Time banking is an alternative economic system where time serves as the unit of currency instead of money. In a time bank, people exchange services based on the time spent providing them, with one hour of service equaling one time credit, regardless of the type of service rendered.
Key features of time banking include:
- Equal value of time: All services are valued equally, with one hour always equating to one time credit.
- Community-based: Time banks operate within communities, fostering social connections and mutual aid.
- Diverse services: Members can exchange a wide range of services, from gardening and childcare to professional skills like legal advice or tutoring.
- Credit system: Time credits are earned by providing services and can be spent to receive services from other members.
- Coordination: Time banks often have coordinators who manage memberships, facilitate exchanges, and maintain records.
- Technology-enabled: Many time banks use software platforms to track credits and connect members.
- Social impact: Time banking aims to build stronger communities, value underappreciated skills, and address social issues like isolation and poverty.
Time banking originated in the 1980s, with the concept popularized by Edgar Cahn in the United States. It has since spread globally, adapting to various cultural contexts and community needs[1][3].