The moral economy of parallel currencies: an analysis of local exchange trading systems.

From: The American Journal of Economics and Sociology | Date: November 1, 2006| Author: | Copyright information

This article offers a monetary analysis of Local Exchange Trading Systems (LETS) and examines both their moral and economic significance as well as the way in which these two aspects may conflict. After considering LETS' principles and history, I review three monetary theories in order to ascertain how one might best explore these phenomena. By drawing on the "Chartalist" tradition in monetary theory, I show (1) how strongly oriented LETS are to the formal market economy, from which, it is held, they detach themselves, and (2) that they do not effect a return to barter or an abolition of ...

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