Portuguese local currencies: the recente cases of Fundão and Covilhã

This chapter aims to understand how co-operative money systems have contributed to the setting up of economies in the substantive sense (Polanyi, 2012 [1944]; 1977). Three Portuguese LETS from Covilhã and Fundão were scrutinised, given the role played by their local currencies, Lapa and Tear (Covilhã) and Comunitas (Fundão). These cases are part of broader projects (involving different activities) dealing with social and economic exclusion, employability and environmental-friendly consumption. The local scope of these currencies limits the number of participants and information on these activities is insufficient. The local dimension and scope of these LETS highlight the difficulty of assessing their ability to change local economies while promoting the creation of solidarity networks. Nonetheless, their purposes bring them close to the idea of a substantive economy, in the sense Polanyi advocated, given that they place the economy under the control of the community, considering it as a means to ensure the well-being of the community.