Differences

This shows you the differences between two versions of the page.

--- c:lets [2026/10/15 09:44] – [Our working definition] Simon Grant
+++ c:lets [2026/10/15 18:07] (current) – [The variety of definitions] John Waters
@@ Line 3: / Line 3: @@
 ===== LETS =====
-==== The varity of definitions ====
+**NB, this page is still under construction**
-  * //(our definition, with reasons, including how the concept relates to the Commons)//
-==== Key topic pages ====
+The term //LETS// is used to refer to a zero-sum, interest-free, mutual-commitment/-credit community currency system.
-  * //(if there are any particular topic pages that clarify this concept, please link to them here, otherwise delete this section)//
+//LETS// is often used as an acronym for //Local Exchange Trading System// or //Local Energy Transfer System//.
+==== The variety of definitions ====
+  * The essential characteristics of the original //LETS// model (presented to [[wp>TOES]] are described in the [[https://archive.lets.net/gmlets/design/home.html|LETSystem Design Manual]], and include the requirement of metrical equivalence to the fiat money in use locally. It also requires an understanding from each user that a //payment// in this local currency represents both a record of an exchange agreed by two parties and an an unenforceable undertaking to contribute services or goods agreed to be of comparable value back to the network/community of users. This is the interpretation of //LETS// and //LETSystem// on which the broader concept of [[open money]] is built. Because the model was propagated widely but incompletely with unsanctioned variations, term //LETSystem// was put into the protection of [[https://letsystem.org/|The LETSystem Trust]] in 1997.
+  * A looser interpretation of the //LETS// model propagated widely and quickly in the 1990. Many such groups experimented with variations such as demurrage, interest, credit limits, elastic "system accounts", quirky names, units not metrically-equivalent to the local fiat money, and conflation of the concept of //commitment// with debt, none of which are compatible with the original //LETS/////LETSystem// design. More often than not, the term "LETS" is used to refer to this broad collection of variants.
+==== Key topic pages ====
+Topics where the LETS concept is mentioned:
+  * [[cofi:collaborative finance]]
+  * [[lcur:local currencies]]
+  * [[mucr:mutual credit]]
 ==== Related terms and definitions ====
-  * //(links to other definitions, related terms, and other sources of information about the concept)//
+  * The [[https://archive.lets.net|LETSystem archive]] provides a wealth of useful material.
-  * Here is the Wikipedia page on [[wp>LETS]].
+  * An early but helpful description of the //LETSystem// is provided by Bill Mollison on pp.535-536 of //The Permaculture Design Manual// (Tagari Press, 1988, 1992).
+  * The Wikipedia page on [[wp>LETS]] repeats a number of historical errors.
 ==== Commentary ====
-//(Please sign all commentary.))//
+//(Please sign all commentary.)//
 ==== Open questions ====