- Time-based currency
economics, a time-based currency is an alternative currencywhere the unit of exchange is the person-hour.
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.
Time Dollars are created via mutual credit: Each transaction is recorded as a corresponding credit and
debitin the accounts of the participants. In a Time Dollars system, or Time Bank, each participant's time is valued equally, whether he/she is a novice or an extensively trained expert. Time Dollars thus recognize and encourage reciprocal community service, resist inflationwithout encouraging hoarding, and are in sufficient supply, which enables trade and cooperation among participants. More importantly, the Time Bank is a tool for reweaving the very fabric of community. The tool has proven to be extremely flexible, working equally well across ethnic, socioeconomic, religious or racial groups. It has been implemented in a wide variety of settings - rural Appalachia, urban St. Louis, in Youth Court, and in retirement communities, to name a few.
Edgar Cahncame up with Time Dollars as "a new currency to provide a solution to massive cuts in government spending on social welfare. If there was not going to be enough of the old money to fix all the problems facing our country and our society", Edgar reasoned, "why not make a new kind of money to pay people for what needs to be done? Time Dollars value everyone’s contributions equally. One hour equals one service credit."Fact|date=December 2007 Cahn wrote two books, "Our Brother’s Keeper" and "No More Throw-Away People".
The largest and most active Time Bank in the United States is the Portland Time Bank (PortlandTimeBank.org) in Maine, offering startup training and comprehensive offline/online time bank management software.In the
United Kingdomthe plans are called "timebanking, time banks" and "hour banks." There are reported to be 75 plans running in the UK, with 30 operating in Greater London. They are promoted as a tool in community regeneration.
The IOU of Lovely
micronationof Lovely set up by Danny Wallaceuses this type of currency known as the Interdependent Occupational Unit (IOU). These have been given out by posting on the country's site's message boards. However, no use of these IOUs have been announced.
Fureai Ticket System
Ripple monetary system
List of economics topics
Cincinnati Time Store
Fourth Corner Exchange
* [http://patrickstrange.deviantart.com/art/Time-Dollars-1-Inside-Cover-16736669 Time Dollars comic book]
* [http://www.valueforpeople.co.uk Value For People] Community Currency, Time Banking and Co-Production specialists
* [http://www.londontimebank.org.uk/ The London Timebank Network]
* [http://f2f.uni.cc/trust_metrics_f2f_money/ Adding simple and effective trust measurements to F2F P2P networks] is a paper about using a
Time-based currencyfor trust in F2F P2Pcomputer networks.
* [http://www.kroonos.com/ Kroonos.com] Time currency project, created in Spain.
* [http://cromalternativemoney.org Crom Time Bank] is a clear and understandable simplicity. Crom Time Bank belongs to all the people of the world.
Wikimedia Foundation. 2010.
Look at other dictionaries:
Time-Based Currency — A currency whose value is based on one man hour of labor. A time based currency is an alternative form of currency most often found in communities that place value on volunteerism and social capital. It has no monetary value. Time based… … Investment dictionary
Time Banking — refers to a pattern of reciprocal service exchange which uses units of time as currency and is an example of an alternative economic system. A Time Bank, also known as a Service Exchange, is a community which practices time banking. The unit of… … Wikipedia
Time from NPL — Map showing the location of the Anthorn VLF transmitter within Cumbria … Wikipedia
Time — This article is about the measurement. For the magazine, see Time (magazine). For other uses, see Time (disambiguation). The flow of sand in an hourglass can be used to keep track of elapsed time. It also concretely represents the present as… … Wikipedia
Time zone — Timezone and TimeZone redirect here. For other uses, see Time zone (disambiguation). Local time redirects here. For the mathematical concept, see Local time (mathematics). This article is about time zones in general. For a list of time zones by… … Wikipedia
Time dilation — This article is about a concept in physics. For the concept in sociology, see time displacement. In the theory of relativity, time dilation is an observed difference of elapsed time between two events as measured by observers either moving… … Wikipedia
Time value of money — The time value of money is the value of money figuring in a given amount of interest earned over a given amount of time. The time value of money is the central concept in finance theory. For example, $100 of today s money invested for one year… … Wikipedia
Time signal — These automatic signal clocks were synchronized by telegraphy in 1905 before the widespread use of radio A time signal is a visible, audible, mechanical, or electronic signal used as a reference to determine the time of day. Contents 1 Audible… … Wikipedia
currency swap — An agreement under which two parties agree to exchange or swap specific amounts of two different currencies and repay over time with payments based on fixed interest rates in each currency. Practical Law Dictionary. Glossary of UK, US and… … Law dictionary
Currency — For other uses, see Currency (disambiguation). Coins and banknotes are the two most common forms of currency. Pictured are several denominations of the euro … Wikipedia