Community Oriented Mutual Economy (COME) is a local currency project, started in Hong Kong by the Saint James Settlement[1], a Hong Kong Non-governmental organization (NGO). In Economics, a local currency, in its common usage is a Currency not backed by a national government (and not necessarily Legal tender) and intended Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders The COME project prints its own currency, which it issues to members when they join. Members are given one time dollar at the time they sign up, and another time dollar if they list services that they are willing to provide (in exchange for time dollars) in a regular bulletin.
COME has semi-monthly market days, when participants meet to exchange services - haircuts and facials for example - in exchange for time dollars. As of June, 2005, COME has about 500 members, about half of whom live close to Wan Chai, where the project is based. Wan Chai is a metropolitan area situated at the western part of the Wan Chai District on the northern shore of Hong Kong Island, in Hong Kong, China
The COME project resembles Ithaca HOURS to some degree, although the focus is more on low income residents. Ithaca Hours is a Local currency in Ithaca New York. It is credited as the first modern Local currency and has inspired similar systems throughout the There has been little involvement with local businesses to date, although the project does receive donated goods, which are sold (for time dollars) in a small store that the project runs. Participants can also sell their own goods, for a combination of time dollars and Hong Kong dollars. Normally the participants recover their cost of providing the goods with the Hong Kong dollar amount, with profit taken in the form of time dollars.
See also
External links
- COME project home page (mostly in Chinese)
- Saint James Settlement
- Pictures of the COME currency
- In Search of a Communal Economic Subject 2003 academic article by Dr. An economic system is a System that involves the production, distribution and consumption of goods and services between Hui Po-Keung, an advisor to the project.
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