Integral research on the Lake District Pound: six mixed methods for assessing the impact of a currency

Abstract

How does one assess the impact of a currency innovation? This study explores the experience of the Lake District Pound (LD£), a free local currency issued by a social enterprise from May 2018 to January 2020, for approximately LD£215’000 within 342 local independent businesses and 28 bureaux de change – who were also stamping passports – and based in the Lake District National Park, a UNESCO World Heritage Site in Northwest England. After presenting the historical and regional context, we will introduce six mixed methods – consistent with integrative research approach of Integral Methodological Pluralism based on Complex Integral Realism – and analyse the respective and combined results of 12 data collections over 25 months to provide a holistic impact assessment. By promoting the local heritage and by providing a unique visitor experience, it has had some impact on local spending and the local economy and has raised some awareness of localism and Money; without transforming behaviour and the local supply chain. It has proven its ground-breaking revenue model based on the annual leakage once the currency expires: keeping rather than spending it – targeting visitors rather than residents. Its short-term financial plan proved unsuccessful in generating profit for two charities (environmental conservation, community support).