How does Local Currency Work?

Bath Local Exchange is a mutual-credit system. It supports a gift economy which is fundamentally different from a cash economy. The system is based on human capital - your skills and energies - and on trust.

Unlike the cash economy your capital is not restricted to the numbers on your bank statement. So long as you have something to offer another person (and everyone does), you have capital. Since participants don't need to compete for scarce resources, it is a fundamentally cooperative trading endeavor.

The goods and services you can obtain are not limited to a single trading partner, as with barter, but rather encompass the offerings of the entire trading network. You can see the goods and services currently available in our Directory. You must become a member in order to trade. See How Do I Join for information on joining BathLETS.

Local currency economies can be far more varied, creative and stress-free than conventional money. The possibilities are limited only by your imagination and energy and the ability of your group to co-operate.

Next: What does Local Currency Do?