- Local Exchange Trading System (LETS)
LETS allows people to trade in work and earn credits (in terms of work hours) and use them in exchange for goods and services in the community. Initiated in 1983, LETS maintains an account of credits earned by an individual in a local log book and the recent forms of this system also feature printed notes for the credits. LETS is active in multiple communities across all continents of the world and provides the greatest advantage of generating business within the community.
- Time banking
Similar to LETS, Time banking works on the currency of man-hours and is active in over 20 countries across the globe. One is rewarded for one’s work in ‘time dollars’ or ‘time credit’ which is banked with local Time Banks and can be used as necessary for receiving services. Time banking is aimed at developing social capital in the community where young and old trade services they need. Introduced in 1980s, this system is quite popular in US and UK and also gained popularity in Russia and Europe during the recent economic slowdown. Launched in 2013, TimeRepublik has taken Time banking to a global level and you can now trade your expertise with anyone in the world.
- Bristol Pound