Abstract

Histories of the destruction of Commons abound. Consequently, many think of Commons as being, ipso facto, weak in the face of capitalist expansion. Against this frequent belief of the Commons’ weakness, this paper argues that central bank currency systems represent a range of ever-expanding and consequential Commons that, paradoxically, continue to not only grow under capitalism, but sustain and nurture it. To make this claim about systematic sharing at the heart of capitalism, the article first recounts the centralization of private money hoards into pooled, national, currency reserves; second, it offers comparisons between central bank currency systems and other Ostromian Commons, in order to illuminate this forgotten, yet immensely powerful, Commons that exists at the heart of everyday life. 
 

Bio

Gustav Peebles serves as universitetslektor in the Department of Social Anthropology at the University of Stockholm. Before arriving in Stockholm, he spent many years at The New School in New York City, where he served in multiple academic and administrative roles, including two stints as Associate Dean for Faculty Affairs. While there, he also served as Co-Principal Investigator for the Mellon-funded Sawyer Seminar, “Currency and Empire,” and is now wrapping up the publications for a Wenner Gren Symposium that he co-organized with two New School economists. His publications, including a book entitled, The Euro and Its Rivals, as well as a range of academic and popular articles, track credit, debt, money, and the diverse struggles to regulate and manage these vital economic phenomena throughout human history. Most recently, he has been exploring digital currencies, including work on the Swedish Central Bank’s e-currency proposal, as well as a wilder idea that leverages digital currency as a potential tool for fighting climate change.