Time Banking

Website: http://www.timebanks.org

Time banking is one of several alternative currency systems that are growing in popularity around the world. According to their website, time banks operate in 22 countries and on 6 continents.

The currency is the time that people spend providing services to other members of their community. It doesn’t attract interest, so going into debt is less of a problem than with conventional currency. It also doesn’t distinguish between different types of work or skill levels; an hour of one’s time can be exchanged for an hour of anyone else’s time, regardless of what kind of service is provided. This appears grossly unfair from the perspective of conventional currency, but it is precisely what is needed if we are to build a cooperative society that works for everyone.

The currency also has the shortcoming of not taking the value of materials into account. This is a genuine drawback that limits its appeal and ensures that it is only a partial solution to our currency problems, or a stepping stone to a more universal one.