P2P Foundation

What we need is an economy with at least two incommensurable currencies, to distinguish between values that should not be interchangeable, such as local subsistence and survival versus globalized entertainment

Excerpted from an interview with Alf Hornborg:

Q: “Following David Harvey’s analysis of money, you have suggested that money is a social institution that generates “space-time” in such a way that is both an “objective, political ecological framework” and a “subjective experience.” In other words, money becomes the medium by which society, technology and even the whole biosphere are transformed within a particular set of cultural ideas. Given the latest financial crises, what do you foresee the role of currency to be in the transformation of the relationship between ecology and economics?

The financial crises illustrate the risks a society takes when it permits monetary assets and real, biophysical resources to become so thoroughly dissociated from each other. Our current problems with overconsumption would not have been possible if money had not become so completely disconnected from material resources. I am not saying that the gold standard that we abandoned in the seventies was a solution, but at least it limited the possibilities of printing ever more money to keep the treadmill of consumption (and production) spinning at a pace that satisfies the corporate demand for profits. But the real problem with money is not that it is fictitious, as all money must be, but that it embodies the idea that everything can be exchanged for everything else. What we need is an economy with at least two incommensurable currencies, to distinguish between values that should not be interchangeable, such as local subsistence and survival versus globalized entertainment.”