What are the key features of mutual credit schemes?
Mutualism, as noted in the last section, is a form of credit co-operation, in which individuals pull their resources together in order to benefit themselves as individuals and as part of a community. LETS is another form of mutualism which developed recently, and apparently developed independently (from its start in Canada, LETS has spread across the world and there are now hundreds of schemes involved hundreds of thousands of people). Mutual banks and LETS have the following key aspects: 1) Co-operation: No-one owns the network. It is controlled by its members directly. 2) Non-exploitative: No interest is charged on account balances or credit. At most administrative costs are charged, a result of it being commonly owned and managed. 3) Consent: Nothing happens without it, there is no compulsion to trade. 4) Money: They use their own type of money (traditionally called “labour-notes”) as a means of aiding “honest exchange”. It is hoped, by organising credit, working class people will b
