2024 Alternative Economic and Monetary Systems (AEMS) Summer School

Overview

Between 1970 and 2007 alone, the world saw 425 systemic economic crises, among them 145 sector-wide banking crises. In the light of current political and social events one might start to wonder whether this apparently inherent instability might ever be reduced, even if there is sufficient public intent. Yet, at the same time, the global effects of population growth, resource exploitation and environmental degradation force us to think about long-term change. This leaves the question: What is the actual leeway? If you have been asking yourself how things could be changed and how to contribute, you might be interested in this academic summer program.

Program

The program of the AEMS summer school is adapted continuously to guarantee state of the art knowledge in terms of content and to offer the best possible experience! It comprises a preparatory phase and a lecture phase:

During the preparatory phase, students read recommended introductory literature and complete an exercise that prepares them for the contents discussed during the program. The lecture phase is split into 4 modules, building on the preparatory work. The summer school includes lectures, (panel) discussions and workshops such as simulation games to enable a deeper understanding of complex interrelationships.

The AEMS thrives on intercultural exchange and new perspectives our international participants bring into it. Therefore, the program fosters intercultural exchange and networking – during the program itself, but also via extra-curricular activities.

Curriculum

• Economics With Social And Ecological Values: Module 1 gives an overview of the current global socio-economic situation and discusses what makes transformation necessary. You will understand the connection between the idea of endless economic growth, system boundaries and climate change. 
• Society, Money and Institutions: Module 2 focuses on the role of money, international banking systems, financial markets and ethics in the monetary system. The main question here is “How can financial markets serve the broader interests of society rather than dominate them?”. Alternatives, such as complementary and regional currencies, are also discussed. 
• Towards A Social Ecological Economy: Module 3 is the heart of the Summer School. It enables you to view available alternatives for reforming the economic and financial systems from a holistic perspective. Areas discussed include democratic banking, de-growth, work reduction and sustainable agriculture. 
• Group Work Projects: Bringing about change is not an easy endeavor - cooperating and forming groups is essential. A part of Module 3 therefore consists of group work projects: The aim here is to develop a project for systemic change which addresses and overcomes a social, ecological or economic challenge. In addition to the group project, you will write blog posts that are published on our homepage. 
• Wrap-Up and Synthesis: Module 4 gives you an opportunity to reflect and consolidate the many issues and concepts you have heard of and experienced over the previous three weeks.

About AEMS 

AEMS is an academic Summer School that offers a new approach: An evaluation of economic alternatives that considers natural boundaries and the human factor to be equal parts of the equation. Our goal: To help solve some of societies’ problems by presenting viable alternatives to processes and developments that are putting enormous strains on economic, ecologic and social boundaries. 

In addition to various new and classical concepts from the field of economic sciences, students are also provided with up-to-date scientific data from natural and social sciences. This enables them to have a level-headed discussion of economic and monetary reform while asking: What is our leeway? 

The lectures, workshops and discussion panels cover a variety of topics, from the reform or re-definition of money, an overhaul of the aim of economic activity towards solidarity and cooperation, tax reform, a reform of financial markets, all the way to a change in consumer culture and the reduction of resource consumption. Oh, and did we already mention that you will be able to experience the effects of energy-efficient architecture first-hand by living in one of Austria's most modern dormitories?

There are many alternatives!

The main intention behind the creation of the Summer School was to use a positive approach to the field of economic alternatives, asking if this apparently inherent instability might be reduced or avoided, and show students the chances of reform. A great amount of possible approaches to economic reform has been proposed over the years, proving that there is high demand for a new economic system. A number of current and promising concepts were selected to be presented to the students, ranging all the way up to a fundamental reform of global structures and institutions.

What we're facing

The global population development has shown a sharp boost during the last century, growing from around 1 billion in 1800 to 2 billion in 1927 and reaching 7 billion in 2011, with an increasing number living in urban areas. The strongest growth occurs in Asia and Africa, amplifying the already existing demands for higher consumption due to rising living standards. In Europe, the development has been that of a stagnating, but ageing demographic, which influences the labor force and leads to changing patterns in consumption of goods and services and changing demands regarding infrastructure as well as health and social services. Globally, rising water and energy consumption are the most prominent problems (3.5 million people die each year due to the lack of drinking water, let alone the problems posed by water demands for food and energy production), but there is also an increased loss of agricultural land, with 30-50% of land surface already having been transformed by humans, and the current problem of land and water grabbing in developing countries. A re-invention of the concept of allocative efficiency and criticism of the practice of externalization, especially with regard to public goods, is at the center of a number of proposals for economic reform.

The last decades also brought about an intensification of cross-border business activities. The subsequent worldwide competition for investment influences labor standards and increases instabilities in the labor market; this concerns wages and working time as well as job security itself. The 500 biggest enterprises now control 52% of the global GDP, but employ only 1,8% of the global workforce. Income and wealth inequalities have been growing in nearly all OECD countries during the last four years.

Historic evidence shows that inequality fuels economic instability and creates imbalances in political influence and control, giving players with economic power inflated bargaining strength – and lowering intergenerational mobility. Occupational psychology increasingly focuses on work-related diseases, caused by strain and stress, fatigue and monotony. A number of reform proposals focus on social aspects that are influenced by the economy and seek a re-valorization of aspects such as human dignity, social justice, solidarity and cooperation, co-determination, transparency and ecological sustainability.

What AEMS is ...

AEMS offers room for critical thinking and the possibility to openly discuss and deconstruct ideas and concepts with distinguished experts from various scientific fields. The participants will be able to move beyond the widespread limitation of higher education that lacks extensive exchange between scientific disciplines.

The lectures, workshops and discussion panels cover a variety of topics, from the reform or re-definition of money, an overhaul of the aim of economic activity towards more solidarity and cooperation, the perks of tax reform, reformatory ideas for the financial markets, all the way to changes in consumer culture and the reduction of resource consumption. In addition,  participants will have the possibility to experience the effects of energy-efficient architecture first-hand by living in one of Austria's most modern dormitories.

Why the emphasis on monetary reform?

In theory, money is consdered to be a tool: It can be used as a medium of exchange; a measure of value; a store of value. Its presence, as well as its absence, can enable productive as well as destructive effects. Yet, money itself (or, at least, its accumulation) has become an imperative driving force behind almost any economic and social endeavor, guiding people and businesses as well as political, academic and religious entities, weaving itself into the very fabric of society. Its influence extends from day-to-day interactions all the way to monetary policy, with significant effects for individuals, economy and the society as a whole. However, the institutional and psychological mechanisms behind it are barely addressed; this also goes for the effects that complementary currencies have been shown to have. AEMS offers a look at the entity “money”: What it is; how it affects us; how it is tied to us on a fundamental level; how it can be transformed.