Local Exchange Trading Systems
- A locally organized economic organization that allows members to participate in the exchange of goods and services among others in the group. Local Exchange Trading Systems (LETS) use a locally created currency as denominations of units of value which can be traded or bartered in exchange for goods or services. Members of LETS typically view the systems as organized and cooperative schemes that maximize purchasing power while benefiting members and the community.
Local Exchange Trading Systems typically exhibit five fundamental traits: cost of service, consent, disclosure, equivalence to the regional currency, interest-free. These traits along with general guidelines such as membership fees, detailed logs of transactions and member directories allow for an organized and well run exchange. Additionally, transactions do not necessarily require a nominal exchange of units. For instance, members can repay other members who have performed for them a service by providing a service in return, as opposed to paying for the original service.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
Local Exchange Trading Systems — (LETS) also known as LETSystems are local, non profit exchange networks in which goods and services can be traded without the need for printed currency. In some places, e.g. Toronto, the scheme has been called the Local Employment and Trading… … Wikipedia
Local Exchange Trading Systems — Торговая система местного обмена (англ. Local Exchange Trading System, LETS) система упорядочивания обмена товарами и услугами между членами сообщества. Обычно является некоммерческой организацией или кооперативом, которые… … Википедия
Local currency — See Emissions Reduction Currency System for community based initiatives aimed at emission reduction Numismatics Terminology … Wikipedia
Trading zones — The metaphor of a trading zone is being applied to collaborations in science and technology. The basis of the metaphor is anthropological studies of how different cultures are able to exchange goods, despite differences in language and culture.… … Wikipedia
exchange — An association of persons who participate in the business of buying or selling futures contracts or futures options. A forum or place where traders gather to buy or sell economic goods. With the advent of the computerized exchange, it is… … Financial and business terms
Community Exchange System — Numismatics Terminology Portal Currency … Wikipedia
Sistema de cambio local — Un sistema de cambio local o sistema monetario local (Local Exchange Trading Systems o LETS en inglés y Système d échange local o SEL en francés), es una red local de intercambios sin ánimo de lucro en la que los bienes y servicios pueden… … Wikipedia Español
Emissions trading — (or emission trading) is an administrative approach used to control pollution by providing economic incentives for achieving reductions in the emissions of pollutants. It is sometimes called cap and trade.A central authority (usually a government … Wikipedia
Beirut Stock Exchange — Type Stock Exchange Location Beirut, Lebanon Coordinates … Wikipedia
Foreign Exchange Dealers Coalition (FXDC) — The Foreign Exchange Dealers Coalition (FXDC) is an alliance of the largest U.S. foreign exchange market dealers. The FXDC partnership was formed in the fall of 2007 to pool together industry resources to demonstrate the viability of the forex… … Wikipedia