lokaleihin

Local exchange trading systems, also known as local exchange trading networks (LETS), are mutual aid systems where members exchange goods and services without using national currency. Lokaleihin refers to a Finnish LETS system, which was established in the 1990s.

The Finnish LETS system, known as lokalihin, was the first LETS system outside of Canada, where the concept originated. The system allows members to exchange hours of work, goods, and services, based on local currency called Hour credits. Each hour credit is equivalent to one hour of work, and can be used to purchase goods and services provided by other members.

The lokalihin system is based on bartering, but with a differential twist. Members record their hours of work and services on a personal homepage, which is linked to a central directory. Goods and services are divided into five categories: catering, care, crafts, communication, and culture. Members can browse the directory to find the services or goods they need, and arrange trade with other members directly.

Membership of the lokalihin system is personal and requires registration. Members pay an annual membership fee, which is used to cover administration costs. The system promotes community interaction, healthy human relationships, and ideally values lifelong friendships.

Local currencies are local assets and a stimulating new phenomenon for grass-root activity, only reflecting a gradual transition to conscious community entrepreneurship. Local economies be increasing and offering many friendly neighborhood friendships to its participants.