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LondonYou are in: Inside Out > London > Bartering ![]() Beat the credit crunch with bartering. BarteringLinda Kennedy With the recession biting hard, some Londoners are looking to beat the credit crunch with an old form of financial transaction that could save them money. Bartering is back as a way of doing business and reducing the bills.
BBC Inside Out's Linda Kennedy discovers the fine art of bartering...Today I am going to have a sweaty outdoor encounter with a rake. Well, a girl's got to eat. But don't fret, it's not come to that! All I'm doing is bartering. So what is bartering? Good question. Let's get our credit-crunch terminology right. Bartering is when you offer a service in return for another service. No dosh changes hands. And my challenge is to get through the day in London, one of the world's most expensive cities, merely by bartering. Yes, without spending a single penny. To try to do so, I've joined a barter society. Bartering skillsThere are different types of bartering, you see. You've got your basic barter - a direct skill swap. Or the sophisticated barter, where people form societies, contribute their skills and earn 'credits' for each service they perform. ![]() Dusting down the household income. They use those 'credits' to receive services from other members. These barter societies have seen their memberships rise during the credit crunch, as people look for ways of getting what they want, without digging into their pockets. I've joined a barter society in Wandsworth - it's called Wandle LETS, which stands for Local Exchange Trading Scheme. My day starts by flicking through their 'directory' which lists what members offer and what they want. There are loads of these LETS societies in London, featuring intriguing needs. The BBC is not responsible for the content of external websites From tortoises to taxi duties...In one society, a member seeks someone to 'tortoise-sit'. BarteringBarter describes a type of trade in which goods or services are exchanged for other goods and services without the use of money. Before the establishment of currencies, barter was a common form of trade. Its roots have been found as far back as 9000 BC in ancient societies. Today organised barter exchange is still used by many businesses and individuals, spurred by the internet and web technology. Effective bartering can increase purchasing power and revenue, preserve cash, improve cash flow and improve efficiency. Swapping is another common form of bartering in which people trade goods or items of comparable value on a trust basis. It's an idea I rather like. It takes a lot to get me out of my shell too. But back to my challenge day in Wandsworth. The first thing I need is transport so I call one of the society members who offers 'driving'. Faster than most mini-cabbies - well, almost - Angela arrives. During the journey she doesn't tell me who she had in the back of her 'barter cab' last week - instead I hear more about the society. Angela explains that in Wandsworth, the barter 'credits' are called 'ecos'. By driving me to my destination, she will charge me several of these 'ecos'. It's effectively my taxi fare. And where I'm heading is that encounter with the rake… Relax, it's just an allotment. I am going to be weeding and raking for another of the society's members. Allotment dutiesThe taxi ride has put me in eco overdraft, so I'm hoping to accumulate enough ecos to pay it off and, if I work hard enough, also get a turnip or two to turn into a mash for supper. As I rake, I think about some olive oil to drizzle on it. Maybe next time, I mull, I could join a bartering society in Italy? ![]() Fair exchange - allotment barter duties. Will I meet the barter challenge and make it through the rest of the day? If so, is bartering the future? My experiences with bartering show how feasible a world without actual money could be. Maybe one day we might all even barter our TV licences! last updated: 29/01/2009 at 17:46 SEE ALSOYou are in: Inside Out > London > Bartering |
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