The Redes de Trueque were sustained by civil society organizations that created institutions in a process of trial and error. They structured several rules and organizations, even complementary currency systems, in an effort to make impersonal exchange less uncertain and risky. But there was an underlying issue of governance throughout the process. One conflict was over who ruled the Trueque, already discussed in Chapter 5. There were equally important questions on the legitimacy, representativeness and accountability of the leaders. Why would people abide by the rules defined by and for the RT? Some of the RT leaders referred to principles like solidarity, common values and ideology, but these could neither be assumed nor checked. After 2001, when the once articulated Trueque network broke into several Redes de Trueque, each group sought to define its own institutions.

This chapter discusses the rules of governance and sustainability of the Trueque and their complementary currency systems. It covers the period of the bubble of the Trueque (2001 to 2003). It includes the worst economic crisis ever experienced in Argentine history, with a fall in GDP of 10.9 per cent in 2002 alone and a vigorous economic recovery with growth rates around 9 per cent for the years that followed (2003–6). It also covers the months when the Trueque achieved its maximum scale of 2.5 million participants (first half of 2002) and then plummeted to 250,000 members (second half of 2003). The chapter argues that the governance systems framed by the emerging networks were of various degrees of sustainability, which explains their differential resistance to the decline.

In the prologue to States and Markets, Susan Strange tells the story of a shipwreck and what happens to three groups of lucky people that survive in lifeboats. The first of the three boats has an officer aboard who keeps a cool head and guides his group to safety on a deserted island. He then organizes the building of a shelter, collection of food and water, and a rough signal system to attract the attention of any passing ships. Gradually, the survivors get used to following his instructions and they do pretty well.