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A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency. [1]
Organizations that administer time banks, barter networks, or currencies may register for tax-exempt status under section 501(c)(3) as non-profit organizations working to benefit the community. [33] The IRS has recognized some time banks as tax exempt; it is harder to obtain exemptions for a barter network or local currency, as they are harder ...
The parties of the barter transaction are both equal and free. Neither party has advantages over the other, and both are free to leave the trade at any point in time. The transaction happens simultaneously. The goods are normally traded at the same point in time. Nonetheless delayed barter in goods may rarely occur as well. [12]
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The Barter Network is a commercial trading network of companies in the United States founded in 2006 by Bergenske Enterprises, Inc. of which G. Jason Bergenske, President and CEO owns 100% of the corporation's shares. The Barter Network has grown to over 700 companies.
The American economist Thorstein Veblen wrote a seminal tract on the development of the term as discussed in this article [tone]: The Engineers and the Price System. [3] [4] Its chapter VI, A Memorandum on a Practicable Soviet of Technicians discusses the possibility of socialist revolution in the United States comparable to that then occurring in Russia (the Soviets had not yet at that time ...