Time-Based Currency by Robert Owen | DECODED #4

Curator Ben Alsop explores a different kind of economic world, where wages and prices are measured in hours instead of units of precious metal. The idea came from Robert Owen, one of the founders of utopian socialism and the cooperative movement. He's achievements included development of cooperatives and the trade union movement and supporting the passage of child labour laws and free co-educational schools. His principles were radical for the time, and many of his achievements are things we still depend on today. Sadly, because humans will always find a way to cheat a system, his time-based currency is not one of those achievements.

#DECODED #SOCIALISM #CURRENCY

[pattheplanter]

By all accounts Owen succeeded in improving the lives of the workers at the New Lanark Mill while increasing productivity and improving the machinery. Not just tried. Owen had already improved the machinery to produce cotton thread of a quality never seen before while working for others in Manchester. He had taken over the management of the New Lanark Mill in 1800 and it lasted until it was closed in 1968. The example of Owen was followed to a greater or lesser extent by many of the more enlightened Cotton Kings. New Lanark Mill is now one of only 27 UNESCO World Cultural Heritage Sites in Britain.
Owen was well-known for his charm, friendliness and sincerity, even when arguing with his political opposites.

He was also one of the active promoters of the Co-operative movement, organising the first Co-operative Congress in Manchester in 1831, among many other reforming actions in education, pacifism and socialism during his long life.
Owen's concluding address at the Congress included:
“They will show to the world that the working classes are not only able, but are fully determined to follow the advice of Mr (now Sir Robert) Peel and ‘TAKE THE MANAGEMENT OF THEIR AFFAIRS INTO THEIR OWN HANDS’.”

When Salford and Manchester reformers took advantage of radical reforms in the law to become borough councils, Salford took "Integrity and Industry" as the motto of the council. Both city councils took elements from Robert Peel's arms for their own coats of arms, like the Bees. Peel repealed the Corn Laws which had kept the working class in terrible poverty because of the 50% tax on food. Many of these reformers were in the cotton trade like Owen. It was a lesser reform of the financial system than Owen had hoped for but the effects were felt down the ages as the working class became able to enjoy a real life and not just scrabble for the next loaf of bread.

[ianmansfield]

Fascinating. I've been studying the history of money and currency recently and had no idea this had been tried, although it seems a logical idea and somewhat fits with the philosophical ideas being explored by Marx and Engels at the time regarding the distribution of wealth in society.

[lisascenic]

What a fascinating object! Thank you for sharing it with folks who can’t visit the British Museum.

[agerven]

What a surprise!
This appears to be Robert Owen, the father of Robert Dale Owen who made a remarkable career and amongst various other things is the author of "Footfalls on the boundary of another world". Even going back in history, it's a small world after all!

[RoseThistleArtworks]

This is really interesting. I was thinking that scammers could just take a long time to make something, while people who worked efficiently could create superior items that people desire more. So, this form of money does not take into consideration that people, buying things, place value on things differently and are willing to exchange more of their own money, for items they desire more, regardless of how long it takes to make the item. It figures, though, that he thought the amount of time put into an item was most valuable, to him, because he was paying the workers for their time.

[ona]

Yes!! the money gallery is my fave bit in the museum

[stevethecatcouch]

Looks similar to Ithaca Hours. They've been working as a local currency since 1991.

[CabinetOfCuriosity]

Is this Robert Owen the same associated with New Harmony, Indiana? Which is very close to where I live.

[glutinousmaximus]

... I wonder just how long it took to make each note :0)

[stanleycampbell]

Would love to see more paper "money" in that collection of yours...how about the earliest British note? Or perhaps the first European banknote? Did the Chinese come up with the first in the world?

[beauwilliamson]

"On the back is what I can only describe as" ... a Guilloché pattern! One of the foundations of paper currency.

[TheOneCalledSloth]

Another interesting experiment with time and money is Silvio Gesell's Free-Money and Major Clifford Douglas' Social Credit system.

[Mullet-ZubazPants]

Alternatives like this, or crypto will never supersede state backed currencies, for one reason. The nation that dominates the primary trade route of physical goods determines the most important currency... For the past 500 years that trade route has been the sea. Two thirds of oil travels by sea. 90% of ALL trade travels by sea. So the nation that dominates shipping lanes and maritime choke points will be considered the reserve currency. That is the US Dollar. Before the US Dollar it was Pound Sterling, before Pound Sterling it was the Spanish Dollar

[HebaruSan]

Why doesn't it say "laboUr"?

[SandyRiverBlue]

Yeah, but it's totally untaxable, which isn't a bad thing in and of itself, unless you're the government, lol. Even if it were in addition to regular pay most governments would want their cut, so I was thinking of how one would make a similar system work in the modern era. At first I thought that it might work if the goods purchased with them were worth more than the money used, but the services gained would be worth something. I think the best you could do with modern tax laws is to have the issuer pay the taxes on behalf of the recipient.

[SergioLopez-gfzp]

Well thats the biggest problem isnt it? Trying to figure out what keeps the time value something for those who should follow it? Why give up your time to make more time? Why not get something out of it? Or even want anything at all in the first place. It all depends on the person if they want to spend their time doing what they want while not giving anyone the time of day to help them but then society can take care of that issue quickly and not give this person who wants to be greedy with their time so we only helps those who help the community and eventually people will just slowly come together for the greater good because we cant do any of this alone, unless by some miracle already have what you could ever ask for? Then retire.

[JaneDoe-cigj]

Good video. Very knowledgeable!

Although you talk very clearly, you talk a bit too fast. The video is so jam packed with knowledge it's hard to keep up.

It would also be good to see you face in the beginning of the video.
I find that in the video format a
bodiless voice is harder to accept than in the radio format.

[catnium]

Yeah and in modern times you get a job and sit on your butt all day behind a computer and earn twice the income a month as a guy who does actual manual labor
so our current system is just as flawed as this system was

[NeonsStyleHD]

clarity, mumble mumble mumble, clarity, clarity, mumble mumble, mumble. SPEAK UP MAN!! Even with volume turned up I still couldn't hear a lot of what you said!