Local Exchange Trading Systems (LETS) are community based systems of skills exchange that allow people to share skills and equipment outside the monetary economy. The sharing is done in a systematic way with members of the scheme earning credit for everything they share and then spending this credit on services or equipment they want in return. For example one person may bake a cake for someone and then use the credit to borrow someone's lawn mower for an afternoon. Although LETS systems allow exhange without money, it isn't really likely that they would replace money, rather they offer an alternative method of trading. Part of the idea behind them is to empower people on lower incomes to access services that they would otherwise find difficult to access, though people of all income levels get involved. We tried to set up a LETS scheme at our workplace a couple of years ago, but it didn't get off the ground because too few people were interested to make it viable. I'd be interested to hear if anyone has any experience of LETS.
Money for Sunday Scribblings