Gogo (economics)
Encyclopedia
Gogo is a local, stable and convertible means of exchange proposed for use in Grand Forks, British Columbia
, Canada.
Circulation of the Gogo is limited to the area of Grand Forks in southern British Columbia
. Its value is based on the value of the Canadian dollar in 1980, and is forever stable at that level. This means that prices in the Gogo will never change.
Acceptance of the Gogo dollar in Grand Forks is minimal, and its success is not comparable with other local currencies, such as Ithaca Hours
.
at the time of the exchange. For example, in 2001, 1 Gogo cost $2.20 Canadian, which reflects the decline in value of the Canadian dollar of 2001, related to the value of the Canadian dollar in 1980.
The Gogo is a means of exchange and is not made for storing; this is achieved by setting a 5% charge on a yearly basis. Moreover it can only be exchanged into Canadian Dollars at a rate of 95%.
('free money', ˈfʁaɪɡɛlt) used in the theory of Freiwirtschaft
introduced by Silvio Gesell
. It has some special properties, such as cash flow
safety.
Grand Forks, British Columbia
-Schools:Schools in the region are operated by School District 51 Boundary which has its main office in Grand Forks but also serves Midway, Greenwood, Beaverdell, and Rock Creek....
, Canada.
Circulation of the Gogo is limited to the area of Grand Forks in southern British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
. Its value is based on the value of the Canadian dollar in 1980, and is forever stable at that level. This means that prices in the Gogo will never change.
Acceptance of the Gogo dollar in Grand Forks is minimal, and its success is not comparable with other local currencies, such as Ithaca Hours
Ithaca Hours
The Ithaca HOUR is a local currency used in Ithaca, New York and is the oldest and largest local currency system in the United States that is still operating. It has inspired other similar systems in Madison, Wisconsin; Corvallis, Oregon; and a proposed system in the Lehigh Valley, Pennsylvania...
.
Convertibility
The Gogo is convertible with the Canadian dollar, based on the Consumer Price IndexConsumer price index
A consumer price index measures changes in the price level of consumer goods and services purchased by households. The CPI, in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of...
at the time of the exchange. For example, in 2001, 1 Gogo cost $2.20 Canadian, which reflects the decline in value of the Canadian dollar of 2001, related to the value of the Canadian dollar in 1980.
The Gogo is a means of exchange and is not made for storing; this is achieved by setting a 5% charge on a yearly basis. Moreover it can only be exchanged into Canadian Dollars at a rate of 95%.
Success in the local economy
The Gogo has seen very little success in the local economy, with few businesses accepting the currency as a form of tender. The 'Gogo Dollar' is mostly unknown to the residents of Grand Forks. As far as most of the residents of Grand Forks are concerned, it hasn't passed the conceptual stage.Idea
The Gogo is basically a realization of FreigeldFreigeld
In the theory of Freiwirtschaft, Freigeld is a monetary unit proposed by Silvio Gesell.- Properties :Freigeld has several special properties:...
('free money', ˈfʁaɪɡɛlt) used in the theory of Freiwirtschaft
Freiwirtschaft
is an economic idea founded by Silvio Gesell in 1916. He called it . In 1932, a group of Swiss businessmen used his ideas to found WIR....
introduced by Silvio Gesell
Silvio Gesell
Silvio Gesell was a German merchant, theoretical economist, social activist, anarchist and founder of Freiwirtschaft.-Life:...
. It has some special properties, such as cash flow
Cash flow
Cash flow is the movement of money into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used for calculating other parameters that give information on a company's value and situation.Cash flow...
safety.