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Join a Local Exchange Trading System (LETS) or other exchange network. Various types of local exchange systems work differently. A typical LETS system allows you to exchange goods and services indirectly with other people in a network, using an interest-free currency. For example, you could provide car mechanic services to one member, and then spend your credit on nursery plants from another member of the network. Exchange networks generally boost local exchange and create strong community connections among their members.

How to take action

  • Look for an exchange network in your area. Find out if there is some type of local exchange system for your community or region. Your local Chamber of Commerce, word of mouth, and local publications, might help you find what exists in your area.
  • Find out about local "dollars". Some areas don't have full exchange networks, but have other kinds of local currencies. Some of them might encompass many members, or some might be limited to a particular location, for example "farmer's market dollars."
  • Some towns have trade exchanges among local businesses. Ask around through your Chamber of Commerce or other business networks, and do some research if this is something you are interested in joining. For example, in Vancouver there are multiple business exchange networks.

Why it makes a difference

  • Local exchange networks weave community members more closely together through interpersonal exchanges and increased local economic interaction.
  • Belonging to an exchange network provides social contact and it can offer improved access to resources.
  • Exchanges, local credit, and LETS systems are especially beneficial in areas that are somewhat economically depressed, as goods and services can be traded without the need for outside sources of income to generate stimulus.
  • An event-based or location-based currency, (like at a festival or market) can make it more financially viable, and enable it continue to grow as part of the community.

For more information

  • Check out LETS worldwide to find out more information and how they work.

Last Modified: Sep 2, 2010

 

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