Addressing inequalities

In any given society, certain groups are more powerful and better-off financially than others. Social policies that aim to enhance or ‘grow’ the core economy must therefore go hand-in-hand with measures to promote greater equality within and between different social groups.

A systemic approach understands the dynamics of inequality: what the causes are and how they interact with and reinforce each other. Social and cultural factors such as gender, age, disability, ethnicity and sexual orientation influence the way people experience income and wealth inequality and often intensify disadvantages. Addressing complex systems of inequalities – both in economic and social terms – therefore requires specific strategies.

Community currencies cannot be expected to tackle these inequalities alone, but they do offer a valuable tool. Crucial to reducing inequality of any type is empowerment. Community currencies can help redistribute power from those who already have it, through wealth or other forms of privilege, to those who don’t.

Empowerment and self-worth come hand in hand, and timebanks and time-based currencies that value a diverse range of skills and knowledge allow both to grow. The voluntary activities facilitated by a currency system enable participants to gain new experiences that offer intrinsic rewards, such as feelings of pride, but are also extrinsically valuable, as the skills they involve are widely applicable in the worlds of paid work and formal education.

In this way, currency projects can directly address inequalities of learning, training and employability by putting those with less opportunity to gain the types of skills sought by employers on a more even footing with those who enjoy a more privileged status.