LETS is an acronym for a Local exchange trading system. A model for community exchange formulated by Michael Linton, which spread mostly through the middle classes in developed countries the late 1980s and 1990s. Characterised by the use of a ledger plus a directory of members’ offers and needs.
A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated LETS) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and records transactions of members exchanging goods and services by using locally created currency.
