Scandinavian Monetary Union after Iceland was elevated to a separate kingdom in union with Denmark in 1918. Iceland cut its ties to Denmark in 1944 and became a republic. The Icelandic króna soon became volatile, causing a high inflation and in 1980 a currency reform was introduced, in which 1 new Icelandic króna was set to 100 original ones.. The Scandinavian Monetary Union was inspired by the Latin Monetary Union, established in 1865. According to economic historians Ingrid Henriksen and Niels Kærgård:Was the Scandinavian Currency Union a success? Yes and no. When the Union functioned at its best, which was only from 1901
Basic income in India and enforced. Guy Standing has argued, based on SEWA's 2010-2013 Madhya Pradesh basic income pilot, that the emancipatory value of basic income exceeds its monetary value where money itself is a scarce commodity. The emancipatory value is, according to Standing, greater because basic income has effects on the economic security of the receivers that goes beyond the increase in their income. He identifies four explanations for such effects: 1) While the basic income was used to reduce debt, it was also used to accumulate savings to be used in the case of sickness or other emergencies. In SEWA's basic income