Similar to the bartering boards developed by ASDA, LETS (Local Exchange Trading Systems) is a network of local communities that allow people to trade good and services without the need for money. LETS differs from a system like the barter boards because there does not have to be a direct exchange of services in every transaction. One service is not necessarily traded for another but instead its users can earn community credits by providing someone else with a service. Different services have different community credit values and therefore you could choose to build up your credits to purchase a service of a higher value.
LETS explains, "LETS are revitalising communities throughout Britain. As grassroots initiatives they are open to everyone - people of all ages, skills and abilities; local clubs and associations; voluntary groups, charities, community initiatives; housing co-operatives, small businesses and local services - helping everyone to give and take, connect to new resources, and find a genuine community identity.
LETS offer equal opportunities to all - whether employed or unemployed, financially secure or on low income, black or white, able or disabled. LETS use a system of community credits, so that direct exchanges do not have to be made. People earn LETS credits by providing a service, and can then spend the credits on whatever is offered by others on the scheme: for example childcare, transport, food, home repairs or the hire of tools and equipment.
Research in about 1996 indicated that at least 40,000 people were involved in some 450 LETS schemes, most of them established according to the democratic and co-operative LETS model developed in Britain by LETSLINK UK, which began work in 1991. In the year 2006 our current contact list of over 300 indicates that their has been some shrinkage - if we say that membership averages 100 per scheme, this means about 30,000 or fewer members in the UK."
I think that like the barter boards, this type of trading is something that has worked in the past and could continue to do so. While it had become outdated new platforms such as a barter board or an online community give the idea the mass exposure that it needs to work. Rules and regulations are created by moderators which again gives the users the necessary faith in the idea to want to trade.
Where I feel a system like LETS is more appealing is the fact that there does not have to be a direct trade. If there is not another service that appeals to you on the barter board, then you will not end up offering your services. However with LETS, there is still an incentive to offer something to the community in the hope of building up community credits and then purchasing something else at a later date that is more appealing or of a higher value.
I think this is a system that would give its users more choice and in turn would develop a more dedicated base of users. It is also a more advanced system than the barter boards and gives users the ability to communicate with people further afield.
http://www.letslinkuk.net/index.htm
