Editing Time-based currency (section)

== Time dollars ==
{{Numismatics}}
Time dollars are a tax-exempt complementary currency<ref>{{cite book|last1=Lietaer|first1=Bernard|last2=Dunne|first2=Jacqui|title=Rethinking Money: how new currencies turn scarcity into prosperity|year=2013|publisher=Berrett-Koehler Publishers, Inc.|location=San Francisco, CA|pages=85|chapter=Chapter5: The Future Has Arrived But Isn't Distributed Evenly...Yet!|isbn=978-1-60994-296-0}}</ref> used as a means of providing [[mutual credit]] in TimeBanking. They are typically called "[[time credits]]" or "[[service credits]]" outside the United States. <!-- Are they tax exempt in other countries in which time credits are used? --> TimeBank members exchange services for Time Dollars. Each exchange is recorded as a corresponding [[credit (finance)|credit]] and [[debit]] in the accounts of the participants. One hour of time is worth one Time Dollar, regardless of the service provided in one hour or how much skill is required to perform the task during that hour. <!-- "In a Time Dollars system, or Time Bank, each participant's time is valued equally, whether he/she is a novice or an extensively trained expert." The tone of this statement is somewhat promotional and wordy.  One can get the idea across in neutral tone by explaining Time Dollars in terms of the 1=1 principle. It also provides a partial explanation of the mechanism that prevents inflation, hoarding, etc.  --> This "one-for-one" system that relies on an abundant resource is designed to both recognize and encourage reciprocal community service, resist [[inflation]], avoid hoarding, enable trade, and encourage cooperation among participants.<ref>{{cite book|last1=Ryan-Collins|first1=Josh|last2=Stephens|first2=Lucie|last3=Coote|first3=Anna|title=The new wealth of time: how timebanking helps people build better public services|year=2008|publisher=New Economics Foundation|location=London, UK|isbn=978-1-904882-45-9|pages=3–4}}</ref><ref>{{cite news|last=Ferrara|first=Peter|title=Rethinking Money: The Rise Of Hayek's Private Competing Currencies|url=https://www.forbes.com/sites/peterferrara/2013/03/01/rethinking-money-the-rise-of-hayeks-private-competing-currencies/|access-date=March 17, 2013|newspaper=Forbes Magazine|date=March 1, 2013}}</ref><ref>{{cite book|last1=Lietaer|first1=Bernard|last2=Dunne|first2=Jacqui|title=Rethinking Money: how new currencies turn scarcity into prosperity|year=2013|publisher=Berrett-Koehler Publishers, Inc.|location=San Francisco, CA|isbn=978-1-60994-296-0|pages=5, 79–85}}</ref><ref name=Collombook>{{cite book|last1=Collom|first1=Ed|last2=Lasker|first2=Judith|title=Equal Time, Equal Value: Community Currencies and Time Banking in the US|year=2012|publisher=Ashgate Publishing Limited|location=Burlington, VT|isbn=978-1-4094-4904-1|pages=19–20}}</ref>

===Timebanks===
Timebanks have been established in 34 countries, with at least 500 timebanks established in 40 US states and 300 throughout the United Kingdom.<ref name=yesmag>{{cite news|last=Cahn|first=Edgar|title=Time Banking: An Idea Whose Time Has Come?|url=http://www.yesmagazine.org/new-economy/time-banking-an-idea-whose-time-has-come|access-date=7 April 2013|newspaper=Yes Magazine|date=November 17, 2011}}</ref><ref>{{cite interview |last = Cahn |first = Edgar |author-link = Edgar S. Cahn |interviewer = Michel Martin |title = Beyond Bartering: Banking On Community Connections |work = [[Tell Me More|National Public Radio: Tell Me More]] |location = Washington, DC |date = July 19, 2011 |url=https://www.npr.org/2011/07/19/138510242/beyond-bartering-banking-on-community-connections |access-date = February 10, 2013 }}</ref> TimeBanks also have a significant presence in Japan, South Korea, New Zealand, Taiwan, Senegal, Argentina, Israel, Greece, and Spain.<ref>{{cite book|last=Simon|first=Martin|title=Your Money or Your Life: Time for Both|year=2010|publisher=Freedom Favours|location=Gloucestershire, UK|isbn=978-0-9566556-0-8|pages=110–115}}</ref><ref name=bbcjapan>{{cite news|title=Minister hails Japan care scheme|url=https://www.bbc.co.uk/news/uk-11657006|access-date=7 April 2013|newspaper=BBC News UK|date=30 October 2010}}</ref><ref name=greece>{{cite news|last=Madaleno|first=Margarida|title=Time-banking offers hope to the dispossessed youth of Europe|url=http://www.newstatesman.com/blogs/economics/2012/08/time-banking-offers-hope-dispossessed-youth-europe|access-date=7 April 2013|newspaper=New Statesman|date=29 August 2012}}</ref> TimeBanks have been used to reduce recidivism rates with diversionary programs for first-time juvenile offenders; facilitate re-entry of for ex-convicts; deliver health care, job training and social services in public housing complexes; facilitate substance abuse recovery; prevent institutionalization of severely disabled children through parental support networks; provide transportation for homebound seniors in rural areas; deliver elder care, community health services and hospice care; and foster women's rights initiatives in Senegal.<ref name=wbsenegal>{{Cite report |last1=Shah |first1=Angana |last2=Samb |first2=Pape |date=October 2011 |title=Time Banking™ Is More Than Money for Women in Senegal |url=https://openknowledge.worldbank.org/bitstream/handle/10986/10431/652800BRI0IFC000Banking0Angana0Shah.pdf?sequence=1 |publisher=World Bank, International Finance Corporation |pages=1–4 |access-date= 7 April 2013|quote=foster women's rights initiatives in Senegal. }}</ref><ref name=annie>{{cite report|title=Building Social and Economic Support Networks with Time Dollars|year=2004|publisher=Annie E. Casey Foundation and the Center for the Study of Public Policy|location=Baltimore, MD|pages=5–10|url=http://www.aecf.org/upload/PublicationFiles/EC3617D80.pdf |url-status=dead |archive-url=https://web.archive.org/web/20071029033232/http://www.aecf.org/upload/PublicationFiles/EC3617D80.pdf |archive-date=29 October 2007 |access-date=12 June 2017}}</ref><ref>{{cite book|last1=Ryan-Collins|first1=Josh|last2=Stephens|first2=Lucie|last3=Coote|first3=Anna|title=The new wealth of time: How timebanking helps people build better public services|year=2008|publisher=[[New Economics Foundation]]|location=London, UK|isbn=978-1-904882-45-9 |url=http://neweconomics.org/2008/03/new-wealth-time/ |access-date=12 June 2017 <!--https://web.archive.org/web/*/http://b.3cdn.net/nefoundation/3303e9051e1e0a62ef_rrm6bu0a4.pdf--> |pages=19–51}}</ref><ref name=homecomers>{{Cite report |editor-first=Christine |editor-last=Gray |date=November 2008 |title=Coming Home: An Asset-Based Approach to Transforming Self & Community |series=Co-Production at Work |volume=1 |location=Washington, DC |publisher=[[Phelps Stokes Fund]] |url=https://actionhub.timebanks.org/sites/default/files/public_files/HomeComerReport2.pdf |access-date=12 June 2017 |quote=facilitate re-entry of for ex-convicts |archive-date=12 June 2017 |archive-url=https://web.archive.org/web/20170612201800/https://actionhub.timebanks.org/sites/default/files/public_files/HomeComerReport2.pdf |url-status=dead }}</ref><ref name=Letcher2009>{{cite journal|last1=Letcher|first1=Abby S.|last2=Perlow|first2=Kathy M.|title=Community-Based Participatory Research Shows How a Community Initiative Creates Networks to Improve Well-Being|journal=American Journal of Preventive Medicine|date=December 2009|volume=37|issue=6S1|pages=S292–S299|doi=10.1016/j.amepre.2009.08.008|pmid=19896032}}</ref><ref name=hospice>{{cite journal|last=Miyashita|first=Mitsunori|title=The Japan HOspice and Palliative Care Evaluation study (J-HOPE study): study design and characteristics of participating institutions|journal=American Journal of Hospice and Palliative Medicine|date=June–July 2008|volume=25|issue=3|pages=223–232|doi=10.1177/1049909108315517|pmid=18573997|s2cid=206633499|display-authors=etal}}</ref>

=== Timebanking ===
'''Timebanking''' is a pattern of reciprocal service exchange that uses units of time as [[currency]].  It is an example of a complementary [[monetary system]].  A timebank, also known as a service exchange, is a community that practices time banking.  The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names but is generally known as a time credit in the US and the UK (formerly a time dollar in the US).  Timebanking is primarily used to provide [[incentive]]s and rewards for work such as mentoring children, caring for the elderly, being neighborly—work usually done on a volunteer basis—which a pure market system devalues.  Essentially, the "time" one spends providing these types of community services earns "time" that one can spend to receive services.<ref>{{harvp|Seyfang|2004|p=63}}</ref> As well as gaining credits, participating individuals, particularly those more used to being recipients in other parts of their lives, can potentially gain confidence, social contact and skills through giving to others.  Communities, therefore, use time banking as a tool to forge stronger intra-community connections, a process known as "building [[social capital]]". Timebanking had its intellectual genesis in the US in the early 1980s.<ref>{{harvp|Cahn|2004}}</ref>  By 1990, the [[Robert Wood Johnson Foundation]] had invested US$1.2 million to pilot time banking in the context of senior care.  Today, 26 countries have active TimeBanks.  There are 250 TimeBanks active in the UK<ref>[http://www.timebanking.org/about.asp About Time Banking UK] {{Webarchive|url=https://web.archive.org/web/20081015034402/http://www.timebanking.org/about.asp |date=2008-10-15 }} Accessed March 23, 2012.</ref> and over 276 TimeBanks in the U.S.<ref>{{Cite web|url=http://community.timebanks.org/directory?quicktabs_directory_tabs=1#quicktabs-directory_tabs|title=Directory of TimeBanks|website=community.timebanks.org|access-date=2014-04-18|archive-date=2013-01-16|archive-url=https://web.archive.org/web/20130116013646/http://community.timebanks.org/directory?quicktabs_directory_tabs=1#quicktabs-directory_tabs|url-status=dead}}</ref>