The Concept of Banking Time and Its Applications

Banking time is a concept that allows us to manage our time more efficiently by treating it as a valuable resource that can be invested, saved, or spent.

The idea of banking time originated from the concept of banking hours, which was first introduced in the 1960s by Charles Duhigg, an American author and journalist.

By banking time, we can create a buffer against unexpected events, such as traffic jams or meetings that run longer than expected.

This concept can be applied to our daily lives by setting aside a few hours each week to relax and recharge, allowing us to be more productive and focused during our working hours.

By doing so, we can avoid burnout and maintain a healthy work-life balance.

Timebanking is a system where members earn credit, called Time Dollars, for each hour they spend helping others in their community. These credits can then be used to access services they need.

Services offered by timebank members vary depending on the mission of the timebank, but can include things like child care, legal assistance, language lessons, home repair, and respite care for caregivers.

A timebank can be as simple as a pad of paper, but was originally intended to use computer databases for record keeping.

Time banking is an intermediate system between a monetary indirect exchange and a reciprocal gift economy, inheriting some of the pros and cons of each.

One of the benefits of time banking is that it allows people to exchange services for labor-time based credits, rather than money, which can be especially helpful for those who don't have access to traditional financial systems.

Time banking was coined and trademarked by American lawyer Edgar Cahn, who advocated its use to supplement government social services, which shows that it has the potential to make a real difference in people's lives.

Here are some of the key characteristics of time banking, which can be helpful to keep in mind:

Time banking offers an interesting alternative to traditional monetary systems. It's a bartering system where people exchange services for labor-time based credits, rather than money.

One of the key advantages of time banking is that it can supplement government social services. Edgar Cahn, the lawyer who coined the term "Time Banking", advocated for its use to fill gaps in government support.

Time banking is an intermediate system between a monetary economy and a gift economy, which means it shares some characteristics of both. This can be both a pro and a con, depending on your perspective.

Here's a breakdown of the pros and cons of time banking:

Time banking allows people to exchange services in a way that's more personal and reciprocal than traditional monetary transactions. This can lead to stronger community connections and a greater sense of social responsibility.

Time dollars are a tax-exempt complementary currency used in TimeBanking. They're also known as "time credits" or "service credits" outside the US.

One hour of time is worth one Time Dollar, regardless of the service provided or the skill required. This means that every hour counts equally.

Time dollars are designed to recognize and encourage reciprocal community service. They're meant to be traded fairly, without inflation or hoarding.

In TimeBanking, each exchange is recorded as a credit and debit in the participants' accounts. This keeps track of the trades and ensures fairness.

Time dollars enable trade and encourage cooperation among participants.

Time banking is more than just an idea, it's a real-life system that's been tested and proven effective in various communities. In Glasgow's Gorbals area, a timebank was set up to combat social ills and it was successful in building community capacity and promoting social inclusion.

Gerald and Lucy's example illustrates how time banking works in practice. They exchanged services, with Gerald helping Lucy with her garden and Lucy fixing Gerald's computer, without exchanging any money. This arrangement allowed them to acquire new skills and build relationships while saving costs on materials.

The Gorbals Timebank study showed that time banking can have a positive impact on people's lives. It enabled individuals to access help they otherwise would have had to do without, including home repair, gardening, and tuition paid in time credits.

Time banking is a unique way to exchange services without using money. In a time bank, members earn credits for each hour they spend helping others, which can then be used to receive services from other members.

Gerald and Lucy are a great example of how time banking works. Gerald helped Lucy with her computer, and in return, Lucy helped Gerald with his garden, earning them both time credits.

In the Gorbals time bank study, Dr. Gill Seyfang found that time banking was effective at building community capacity and promoting social inclusion. The time bank helped people access services they wouldn't have been able to afford otherwise.

Time credits are the fundamental unit of exchange in a time bank, equal to one hour of a person's labor. They can be earned by providing services and spent by receiving services.

The Time Bank of the City of Florianópolis, or BTF, is a well-known time bank in Brazil with over 20,000 members. Members can exchange services through a Facebook group and a shared spreadsheet.

Elderplan, a social HMO, incorporated time banking to encourage older members to become more engaged in their communities. Members could pay premiums in time credits instead of hard currency.

Time credits can be saved indefinitely, but they don't earn interest and resist inflation. Many time banks encourage members to donate excess time credits to a community pool for those in need.

The Gorbals Timebank in Scotland is a great example of timebanking in action, but timebanking doesn't have to be limited to a single community. In 2013, TimeRepublik launched the first global Timebank, allowing people to trade time credits across geographical boundaries.

This global timebank eliminates the limitations of previous timebanks, making it possible for people to connect and exchange time credits with others around the world. TimeRepublik has been promoting time banking within local governments, municipalities, universities, and large companies since 2015.

The Community Exchange System (CES) is a global network of communities using alternative exchange systems, including timebanks. This system allows timebanks to trade with each other, as well as with mutual credit exchanges in the same or different countries.

TimeRepublik won the first prize at the BAI Global Innovation Awards in 2017, in the Innovation and Human Capital category. This recognition highlights the potential of global time banking to make a positive impact on communities worldwide.

Setting up a community project can be a rewarding experience, especially when it's driven by a desire to help others. In the case of the Gorbals Timebank in Glasgow, Scotland, the project was established by a local charity to combat social ills and promote social inclusion.

The Gorbals Timebank is a great example of how community projects can be successful when they're led by members of the community themselves. This approach is often referred to as member-led, and it's a key principle of time banking.

A member-led approach can create a strong sense of ownership among community members, which is essential for the success of any project. In the case of the Gorbals Timebank, the project was able to "re-stitch the social fabric of the Gorbals" by boosting engagement in existing projects and activities.

To set up a community project like the Gorbals Timebank, you'll need to start small and gather a group of people who are passionate about making a difference. This group can then work together to develop a plan and establish the necessary roles and processes.

Here are the basic steps to help guide your efforts:

In fact, most non-agency time banks start small, with an inspired citizen who hears about time banking and decides to bring the practice to their neighborhood, school, association, or church. This approach can help establish an immediate sense of ownership among community members.

The concept of banking time has a rich history that dates back to the 19th century. The first recorded experiment with time-based currency exchanges was the Cincinnati Time Store, which operated from 1827 to 1830.

Josiah Warren, an American individualist anarchist, created this store to test his economic labor theory of value. He issued "labour notes" denominated in units of 1, 2, 5, 10, 20, 40, and 80 hours.

In 1832, Robert Owen founded the National Equitable Labour Exchange in London, which issued "Labour Notes" similar to banknotes. This experiment in time-based currency exchanges predated similar European efforts by two decades.

The 19th century saw the emergence of time-based currency exchanges, with Josiah Warren's Cincinnati Time Store being the first in a series of retail stores to test his economic labor theory of value.

The Cincinnati Time Store operated from May 18, 1827, until May 1830, making it a pioneering effort in using labor as a medium of exchange.

In 1832, Robert Owen founded the National Equitable Labour Exchange in London, England, which issued "Labour Notes" denominated in units of 1, 2, 5, 10, 20, 40, and 80 hours.

Josiah Warren published a book describing labor notes in 1852, further popularizing the concept.

Pierre-Joseph Proudhon postulated a system of time chits in 1848, and Karl Marx wrote about "Labor Certificates" in his Critique of the Gotha Program in 1875.

In the 21st century, timebanking gained momentum as a response to the decline of traditional social programs and the need for creative solutions to social problems. This was largely due to Edgar S. Cahn's vision for a system that would rebuild community and trust.

Cahn's philosophy was rooted in the idea that everyone is an asset, and that some work is beyond a monetary price. He argued that a deficit-based approach to social service, which views individuals as only having needs, is not effective.

Timebanking's core values, which include reciprocity in helping, community, and respect for all human beings, are key to its success. These values are designed to foster a sense of community and cooperation.

In practice, timebanking involves individuals trading time and skills with one another, rather than relying on monetary transactions. This approach has been shown to build stronger, more resilient communities.

Here are TimeBanking's Core Values:

Digital transformation is a relatively recent phenomenon, dating back to the early 2000s. This marked a significant shift from traditional business models to digital ones.

The rise of the internet and mobile devices enabled companies to reach a global audience and operate 24/7. Online shopping became increasingly popular, with online sales growing from $27 billion in 2000 to $3.9 trillion in 2020.

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By the mid-2000s, social media platforms like Facebook and Twitter started to gain traction, changing the way people interacted and consumed information. Social media usage skyrocketed, with 2.7 billion people using social media platforms by 2020.

The widespread adoption of cloud computing in the late 2000s allowed businesses to access scalable and on-demand IT resources. Cloud computing adoption grew from 10% in 2008 to 94% in 2020.

Big data analytics emerged as a key driver of digital transformation in the 2010s, enabling businesses to make data-driven decisions and gain a competitive edge. The amount of data generated worldwide grew from 1 zettabyte in 2010 to 64.2 zettabytes in 2020.

Remove the devaluation of community work by implementing time banking. Time banking is a pattern of reciprocal service exchange that uses units of time as currency, valuing an hour's worth of any person's labor at a time credit.

The devaluation of community work, such as mentoring children or caring for the elderly, can be removed by using time banking. This system provides incentives and rewards for work that a pure market system devalues.

Time banking had its intellectual genesis in the US in the early 1980s. It was initially piloted in the context of senior care with a $1.2 million investment from the Robert Wood Johnson Foundation in 1990.