Complementary and social currencies in Mexico

Abstract

Money is a social instrument of exchange, which has modified its form and denomination through time. Its issuance is the responsibility of the society that recognizes and accepts it as a means of payment. Currently, two types of money can be identified: the first refers to commodity money, which is a means of payment in kind and the second is fiduciary money, which is based on the faith or trust of communities, states, or countries. Due to the problems derived from the economic crises, complementary and social currencies arise as an initiative of people who pursue the common benefit, meaning an option to reactivate and support the economy, it is worth mentioning the creation of these currencies is not intended to replace the money issued by the countries. These types of currencies support an approach focused on trust and on the bonds that exist between the community, they are unrecognized by the State, despite this, they are still in force. Therefore, the objective of this study was to analyze and identify the emerging complementary and social currencies in Mexico. For this purpose, the documentary method was employed to analyze diverse types of currencies that have emerged in local contexts and are in use, such as service credits, mutual exchange markets, local currencies, and barter markets. The results show that the use of complementary and social currencies in Mexico has spread among communities with strong shortages, remains a viable alternative to increase economic activity.