OUGD505 - Design Practice 2 [SB1] - Time Banks

Time based currency is a radical concept. The idea that anyone can put in hours of work and receive the same payment is both a blessing and a curse, it doesn't take into account the perplexity of the work or the qualification required to actually perform the task required.

There are hundreds of "Time Banks" which are primarily volunteering projects, scattered across the world. The biggest Time Bank organisation in the UK is "TimebankingUK", a registered charity. Time Banks in the UK are usually limited to volunteering work but the paramaters remain open. For example, you may offer your services to a hospital for an hour and in return, they would help you with cooking healthy meals (this is an example on the website). On the TimeBanking UK website, these are the three listed types of Time Banks.

Person - PersonThese might be ‘standalone’ timebanks, perhaps in a local community, where residents might organise social action using the principles of an hour for an hour. This might typically see a timebank member earning a time credit by doing the shopping for an elderly member of the timebank, and then spending that time credit on getting somebody else to provide baby-sitting support at a time when they are busy.

Person - AgencyThis model might see organisations using timebanking as a tool for achieving their own outcomes and goals. In this instance, the timebank might be interwoven into the fabric of the organisation, so that their own activities can be organised through a system of time exchange. For example, a hospital might wish to provide a home-care service for patients who have left the acute care setting but are still in need of support –perhaps somebody with a broken leg for example. The hospital would then organise the informal support needed, such as help with cooking meals, doing shopping or running basic errands, using a timebank to incentivise the giving of help rather than paying professionals in the traditional manner.

Agency - AgencyTimebanks can also work between organisations, as a system for trading assets and resources. Organisations, such as local businesses or public sector agencies, might place access to some of their resources into the timebank. This might be the use of a minibus or sports hall, or particular skills that they have such as graphic design or legal advice. Organisations in the timebank can then share, trade and exchange resources based on the hour for an hour principle.

Time Banking is definitely an interesting concept, and shows that with co-operation, the world doesn't need a physical currency at all, and can exchange favour-for-favour deals. This is still a radical concept and would be extremely difficult to implement on a wider scale, but helps my research into my unified currency.