LETS26 Aug 2005
Local Exchange Trading Systems (LETS) are local, non-profit exchange networks in which all kinds of goods and services can be traded without the need for money. A LETS network uses an interest-free local credit or currency so direct swaps do not need to be made. A LETS member may earn local credit by doing childcare or computer work for one person, and spend it later on food, hiring equipment, plumbing, or carpentry with another person on the same network. A LETS is sometimes also referred to as a mutual credit system.
One goal of this approach is to stimulate the economies of economically depressed towns that have goods and services, but little official currency: the LETS scheme does not require outside sources of income as stimulus.