“Banks of time” crowd out money
While economists around the world are wondering if the second wave of the crisis will cover us, the townsfolk are coming up with their own ways to withstand possible perturbations in the economy. One of them is the spread of such a form of alternative economic relations as the “time bank”. Although they were invented in the USSR, the development of “time banks” was received in the USA and Great Britain.
The idea to use as a currency not some conventional pieces of paper and pieces of metal, but an intangible, but the only unit of time for the whole world – an hour, was first put forward in 1976 by the Soviet psychologist and engineer Vladlen Livshits. A year later, the world’s first “time bank” was created on the basis of the bakery in Kohtla-Järve. Employees of the enterprise were transferred to a flexible work schedule, one of the fundamental principles of their activity was active and mutual assistance to colleagues, and then to employees of other organizations – the local scientific research institutes of shale and thermal power plants. After the American journalist David Shipler got acquainted with the unusual production experience of Soviet bakers and stokers, the idea of Livshits was developed in the United States. Continue reading