Time banking is a pattern of reciprocal service exchange that uses units of time as currency. It is an example of a complementary monetary system. A time bank, also known as a service exchange, is a community that practices time banking. The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names, but is generally known as a time dollar in the USA and a time credit in the UK. Time banking is primarily used to provide incentives and rewards for work such as mentoring children, caring for the elderly, being neighborly—work usually done on a volunteer basis—which a pure market system devalues. Origins and philosophy According to Edgar S. As a philosophy, time banking also known as Time Trade is founded upon five principles, known as Time Banking's Core Values: Everyone is an assetSome work is beyond a monetary priceReciprocity in helpingSocial networks are necessaryA respect for all human beings The time dollar Dr.
Related: Sharing/Open source
Peer-to-peer lendingPeer-to-peer lending (also known as person-to-person lending, peer-to-peer investing, and social lending; abbreviated frequently as P2P lending) is the practice of lending money to unrelated individuals, or "peers", without going through a traditional financial intermediary such as a bank or other traditional financial institution. This lending takes place online on peer-to-peer lending companies' websites using various different lending platforms and credit checking tools. Overview The interest rates are set by lenders who compete for the lowest rate on the reverse auction model, or are fixed by the intermediary company on the basis of an analysis of the borrower's credit. Borrowers assessed as having a higher risk of default are assigned higher rates. Lenders mitigate the individual risk that borrowers will not pay back the money they received by choosing which borrowers to lend to, and mitigate total risk by diversifying their investments among different borrowers.
Time-based currencyIn economics, a time-based currency is an alternative currency where the unit of exchange is the person-hour. Some time-based currencies value everyone’s contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. Critics charge that this would lead to fewer doctors or dentists. Early time-based currency exchanges Edgar S. Time Dollars Time Banks Time banking Time banking is a pattern of reciprocal service exchange that uses units of time as currency. Origins and philosophy According to Edgar S. As a philosophy, time banking also known as Time Trade is founded upon five principles, known as Time Banking's Core Values: Everyone is an assetSome work is beyond a monetary priceReciprocity in helpingSocial networks are necessaryA respect for all human beings Criticisms
The Best Last-Minute Gift: Your Time | Living on GOODAt a time when Americans in particular are questioning what has gone wrong in our society, what has happened to our communities, where our humanity has gone, the notion of timebanking feels comforting and old-timey. It has taken many forms since its inception more than 25 years ago, but the gist of it is this: You deposit a certain number of hours doing whatever it is you can offer to do (childcare, design, home repairs, gardening, tutoring, you name it), and in exchange you get to benefit from hours of someone else's time. Granted, in our grandparents' day, these sorts of exchanges may not have needed a bank. When my grandma left meals out on her front steps for hobos during the Depression she wasn't expecting them to pay her back by doing chores, nor was there a third-party broker negotiating pies for lawn mowing. Getting into time banking doesn't have to be anything so official, though.
| Timebanking UKDog Boarding Just Got Awesome! | DogVacayHour Exchange Portland - Maine community service time bankHow Boomers Can Take Advantage of Time BankingThe saying “time is money” just got a whole new meaning. Time banking allows patrons to trade their skills for services they need, and the relatively-new concept is becoming increasingly popular among retirees. Here’s how it works: For each hour of service banked, members earn an hour’s worth of alternative currency known as “time dollars”, which can be traded for services from other patrons. According to AARP, nearly 270 time exchanges exist nationwide with memberships ranging from a few dozen to several thousand patrons. Stephanie Schapiro, a contributor to AARP’s magazine , answered the following questions about this new trend and how boomers can use it to their advantage. Boomer: What do boomers need to know about time banking and how it works? Schapiro: Time bank is like a real bank where you deposit money, however here you are depositing your time. Time dollars earn no interest, and have no equivalent monetary value. Schapiro: Definitely driving. .
Summary of No More Throw-Away People - Part One | Timebank Aotearoa New ZealandThe Co-Production Imperative Edgar S Cahn Essential Books, 2nd Edition (2004) Summary by Juliet Adams, Lyttelton Timebank member (2011) In March 1980, Cahn suffered a major heart attack, and hated the thought of giving up his fights for equal justice, and the war on poverty, to become useless, a throw-away person. Amongst negative reactions to his idea, it was taken up at the London School of Economics, and then by the Robert Wood Johnson Foundation, which specialised in health care. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Time Dollar programs cost money to run, and at first the sheer novelty generated seed money. Stories of Time Dollar success showed four core values: 1. 2. 3. 4. The predictable dangers are: Professional monopolization, professional exploitation, and professional domination. The essential element is a social justice perspective. Co-Production is a process: it establishes a parity between the worlds of the market and money, and community and family. Continue reading - Part Two
WeCar - Car Sharing Programs for Business, University and Individual UseOur Time Bank | Building Community in Our Corner of Los AngelesParticipationProduction from local resources, for local needs, is the most rational way of economic life. E. F. Lake Oswego Value Exchange (LOVE) is a new way to exchange our offers and wants (skills, talents, goods and services) to meet our local needs with our abundant resources. The LOVEbank connects us through an online community directory where you post your offers and search for your wants. The LOVEbank can help: • the un(der)-employed to find meaningful work,• build community through an organized value exchange,• improve our quality of life by getting to know our neighbors,• provide opportunities for people to trade without spending money,• satisfy our unmet needs with local, underutilized & abundant resources.
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