Devon North Local Exchange Trading Scheme
LETS stands for Local Exchange Trading Scheme, in which friendship networks create value by exchanging goods and services. People seem to discover LETS in times of economic downturn, because it's way for local communities to create their own self-managed way of acknowledging the value of mutal support.
The key idea in Local Exchange Trading Schemes is "Mutual Credit", in which members have an account, and share the power to issue credit "mutually" which means that a member can transfer credits to acknowledge another member for goods or services from their own account, which they replenish by doing good deeds for others in the scheme. There are some central accounts which the Core Group us to help manage the scheme, but the sum-total of all the accounts is zero.
There was a North Devon Rural Network which folded, then an initiative based around a market in Merton. This relaunched scheme widens the catchment area to the whole northern area of Devon - see maps showing Postcodes and Local Districts - if numbers build up, more local schemes may be launched.
The online system enables members to: (i) be informed about events, (ii) create a personal profile, (iii) record "offers" and "wants", (iv) view the directory, (v) receive directory updates, (vi) contact other members, (vii) send invoices, (viii) make payments, (ix) provide feedback, (x) create local networks.