Bath LETS - How does Local Currency Work?

How does Local Currency Work?

Bath Local Exchange is a mutual-credit system. It supports a gift economy which is fundamentally different from a cash economy. The system is based on human capital - your skills and energies - and on trust.

Unlike the cash economy your capital is not restricted to the numbers on your bank statement. So long as you have something to offer another person (and everyone does), you have capital. Since participants don't need to compete for scarce resources, it is a fundamentally cooperative trading endeavor.

The goods and services you can obtain are not limited to a single trading partner, as with barter, but rather encompass the offerings of the entire trading network. You can see the goods and services currently available in our Directory, and using our online system, you can connect with other members to agree trades, and once the work has been done, or the goods purchased, you can do an online transaction.

Local currency economies can be far more varied, creative and stress-free than conventional money. The possibilities are limited only by your imagination and energy and the ability of your group to co-operate. This website supports communications through its news page, newsletter uploads and internal mailing list, which helps the organisers advertise local news and events.