Here's my idea for a circular money that is 'backed' by the Property and Promises needed to create a future Product.
This money is strange in that it has an associated Constitution with these requirements:
1. Product is the Investor's return.
Investors are actually just consumers prepaying for future products. These investors receive real co-ownership in the land and tools needed to create those products and accept the products themselves as the natural return on those investments.
Each co-owner of the property is the legal owner of a portion of the product in that same amount.
This means there is no sale and no purchase because, just as the owner of a single Apple tree owns all the Apples, each co-owner of an orchard under these terms is the owner of that same percentage of the fruit.
The group must still account for the amount each co-owner receives, so the number of transactions is the same; and the settings, such as a grocery store, a restaurant, a theater, a bus or taxi, etc. can look very similar, but each co-owner will actually just be collecting a product they already own. To reiterate, the group must use proper accounting to protect themselves against someone who might try to collect more product than they really own.
This eliminates* profit within that group in a natural way and thereby reduces the usual drive toward scarcity.
(*) Except when selling surplus. See #3
2. Promises are a Worker's Investment.
Workers receive property when they commit to work in the future. This kind of investment differs from those who invest money, to protect other investors in case the job is not getting done.
This changes the purpose of work from a confused social necessity back to the natural desire to eliminate drudgery while assuring those who apply skills gain the property they need to live.
This is done by exchanging commitments of future work before production begins.
Workers slowly gain real, debt-free property ownership as they fulfill promises.
This property must vest incrementally, on a work-to-own basis, both to insure the worker gains ownership in the property represented by the amount of work completed, and to protect the group in case the worker refuses to keep his commitments.
Vested property ownership can be used to 'insure' the Worker as an offer of value back to the rest of the group when the worker is attempting a possibly destructive job (such as operating a tractor).
During the startup phase, workers must also be granted immediate access to all the food, shelter, sanitation, clothing needed to live onsite.
3. Profit is the Payer's Investment.
Each co-owner may always keep all of the product they own, even if others believe it is 'surplus'.
No co-owner is ever required to declare any of his product as 'surplus'.
If a co-owner chooses to sell some product, he may charge any amount, but must treat some part of the profits as the payer's investment.
This means the current owners are required to buy more land and tools, etc., on behalf of the paying customer, causing these latecoming overpayers to slowly gain the ownership they need for the future production of that very same product. Eventually everyone will have enough property ownership in the production of their basic needs to guarantee they receive those goods and services under thier direct, local governance, at the real cost of that production.
This changes the purpose of growth from a confused social necessity back to the natural desire to help latecomers gain the property they pay for.
We allow the market to set the price, but then 'reflect' some amount of profit back to the person who paid it - by investing on their behalf, with that property eventually vesting fully to the payer, causing growth to be continuously distributed to those who pay for it.
4. Secession is an inalienable right.
Under constraint of realistic divisibility, subgroups must be allowed to split from the majority, allowing arbitrary-sized cells to form and wield their own localized governance.