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Accepted Paper:
Local Exchange and Trading Systems (LETS) in Future Sustainable Economies
Richard Westra
(Nagoya University)
Paper short abstract:
Green notions of LETS which hark back to writings of Adam Smith on market operations conflate two different meanings of the term “market”. To understand the role LETS may play in future economies demands treatment of this problem.
Paper long abstract:
Current global economic trends have rekindled interest in development alternatives. Green proposals for these raise important questions about crafting institutional vehicles for simultaneous realization of popular empowerment, sustainability and poverty alleviation. Much of the debate swirls around the issue of economic scale and the re-localizing of production and consumption sundered by globalization. At the center of green proposals is the local exchange and trading system (LETS). This paper argues that green notions of LETS which hark back to writings of Adam Smith on market operations conflate two different meanings of the term "market". To understand the role LETS may play in future economies demands treatment of this problem.