The Institutionalization of Alternative Economies: The Processes of Objectification in Time Banks
Abstract
This paper explores the institutionalization process of complementary currencies; understanding the institutionalization of
alternative economies is key in order to assess their sustainability. Drawing from neo-institutional theory, the paper examines
the objectification processes in a sample of Spanish and Greek recently formed time banks. The paper focuses on the rationalization
stage, i.e. when rules, practices and symbols are embedded in the organization, and studies how symbols and norms establish
the framework for social interaction and make the common space of action visible. The main finding of this paper is that
timebanking is subject to multiple logics, both inter and intra time banks. These logics lead to adopt different organizational
forms, promote disparate forms of actorhood, and adopt different pricing and accounting systems. Yet, these objects are not
aligned with one another, and tensions between the symbolic and the functional are found. Institutionalization is not yet complete
as there are still missing blended models that bridge multiple logics. This paper explores the institutionalization process of complementary currencies; understanding the institutionalization of
alternative economies is key in order to assess their sustainability. Drawing from neo-institutional theory, the paper examines
the objectification processes in a sample of Spanish and Greek recently formed time banks. The paper focuses on the rationalization
stage, i.e. when rules, practices and symbols are embedded in the organization, and studies how symbols and norms establish
the framework for social interaction and make the common space of action visible. The main finding of this paper is that
timebanking is subject to multiple logics, both inter and intra time banks. These logics lead to adopt different organizational
forms, promote disparate forms of actorhood, and adopt different pricing and accounting systems. Yet, these objects are not
aligned with one another, and tensions between the symbolic and the functional are found. Institutionalization is not yet complete
as there are still missing blended models that bridge multiple logics.