From an Idea to a Scalable Working Model: Merging Economic Benefits with Social Values in Sardex

The remarkable growth of Sardex as a local currency throughout the island of Sardinia over the past seven years motivated an in-depth look at its starting assumptions, design and operational principles, and socio-economic context. The paper looks at Sardex as a social innovation start-up, a medium of exchange and unit of account, an online and offline mutual credit system, and a closed economic community or ‘circuit’. The analysis relies on semi-structured in-depth interviews of circuit members and benefits from the reflexive point of view of one of its founders. The main findings are that trust was and continues to be fundamentally important for the creation and operation of mutual credit systems and that Sardex encompasses and mediates both economic and social values. Compared to other mutual credit systems, in addition to its unique design features Sardex is distinguished by its federated model of expansion and its strong commitment to keeping a balance between the economic and social aspects. In Sardex, money’s fungibility is defined by market utility and social values at the same time.

La recente diffusione delle monete complementari richiede un'analisi sociologica che si è concretizzata nell'analisi di Sardex, quale caso di sistema di credito mutuo di successo sviluppatosi in Sardegna negli ultimi sette anni. In questo articolo, si analizzano le fasi temporali attraverso le quali Sardex si è trasformato, mettendo in evidenza quali processi operativi ha dovuto affrontare (difficoltà tecniche e di ideazione). Inoltre, si studiano le caratteristiche sociali della comunità che utilizza questo sistema di mutuo credito. Ciò ha messo in evidenza come la fiducia e il senso di identità locale abbiano giocato un ruolo fondamentale nella creazione e istituzionalizzazione di un circuito economico, come lo definisce Viviana Zelizer.