Local Exchange Trading Schemes

Local Exchange Trading Schemes or Systems (LETS) are local, not-for-profit, community-based networks for exchanging goods and services using a local trading system. The LETS system of exchange sits outside the mainstream use of a national currency. Instead, LETS schemes typically employ a locally negotiated system of credit or exchange for the value of goods and services found within the boundaries of the community. LETS serve as a new form of economic organization that is intended to support the sustainable development of a community.

Around the world, LETS initiatives are growing in popularity and are seen as a localized response to the rise of multinational trade, rapid globalization, and the role of institutions such as the World Trade Organization. LETS programs operate like a supplementary currency and ...