Browse Definitions :
Definition

time bank

A time bank is a reciprocity-based work trading system in which hours are the currency. With time banking, a person with one skill set can bank and trade hours of work for equal hours of work in another skill set instead of paying or being paid for services.

The hours banked are always traded equally regardless of the services rendered. This equality is intended to foster ties in communities and, by making all contributions valued equally, encourage equality in the communities themselves.

The system of time banking has some restrictions. For example, it must avoid assigning any services or hours banked a monetary value as this would make them taxable. This restriction means that workers can’t easily offer services outside the community.

Critics also fear that time banking could distort market forces, causing economic problems. However, with the economic problems already stemming from free market economies in recent years, the system is often seen as more of a solution than a threat.

Time banking was invented in 1980 by Edgar Cahn, an American professor of Law, to address unfulfilled societal needs in the wake of cuts to social programs during the Reagan administration. Cahn said he created the system as a way to reward “decency, caring and a passion for justice.”

In this video, Cahn describes why he developed the time bank concept and how it works:

See also: sharing economy, gift economy, barter economy

This was last updated in January 2014

Continue Reading About time bank

Networking
  • network management system

    A network management system, or NMS, is an application or set of applications that lets network engineers manage a network's ...

  • host (in computing)

    A host is a computer or other device that communicates with other hosts on a network.

  • Network as a Service (NaaS)

    Network as a service, or NaaS, is a business model for delivering enterprise WAN services virtually on a subscription basis.

Security
  • WebAuthn API

    The Web Authentication API (WebAuthn API) is a credential management application program interface (API) that lets web ...

  • Common Vulnerability Scoring System (CVSS)

    The Common Vulnerability Scoring System (CVSS) is a public framework for rating the severity of security vulnerabilities in ...

  • Dridex malware

    Dridex is a form of malware that targets victims' banking information, with the main goal of stealing online account credentials ...

CIO
  • audit program (audit plan)

    An audit program, also called an audit plan, is an action plan that documents what procedures an auditor will follow to validate ...

  • blockchain decentralization

    Decentralization is the distribution of functions, control and information instead of being centralized in a single entity.

  • outsourcing

    Outsourcing is a business practice in which a company hires a third party to perform tasks, handle operations or provide services...

HRSoftware
  • team collaboration

    Team collaboration is a communication and project management approach that emphasizes teamwork, innovative thinking and equal ...

  • employee self-service (ESS)

    Employee self-service (ESS) is a widely used human resources technology that enables employees to perform many job-related ...

  • learning experience platform (LXP)

    A learning experience platform (LXP) is an AI-driven peer learning experience platform delivered using software as a service (...

Customer Experience
  • Net Promoter Score (NPS)

    Net Promoter Score (NPS) is a metric that organizations use for assessing customer loyalty toward their brand, products or ...

  • B2C (business-to-consumer)

    B2C, or business-to-consumer, is a retail model where products or services move directly from a business to the end user who has ...

  • market segmentation

    Market segmentation is a marketing strategy that uses well-defined criteria to divide a brand's total addressable market share ...

Close