People often say of LETS (Local Exchange Trading System) “I don’t know why it hasn’t taken off – it’s such a good idea!”
In this opinion piece, I look at what’s holding LETS back, and suggest a solution.
We can buy almost anything with the Aussie dollar, so why do we bother with LETS?
Introduction – Need for Experiment: Ecological economists appear to agree the constraints of the natural world should be included in economic analysis. This world is subject to the first law of thermodynamics, a conservation law that allows the material inputs used, stored in, and discarded
In the face of environmental damage or climate change, solutions are proposed aimed at changing our consumption and production habits, but no changes are proposed for the monetary system. Probably, because it is simply considered an instrument, however, money is not neutral in the face of climate change.
Few eyes are on the monetary system. Perhaps the most important of all is Pope Francis’s call (2013) to think of a money that serves the common good. In this sense, he is inviting 500 young people to attend the event of the “Economy of Francesco” in 2020 to think of a more sustainable, inclusive system with no one left behind. Another significant fact occurred in September when the most important business newspaper, the Financial Times published on the main cover “Capitalism. Time for a reset” to present its new agenda.