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GGR221H1 (54)

Week 11

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University of Toronto St. George
Deborah Leslie

GGR221Week 11Resisting financial exclusion LETS Local economic trading systemsLETS are an alternative trading system oLETS are trading systems at the local scalean extended form of bargain where people get together and trade labour odd jobs goods and services oYou become a member of a LETS pay a membership fee you are issued a license and then you can engage in the activitiesOrganic garden in backyard mechanical skills jewelry maker child care small home business making jamsoIs an alternative form of moneyThe unit of exchange is of the country Members are issued with an account like a bank accountit keeps track of what you do in the LETS plus and minus credit without any actual paper cash exchange debt is not frowned uponoIf you ever leave a LETS you have to clear your account to 0 so theres no balanceThe whole basis of the LETS is that you should be able to trust the people in the networkoLETS are most associated with the UK today but they originated in BC CanadaoA LETS system encourages local businesses to trade with each other to keep money grounded in the citys economybut it also contributes to Toronto charities if the business decides to sell their Toronto dollars Advantages of LETSoLocal economic developmentbecause when we importexport things they are going out of the country the LETS allows communities to build themselves by buying and selling withinoMobilizes skills and knowledge of the communitypeople are skilled but sometimes unemployedso a LETS capitalizes on those who are skilled and gives them employmentoFosters a sense of communityplayed a role in forging links and bonds between those living in a citySolidarity oEncourages recycling of resourcesoGreater resiliency to external shocks such as currency fluctuationsDisadvantagesoYou are not legally accountable for your debtoProblems of trust and long term survivalwhat happens if you have many credits and hours of labour to your name in a LETS but then it tanks overnightConclusionoDeregulation of financial servicesoNew geographies of moneyoGrowing exclusion in access to financial servicesoGeographical implicationsoAlternative institutions of accumulation AIAs emerging
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