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A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) 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.[1] LETS allow people to negotiate the value of their own hours or services,[2] and to keep wealth in the locality where it is created.[3]
Similar trading systems around the world are also known as Community Exchange Systems, Mutual Credit trading systems, Clearing Circles, Trade Exchanges or Time Banks. These all use 'metric currencies' – currencies that measure, as opposed to the fiat currencies used in conventional value exchange. These are all a type of alternative or complementary currency.[3]
In the 21st century, the internet-based networks have been used to link individual LETS systems, into national or global networks.
- ^ "LETSystems Training Pack", (1990) W.A. Government.
- ^ Rushkoff, Douglas (2016). Throwing Rocks at the Google Bus. Portfolio / Penguin. p. 163. ISBN 978-0-698-15366-0.
- ^ a b "What is CES?". Community Exchange System. Retrieved 30 March 2019.