A Commons Strategy for Promoting Entrepreneurship and Social Capital: Implications for Community Currencies, Cryptocurre
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ORIGINAL PAPER
A Commons Strategy for Promoting Entrepreneurship and Social Capital: Implications for Community Currencies, Cryptocurrencies, and Value Exchange Ana Cristina O. Siqueira1 · Benson Honig2 · Sandra Mariano3 · Joysi Moraes3 Received: 20 December 2018 / Accepted: 16 July 2020 © Springer Nature B.V. 2020
Abstract Examining how new forms of currencies diffuse is important to uncover their impact on the organization of communities, and thus motivates our study of community currencies. Community currencies provide a medium of exchange by using alternative banknotes or electronic money, which circulates only within particular communities, allowing members to trade goods, increase social cohesion, and achieve collective goals. In this study, we examine how community currencies help facilitate social commons by serving as a setting for building community relationships and a catalyst for other social activities beyond market relations. We analyze cases of community banks that provide microfinance and issue community currencies in Brazil. We find that microfinance entrepreneurs who involve a greater diversity of stakeholders from public, private, and nonprofit sectors in decision making even prior to startup, while also facilitating the formation of supportive social capital from diverse cross-sector stakeholders, increase opportunities for developing new community currencies. By exploring the implications of entrepreneurial actions that promote inclusive participation of diverse stakeholders for accomplishing collective goals, our findings are relevant for other activities that create a common pool of resources while also developing the vitality of the community, including initiatives that use cryptocurrencies and other emerging forms of currencies for building social commons. Keywords Commons · Entrepreneurship · Social capital · Currencies · Microfinance
Introduction
* Ana Cristina O. Siqueira [email protected] Benson Honig [email protected] Sandra Mariano [email protected] Joysi Moraes [email protected] 1
Cotsakos College of Business, William Paterson University, 1600 Valley Road, Wayne, NJ 07470, USA
2
McMaster University, DeGroote School of Business, 1280 Main Street West, Hamilton, ON L8S4M4, Canada
3
Department of Entrepreneurship and Management, Universidade Federal Fluminense, Rua Mario Santos Braga, S/N ‑ 7o. Andar ‑ Centro, Niteroi, RJ 24020‑140, Brazil
The concept of money, which essentially represents a debt obligation, encompasses one of the most binding and divisive institutional aspects of nations, having expedited revolutions and insurrections, resulting in the destruction of debt records, and the redistribution of land (Graeber 2012; Rosales 2019; Sonenscher 1997). Focusing on the institutional nature of declared value, the chartalist perspective holds that it is the state that determines how certain payments are made and what medium is utilized (Bell 2001). According to the concept of embedded economy, markets are institutions and economies are embedded within the
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