Answer the following Essay Question using information found in the link below an
ID: 1173776 • Letter: A
Question
Answer the following Essay Question using information found in the link below and your reading of chapters 4 & 5 of The Solution Revolution (your answer should be 2 pages in length, double-spaced, 12 point font, 1-inch margins):
This week we dived into the notion of currencies. The value creation and exchange that is now taking place in innovative ways. One version of this is the notion of "Timebanking".
For this week's essay question, please review the following page: timebanks.org/what-is-timebanking/ (Links to an external site.)Links to an external site.
Question: How does the concept of "timebanking" contribute to the social impact of our society?
Explanation / Answer
Answer:
Time Banking Definition:
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 kept money are constantly exchanged similarly paying little mind to the administrations rendered. This uniformity is proposed to cultivate ties in networks and, by making all commitments esteemed similarly, support correspondence in the networks themselves.
The arrangement of time saving money has a few confinements. For instance, it must abstain from allocating any administrations or hours managed an account a fiscal incentive as this would make them assessable. This limitation implies that labourers can't undoubtedly offer administrations outside the network.
Critics additionally expect that time keeping money could mutilate advertise powers, causing financial issues. In any case, with the financial issues as of now originating from free market economies lately, the framework is regularly observed as to a greater extent an answer than a danger
Time banking money was invented in 1980 by Edgar Cahn, an American teacher of Law, to address unfulfilled societal needs in the wake of slices to social projects amid the Reagan organization. Cahn said he made the framework as an approach to compensate "fairness, mindful and an energy for equity."
The 5 Key Principles of Time Banking:
Social Impact of our Society:
Our main goal is to make an condition in which timebanking can prosper. To do this we complete two things: initially, we assemble and bolster the foundation for timebanking, so that implies anything from pushing individuals to set up new timebanks, preparing individuals in how to run them, ornotwithstanding creating new innovation and IT stages for interconnected timebanking.
Besides, we assemble the hunger for timebanking. With the assistance of our regularly developing participation of timebanks, we look into new utilizations of timebanking, gather confirm about the effect of timebanks and develop our comprehension of what makes timebanking a practical answer for a portion of our generally mind boggling social issues, with the goal that we can make that case to arrangement producers and authorities.
Furthermore we will direct investigation into new applications and ramifications of timebanking at local level, so that we can investigate obstructions to change, refine methods for working and assess the effect of arranged time saving money.