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Available in 18 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-18" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">18 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Sistema_de_canvi_local" title="Sistema de canvi local – Catalan" lang="ca" hreflang="ca" data-title="Sistema de canvi local" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/M%C3%ADstn%C3%AD_v%C3%BDm%C4%9Bnn%C3%BD_obchodn%C3%AD_syst%C3%A9m" title="Místní výměnný obchodní systém – Czech" lang="cs" hreflang="cs" data-title="Místní výměnný obchodní systém" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Tauschkreis" title="Tauschkreis – German" lang="de" hreflang="de" data-title="Tauschkreis" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Kohalik_kaupade_ja_teenuste_vahetuss%C3%BCsteem" title="Kohalik kaupade ja teenuste vahetussüsteem – Estonian" lang="et" hreflang="et" data-title="Kohalik kaupade ja teenuste vahetussüsteem" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Sistema_de_cambio_local" title="Sistema de cambio local – Spanish" lang="es" hreflang="es" data-title="Sistema de cambio local" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Loka_inter%C5%9Dan%C4%9Da_sistemo" title="Loka interŝanĝa sistemo – Esperanto" lang="eo" hreflang="eo" data-title="Loka interŝanĝa sistemo" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Syst%C3%A8me_d%27%C3%A9change_local" title="Système d'échange local – French" lang="fr" hreflang="fr" data-title="Système d'échange local" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Local_exchange_trading_system" title="Local exchange trading system – Italian" lang="it" hreflang="it" data-title="Local exchange trading system" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Kal%C3%A1kak%C3%B6r" title="Kalákakör – Hungarian" lang="hu" hreflang="hu" data-title="Kalákakör" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Lokale_ruileconomie" title="Lokale ruileconomie – Dutch" lang="nl" hreflang="nl" data-title="Lokale ruileconomie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/LETS" title="LETS – Japanese" lang="ja" hreflang="ja" data-title="LETS" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Byttering" title="Byttering – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Byttering" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Lokalny_System_Wymiany_i_Handlu" title="Lokalny System Wymiany i Handlu – Polish" lang="pl" hreflang="pl" data-title="Lokalny System Wymiany i Handlu" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A2%D0%BE%D1%80%D0%B3%D0%BE%D0%B2%D0%B0%D1%8F_%D1%81%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0_%D0%BC%D0%B5%D1%81%D1%82%D0%BD%D0%BE%D0%B3%D0%BE_%D0%BE%D0%B1%D0%BC%D0%B5%D0%BD%D0%B0" title="Торговая система местного обмена – Russian" lang="ru" hreflang="ru" data-title="Торговая система местного обмена" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/V%C3%BDmenn%C3%BD_kruh" title="Výmenný kruh – Slovak" lang="sk" 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href="https://uk.wikipedia.org/wiki/%D0%A1%D0%B8%D1%81%D1%82%D0%B5%D0%BC%D0%B0_%D0%BC%D1%96%D1%81%D1%86%D0%B5%D0%B2%D0%BE%D0%B3%D0%BE_%D0%BE%D0%B1%D0%BC%D1%96%D0%BD%D1%83_%D1%82%D0%B0_%D1%82%D0%BE%D1%80%D0%B3%D1%96%D0%B2%D0%BB%D1%96" title="Система місцевого обміну та торгівлі – Ukrainian" lang="uk" hreflang="uk" data-title="Система місцевого обміну та торгівлі" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q179941#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu 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.sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Numismatics" title="Category:Numismatics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="background-color: lavender"><a href="/wiki/Numismatics" title="Numismatics">Numismatics</a><br /><span style="font-size:85%;">the study of currency</span></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:AIGA_Currency_Exchange_-_Euro.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/AIGA_Currency_Exchange_-_Euro.svg/120px-AIGA_Currency_Exchange_-_Euro.svg.png" decoding="async" width="120" height="112" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c8/AIGA_Currency_Exchange_-_Euro.svg/180px-AIGA_Currency_Exchange_-_Euro.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c8/AIGA_Currency_Exchange_-_Euro.svg/240px-AIGA_Currency_Exchange_-_Euro.svg.png 2x" data-file-width="446" data-file-height="416" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/Glossary_of_numismatics" title="Glossary of numismatics">Glossary</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c"><a href="/wiki/Currency" title="Currency">Currency</a></div></div><div 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href="/wiki/Category:Currencies_of_South_America" title="Category:Currencies of South America">South America</a></li> <li><a href="/wiki/Category:Currencies_of_Oceania" title="Category:Currencies of Oceania">Oceania</a></li></ul> <dl><dt><a href="/wiki/Local_currency" title="Local currency">Local currencies</a></dt></dl> <ul><li><a href="/wiki/Company_scrip" title="Company scrip">Company scrip</a></li> <li><a class="mw-selflink selflink">LETS</a></li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time dollars</a></li></ul> <dl><dt><a href="/wiki/Fictional_currency" title="Fictional currency">Fictional currencies</a></dt></dl> <dl><dt><a href="/wiki/List_of_proposed_currencies" title="List of proposed currencies">Proposed currencies</a></dt></dl></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c"><a href="/wiki/History_of_money" title="History of money">History of money</a></div></div><div class="sidebar-list-content mw-collapsible-content"> <dl><dt><a href="/wiki/List_of_historical_currencies" title="List of historical currencies">Historical currencies</a></dt></dl> <ul><li><a href="/wiki/Aksumite_currency" title="Aksumite currency">Aksumite</a></li> <li><a href="/wiki/Achaemenid_currency" class="mw-redirect" title="Achaemenid currency">Achaemenid</a></li> <li><a href="/wiki/Byzantine_coinage" title="Byzantine coinage">Byzantine</a></li> <li><a href="/wiki/Ancient_Chinese_coinage" title="Ancient Chinese coinage">Chinese</a></li> <li><a href="/wiki/History_of_Philippine_money" title="History of Philippine money">Filipino</a></li> <li><a href="/wiki/Ancient_Greek_coinage" title="Ancient Greek coinage">Greek</a></li> <li><a href="/wiki/Coinage_of_India" title="Coinage of India">Indian</a></li> <li><a href="/wiki/History_of_coins_in_Italy" title="History of coins in Italy">Italian</a></li> <li><a href="/wiki/Japanese_currency" title="Japanese currency">Japanese</a></li> <li><a href="/wiki/Roman_currency" title="Roman currency">Roman</a></li> <li><a href="/wiki/History_of_Thai_money" title="History of Thai money">Thai</a></li> <li><a href="/wiki/Historical_money_of_Tibet" title="Historical money of Tibet">Tibetan</a></li></ul> <dl><dt><a href="/wiki/Category:Medieval_currencies" title="Category:Medieval currencies">Medieval currencies</a></dt></dl></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c">Production</div></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Mint_(facility)" title="Mint (facility)">Mint</a></li> <li><a href="/wiki/Category:Currency_designers" title="Category:Currency designers">Designers</a></li> <li><a href="/wiki/Coining_(mint)" title="Coining (mint)">Coining</a></li> <li><a href="/wiki/Milled_coinage" title="Milled coinage">Milling</a></li></ul> <ul><li><a href="/wiki/Hammered_coinage" title="Hammered coinage">Hammering</a></li> <li><a href="/wiki/Cast_coinage" title="Cast coinage">Cast</a></li> <li><a href="/wiki/Coinage_metals" title="Coinage metals">Metals</a></li> <li><a href="/wiki/Mint-made_errors" title="Mint-made errors">Errors</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: lavender;color: var(--color-base)"><div class="sidebar-list-title-c">Collection</div></div><div class="sidebar-list-content mw-collapsible-content"> <dl><dt><a href="/wiki/Coin_collecting" title="Coin collecting">Coin collecting</a></dt></dl> <ul><li><a href="/wiki/Coin" title="Coin">Coins</a></li> <li><a href="/wiki/Commemorative_coin" title="Commemorative coin">Commemorative coins</a></li></ul> <ul><li><a href="/wiki/Bullion_coin" title="Bullion coin">Bullion coins</a></li> <li><a href="/wiki/Coin_grading" title="Coin grading">Grading</a></li></ul> <dl><dt><a href="/wiki/Notaphily" title="Notaphily">Notaphily</a></dt></dl> <ul><li><a href="/wiki/Banknote" title="Banknote">Banknotes</a></li> <li><a href="/wiki/Commemorative_banknote" title="Commemorative banknote">Commemorative banknotes</a></li></ul> <dl><dt><a href="/wiki/Exonumia" title="Exonumia">Exonumia</a></dt></dl> <ul><li><a href="/wiki/Credit_card" title="Credit card">Credit cards</a></li> <li><a href="/wiki/Jeton" title="Jeton">Jetons</a></li> <li><a href="/wiki/Medal" title="Medal">Medals</a></li></ul> <ul><li><a href="/wiki/Token_coin" title="Token coin">Tokens</a></li> <li><a href="/wiki/Cheque" title="Cheque">Cheques</a></li> <li><a href="/wiki/Scrip" title="Scrip">Scrips</a></li></ul> <dl><dt><a href="/wiki/Scripophily" 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title="Portal:Numismatics">Numismatics portal</a></li><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></div></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output 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.navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Numismatics" title="Template:Numismatics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Numismatics" title="Template talk:Numismatics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Numismatics" title="Special:EditPage/Template:Numismatics"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>local exchange trading system</b> (also <b>local employment and trading system</b> or <b>local energy transfer system</b>; abbreviated <b>LETS</b>) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency.<sup id="cite_ref-trainingpack_1-0" class="reference"><a href="#cite_note-trainingpack-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> LETS allow people to negotiate the value of their own hours or services,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> and to keep wealth in the locality where it is created.<sup id="cite_ref-whatis_3-0" class="reference"><a href="#cite_note-whatis-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Similar trading systems around the world are also known as <b>Community Exchange Systems</b>, <b>Mutual Credit trading systems</b>, <b>Clearing Circles</b>, <b>Trade Exchanges</b> or <a href="/wiki/Time-based_currency" title="Time-based currency"><b>Time Banks</b></a>. These all use 'metric currencies' – currencies that <i>measure</i>, as opposed to the <a href="/wiki/Fiat_currency" class="mw-redirect" title="Fiat currency">fiat currencies</a> used in conventional value exchange. These are all a type of alternative or complementary currency.<sup id="cite_ref-whatis_3-1" class="reference"><a href="#cite_note-whatis-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>In the 21st century, the internet-based networks have been used to link individual LETS systems, into national or global networks. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Michael Linton may have originated the term "local exchange trading system" in 1983, for a time running the <a href="/wiki/Comox_Valley,_British_Columbia" class="mw-redirect" title="Comox Valley, British Columbia">Comox Valley</a> LETSystems in <a href="/wiki/Courtenay,_British_Columbia" title="Courtenay, British Columbia">Courtenay, British Columbia</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The system he designed was intended as an <a href="/wiki/Complementary_currency" title="Complementary currency">adjunct to the national currency</a>, rather than a replacement for it.<sup id="cite_ref-LETS1_5-0" class="reference"><a href="#cite_note-LETS1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> He called the currency "green dollars" and it was mostly used by a local dentist, but dwindled when he moved away. Linton started at least four more versions, with varying degrees of success, such as the "Community Way Dollars" in 2008. The system's turnover in the first two years amounted to green $500,000. There were 5 LETS in Great Britain in 1992. In 1995 this number increased to 350 with 30,000 membership and 2 million turnover.<sup id="cite_ref-The_Moral_Economy_of_Parallel_Curre_6-0" class="reference"><a href="#cite_note-The_Moral_Economy_of_Parallel_Curre-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In 2018 the <a href="/wiki/University_of_Victoria" title="University of Victoria">University of Victoria</a> undertook to research his archives as a demonstration of how people react to new ideas that are outside the norms of society. Linton thought that he had failed to communicate his idea adequately.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> LETS is a new type of money which makes it easy to pursue new <a href="/wiki/Livelihood" title="Livelihood">Livelihood</a> without the previous wholesale transformation of <a href="/wiki/Capitalism" title="Capitalism">Capitalism</a>. It is thus regarded as an alternative currency movement, and as a form of political protest.<sup id="cite_ref-Explorations_in_heterotopia:_Local_8-0" class="reference"><a href="#cite_note-Explorations_in_heterotopia:_Local-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> After flourishing in the 1990s, the LETS movement waned. Interest in <a href="/wiki/Local_currency" title="Local currency">local currency</a> moved on to other designs such as <a href="/wiki/Time-based_currency" title="Time-based currency">time-based currency</a> and dollar-backed local voucher schemes.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2019)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Internet_networks">Internet networks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=2" title="Edit section: Internet networks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On the whole, the movement was slow to adapt to the internet and to the possibility of networking together. Reluctance to engage with technology, a belief in decentralisation/localisation and lack of funds all contributed to this.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2019)">citation needed</span></a></i>]</sup> </p><p>Examples of LETS networks based on free software are the <a href="/wiki/Cape_Town" title="Cape Town">Cape Town</a>-based <a href="/wiki/Community_Exchange_System" title="Community Exchange System">Community Exchange System</a> (CES), which as of March 2019<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Local_exchange_trading_system&action=edit">[update]</a></sup> links to the <a href="/wiki/Geneva" title="Geneva">Geneva</a>-based Community Forge<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Spain" title="Spain">Spanish</a> IntegralCES.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-CESstats_11-0" class="reference"><a href="#cite_note-CESstats-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Internet Exchange Trading System was established in 1998 as an idea to spread local exchange tradings systems online and establish a service exchange online platform. It didn't reach critical mass of users and the idea was later abandoned.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Criteria">Criteria</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=3" title="Edit section: Criteria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>LETS networks facilitate exchange between members by providing a directory of offers and needs and by allowing a line of <a href="/wiki/Interest" title="Interest">interest</a>-free credit to each. Members' <a href="/wiki/IOU" title="IOU">IOUs</a> are logged in a centralised accounting system which publishes a directory as well as balances visible to all members. In case of a default, the loss of value or units is absorbed equally by all members, which makes it a <a href="/wiki/Mutual_credit" title="Mutual credit">mutual credit</a> exchange. For instance, a member may earn credit by doing childcare for one person and spend it later on carpentry with another person in the same network, or they may spend first and earn later.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2019)">citation needed</span></a></i>]</sup> </p><p>In many countries, the distinction between LETS and <a href="/wiki/Timebanking" class="mw-redirect" title="Timebanking">timebanking</a> is not clear, as many LETS use time as their unit of account.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2019)">citation needed</span></a></i>]</sup> </p><p>As per Linton's definition, LETS are generally considered to have the following five fundamental criteria:<sup id="cite_ref-LETS1_5-1" class="reference"><a href="#cite_note-LETS1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Cost of service: from the community for the community</li> <li>Consent: there is no compulsion to trade</li> <li>Disclosure: information about balances is available to all members</li> <li>Equivalence to the national currency</li> <li>No interest</li></ul> <p>According to a 1996 survey by LetsLink UK, only 13% of LETS networks actually practise equivalence, with most groups establishing alternative systems of valuation "in order to divorce [themselves] entirely from the mainstream economy."<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Michael Linton has stated that such systems are "personal money" networks rather than LETS.<sup id="cite_ref-LETS1_5-2" class="reference"><a href="#cite_note-LETS1-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Operation">Operation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=4" title="Edit section: Operation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A list of services offered by network members is put together to create a LETS scheme, and trading takes place between members using a local currency. The LETS foundation is a virtual currency, a check book, a directory as well as a transparent accounting system built on trust and community regulation.<sup id="cite_ref-Explorations_in_heterotopia:_Local_8-1" class="reference"><a href="#cite_note-Explorations_in_heterotopia:_Local-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The first LETS required nothing more than a telephone, an answering machine and a notebook.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> Since then, there have been several attempts to improve the process with software, printed notes, and other familiar aspects of traditional currencies. </p> <ol><li>Local people set up an organization to trade between themselves, often paying a small membership fee to cover administration costs</li> <li>Members maintain a directory of offers and wants to help facilitate trades</li> <li>Upon trading, members may 'pay' each other with printed notes, log the transaction in log books or online, or write cheques which are later cleared by the system accountant.</li> <li>Members whose balances exceed specified limits (positive or negative) are obliged to move their balance back towards zero by spending or earning.</li></ol> <p>LETS is a full-fledged monetary or exchange system, unlike direct <a href="/wiki/Barter_(economics)" class="mw-redirect" title="Barter (economics)">barter</a>. LETS members are able to earn credits from any member and spend them with anyone else on the scheme. Since the details are worked out by the users, there is much variation between schemes. </p><p>LETS is not a scheme for avoiding the payment of taxation, and generally groups encourage all members to personally undertake their liabilities to the state for all taxation, including income tax and goods and services tax. In a number of countries, various government taxation authorities have examined LETS along with other forms of <a href="/wiki/Counter_trade" class="mw-redirect" title="Counter trade">counter trade</a>, and made rulings concerning their use. <sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2012)">citation needed</span></a></i>]</sup> Generally for personal arrangements, social arrangements, hobbies or pastimes, there are no taxation implications. This generally covers the vast majority of LETS transactions.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Disputed_statement" class="mw-redirect" title="Wikipedia:Disputed statement"><span title="This claim has reliable sources with contradicting facts (May 2010)">disputed</span></a> – <a href="/wiki/Talk:Local_exchange_trading_system#Tax" title="Talk:Local exchange trading system">discuss</a></i>]</sup> Taxation liabilities accrue when a <a href="/wiki/Tradesperson" title="Tradesperson">tradesperson</a> or professional person provides his or her professional services in payment for LETS units, or a registered or incorporated business sells part of its product for LETS units. In such cases, the businesses are generally encouraged to sell the service or product partly for LETS units and partly in the national currency, to allow the payment of all required taxation. This does imply, however, that in situations where national-currency expenditures would be tax-deductible, LETS must be as well. </p><p>In a number of countries, LETS have been encouraged as a social security initiative. For example, in Australia, <a href="/wiki/Peter_Baldwin_(politician)" title="Peter Baldwin (politician)">Peter Baldwin</a>, a former Minister of Social Security in the Keating government, encouraged LETS as a way of letting welfare recipients borrow against their welfare entitlement for urgent personal needs or to establish themselves in business.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p>Since their commencement over 30 years ago, LETS have been highly innovative in adapting to the needs of their local communities in all kinds of ways. For example, in Australia, people have built houses using LETS in place of a bank <a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">mortgage</a>, freeing the owner from onerous interest payments.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (March 2008)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Benefits">Benefits</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=5" title="Edit section: Benefits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>LETS can help <a href="/wiki/Community_building" title="Community building">revitalise and build community</a> by allowing a wider cross-section of the <a href="/wiki/Community" title="Community">community</a>—individuals, small businesses, local services and <a href="/wiki/Non-profit_organization" class="mw-redirect" title="Non-profit organization">voluntary groups</a>—to save money and resources in cooperation with others and extend their purchasing power. Other benefits may include social contact, health care, tuition and training, support for local enterprise and new businesses. One goal of this approach is to stimulate the economies of economically depressed towns that have goods and services, but little official currency: the LETS scheme does not require outside sources of income as stimulus. The environmental benefits of enhanced locals' self-reliance involve less-distance transport (as local goods are substituted for imports) and more evident environmental effects. Moreover, diverse local economies support sustainability by decreasing the need to use assets in an inefficient manner to satisfy external consumer demands. That also requires improving the local <a href="/wiki/Quality_of_life" title="Quality of life">quality of life</a> without having to make expenditures. LETS can allow for much greater self-direction and flexibility in employment patterns than the mainstream, conventional economy and, in particular, enable the skills of the unemployed to be valued and used.<sup id="cite_ref-Local_Exchange_Trading_Systems_and_17-0" class="reference"><a href="#cite_note-Local_Exchange_Trading_Systems_and-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Limitations">Limitations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=6" title="Edit section: Limitations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Even though LETS are strongly oriented towards the formal market economy, they disengage from it by establishing small, cooperative exchange enclaves in which trust and intimacy relationships are cultivated. And it also means that there is a small range of services available. LETS members must be economically involved outside to meet their needs. LETS also does not effect a 'return' to bartering or the abolition of property.<sup id="cite_ref-The_Moral_Economy_of_Parallel_Curre_6-1" class="reference"><a href="#cite_note-The_Moral_Economy_of_Parallel_Curre-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> "LETS currency only has value when it is circulation."<sup id="cite_ref-Local_Exchange_Trading_Systems_and_17-1" class="reference"><a href="#cite_note-Local_Exchange_Trading_Systems_and-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> While LETS members could decide individually to change the way they value money and life and develop new codes and live by them to a large degree, they were restricted in their ability to sustain this <a href="/wiki/Utopia" title="Utopia">utopia</a>. LETS have limited resources, so when they need mainstream resources, they might be unable to transfer their codes through their network.<sup id="cite_ref-Explorations_in_heterotopia:_Local_8-2" class="reference"><a href="#cite_note-Explorations_in_heterotopia:_Local-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Examples">Examples</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=7" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Local exchange trading systems now exist in many countries. Currency exchange between countries is done automatically through the CES or a similar network. </p> <div class="mw-heading mw-heading3"><h3 id="Africa">Africa</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=8" title="Edit section: Africa"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2003, the original CES was founded as internet-based LETS in <a href="/wiki/Cape_Town" title="Cape Town">Cape Town</a>, South Africa. By 2011 it had grown into a global network spanning 99 countries.<sup id="cite_ref-CESwho_18-0" class="reference"><a href="#cite_note-CESwho-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>As of March 2019<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Local_exchange_trading_system&action=edit">[update]</a></sup> the following African countries had active communities linked in to the CES network: <a href="/wiki/Botswana" title="Botswana">Botswana</a> 2; <a href="/wiki/Cameroon" title="Cameroon">Cameroon</a> 1; <a href="/wiki/Ethiopia" title="Ethiopia">Ethiopia</a> 1; <a href="/wiki/Kenya" title="Kenya">Kenya</a> 2; <a href="/wiki/Lesotho" title="Lesotho">Lesotho</a> 2; <a href="/wiki/Liberia" title="Liberia">Liberia</a> 1; <a href="/wiki/Madagascar" title="Madagascar">Madagascar</a> 1; <a href="/wiki/Namibia" title="Namibia">Namibia</a> 2; <a href="/wiki/Nigeria" title="Nigeria">Nigeria</a> 2; <a href="/wiki/South_Africa" title="South Africa">South Africa</a> 62; <a href="/wiki/Swaziland" class="mw-redirect" title="Swaziland">Swaziland</a> 1; <a href="/wiki/Uganda" title="Uganda">Uganda</a> 1; <a href="/wiki/Zambia" title="Zambia">Zambia</a> 2; <a href="/wiki/Zimbabwe" title="Zimbabwe">Zimbabwe</a> 2.<sup id="cite_ref-CESstats_11-1" class="reference"><a href="#cite_note-CESstats-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Asia">Asia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=9" title="Edit section: Asia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Japan" title="Japan">Japan</a>, the <i><a href="/wiki/Fureai_kippu" title="Fureai kippu">Fureai kippu</a></i> (in <a href="/wiki/Japanese_language" title="Japanese language">Japanese</a> ふれあい切符: Caring Relationship Tickets) is a Japanese <a href="/wiki/Sectoral_currency" title="Sectoral currency">sectoral currency</a> created in 1995 by the <a href="/wiki/Sawayaka_Welfare_Foundation" title="Sawayaka Welfare Foundation">Sawayaka Welfare Foundation</a> so that people could earn credits helping <a href="/wiki/Old_age" title="Old age">seniors</a> in their <a href="/wiki/Community" title="Community">community</a>.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=10" title="Edit section: Australia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Government_of_Australia" class="mw-redirect" title="Government of Australia">Government of Australia</a>, in 1989, allocated <a href="/wiki/AU$" class="mw-redirect" title="AU$">AU$</a>50,000 for the development of LETSystems, including the running of state conferences, the production of software, a LETSystems Training Pack, and assistance to Michael Linton to visit <a href="/wiki/Western_Australia" title="Western Australia">Western Australia</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2019)">citation needed</span></a></i>]</sup> By 1995 there were 250 LETSystems in Australia, with Western Australia having 43 separate systems serving a population of 2.3 million (although actual participation is by only a tiny fraction of that population),<sup id="cite_ref-trainingpack_1-1" class="reference"><a href="#cite_note-trainingpack-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> making it then the region with the highest LETS coverage in the world. </p><p>From around 2007, many Australian LETS groups started trading online using the <a href="/wiki/Community_Exchange_System" title="Community Exchange System">Community Exchange System</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (June 2019)">citation needed</span></a></i>]</sup> This system allows new members to sign up directly, list offers and wants, and enter trades without assistance from the administrator. </p><p>By 2011 Australia had become the most active country on the <a href="/wiki/Community_Exchange_System" title="Community Exchange System">Community Exchange System</a>, prompting <a href="/wiki/Tim_Jenkin" title="Tim Jenkin">Tim Jenkin</a> and Annette Loudon to set up the Australian Community Exchange System.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> As of March 2019<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Local_exchange_trading_system&action=edit">[update]</a></sup> there were 31 communities using CES.<sup id="cite_ref-CESstats_11-2" class="reference"><a href="#cite_note-CESstats-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Europe">Europe</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=11" title="Edit section: Europe"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/Czech_Republic" title="Czech Republic">Czech Republic</a>, there are multiple LETS. <a rel="nofollow" class="external text" href="http://rozletse.cz">Rozleťse</a>, operating in the region of city of Brno sharing the same Cyclos3 server with other smaller groups in the regions of Jeseník, Ostrava and Beskydy.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2020)">citation needed</span></a></i>]</sup> The capital, <a href="/wiki/Prague" title="Prague">Prague</a>, uses Pralets.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>In <a href="/wiki/Germany" title="Germany">Germany</a>, CES has 11 German communities on its network.<sup id="cite_ref-CESstats_11-3" class="reference"><a href="#cite_note-CESstats-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>In <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> an adaption of LETS, the Talent, was established and quite successfully launched in 1992.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2020)">citation needed</span></a></i>]</sup> This spread out in Europe and spawned many other Talent-Groups in other countries.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2020)">citation needed</span></a></i>]</sup> </p><p>The <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a> has many LETS systems, many loosely affiliated to LETSLINK UK and some operating under the CES system, such as North London LETS.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> In the UK Skillsbox operates an online community system similar to LETS, letting users trade their skills and time for credits which can be spent within the online community.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2020)">citation needed</span></a></i>]</sup> </p><p>The Flemish part of Belgium has many LETS groups. There is a non profit organization promoting LETS: Lets Vlaanderen vzw. They assist the local groups in starting up, they organize events, they share knowledge.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>The Suska Kör (Suska Circle) is a CES in <a href="/wiki/Hungary" title="Hungary">Hungary</a> that is present in some of the major cities.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>In the Netherlands, there are approximately 55 LETS communities in 2024. <sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="South_and_Central_America,_Caribbean"><span id="South_and_Central_America.2C_Caribbean"></span>South and Central America, Caribbean</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=12" title="Edit section: South and Central America, Caribbean"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As of March 2019<sup class="plainlinks noexcerpt noprint asof-tag update" style="display:none;"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Local_exchange_trading_system&action=edit">[update]</a></sup>, there were many active communities in the region being hosted on the CES global server: <a href="/wiki/Argentina" title="Argentina">Argentina</a> had 11; <a href="/wiki/Brazil" title="Brazil">Brazil</a> 14; <a href="/wiki/Bolivia" title="Bolivia">Bolivia</a> 1; <a href="/wiki/Chile" title="Chile">Chile</a> 9; <a href="/wiki/Colombia" title="Colombia">Colombia</a> 13; <a href="/wiki/Costa_Rica" title="Costa Rica">Costa Rica</a> 3; <a href="/wiki/Cura%C3%A7ao" title="Curaçao">Curaçao</a> 1; <a href="/wiki/Dominican_Republic" title="Dominican Republic">Dominican Republic</a> 2; Ecuador 3; <a href="/wiki/Guatemala" title="Guatemala">Guatemala</a> 1; <a href="/wiki/Nicaragua" title="Nicaragua">Nicaragua</a> 1; <a href="/wiki/Paraguay" title="Paraguay">Paraguay</a> 1; <a href="/wiki/Peru" title="Peru">Peru</a> 3; <a href="/wiki/Puerto_Rico" title="Puerto Rico">Puerto Rico</a> 2; <a href="/wiki/Sint_Maarten" title="Sint Maarten">Sint Maarten</a> 1; <a href="/wiki/Trinidad_and_Tobago" title="Trinidad and Tobago">Trinidad and Tobago</a> 2; <a href="/wiki/Turks_and_Caicos_Islands" title="Turks and Caicos Islands">Turks and Caicos Islands</a> 1; <a href="/wiki/Uruguay" title="Uruguay">Uruguay</a> 3; <a href="/wiki/US_Virgin_Islands" class="mw-redirect" title="US Virgin Islands">US Virgin Islands</a> 1; Venezuela 3.<sup id="cite_ref-CESstats_11-4" class="reference"><a href="#cite_note-CESstats-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Barter_(economics)" class="mw-redirect" title="Barter (economics)">Barter (economics)</a></li> <li><a href="/wiki/Collaborative_finance" title="Collaborative finance">Collaborative finance</a></li> <li><a href="/wiki/Community_Exchange_System" title="Community Exchange System">Community Exchange System</a> (CES)</li> <li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/List_of_community_currencies_in_the_United_States" title="List of community currencies in the United States">List of community currencies in the United States</a></li> <li><a href="/wiki/Local_currency" title="Local currency">Local currency</a></li> <li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism (economic theory)</a></li> <li><a href="/wiki/Sharing_economy" title="Sharing economy">Sharing economy</a> (access economy)</li> <li><a href="/wiki/Time-based_currency" title="Time-based currency">Time-based currency</a> (time banking)</li> <li><a href="/wiki/WIR_Bank" title="WIR Bank">WIR Bank</a> (Switzerland)</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=14" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-trainingpack-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-trainingpack_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-trainingpack_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">"LETSystems Training Pack", (1990) W.A. Government.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFRushkoff2016" class="citation book cs1">Rushkoff, Douglas (2016). <i>Throwing Rocks at the Google Bus</i>. Portfolio / Penguin. p. 163. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-698-15366-0" title="Special:BookSources/978-0-698-15366-0"><bdi>978-0-698-15366-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Throwing+Rocks+at+the+Google+Bus&rft.pages=163&rft.pub=Portfolio+%2F+Penguin&rft.date=2016&rft.isbn=978-0-698-15366-0&rft.aulast=Rushkoff&rft.aufirst=Douglas&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALocal+exchange+trading+system" class="Z3988"></span></span> </li> <li id="cite_note-whatis-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-whatis_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-whatis_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.community-exchange.org/home/what-is-the-ces/">"What is CES?"</a>. <i>Community Exchange System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">30 March</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Community+Exchange+System&rft.atitle=What+is+CES%3F&rft_id=https%3A%2F%2Fwww.community-exchange.org%2Fhome%2Fwhat-is-the-ces%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALocal+exchange+trading+system" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20110725015808/http://wiki.ashevillelets.org/wiki/What_is_LETS%3F">"What is LETS?"</a>. AshevilleLETS. Archived from <a rel="nofollow" class="external text" href="http://wiki.ashevillelets.org/wiki/What_is_LETS%3F">the original</a> on 25 July 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">9 December</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=What+is+LETS%3F&rft.pub=AshevilleLETS&rft_id=http%3A%2F%2Fwiki.ashevillelets.org%2Fwiki%2FWhat_is_LETS%253F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALocal+exchange+trading+system" class="Z3988"></span></span> </li> <li id="cite_note-LETS1-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-LETS1_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-LETS1_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-LETS1_5-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Linton, Michael (August, 1994). <a rel="nofollow" class="external text" href="http://archive.lets.net/gmlet/design/dm1%5E3.html">The LETSystem Design Manual. Landsman Community Services Paper No. 1.3 Version No 1.3</a></span> </li> <li id="cite_note-The_Moral_Economy_of_Parallel_Curre-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-The_Moral_Economy_of_Parallel_Curre_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-The_Moral_Economy_of_Parallel_Curre_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPeacock2006" class="citation journal cs1">Peacock, Mark S. (2006). 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Retrieved <span class="nowrap">6 May</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Szeged+Ma&rft.atitle=Janu%C3%A1rt%C3%B3l+Szegeden+is+%22fizethet%C3%BCnk%22+susk%C3%A1val&rft.date=2013-03-06&rft.au=Tuti&rft_id=https%3A%2F%2Fszegedma.hu%2F2013%2F03%2Fjanuartol-szegeden-is-fizethetunk-suskaval&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALocal+exchange+trading+system" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external free" href="https://letsnijmegen.nl">https://letsnijmegen.nl</a></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Local_exchange_trading_system&action=edit&section=15" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.gdrc.org/icm/lets-faq.html">LETS FAQs</a>, by John Croft of the Gaia Foundation</li> <li><a rel="nofollow" class="external text" href="http://archive.lets.net/gmlets/faq.html">LETSystems FAQ, LETSgo Manchester</a></li> <li><a rel="nofollow" class="external text" href="http://archive.lets.net/gmlets/design/home.html">The LETSystem Design Manual</a></li> <li><a rel="nofollow" class="external text" href="http://www.context.org/iclib/ic07/linton/">The LETSystem, a local currency that works, Michael Linton, 1984, Context Institute</a></li> <li><a rel="nofollow" class="external text" href="http://archive.lets.net/gmlets/letsplay/id-9-2.htm">Definition of a LETSystem 1986, Landsman Community Services Ltd. </a></li> <li><a rel="nofollow" class="external text" href="http://www.openmoney.org/">The Open Money Project</a></li> <li><a rel="nofollow" class="external text" href="https://time-flow.org/">Universal Time-banking webApp </a></li> <li><a rel="nofollow" class="external text" href="https://drupal.org/project/mutual_credit">Community Accounting software in Drupal </a></li> <li><a rel="nofollow" class="external text" href="http://www.feasta.org/documents/shortcircuit/sc3/westportlets.html"><i>2003 Update on the Westport LETS</i>, by Richard Douthwaite </a></li> <li><a rel="nofollow" class="external text" href="https://www.community-exchange.org/home/what-is-the-ces/">What is the Community Exchange System?</a></li></ul> <style data-mw-deduplicate="TemplateStyles:r1130092004">.mw-parser-output .portal-bar{font-size:88%;font-weight:bold;display:flex;justify-content:center;align-items:baseline}.mw-parser-output .portal-bar-bordered{padding:0 2em;background-color:#fdfdfd;border:1px solid #a2a9b1;clear:both;margin:1em auto 0}.mw-parser-output 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