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New Left Review I/232, November-December 1998
Finn Bowring
LETS:AN ECO-SOCIALIST INITIATIVE
Local Exchange Trading Systems (lets) have been welcomed by many as a possible solution to the poverty, disempowerment and social exclusion suffered by the unemployed, as a practical and inexpensive stimulus for local economic regeneration, as the basis for stable, sustainable, and self-reliant community economies, and as a valuable complement to an increasingly over-stretched welfare state. [1] Given better publicity, financial backing, and government and local authority support, it is thought that lets could significantly improve the quality of life for the residents of low-income neighbourhoods. [2] This essay evaluates the economic, social and ecological merits of lets, assesses the theoretical positions that have been developed in their defence, and proposes a path for their future development.
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