Spending Time Locally: The Benefit of Time Banks for Local Economies

Abstract

This article explores the potential role of time banks in re-building and sustaining local economies based on two key issues: that time credits need to show that they can help people dependent on limited financial resources; and that they can interact with local businesses. The potential of time credits to interact with local economies has been questioned as alternative community currencies show greater compatibility with business. However, this paper argues that the potential of time credits is substantial. Drawing on recent research with a time bank in the Welsh valleys, this paper explores these two issues, to consider the potential of time banks for local economies, beyond their social intervention status.