Integral research on the Lake District Pound: Six mixed methods for assessing the impact of a currency

Place, Christophe, Bendell, Jem, Chapman, Ian, Mcphie, Jamie and Murphy, David (2021) Integral research on the Lake District Pound: Six mixed methods for assessing the impact of a currency. International Journal of Community Currency Research .

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Abstract

How does one assess the impact of a currency innovation? This study explores the experience of the Lake District Pound (LD£), a free local currency issued by a social enterprise from May 2018 to January 2020, for approximately LD£215’000 within 342 local independent businesses and 28 bureaux de change – who were also stamping passports – and based in the Lake District National Park, a UNESCO World Heritage Site in Northwest England. After presenting the historical and regional context, we will introduce six mixed methods – consistent with integrative research approach of Integral Methodological Pluralism based on Complex Integral Realism – and analyse the respective and combined results of 12 data collections over 25 months to provide a holistic impact assessment. By promoting the local heritage and by providing a unique visitor experience, it has had some impact on local spending and the local economy and has raised some awareness of localism and Money; without transforming behaviour and the local supply chain. It has proven its ground-breaking revenue model based on the annual leakage once the currency expires: keeping rather than spending it – targeting visitors rather than residents. Its short-term financial plan proved unsuccessful in generating profit for two charities (environmental conservation, community support).

Item Type: Article
Journal / Publication Title: International Journal of Community Currency Research
Publisher: IJCCR
ISSN: 1325-­‐9547
Departments: Departments > Institute of Business, Industry and Leadership > Business
Depositing User: Christian Stretton
Date Deposited: 20 Apr 2021 10:04
Last Modified: 05 Jul 2021 20:02
URI: https://insight.cumbria.ac.uk/id/eprint/6047

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