| LC control no. | sh2016000125 |
|---|---|
| Topical heading | Time banking |
| Variant(s) | Banking, Time Timebanking |
| See also | Local exchange trading systems Community currency |
| Found in | Work cat.: Gregory, L. Trading time, 2015: p. 5 (time banking; the basis of exchange is in time. Each hour of service/activity provided earns one time credit, which entitles the holder to access a service/activity for an hour) p. 10 (Complementary currency systems, of which time banking is one type, seek to offer alternative practices to neoliberal capitalist markets.) pp. 58-59 (CCSs are local currencies usually not backed by national currencies (henceforth, money). Early examples include stamp script--tokens of exchange--each stamped with a date indicating when they expire. ... The most visible examples in the UK have been the development of LETS. This currency was developed in Canada and spread globally as an alternative to capitalist production and exchange. Other recent innovations include ... the electronic currency bitcoin. ... Time banking, however, does not seek to match its currency with parity to money. It does not seek to measure the value of an activity in the same way as the market economy. Rather, it facilitates trade through an exchange in hours ... Initially, time banking was devised as a form of 'service credits' ... time banking utilises a credit system based on time. For each hour that a member gives to their community through voluntary activity, the member earns one time credit. These time credits can be redeemed for an hour of service or activity offered by other members of the time bank. This system pays no attention to the level of skill in determining the 'worth' of the activity. Rather, the amount of time that the activity requires determines how many credits are paid to the supplying member.) What is timebanking?, via TimeBanks USA website, Jan. 19, 2016 (TimeBanking is a way of giving and receiving to build supportive networks and strong communities. One hour helping another earns one TimeBank Hour (also called time credits, service credits or time dollars.) TimeBanking builds on the magic of "pay it forward," one good turn leading to another and another.) Health promotion practice, Jan. 2011: p. 102 (An innovative program called time banking has grown into an international movement that challenges the traditional social service model by creating an environment in which everyone's work has value and organizational members can help others as well as themselves. Time banks are intended to reduce members' dependence on the conventional monetary system and on traditional social services by creating a social network in which members can exchange services. In this type of system, all work, whether it be lawn mowing or medical care, has equal value; services are valued only in terms of the time spent doing them. Unlike typical barter arrangements, a member can provide a service to one person and receive a service from someone else in the network. There are also many opportunities to exchange services with the organization itself, such as through attending classes or helping in the office. A central database (the "bank") records hours accrued by services provided and hours spent by services received.) Shapiro, S. Time banking : an alternative to bartering, in AARP the magazine, Feb. 6, 2012, viewed online Jan. 19, 2016 (Time banking is the brainchild of law professor Edgar Cahn, whose books Time Dollars and No More Throw-Away People describe how trading services--everything from haircuts and dance lessons to weatherization and health care--can strengthen communities; For each hour of service that members give, they earn an hour's worth of alternative currency known as time dollars, which can be traded for services from other members; About 270 time exchanges exist nationwide; memberships range from a few dozen to several thousand. Models vary, but all time banks rely on the collective power of members who deposit and withdraw hours from a central account, often managed with sophisticated software tools. Unlike bartering, which places a cash value on goods and services (and is taxed accordingly), time bank services are considered charitable acts informally traded among members of a group; Time dollars earn no interest and have no equivalent monetary value. Each hour of one member's service equals an hour of another's, regardless of market value) Wikipedia, Jan. 19, 2016: Time-based currency (In economics, a time-based currency is an alternative currency or exchange system where the unit of account/value is the person-hour or some other time unit. Some 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. Others use time units that might be fractions of an hour (e.g. minutes, ten minutes - 6 units/hour, or 15 minutes - 4 units/hour). While most time-based exchange systems are service exchanges in that most exchange involves the provision of services that can be measured in a time unit, it is also possible to exchange goods by 'pricing' them in terms of the average national hourly wage rate (e.g. if the average hourly rate is 20 dollars/hour, then a commodity valued at 20 dollars in the national currency would be equivalent to 1 hour). ... Time Dollars are a tax-exempt complementary currency used as a means of providing mutual credit in Time Banking. They are typically called "time credits" or "service credits" outside the United States. Time Bank members exchange services for Time Dollars. Each exchange is recorded as a corresponding credit and debit in the accounts of the participants. One hour of time is worth one Time Dollar, regardless of the service provided in one hour or how much skill is required to perform the task during that hour. ... Time banking is a pattern of reciprocal service exchange that uses units of time as currency. It is an example of a complementary monetary system. A time bank, also known as a service exchange, is a community that practices time banking. The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names, but is generally known as a time dollar in the USA and a time credit in the UK. Time banking is primarily used to provide incentives and rewards for work such as mentoring children, caring for the elderly, being neighborly--work usually done on a volunteer basis--which a pure market system devalues. Essentially, the "time" one spends providing these types of community services earns "time" that one can spend to receive services.) |
 |  |  |