A local money to stabilize capitalism : the underestimated case of the WIR

International audienceAs a result of the current financial crisis, economists have paid increased attention to local monies designed in an effort to create a new kind of economy, as well as new ways to develop social links. This paper seeks to shed light on the WIR money, a local money that has been in existence in Switzerland since the 1930s. We argue that it provides a shield against crises for two significant and connected reasons. First, from a "horizontal" perspective, the WIR is a coherent economic, as well as social, project that relies on the "melting money" principle. Second, from a "vertical" perspective, it is based on a banking model that is anchored to a specific "attitude" designed to manage the monetary common good. The mix between these "horizontal" and "vertical perspectives is likely to be insightful for other projects like the WIR