Variations on LETSystems
The term "LETSystem" is reserved for a particular arrangement, a specific set of social agreements.
Other local money designs can be loosely but usefully and properly described as "LETS" systems if they are personal in nature, i.e. accounts start at zero and the principle of consent by all concerned is clearly maintained.
Some terms of reference :
timeLETS / flatLETS
all efforts and contributions are equally valued
particular ethical rules apply, and those who join undertake to abide by them - give their consent to those terms. Examples might be - no armaments, or a minimum rate of pay, and/or a maximum
limits to spending and/or earning may be agreed by participants - for instance in systems concerned with commercial property transactions, player trades in professional sports leagues
a levy, perhaps a tithe, on transactions is transferred to a common project - the church roof, womens' issues, minority cultural networks, or a political party funds.
longer term capital projects where investors buy in, with commitments in a ....
a system for recording and co-ordinating mutual efforts towards some shared goal - a theatre production, community sports centre, joint investment project - and for perhaps for allocating such rewards as emerge.
Written by Michael Linton of Landsman Community Services Ltd.
Version #003 27-7-96