Respect currency

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Scope

What are the properties of a currency that reflects the production, transformation, and accumulation of respect in a social human system, and fulfil the properties defined in the respect theory?

Definition

Data

The respect currency should have the following properties (copied from Respect theory):

• It should show the respect of the giver about an act of the receiver.
• Once given, it should gradually diminish in time, so that the respect should be gained constantly.
• It should be tradable to some material benefits, such as traditional money.
• Highly respected people should be able to show more respect (i.e., their respect is valued more by the society).
• There should be some kind of accounting, so that the acts worth respect are documented (i.e. it should be difficult to create fake respect by e.g. two people falsely respecting each other more and more and thus accumulating respect currency).
• A person doing respectful deeds full-time should be able to live with the respect currency he/she receives and trades for traditional money.

Dependencies

• Respect theory

Result

The respect currency is called onor in this presentation (from Latin honor). Onor can be implemented using the following rules:

• Onors can be stored in bank accounts and managed by accredited banks just like money.
• Each individual in a society is given basic respect, a small amount of onors every month, based on their value as human beings. This forms the basis for respect capital.
• The respect capital produces interest according to an interest rate.
• The interest can be given to another individual or group in the society, based on how respectful the owner of the account considers these individuals.
• The respect interest that is given by others is added to the capital of the recipient.
• The respect interest coming from the own respect cannot be added to the own capital.
• The respect capital, and also the respect interest that is not given away, diminishes in time according to a discount rate. Therefore, if an individual does not receive respect from others, his/her capital reduces until there is nothing but the basic respect as human being. In a health society, the interest rate is higher than the discount rate.
• Respect capital, but not respect interest, can be traded to money using an exchange rate.
• Groups can possess respect as entities, if they are legal entities (juridical persons). Also, a group can represent a set of identifiable individuals; in this case, the respect is directly distributed equally to its members. For example, if someone wants to respect the work done by single mothers, he/she can give respect to the group that represents single mothers. The group is just a technical way to distribute respect, and the group itself gets no respect in this transaction.
• The magnitudes of basic respect, interest rate, and discount rate are culturally determined, and free market is used to find out the actual values.
• Different cultures have different respect currencies and respect markets, because the issues respected, basic respect, interest rate, and discount rate can vary substantially from one culture to another.
• Different respect currencies can be exchanged based on exchange rates that are determined on the market.