation leads to a more efficient public sector.<sup id="cite_ref-auto2_6-0" class="reference"><a href="#cite_note-auto2-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> This report references a German econometric study which found that "government efficiency increase with the degree of fiscal decentralization".<sup id="cite_ref-auto2_6-1" class="reference"><a href="#cite_note-auto2-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Reasons used to support local taxation include responsiveness, cost efficiency, incentives, and accountability. The Spanish Institute of Fiscal Studies conducted a study over a period stretching from 1972 to 2005 using data from 23 countries regarding taxes. The study found that "reducing the share of central government in total tax revenue by one percentage point boosts long-run GDP growth by about 0.06 per cent per annum".<sup id="cite_ref-auto2_6-2" class="reference"><a href="#cite_note-auto2-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Setting local taxes is complicated, because too high a tax rate will lead to taxpayers refusing to pay while too low a rate will not give the local government enough funds to function and operate effectively. These taxes are separate from state and federal taxes and are not set at the state or federal level. Increasing local taxes allows a community to reinvest revenue generated from the taxes into public institutions or programs that help the local community. Residents are able to physically see and experience where their tax money is going and how it improves their lives. </p> <div class="mw-heading mw-heading2"><h2 id="Banks">Banks</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=4" title="Edit section: Banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Modern banks have become monolithic institutions with thousands of branches in their respective countries of service. This globalization of banking institutions and the banking practices used by these organizations is the antithesis of what fiscal localism is about. Toby Blume argues for a shift in the banking system in his essay "Changing the Debate: The Ideas Redefining Britain."<sup id="cite_ref-auto3_7-0" class="reference"><a href="#cite_note-auto3-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Blume writes, "A more localised banking system - which is more common in other countries but we don't have in the UK - provides a way to connect surplus capital with productive purpose (for the mutual benefit of savers/investors and borrowers)."<sup id="cite_ref-auto3_7-1" class="reference"><a href="#cite_note-auto3-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Advocates for fiscal localism argue that the banking system should be restructured to accommodate the needs of smaller, local communities. These communities that are built around the tenets of fiscal localism want to have local banks that have consumer bases which are limited to the population that is geographically located around the bank. This allows the bank to know its customers on a personal level in order to determine the risk of giving a loan out to someone who lives in the community. It also allows the bank to use its excess capital to invest in services and businesses that are located in these towns, which in turn spurs the local economy at a consistent growth rate. </p> <div class="mw-heading mw-heading2"><h2 id="Local_exchange_trading_systems">Local exchange trading systems</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=5" title="Edit section: Local exchange trading systems"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A local exchange trading system (LETS) is composed of local members that want to trade goods and services with other members in the group. These LETS use a unique local currency on which all trade is based upon. Those who are in LETS believe that they benefit both the members and the local community due to the organized nature of these LETS. The five core traits of a LETS include “cost of service, consent, disclosure, equivalence to the regional currency, and interest-free.”<sup id="cite_ref-auto_3-1" class="reference"><a href="#cite_note-auto-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Member transactions through a LETS do not have to be solely monetary. A purchase can be repaid through a service performed for the other member involved in the transaction. </p> <div class="mw-heading mw-heading2"><h2 id="Brexit"><a href="/wiki/Brexit" title="Brexit">Brexit</a></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=6" title="Edit section: Brexit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A recent, and perhaps the most widely known, push for fiscal localism occurred when the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> voted to leave the <a href="/wiki/European_Union" title="European Union">European Union</a> in 2016. The <a href="/wiki/European_Union" title="European Union">European Union</a> is an economic union that was formed in order to allow free movement of resources and capital between the countries that compose the organization. Discussions of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> leaving the <a href="/wiki/European_Union" title="European Union">European Union</a> have gone on for many years, but was not made official until the public of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> voted to leave. Many of those who were proponents of leaving the <a href="/wiki/European_Union" title="European Union">European Union</a> wanted to do so for economic reasons. Nigel Farage, one of the most prominent endorsers of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> leaving the <a href="/wiki/European_Union" title="European Union">European Union</a>, wrote, "We know that the European Union is hell bent on further, deeper centralisation."<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The disdain that <a href="/wiki/Nigel_Farage" title="Nigel Farage">Nigel Farage</a> has for centralization is rooted in both economic and political reasons, but the economic reasons lie in his desire for increased fiscal localism. Many citizens of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> share the same negative view of centralization. This resulted in the voting populace choosing to leave the <a href="/wiki/European_Union" title="European Union">European Union</a>. This historic decision of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> is an example of a community choosing to reject the increasing globalization of economic institutions and policies. However, many citizens of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> did not want to leave the <a href="/wiki/European_Union" title="European Union">European Union</a>. These opponents of Brexit preferred to remain in an organization that encouraged wealth and services to move freely among countries within the union. Then Prime Minister of the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, <a href="/wiki/Theresa_May" title="Theresa May">Theresa May</a> said in April 2016 that if the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> left the <a href="/wiki/European_Union" title="European Union">European Union</a>, "There would be little we could do to stop discriminatory policies being introduced, and <a href="/wiki/London" title="London">London</a>'s position as the world's leading financial centre would be in danger."<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Barter" title="Barter">Barter</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Cooperatives" class="mw-redirect" title="Cooperatives">Cooperatives</a></li> <li><a href="/wiki/CDFI" class="mw-redirect" title="CDFI">CDFI</a></li> <li><a href="/wiki/Community_currency" class="mw-redirect" title="Community currency">Community currency</a></li> <li><a href="/wiki/Community-based_economics" title="Community-based economics">Community-based economics</a></li> <li><a href="/wiki/Informal_sector" class="mw-redirect" title="Informal sector">Informal sector</a> (aka informal economy)</li> <li><a href="/wiki/Local_multiplier_effect" title="Local multiplier effect">Local multiplier effect</a></li> <li><a href="/wiki/New_Economy_Coalition#New_Economy_movement" title="New Economy Coalition">New Economy movement</a></li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time-based currency</a></li> <li><a href="/wiki/Time_banking" class="mw-redirect" title="Time banking">Time banking</a></li> <li><a href="/wiki/Transition_Towns" class="mw-redirect" title="Transition Towns">Transition Towns</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.npr.org/templates/story/story.php?storyId=128546325">"Fiscal Localism On Rise In Germany"</a>. <i>NPR.org</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=NPR.org&rft.atitle=Fiscal+Localism+On+Rise+In+Germany&rft_id=https%3A%2F%2Fwww.npr.org%2Ftemplates%2Fstory%2Fstory.php%3FstoryId%3D128546325&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1">. 13 September 2017 <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170913114022/http://www.complementarycurrency.org/ccDatabase/les_public.html">https://web.archive.org/web/20170913114022/http://www.complementarycurrency.org/ccDatabase/les_public.html</a>. 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Retrieved <span class="nowrap">6 April</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=senscot.net&rft.atitle=The+future+of+localism+must+be+economic&rft.aulast=Blume&rft.aufirst=Toby&rft_id=http%3A%2F%2Fwww.senscot.net%2Fview_news.php%3Fviewid%3D11488&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFarage2016" class="citation web cs1">Farage, Nigel (21 June 2016). <a rel="nofollow" class="external text" href="http://www.express.co.uk/comment/expresscomment/681776/nigel-farage-eu-referendum-brexit-vote-leave-independence-ukip">"Why we must vote LEAVE in the EU referendum"</a>. <i>express.co.uk</i><span class="reference-accessdate">. Retrieved <span class="nowrap">5 April</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=express.co.uk&rft.atitle=Why+we+must+vote+LEAVE+in+the+EU+referendum.&rft.date=2016-06-21&rft.aulast=Farage&rft.aufirst=Nigel&rft_id=http%3A%2F%2Fwww.express.co.uk%2Fcomment%2Fexpresscomment%2F681776%2Fnigel-farage-eu-referendum-brexit-vote-leave-independence-ukip&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRampen2016" class="citation web cs1">Rampen, Julia (26 October 2016). <a rel="nofollow" class="external text" href="http://www.newstatesman.com/politics/staggers/2016/10/7-brilliant-arguments-theresa-may-once-made-against-brexit">"The 7 brilliant arguments Theresa May once made against Brexit"</a>. <i>newsstatesman.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">6 April</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=newsstatesman.com&rft.atitle=The+7+brilliant+arguments+Theresa+May+once+made+against+Brexit&rft.date=2016-10-26&rft.aulast=Rampen&rft.aufirst=Julia&rft_id=http%3A%2F%2Fwww.newstatesman.com%2Fpolitics%2Fstaggers%2F2016%2F10%2F7-brilliant-arguments-theresa-may-once-made-against-brexit&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Fiscal_localism&action=edit&section=9" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.npr.org/templates/story/story.php?storyId=128546325">"Fiscal Localism On Rise In Germany"</a>. <i>NPR.org</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=NPR.org&rft.atitle=Fiscal+Localism+On+Rise+In+Germany&rft_id=https%3A%2F%2Fwww.npr.org%2Ftemplates%2Fstory%2Fstory.php%3FstoryId%3D128546325&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://news.bbc.co.uk/2/hi/uk_news/magazine/8245276.stm">"No money? Then make your own"</a>. 17 September 2009 – via news.bbc.co.uk.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=No+money%3F+Then+make+your+own&rft.date=2009-09-17&rft_id=https%3A%2F%2Fnews.bbc.co.uk%2F2%2Fhi%2Fuk_news%2Fmagazine%2F8245276.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ithacahours.com/">"Introducing HOUR Money"</a>. <i>www.ithacahours.com</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.ithacahours.com&rft.atitle=Introducing+HOUR+Money&rft_id=https%3A%2F%2Fwww.ithacahours.com%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.berkshares.org/">"BerkShares Inc"</a>. <i>www.berkshares.org</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.berkshares.org&rft.atitle=BerkShares+Inc.&rft_id=https%3A%2F%2Fwww.berkshares.org%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarford2008" class="citation web cs1">Harford, Tim (3 May 2008). <a rel="nofollow" class="external text" href="https://slate.com/culture/2008/05/do-local-currencies-really-help-the-communities-that-use-them.html">"Do "local currencies" really help the communities that use them?"</a>. <i>Slate Magazine</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Slate+Magazine&rft.atitle=Do+%22local+currencies%22+really+help+the+communities+that+use+them%3F&rft.date=2008-05-03&rft.aulast=Harford&rft.aufirst=Tim&rft_id=https%3A%2F%2Fslate.com%2Fculture%2F2008%2F05%2Fdo-local-currencies-really-help-the-communities-that-use-them.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100719144718/http://www.domini.com/community-investing/What-Is-A-/index.htm">"What Is A CDFI?"</a>. <i>domini.com</i>. Archived from <a rel="nofollow" class="external text" href="http://www.domini.com/community-investing/What-Is-A-/index.htm">the original</a> on 19 July 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=domini.com&rft.atitle=What+Is+A+CDFI%3F&rft_id=http%3A%2F%2Fwww.domini.com%2Fcommunity-investing%2FWhat-Is-A-%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFiscal+localism" class="Z3988"></span></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output 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href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul></div></div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Globalization" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Globalization" title="Template:Globalization"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Globalization" title="Template talk:Globalization"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Globalization" title="Special:EditPage/Template:Globalization"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Globalization" style="font-size:114%;margin:0 4em"><a href="/wiki/Globalization" title="Globalization">Globalization</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/List_of_globalization-related_journals" title="List of globalization-related journals">Journals</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Outline"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Global_thinking.svg/10px-Global_thinking.svg.png" decoding="async" width="10" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Global_thinking.svg/15px-Global_thinking.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Global_thinking.svg/21px-Global_thinking.svg.png 2x" data-file-width="130" data-file-height="200" /></span></span> <a href="/wiki/Outline_of_globalization" title="Outline of globalization">Outline</a></li> <li><a href="/wiki/Global_studies" title="Global studies">Studies</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Aspects</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alter-globalization" title="Alter-globalization">Alter-globalization</a></li> <li><a href="/wiki/Anti-globalization_movement" title="Anti-globalization movement">Anti-globalization movement</a></li> <li><a href="/wiki/Cultural_globalization" title="Cultural globalization">Cultural globalization</a></li> <li><a href="/wiki/Deglobalization" title="Deglobalization">Deglobalization</a></li> <li><a href="/wiki/Democratic_globalization" title="Democratic globalization">Democratic globalization</a></li> <li><a href="/wiki/Economic_globalization" title="Economic globalization">Economic globalization</a></li> <li><a href="/wiki/Environmental_globalization" title="Environmental globalization">Environmental globalization</a></li> <li><a href="/wiki/Global_citizenship" title="Global citizenship">Global citizenship</a> <ul><li><a href="/wiki/Global_citizenship_education" title="Global citizenship education">education</a></li></ul></li> <li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a href="/wiki/Global_governance" title="Global governance">Global governance</a></li> <li><a href="/wiki/Global_health" title="Global health">Global health</a></li> <li><a href="/wiki/International_migration" title="International migration">Global migration</a></li> <li><a href="/wiki/Global_politics" title="Global politics">Global politics</a></li> <li><a href="/wiki/Global_workforce" title="Global workforce">Global workforce</a></li> <li><a href="/wiki/Globality" title="Globality">Globality</a></li> <li><a href="/wiki/History_of_globalization" title="History of globalization">History of</a> <ul><li><a href="/wiki/Archaic_globalization" title="Archaic globalization">archaic</a></li> <li><a href="/wiki/Proto-globalization" title="Proto-globalization">early modern</a></li></ul></li> <li><a href="/wiki/Military_globalization" title="Military globalization">Military globalization</a></li> <li><a href="/wiki/Political_globalization" title="Political globalization">Political globalization</a></li> <li><a href="/wiki/Trade_globalization" title="Trade globalization">Trade globalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Issues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Global</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change" title="Climate change">Climate change</a> <ul><li><a href="/wiki/Climate_justice" title="Climate justice">Climate justice</a></li></ul></li> <li><a href="/wiki/Globalization_and_disease" title="Globalization and disease">Disease</a> <ul><li><a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a></li></ul></li> <li><a href="/wiki/Global_digital_divide" title="Global digital divide">Digital divide</a></li> <li><a href="/wiki/Global_labor_arbitrage" title="Global labor arbitrage">Labor arbitrage</a></li> <li><a href="/wiki/Multilingualism_and_globalization" title="Multilingualism and globalization">Multilingualism</a></li> <li><a href="/wiki/World_population" title="World population">Population</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a> <ul><li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversions</a></li></ul></li> <li><a href="/wiki/Water_security" title="Water security">Water crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Other</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Human_capital_flight" title="Human capital flight">Brain drain</a> <ul><li><a href="/wiki/Reverse_brain_drain" title="Reverse brain drain">reverse</a></li></ul></li> <li><a href="/wiki/Care_drain" title="Care drain">Care drain</a></li> <li><a href="/wiki/Development_aid" title="Development aid">Development aid</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Endangered_language" title="Endangered language">Endangered languages</a></li> <li><a href="/wiki/Fair_trade" title="Fair trade">Fair trade</a></li> <li><a href="/wiki/Forced_displacement" title="Forced displacement">Forced displacement</a></li> <li><a href="/wiki/Human_rights" title="Human rights">Human rights</a></li> <li><a href="/wiki/Illicit_financial_flows" title="Illicit financial flows">Illicit financial flows</a></li> <li><a href="/wiki/Imperialism" title="Imperialism">Imperialism</a> <ul><li><a href="/wiki/Academic_imperialism" title="Academic imperialism">academic</a></li> <li><a href="/wiki/Cultural_imperialism" title="Cultural imperialism">cultural</a></li> <li><a href="/wiki/Linguistic_imperialism" title="Linguistic imperialism">linguistic</a></li> <li><a href="/wiki/Media_imperialism" title="Media imperialism">media</a></li> <li><a href="/wiki/Scientific_imperialism" title="Scientific imperialism">scientific</a></li> <li><a href="/wiki/Social_imperialism" title="Social imperialism">social</a></li></ul></li> <li><a href="/wiki/Invasive_species" title="Invasive species">Invasive species</a></li> <li><a href="/wiki/Investor-state_dispute_settlement" class="mw-redirect" title="Investor-state dispute settlement">Investor-state disputes</a></li> <li><a href="/wiki/McDonaldization" title="McDonaldization">McDonaldization</a></li> <li><a href="/wiki/New_international_division_of_labour" title="New international division of labour">New international division of labour</a></li> <li><a href="/wiki/North%E2%80%93South_divide_in_the_World" class="mw-redirect" title="North–South divide in the World">North–South divide</a></li> <li><a href="/wiki/Offshoring" title="Offshoring">Offshoring</a></li> <li><a href="/wiki/Race_to_the_bottom" title="Race to the bottom">Race to the bottom</a> <ul><li><a href="/wiki/Pollution_haven_hypothesis" title="Pollution haven hypothesis">pollution havens</a></li></ul></li> <li><a href="/wiki/Transnational_organized_crime" title="Transnational organized crime">Transnational crime</a></li> <li><a href="/wiki/Westernization" title="Westernization">Westernization</a></li> <li><a href="/wiki/World_war" title="World war">World war</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theories</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_accumulation" title="Capital accumulation">Capital accumulation</a></li> <li><a href="/wiki/Dependency_theory" title="Dependency theory">Dependency</a></li> <li><a href="/wiki/Development_theory" title="Development theory">Development</a></li> <li><a href="/wiki/Earth_system_science" title="Earth system science">Earth system</a></li> <li><a class="mw-selflink selflink">Fiscal localism</a></li> <li><a href="/wiki/Modernization_theory" title="Modernization theory">Modernization</a> <ul><li><a href="/wiki/Ecological_modernization" title="Ecological modernization">ecological</a></li> <li><a href="/wiki/History_of_modernisation_theory" title="History of modernisation theory">history of</a></li></ul></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Social_change" title="Social change">Social change</a></li> <li><a href="/wiki/World_history_(field)" title="World history (field)">World history</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable<br />scholars</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Economics</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/David_Autor" title="David Autor">David Autor</a></li> <li><a href="/wiki/Richard_Baldwin_(economist)" title="Richard Baldwin (economist)">Richard Baldwin</a></li> <li><a href="/wiki/Ravi_Batra" title="Ravi Batra">Ravi Batra</a></li> <li><a href="/wiki/Jagdish_Bhagwati" title="Jagdish Bhagwati">Jagdish Bhagwati</a></li> <li><a href="/wiki/Robert_Brenner" title="Robert Brenner">Robert Brenner</a></li> <li><a href="/wiki/Jayati_Ghosh" title="Jayati Ghosh">Jayati Ghosh</a></li> <li><a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a></li> <li><a href="/wiki/Branko_Milanovi%C4%87" title="Branko Milanović">Branko Milanović</a></li> <li><a href="/wiki/Kevin_O%27Rourke" title="Kevin O'Rourke">Kevin O'Rourke</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a></li> <li><a href="/wiki/Dani_Rodrik" title="Dani Rodrik">Dani Rodrik</a></li> <li><a href="/wiki/Jeffrey_Sachs" title="Jeffrey Sachs">Jeffrey Sachs</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Political <br />economy</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a></li> <li><a href="/wiki/Giovanni_Arrighi" title="Giovanni Arrighi">Giovanni Arrighi</a></li> <li><a href="/wiki/Robert_W._Cox" title="Robert W. Cox">Robert W. Cox</a></li> <li><a href="/wiki/Andre_Gunder_Frank" title="Andre Gunder Frank">Andre Gunder Frank</a></li> <li><a href="/wiki/Stephen_Gill_(political_scientist)" title="Stephen Gill (political scientist)">Stephen Gill</a></li> <li><a href="/wiki/Peter_Gowan" title="Peter Gowan">Peter Gowan</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">David Harvey</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Susan_Strange" title="Susan Strange">Susan Strange</a></li> <li><a href="/wiki/Robert_Wade_(scholar)" title="Robert Wade (scholar)">Robert Wade</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Politics / <br /> sociology</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arjun_Appadurai" title="Arjun Appadurai">Arjun Appadurai</a></li> <li><a href="/wiki/Daniele_Archibugi" title="Daniele Archibugi">Daniele Archibugi</a></li> <li><a href="/wiki/Kwame_Anthony_Appiah" title="Kwame Anthony Appiah">K. Anthony Appiah</a></li> <li><a href="/wiki/Ulrich_Beck" title="Ulrich Beck">Ulrich Beck</a></li> <li><a href="/wiki/Walden_Bello" title="Walden Bello">Walden Bello</a></li> <li><a href="/wiki/Jean_Baudrillard" title="Jean Baudrillard">Jean Baudrillard</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Zygmunt Bauman</a></li> <li><a href="/wiki/Manuel_Castells" title="Manuel Castells">Manuel Castells</a></li> <li><a href="/wiki/Christopher_Chase-Dunn" title="Christopher Chase-Dunn">Christopher Chase-Dunn</a></li> <li><a href="/wiki/Alfred_W._Crosby" title="Alfred W. 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