Our June meeting was hosted by Cass Business School.
An integral part of City University London, Sir John Cass Business School is among the global elite of business schools that hold the gold standard of 'triple-crown' accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). We are consistently ranked amongst the best business schools and programmes in the world which, coupled with an established 40-year reputation for excellence in research and business education, enables us to attract some of the best academics, students and businesses worldwide into our exclusive Cass network.
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Michael Linton - The London Open Money ProjectThe London Open Money project is an example of a 'Local Exchange Trading System' (LETS).
A LETSystem is a trading network supported by its own internal currency. It is self-regulating and allows its users to manage and issue their own 'money supply' within the boundaries of the network.
The key points include:
- co-operation: no-one owns the network.
- self-regulation: the network is - controlled by its users.
- empowerment: all network users may 'issue' the 'internal currency'.
- money: money, as a means of exchange, is an integral feature.
LETS networks use interest-free local credit so direct swaps do not need to be made. For instance, a member may earn credit by doing childcare for one person and spend it later on carpentry with another person in the same network. In LETS, unlike other local currencies, no scrip is issued, but rather transactions are recorded in a central location open to all members. As credit is issued by the network members, for the benefit of the members themselves, LETS are considered mutual credit systems.
Keith Meldrum - The Virtual Company