Should LETS go global?
Maybe I should backtrack a little here… Firstly you may be wondering what on Earth is LETS?
LETS stands for Local Exchange Trading Systems. LETS aims to provide a way for people to trade services without the need to exchange physical currency. This means the points are tax and interest free. Services are given points and your point’s balance is stored in a central location ready to be spent on any other services offered by other members of your scheme. For example, say you are a landscaper. You could offer this service for a certain amount of points. You could then use your acquired points to buy, say, carpentry for your home. The possibilities are endless.
The system was first recognized and the term coined by the Comox Valley LETSystems in Courtenay, British Columbia. A man called Michael Linton was behind this wonderful idea.
Now there are hundreds, if not thousands, of LETS running all over the world and they seem extremely popular in the UK. However, I am surprised that no one has started to produce a web-based version that would allow you to provide internet services and physical services and have points stored on a central server.
The closest I have seen is a service called Entrecard. Entrecard allows bloggers to build up points by allowing other bloggers to place an image advertisement on their site. These points can be used to purchase ads on other sites, and also some services, such as blog design and web coding.
Basically, the structure is in place and used daily. But I don’t think it has been put to it’s full potential.
LETS could go global, transcend borders, exchange rates, international tax laws and allow people to acquire points for an endless amount of physical services, web services and maybe even objects.
A lot of small issues would have to be ironed out. However, if embraced by the amazing frugal community that thrives on the web, LETS Global could spread like wild fire.
Tags: entrecard LETS, Findhorn eco village, frugal ideas, global trading system, great frugal future, LETS Global, LETSystems, speculating a frugal future
July 5th, 2008 at 8:00 am
Really interesting article! I have not heard of LETS (well, hadn’t until I read this), but it seems like a really good idea, at this early level. My only concern is regarding the large-scale viability of such an operation. Would a global-internet-based-LETS scheme (GIBLETS) leave itself open to abuse by the few unelected individuals who ‘napsterise’ the scheme first? I can also foresee some less ‘free’ countries’ governments pannicking about such a scheme, which could result in higher taxation for those in developing countries.
Just a thought, though.
On the plus side, smaller, closer knit communities are the way forward and, I believe, the best way for human society to inhabit the planet. Large scale anything ALWAYS equals more inefficiency.
July 5th, 2008 at 2:26 pm
Hey Dunc,
Thanks for the WITTY early morning comment.
I can foresee some of the problems you are talking about and agree they would have to be ironed out first and maybe starting with smaller groups first could be a good way. As for remaining small, well….. look what happened to this little college connections web site called Facebook!!