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Prospering Economies Built by Thriving Communities (EN)
3 September, 2020 @ 3:00 pm - 4:00 pm BST
Day: September 3dr
Time: 9am ET | 2pm GMT
Speaker: Caroline Dama Madagow, Country Coordinator, co – founder and non executive director special projects, Grassroots Economics Foundation and Green World Campaign Kenya.
Moderator: Eli Ingraham, COO TIE Global Artisans
Topic: The introduction of the CIC is designed to strengthen the national economy by providing a medium of exchange that can be used in the absence of sufficient national currency due to factors such as weak economic development and the utilization of available national currency to pay for imports. The CIC provides a medium of exchange that is counter cyclical to the economic cycle. Where an economy slows down people’s inclination is to reduce their consumption and save their money. The CIC provides a mechanism for people to continue local economic activity – providing and paying for goods and services – even when national currency is in short supply. This promotes the stability of local markets and acts as a counterweight to a slowing national or global economy.