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The New Barter Economy: An Appraisal of Local Exchange and Trading Systems (LETS)

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  • Williams, Colin C.

Abstract

A new form of barter economy is emerging in many industrial nations. People are exchanging goods and services through Local Exchange and Trading Systems (LETS). These are local associations whose members list their offers of, and requests for, goods and services in a directory and then exchange them priced in a local unit of currency. Using a United Kingdom case study of Totnes LETS, this paper presents a preliminary appraisal of their economic, social equity and community-building objectives. It finds that although LETS are fulfilling these objectives, achievements could be substantially improved with some alterations in public policy towards LETS.

Suggested Citation

  • Williams, Colin C., 1996. "The New Barter Economy: An Appraisal of Local Exchange and Trading Systems (LETS)," Journal of Public Policy, Cambridge University Press, vol. 16(1), pages 85-101, January.
    • Handle: RePEc:cup:jnlpup:v:16:y:1996:i:01:p:85-101_00
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    Cited by:

    1. Mark S Peacock, 2014. "Complementary currencies: History, theory, prospects," Local Economy, London South Bank University, vol. 29(6-7), pages 708-722, September.
    2. Colin C. Williams & Jan Windebank, 2000. "Self-help and Mutual Aid in Deprived Urban Neighbourhoods: Some Lessons from Southampton," Urban Studies, Urban Studies Journal Limited, vol. 37(1), pages 127-147, January.
    3. Michel, Arnaud & Hudon, Marek, 2015. "Community currencies and sustainable development: A systematic review," Ecological Economics, Elsevier, vol. 116(C), pages 160-171.
    4. Andrew Root, 2024. "The theory of the kingdom: A unified model of human agency," Vernon Press Titles in Economics, Vernon Art and Science Inc, edition 1, number 1837.
    5. Maëlle Della Peruta & Dominique Torre, 2013. "Virtual social currencies for unemployed people: social networks and job market access," Working Papers halshs-00856480, HAL.
    6. Mehmet Şükrü NAR, 2019. "Arkaik Toplumlardan Günümüze Değiş-Tokuş Ekonomisi ve Örnek Ülke Uygulamaları," Journal of Economy Culture and Society, Istanbul University, Faculty of Economics, vol. 60(1), pages 207-225, December.
    7. Georgina M Gómez, 2010. "What was the Deal for the Participants of the Argentine Local Currency Systems, the Redes de Trueque?," Environment and Planning A, , vol. 42(7), pages 1669-1685, July.
    8. Stodder, James, 2009. "Complementary credit networks and macroeconomic stability: Switzerland's Wirtschaftsring," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 79-95, October.
    9. Ana Cristina O. Siqueira & Benson Honig & Sandra Mariano & Joysi Moraes, 2020. "A Commons Strategy for Promoting Entrepreneurship and Social Capital: Implications for Community Currencies, Cryptocurrencies, and Value Exchange," Journal of Business Ethics, Springer, vol. 166(4), pages 711-726, November.
    10. Mark S. Peacock, 2006. "The Moral Economy of Parallel Currencies," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(5), pages 1059-1083, November.
    11. Gill Seyfang, 2001. "Working for the Fenland Dollar: An Evaluation of Local Exchange Trading Schemes as an Informal Employment Strategy to Tackle Social Exclusion," Work, Employment & Society, British Sociological Association, vol. 15(3), pages 581-593, September.
    12. Boyd Cohen, 2017. "The Rise of Alternative Currencies in Post-Capitalism," Journal of Management Studies, Wiley Blackwell, vol. 54(5), pages 739-746, July.
    13. Colin C. Williams, 2004. "‘Cash-In-Hand Work: Unravelling Informal Employment from the Moral Economy of Favours’," Sociological Research Online, , vol. 9(1), pages 34-45, February.
    14. Marvasti, A. & Smyth, David J., 1999. "The effect of barter on the demand for money: an empirical analysis," Economics Letters, Elsevier, vol. 64(1), pages 73-80, July.
    15. James Stodder & Bernard Lietaer, 2016. "The Macro-Stability of Swiss WIR-Bank Credits: Balance, Velocity, and Leverage," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 58(4), pages 570-605, December.
    16. Degens, Philipp, 2013. "Alternative Geldkonzepte - ein Literaturbericht," MPIfG Discussion Paper 13/1, Max Planck Institute for the Study of Societies.
    17. Michael Pacione, 1997. "Local Exchange Trading Systems as a Response to the Globalisation of Capitalism," Urban Studies, Urban Studies Journal Limited, vol. 34(8), pages 1179-1199, July.
    18. Milena Bieniek, 2021. "Bartering: Price-Setting Newsvendor Problem with Barter Exchange," Sustainability, MDPI, vol. 13(12), pages 1-22, June.
    19. Hua, Guowei & Zhang, Yi & Cheng, T.C.E. & Wang, Shouyang & Zhang, Juliang, 2020. "The newsvendor problem with barter exchange," Omega, Elsevier, vol. 92(C).

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