Time Banking

Time Banking

Time Banking

In economics, a time-based currency is an alternative currency where the unit of exchange is the person-hour. 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. Critics charge that this would lead to fewer doctors or dentists. Other systems, such as Ithica hours.

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.

As well as gaining credits, participating individuals, particularly those more used to being recipients in other parts of their lives, can potentially gain confidence, social contact and skills through giving to others. Communities therefore, use time banking as a tool to forge stronger intra-community connections, a process known as “building social capital”. Time banking had its intellectual genesis in the USA in the early 1980s. By 1990, the Robert Wood Johnson Foundation had invested USD 1.2 million to pilot time banking in the context of senior care. Today, 26 countries have active time banks. There are 250 time banks active in the UK and over 276 time banks in the US.

Want To Get Involved?

Here are some great webpages that helps you to get involved in the fast growing time baking economy

Here are some pages that help you get involved with people who have set up a time bank or if you want to start a time bank of your own in your community:

http://www.timebanking.org/

The Ithaca Hours

A time banking currency:

http://en.wikipedia.org/wiki/Ithaca_Hours

How Time is the Precious Commodity

Time is the most precious thing a human being has and we are losing it and getting nothing or less back for our effort.

As we humans are constantly finding ourselves being more and more in debt and see our wages stay stagnant or in decline, we are starting to see that time is precious and we are not getting paid for being a human being.

A time banking program is interesting as it puts the individual equal to each other as a human work hour is a human work hour. The only price set on your man or woman hour is that you work for an hour. Time banking does not discriminate rich or poor, but rather promote community and co-operation. Co-operation between people is what got the human species where we are today!

We have to not let ourselves become debt slaves to the current FIAT currency system we have if we continue down the same road, will this be our future?