In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations. A regional currency is a form of local currency encompassing a larger geographical area. A local currency acts as a complementary currency to a national currency, rather than replacing it, aims to encourage spending within a local community with locally owned businesses; the currency may not be backed by a national government or be legal tender in the UK. About 300 complementary currencies, including local currencies, are listed in the Complementary Currency Resource Center worldwide database; some definitions: Complementary currency - is used as a complement to a national currency, as a medium of exchange, not legal tender.:2 Community currency - a complementary currency used by a group with a common bond, such as residents of a locality, association, or members of a business or online community. Local currency - a complementary currency used in a locality. Regional currency - a local currency where the locality is a larger region.
Auxiliary currency, Eco-Money - less common synonyms for community or local currency. Private currency - a currency issued by an individual, business or non-governmental organization. Complementary currencies are a type of private currency. Sectoral currency - a complementary currency used within one economic sector, such as education or health care. Alternative currency - a synonym for complementary currency, referring to a currency designed to work in conjunction with the national currency; the Wörgl experiment illustrates some of the common characteristics and major benefits of local currencies.1. Local currencies with negative interest rate or demurrage tend to circulate much more than national currencies; the same amount of currency in circulation is employed more times and results in far greater overall economic activity. It produces greater benefit per unit; the higher velocity of money is a result of the negative interest rate which encourages people to spend the money more quickly. 2. Local currencies enable the community to more use its existing productive resources unemployed labor, which has a catalytic effect on the rest of the local economy.
They are based on the premise that the community is not using its productive capacities, because of a lack of local purchasing power. The alternative currency is used to increase demand, resulting in a greater exploitation of productive resources. So long as the local economy is functioning at less than full capacity, the introduction of local currency need not be inflationary when it results in a significant increase in total money supply and total economic activity. 3. Since local currencies are only accepted within the community, their usage encourages the purchase of locally produced and locally-available goods and services. Thus, for any level of economic activity, more of the benefit accrues to the local community and less drains out to other parts of the country or the world. For instance, construction work undertaken with local currencies employs local labor and uses as far as possible local materials; the enhanced local effect becomes an incentive for the local population to accept and use the scrips.
4. Some forms of complementary currency can promote fuller use of resources over a much wider geographic area and help bridge the barriers imposed by distance; the Fureai kippu system in Japan issues credits in exchange for assistance to senior citizens. Family members living far from their parents can earn credits by offering assistance to the elderly in their local community; the credits can be transferred to their parents and redeemed by them for local assistance. Airline frequent flyer miles are a form of complementary currency that promotes customer-loyalty in exchange for free travel; the airlines offer most of the coupons for seats on less sold flights where some seats go empty, thus providing a benefit to customers at low cost to the airline. 5. While most of these currencies are restricted to a small geographic area or a country, through the Internet electronic forms of complementary currency can be used to stimulate transactions on a global basis. In China, Tencent's QQ coins are a virtual form of currency.
QQ coins can be bought for Renminbi and used to buy virtual products and services such as ringtones and on-line video game time. They can be obtained through on-line exchange for goods and services at about twice the Renminbi price, by which additional'money' is being directly created. Though virtual currencies are not'local' in the tradition sense, they do cater to the specific needs of a particular community, a virtual community. Once in circulation, they add to the total effective purchasing power of the on-line population as in the case of local currencies; the Chinese government has begun to tax the coins as they are exchanged from virtual currency to actual hard currency. Local currencies and the Transition Towns movement in the UK have been criticized for failing to address the needs of the wider population lower socio-economic groups; such local currency initiatives have been more criticized as having limited success in stimulating spending in local economies, as an unrealistic strategy to reduce carbon emissions.
Modern local currencies can be classified into the following distinct types: 1. Transition currency based on the local currencies used by the Transition Towns movement in the UK, they include Brixton Pound and Bristol Pound in the UK, BerkShares in the USA, Salt Spring Dollars in Canada. Transi
Belcan, LLC is a global supplier of engineering, supply chain, technical recruiting and information technology services to customers in the aerospace, automotive and government sectors. Headquartered in Cincinnati, Belcan has over 10,000 employees in 50 locations around the world. Belcan Corporation was founded in 1958 by Ralph G. Anderson, an engineering graduate of the University of Kentucky; until 1976, Belcan concentrated on providing temporary engineering services to companies such as Allison Engine Company, General Electric, Pratt & Whitney and Procter & Gamble. In 1976 Belcan began to offer outsourced engineering services, hiring permanent engineering staff and performing engineering projects for clients in Belcan's offices. Separate divisions were formed: Engineering for outsourced engineering, TechServices for temporary engineering services. Procter & Gamble was one of the first major customers of Belcan's in-house services. Beginning in 1976, Belcan began opening TechServices offices throughout the U.
S. In 1983, Belcan was offered a contract by Procter & Gamble to upgrade the production lines for a redesign of their Pampers disposable diapers. Belcan was responsible for the design, installation and training of operations and maintenance personnel for production lines in 4 U. S. plants and seven overseas plants. Belcan increased staff up to 400 people in order to meet the schedule; the first production line was running 7 months after the start of the project. In 1987, Belcan formed the Specialty Equipment Engineering Division to service light bulb manufacturing for all of General Electric's worldwide manufacturing plants. SEED subsequently expanded to provide design and build of specialized manufacturing equipment for numerous clients and industries. In 1991, Belcan and General Electric Aviation formed an alliance for Belcan to provide engineering and test support for GE's turbine engines; this relationship continued to grow, in 2006 GE awarded Belcan a "Super Center" contract to provide support to GE's Aviation, Oil & Gas and Water divisions.
The Staffing Solutions division of Belcan was founded in 1989 to address current customers' light industrial and clerical staffing needs. It had grown to over 25 offices in over 12 states before the division was spun off as Belflex and is no longer a part of Belcan. Belcan's Engineering and TechServices divisions expanded through the late 1990s to the present with new offices and acquisitions. By 2009 Belcan had 60 offices internationally. On July 13, 2015, AE Industrial Partners LLC announced that it had completed the acquisition of Belcan Corporation; that acquisition began a series of events resulting in diversification of services. Belcan expanded with offerings in five industry segments: Engineering & Design, Manufacturing & Supply Chain, Systems & Software, Technical Recruiting and Government Services. Belcan provides services in the following areas: Belcan's Engineering Services division has 3,500 engineers in 25 offices providing full-service engineering support to clients in the Aviation, Heavy Equipment, Marine and Consumer & Industrial Products industries.
Capabilities include design engineering, engineering analysis, design drafting, software and control systems, systems engineering, manufacturing engineering, customer service engineering and project management. Belcan's Technical Services division provides contract personnel and direct hire recruiting of technical professionals across multiple industries, as well as IT infrastructure solutions and services to government and commercial clients. Tandel Systems, Inc. January 2016 East Kilbride Engineering Services, February 2016 Intercom Consulting & Federal Systems, June 2016 The Kemtah Group Incorporated, January 2017 Schafer Corporation, May 2017 CDI Corporation’s Aerospace Assets, December 2017 Allegiant International, June 2018 Omega Engineering Services, July 2018 Sitec Design Ltd. and Sitec Recruitment Ltd. February 2019 Joseph, Massie. Anderson's Way. ISBN 0-697-24156-4. Lane, Margaret. Anderson's Legacy. ISBN 0-9793431-8-6. Belcan
Free Bird Innovations, Inc. is an American aircraft manufacturer based in Detroit Lakes and formed in about 2003. The company specializes in the design and manufacture of ultralight aircraft in the form of plans and kits for amateur construction and ready-to-fly aircraft in the US FAR 103 Ultralight Vehicles category; the two-seat Freebird II was introduced by the Freebird Airplane Company of Marshville, North Carolina at Sun'n Fun in 1996. Two years they brought out the single-seat Freebird I before going out of business. By 2000 both designs were being built by Pro Sport Aviation of Wingate, North Carolina, who built a derivative single-seater, the Pro Sport Sportlite 103. Free Bird Innovations took over the Freebird I and II designs and by 2004 was producing three derivative models, the single-seat Free Bird Sportlite 103 kit aircraft for the US FAR 103 ultralight category and the Free Bird Sportlite SS and Free Bird Sportlite 2 two-seaters. In 2007 they were building three further developed models, the single-seat Free Bird LiteSport Ultra and the two-seat Free Bird LiteSport II and Free Bird LiteSport Classic and continued those models through 2011.
The LiteSport II model had been dropped by 2012. Despite the LiteSport model name, none of the company's aircraft were listed by the US Federal Aviation Administration as light-sport aircraft; the company had been developing a new model, the Freebird 103 projected for introduction in 2011, as a single seat US FAR 103 ultralight aircraft with a design empty weight under 254 lb. The project received a setback when the lead project engineer, Eric Grina, was killed in a car accident in October 2011. Official website Company website archives on Archive.org