Community Exchange System

Website: http://www.ces.org.za

This is another alternative currency system that shares some of the features of time banks. This quote from the website helps explain how these alternative money systems work:

“The main difference between these and conventional money systems is that the scope of the money is usually restricted to a geographical area or organisation. Money in the above types of complementary currencies does not ‘exist’ like conventional money so there is no need for a supply of it and you don’t need any to start trading. Money in these systems is a retrospective ‘score-keeping’ that keeps a record of who did what for whom and who sold what to whom. There can therefore never be a shortage of money and money does not have to be created by a third party (banks or government) outside the circuit of buyers and sellers. For this reason money and credit are free, for the buyers and sellers 'create' it at the moment of trade.”

CES is more versatile than time banks because its currency is virtual (rather than time) and so can accommodate trading in goods. It has the potential to completely replace the conventional currency, and thereby eliminate the severe problems that it gives rise to.