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In the years around 1920 the British engineer C. H. Douglas developed a theory on banking and welfare distribution, a theory which he called "
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Monetary reform
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system.
Monetary reformers may advocate any of the following, among other proposals:
* A return t ...
is the process of fundamentally changing policies regarding money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as ...
. It can include changes to the money creation process, fractional-reserve banking
Fractional-reserve banking is the system of banking operating in almost all countries worldwide, under which banks that take deposits from the public are required to hold a proportion of their deposit liabilities in liquid assets as a reserve, ...
, financial institutions, financing of the economy and social credit
Social credit is a distributive philosophy of political economy developed by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them. To combat what he ...
among other things.
History
C. H. Douglas and the Social Credit-movement
In the years around 1920 the British engineer C. H. Douglas developed a theory on banking and welfare distribution, a theory which he called "Social Credit
Social credit is a distributive philosophy of political economy developed by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them. To combat what he ...
", and which soon became the cornerstone of an international movement with the same name. However, Douglas himself warned against viewing the Social Credit solely as a scheme for monetary reform. Personally he preferred to describe it as "the policy of a philosophy" or, to be exact, the policy of "practical Christianity". This policy, linked to this philosophy, is all about dispersing economic and political power to individuals. As he once wrote, "Systems were made for men, and not men for systems, and the interest of man which is self-development
Self-help or self-improvement is a self-guided improvement''APA Dictionary of Physicology'', 1st ed., Gary R. VandenBos, ed., Washington: American Psychological Association, 2007.—economically, intellectually, or emotionally—often with a subst ...
, is above all systems, whether theological, political or economic."
Recent development and debate
Michael Rowbotham's The Grip of Death, published 1998, was an attack on the banking system as well as the politics of globalization, free trade and growth-oriented strategies based on these lines. The book was widely spread and got reviews in magazines such as The Ecologist, Resurgence, New Internationalist, The Tribune, The Tablet, Sustainable Economics, Permaculture Magazine, Food Magazine and Social Credit. Some of the British monetary reformers, such asMichael Rowbotham
Michael Rowbotham is a political and economic writer and commentator based in the UK who is primarily known for his two books, ''The Grip of Death: A Study of Modern Money, Debt Slavery, and Destructive Economics'' (1998) and ''Goodbye America'' ...
, is influenced by the Social Credit
Social credit is a distributive philosophy of political economy developed by C. H. Douglas. Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them. To combat what he ...
-movement.
The Money Reform Party was founded by Anne Belsey from Kent in 2005 and deregistered in 2014. Belsey stood for the MRP in the 2006 Bromley and Chislehurst by-election and came last with 33 votes. She stood in Canterbury
Canterbury (, ) is a City status in the United Kingdom, cathedral city and UNESCO World Heritage Site, situated in the heart of the City of Canterbury local government district of Kent, England. It lies on the River Stour, Kent, River Stour.
...
in 2010 and came last with 173 votes. Author Mark Braund recommended the MRP website "which includes a compelling explanation of the mechanics of money creation and its impact on society".
Papers
* 2010 – Towards a Twenty-First Century Banking and Monetary System, Joint Submission to the Independent Commission on Banking, UK (Chair: Professor Sir John Vickers), with Ben Dyson, Tony Greenham, Josh Ryan-Collins, by the Centre for Banking, Finance and Sustainable Development, the new economics foundation, and Positive Money, submitted 19 November 201See also
*List of monetary reformers
This is a list of monetary reformers from the past to the present according to several schools of thought.
Monetary reformers primarily belong to the following groups:
*Supporters of publicly issued money who oppose charging interest on issuance ...
* Universal basic income in the United Kingdom
Universal basic income is a subject of much interest in the United Kingdom. There is a long history of discussion yet it has not been implemented to date. Interest in and support for universal basic income has increased substantially amongst the ...
References
{{Reflist Monetary reform Reform in the United Kingdom Economic history of the United Kingdom