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The key concept in Local Exchange Trading Schemes is "Mutual Credit". All members
have an account in the system, and the sum-total of all accounts is zero. Members
can transfer credits from their own account to acknowledge another member for
ie goods or services received (subject to any credit limits to avoid imbalances).
In the old paper-based systems, this was done through a central accountant:
our online system enables members to transact online, but we can still use cheques
and vouchers if facilities are provided centrally to process them.
The original Manchester LETS had printed Listings in an A5 booklet, but it
ceased trading, for a combination of reasons, one of which was heavy workload,
so the hope is that with members managing their own profiles and payments it
spreads the load. The reality is that a lot of support is still needed, partly
because the basic concepts are so radical, and also because individuals lack
confidence. Social meetings to enable members to meet up are very helpful, as
well as individual support to help some members find what they need in the system,
so running a LETS is a team effort.
Our strategy for Manchester LETS is to host a single platform, allowing trade
over Greater Manchester, but enabling members to find others living nearby.
We aim provide training and support for members who are inspired to take on
central roles as well as those who are supporting others locally. From the mutual
base, credit can be extended to the community by means of special funds for
particular projects and localities. However, these require a high level of co-operation
and management - but our aims are high - and we look forward to welcoming many
new members.
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