Editing Local exchange trading system (section)

{{Short description|Local currency system}}
{{redirect|LETS|other uses|lets (disambiguation){{!}}lets}}

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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.<ref name=trainingpack>"LETSystems Training Pack", (1990) W.A. Government.</ref> LETS allow people to negotiate the value of their own hours or services,<ref>{{Cite book|title=Throwing Rocks at the Google Bus|last=Rushkoff|first=Douglas|publisher=Portfolio / Penguin|year=2016|isbn=978-0-698-15366-0|page=163}}</ref> and to keep wealth in the locality where it is created.<ref name=whatis/>

Similar trading systems around the world are also known as '''Community Exchange Systems''', '''Mutual Credit trading systems''', '''Clearing Circles''', '''Trade Exchanges''' or [[Time-based currency|'''Time Banks''']]. These all use 'metric currencies' – currencies that ''measure'', as opposed to the [[fiat currency|fiat currencies]] used in conventional value exchange. These are all a type of alternative or complementary currency.<ref name=whatis>{{cite web|url=https://www.community-exchange.org/home/what-is-the-ces/|website=Community Exchange System|title=What is CES?|access-date=30 March 2019}}</ref>

In the 21st century, the internet-based networks have been used to link individual LETS systems, into national or global networks.