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N.02 · Tools · Economy · MLC

MLC — Local complementary currencies

MBA LSE Essentials pedagogical personification: five experts (Friedman, Buchanan, Graham, Blanchard, Galbraith) on local complementary currencies, demurrage, company accounts, the French 2026 cashflow case, and Hungary.

MBA-LSE-DORLEANS-MLC-2026 · EN rev.36-C · FR rev.35-C · 15 August 2026 · François Dorléans · partner comments locked

MLC — local value circuit
Local circuits of value: markets, farms, greenhouses, communities — complementary to the euro, not a substitute.
Present · DFKPS PDF EN rev.36-C PDF FR rev.35-C Related · air-miles deck Economy tools

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1. Purpose, method and identity verification

1.0 Gelleri’s 2021 article

1.b Seven practical questions

1.c Who benefits, who pays

2. Context 2026: French national cashflow

3. Hypothetical position — Milton Friedman

4. Hypothetical position — James Buchanan

5. Hypothetical position — Benjamin Graham

6. Hypothetical position — Olivier Blanchard

7. Hypothetical position — John Kenneth Galbraith

8. Confrontation and synthesis of the five positions

9. Evaluation of the French economic lever

10. Legal framework and historical precedent

11. Case study: Hungary

12. Extrapolating the thinking and the voice of the living

13. LCCs compared to air miles: demurrage

14. Benefits for companies on the balance sheet

15. Concrete application to the French 2026 case

16. Examples of local complementary currencies

17. Hypothetical benefit curve and a management application

17.1 Benefit curve of a perfect LCC, 1770–2080

Hypothetical benefit curve of a perfect LCC, 1770–2080
Figure 17.1 — Hypothetical stacked benefit of a “perfect LCC” versus real schemes (Chiemgauer, Eusko, Sardex) and discontinued cases (Owen, Wära, Wörgl). Pedagogical construction, not an empirical forecast.

17.2 Specifications for currency X

17.3 Screen simulation — an individual’s wallet

Hypothetical MLC X wallet simulation
Figure 17.3 — Hypothetical wallet: three time-stamped batches (314 X), FIFO spend, 5% CPS sale. Not a real product, not tax advice.

17.4 Screen simulation — an employer’s payroll dashboard

Hypothetical employer P&L with currency X bonus
Figure 17.4 — Hypothetical 13-employee P&L: 70% euro base + 30% X bonus funded from local revenue; +14% local sales and −47% staff turnover shown as unverified effects.

17.5 Legal reading of the assumptions

17.6 Ledger security and bitcoin

19. Definition of acronyms

20. Real biographies and verifiable facts