Is LETS Money
A new trading system called Local Exchange Trading System or LETS has been created in the recent ten years. This trading system is quite different from modern economic system and some theories of LETS are very useful to solve the problems in modern economic system. This essay will first show what is LETS, and then it will introduce the functions of money. Finally, this essay will compare the functions of LETS with the functions of money and analyze whether this trading system can be considered as money. LETS groups are community groups of people who agree to trade goods and services with each other. People create LETS because there are many problems such as heavy debt and high interest in modern economic system. ... However, there are no debt and no interest in LETS. ... The first LETS was built in Canada and it has become popular in the U.