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Difference between revisions of "Labor note"

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(See also)
(See also)
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* [[Labor theory of value]]
 
* [[Labor theory of value]]
 
* [[Liberty Dollar]]
 
* [[Liberty Dollar]]
* [[Itahca Hours]]
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* [[Ithaca Hours]]
  
 
[[Category:Alternative currencies]]
 
[[Category:Alternative currencies]]

Revision as of 08:35, 22 December 2007

A labor note is technically a written promise to perform a given amount of labor. Labor notes have been promoted by Josiah Warren in his labor-for-labor payment experiments.

Warren's labor notes used hours of labor as a base unit.

Sample labor note provided by Warren in Equitable Commerce

Advantages over other systems

  • The currency is debasement-free. Central banks cannot print labor notes, nor they can be mined. A labor note thus will not devalue over time.
  • Central banking as with bank-notes is unnecessary. Individuals are allowed to create debit, up to a limit which may be decided by the local community. There is no usury or charging of interest for a debit.
  • Allow labor-for-labor, instead of labor-for-money payment, reducing the chances of exploited labor.

Disadvantages

  • Presently, not a commonly recognized form of payment.
  • When the labor note is not validated by a trusted third party, the seller is required to verify the identity of the payer.
  • Somewhat like banknotes, labor notes may imply a certain amount of bureaucracy, not present in a gift economy.

See also