d. Edgar Cahn, Time Banking


Edgar Cahn, Nesta, UK
2011, 7 min 11 sec

Dr Edgar Cahn, professor of law and founder of Time Banking, explains the concept of Time Banking. As another medium of exchange, another kind of money, Time Banking allows us to help others and, in return, get the help we need, create a interdependent community and oppose the system of money and barter, which leeds to purely commercial transactions.

In the system we use now, one of money and barter, abundance equals worthless, so every capacity we have as a human being is devalued as worthless because it’s abundant.

Time Banking is about universal values of exchanges, relationships, collaborative efforts that are abundant in the nature of human beings. Time Banking varies the medium of exchange and changes the characteristics and alters the dynamics.

Time banking is a system that let’s people earn time credits for providing services to others in their communities. Examples of services include mowing lawns, babysitting, providing household help or driving someone to a medical appointment. People can then spend their time credits for others services provided by member of the community.

They can turn their time into a ‘currency’ that let’s them meet basic needs that cannot be met through markets.