Alternative currencies, community support and social cohesion: why the Okinawan moai (模合) is closer to an informal social policy mechanism than to a standard ROSCA

Abstract

To challenge the notion of the Okinawan moai as a Rotating Saving and Credit Association, this article provides a short overview of the practice before reflecting on an interesting pattern. While moai has been phased out in most of Japan, it persists in some areas where, incidentally, life expectancy is higher than the rest of the country (and of much of the rest of the world). Expanding upon the idea that moai’s main function is social rather than economic makes it possible to suggest the existence of alternative currencies that, although less tangible than money, have a major role in the people’s lives, create mutual dependency and ultimately enhance people’s wealth, intended here to refer not to economic wealth but also in a more inclusive or socially mediated manner including social relations, happiness, a sense of protection and so on.