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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]
While money typically takes the form of a national currency such as dollars or euros, there have long been other types of "currencies" ranging from simple IOU notes––in which one person declares a debt to a second person in a written document––to more sophisticated programs such as frequent-flyer programs in which points are accumulated in a side-system as a result of purchases. [6]
Travelers often discover too late that exchanging currency at the airport means paying premium fees, sometimes losing 10 percent or more of their money to poor exchange rates and service charges.
A complementary currency is a currency or medium of exchange that is not necessarily a national currency, but that is thought of as supplementing or complementing national currencies. [1]: 3 [2]: 2 Complementary currencies are usually not legal tender and their use is based on agreement between the parties exchanging the currency. According to ...
Key takeaways. There are multiple fees associated with currency conversion, but some facilities charge significantly more than others. Planning ahead is the best way to save money by exchanging ...
Instead of lending money to banks at a rate of 6.5% for them to lend to exporting firms at 8% (as it does for conventional banks), it uses a musharaka pool where instead of being charged 8%, firms seeking export credit are "charged the financing banks average profit rate based on the rate earned on financing offered to ten 'blue-chip' bank ...
The Harvard economist Martin L. Weitzman was a prominent proponent of profit-sharing in the 1980s, influencing governments to incentivize the practice. [16] Weitzman argued that profit-sharing could be a way to reduce unemployment without increasing inflation. [16] Economists have debated the effects of profit-sharing on different outcomes.
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