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In economics, a time-based currency is an alternative currency or exchange system where the unit of account/value is the person-hour or some other time unit. Some time-based currencies value everyone’s contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. Others use time units that might be fractions of an hour (e.g. minutes, ten minutes - 6 units/hour, or 15 minutes - 4 units/hour). While most time-based exchange systems are service exchanges in that most exchange involves the provision of services that can be measured in a time unit, it is also possible to exchange goods by 'pricing' them in terms of the average national hourly wage rate (e.g. if the average hourly rate is $20/hour, then a commodity valued at $20 in the national currency would be equivalent to 1 hour). ==Early time-based currency exchanges== Time-based currency exchanges date back to the early 19th century. The National Equitable Labour Exchange was founded by Robert Owen, a Welsh socialist and labor reformer in London, England, in 1832. It was established in Birmingham, England, before folding in 1834. It issued "Labour Notes" similar to banknotes, denominated in units of 1, 2, 5, 10, 20, 40, and 80 hours. John Gray, a socialist economist, worked with Owen and later with Ricardian Socialists and postulated a ''National Chamber of Commerce'' as a central bank issuing a ''labour currency''.〔(【引用サイトリンク】title=TUC - History Online )〕 In 1848, the socialist and first self-designated anarchist Pierre-Joseph Proudhon postulated a system of ''time chits''. In 1875, Karl Marx wrote of "Labor Certificates" (''Arbeitszertifikaten'') in his Critique of the Gotha Program of a "certificate from society that (labourer ) has furnished such and such an amount of labour", which can be used to draw "from the social stock of means of consumption as much as costs the same amount of labour." Josiah Warren published a book describing labor notes in 1852. Edgar S. Cahn coined the term "Time Dollars" in ''Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time-Into Personal Security & Community Renewal'', a book co-authored with Jonathan Rowe in 1992. He also went on to trademark the terms "Time Bank" and "Time Credit".〔(【引用サイトリンク】url=http://www.markhound.com/trademark/search/Pa02vdZ9S )〕〔(【引用サイトリンク】url=http://www.markhound.com/trademark/search/OismJ6wRy )〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Time-based currency」の詳細全文を読む スポンサード リンク
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