Browse Definitions:
Definition

time bank

Contributor(s): Matthew Haughn

A time bank is a reciprocity-based work trading system in which hours are the currency. With time banking, a person with one skill set can bank and trade hours of work for equal hours of work in another skill set instead of paying or being paid for services.

The hours banked are always traded equally regardless of the services rendered. This equality is intended to foster ties in communities and, by making all contributions valued equally, encourage equality in the communities themselves.

The system of time banking has some restrictions. For example, it must avoid assigning any services or hours banked a monetary value as this would make them taxable. This restriction means that workers can’t easily offer services outside the community.

Critics also fear that time banking could distort market forces, causing economic problems. However, with the economic problems already stemming from free market economies in recent years, the system is often seen as more of a solution than a threat.

Time banking was invented in 1980 by Edgar Cahn, an American professor of Law, to address unfulfilled societal needs in the wake of cuts to social programs during the Reagan administration. Cahn said he created the system as a way to reward “decency, caring and a passion for justice.”

In this video, Cahn describes why he developed the time bank concept and how it works:

See also: sharing economy, gift economy, barter economy

This was last updated in January 2014

Continue Reading About time bank

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • PCAOB (Public Company Accounting Oversight Board)

    The Public Company Accounting Oversight Board (PCAOB) is a Congressionally-established nonprofit that assesses audits of public ...

  • cyborg anthropologist

    A cyborg anthropologist is an individual who studies the interaction between humans and technology, observing how technology can ...

  • RegTech

    RegTech, or regulatory technology, is a term used to describe technology that is used to help streamline the process of ...

SearchSecurity

  • email spam

    Email spam, or junk email, is unsolicited bulk messages sent through email with commercial, fraudulent or malicious intent.

  • distributed denial of service (DDoS) attack

    A distributed denial-of-service attack occurs when an attack originates from multiple computers or devices, usually from multiple...

  • application whitelisting

    Application whitelisting is the practice of identifying applications that have been deemed safe for execution and restricting all...

SearchHealthIT

  • athenahealth Inc.

    Based in Watertown, Mass., athenahealth Inc. is a leading vendor of cloud-based EHRs for small to medium-sized physician ...

  • Affordable Care Act (ACA or Obamacare)

    The Affordable Care Act (ACA) is legislation passed in 2010 that changed how uninsured Americans enroll in and receive healthcare...

  • HIPAA Privacy Rule

    The Standards for Privacy of Individually Identifiable Health Information, commonly known as the HIPAA Privacy Rule, establishes ...

SearchDisasterRecovery

  • disaster recovery as a service (DRaaS)

    One approach to a strong disaster recovery plan is DRaaS, where companies offload data replication and restoration ...

  • data recovery

    Data recovery restores data that has been lost, accidentally deleted, corrupted or made inaccessible. Learn how data recovery ...

  • disaster recovery plan (DRP)

    A company's disaster recovery policy is enhanced with a documented DR plan that formulates strategies, and outlines preparation ...

SearchStorage

  • virtual memory

    Virtual memory is a memory management capability of an OS that allows a computer to compensate for physical memory shortages by ...

  • yottabyte (YB)

    A yottabyte is a measure of theoretical storage capacity and is 2 to the 80th power bytes, or, in decimal, approximately 1,000 ...

  • Kilo, mega, giga, tera, peta, exa, zetta and all that

    Kilo, mega, giga, tera, peta, exa, zetta are among the list of prefixes used to denote the quantity of something, such as a byte ...

SearchSolidStateStorage

  • PCIe SSD (PCIe solid-state drive)

    A PCIe SSD (PCIe solid-state drive) is a high-speed expansion card that attaches a computer to its peripherals.

  • SSD caching

    SSD caching, also known as flash caching, is the temporary storage of data on NAND flash memory chips in a solid-state drive so ...

  • NVDIMM (Non-Volatile Dual In-line Memory Module)

    An NVDIMM (non-volatile dual in-line memory module) is hybrid computer memory that retains data during a service outage.

SearchCloudStorage

  • RESTful API

    A RESTful application program interface breaks down a transaction to create a series of small modules, each of which addresses an...

  • cloud storage infrastructure

    Cloud storage infrastructure is the hardware and software framework that supports the computing requirements of a private or ...

  • Zadara VPSA and ZIOS

    Zadara Storage provides block, file or object storage with varying levels of compute and capacity through its ZIOS and VPSA ...

Close