Scotland’s New Economy: Rethinking Economics and Money

#RIC2015 workshop outline
Key contributors: Duncan McCann, Duncan McCabe

The workshop will be split into two parts looking first at the economy as a whole and exploring ideas that we need to create a new economic paradigm. The second part will analyse the current monetary system, expose some misconceptions and explore progressive alternatives.

Slavoj Zizek once wrote that ‘it is easier to imagine the end of the world than the end of Capitalism’. During the workshop we will look at the current state of capitalism in the UK and look forward to how we can shape and create a new economic narrative not based on the discredited ideas of neo-liberal economic thinking and moving towards a more socially and environmentally responsible economic model. We will try to understand what values such an economy would need as well as look as some examples of the new economy being put into practice around the world.
Analysis has shown that the issue of Money and the question about which currency to use in an independent Scotland were some of the key topics that made voters nervous and fearful, and thus were key reasons for voting no. However the debate was peppered with incorrect information and false assumptions. The debate seemed to narrow down to which A generic picture of a some British sterling money in coins and bank notes.single currency (£, Euro, New Currency) should be the new monetary monoculture for Scotland rather than a discussion of the potential benefits of using a range of currencies each for a specific purpose. The debate also failed to acknowledge that there are many ways of creating money, not just as bank debt that all national money systems rely on.

In this workshop, led by New Economics Foundation reasearcher Duncan McCann, we will be exploring the issue of money by looking at what it really is and the impact that the present system has on the society and environment that we live it.

We will then discuss moving forward and how we can leverage the energy for change in Scotland to design a new national complementary currency that does not rely on more power being devolved from London and that could showcase what a positive asset a re-designed currency system can have.’

Duncan McCann is a researcher in Finance and Business with the New Economics Foundation. Duncan McCabe is an activist with RIC in Dundee.

For those interested in learning more about Money in advance of the session on the New Economy,please take a look at these excellent videos. Learn about Money in just over 1 hour • Introduction to the Money System – (3 mins) • Misconceptions around Banking – (5 mins) • How Banks create money, the consequences and lack of central bank control – Tony Greenham – (28 mins) – • How to fuel the Economy without increasing Debt – Ben Dyson – (30mins) • The Power of Complementary Currencies – Edgar Kampers – (12 mins) –



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1 Response to Scotland’s New Economy: Rethinking Economics and Money

  1. Pingback: Scotpound and a People’s Economy | radicalindependencedundee

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