Local Exchange Trading Systems as a Response to the Globalisation of Capitalism

The globalisation of capitalism has disadvantaged those people and places marginal to the capitalist development process. The local exchange trading system represents a possible approach to the challenge of relocalising social and economic identity. Despite the growing importance of local exchange trading systems (LETS) in the UK, geographical research into the concept is limited. This paper examines the potential of LETS as a response to the hegemonic influence of global capitalism. The empirical evidence focuses on the development and operation of LETS in Glasgow. The research analyses both successful and unsuccessful LETS in the city, examines the prospects for further development of LETS in the UK, and considers the potential value of the concept particularly for people and places disadvantaged by the capitalist market economy.