Valley Time Trade

Short Summary

Valley Time Trade (VTT) is a Time Bank—a volunteer-run alternative economy aiming to re-assess and equalize the value of time, build community, and encourage lifelong learning in Western Massachusetts. Each hour of an individual's time is equal to an hour of another’s in VTT's system. TimeBanking functions as an alternative to the monetary system.

Website address: valleytimetrade.wordpress.com

Location: Northampton, Massachusetts, USA

Profile

While its founders did not create VTT with the concept of commoning in mind, it’s a great example of commoning, as a peer-governed alternative economy falling outside the lines of traditional market or state systems.

Jessica states that one of her goals in creating Valley Time Trade was to encourage people to understand the economy differently by valuing everyone’s time equally, in stark contrast to our current economic valuation system. For instance, notes Jessica, “a doctor who’s offering an hour is no more valuable than a seamstress offering an hour of sewing.” Anna acknowledges that this can seem “very radical” and can take some “getting used to for members.” The two leaders also see VTT as an alternative method for economic future planning, effective in building resilience and as a possible aid to retirement. Time cannot devalue and is not subject to inflation, so a recession or failed market cannot affect your Time Bank account.

An additional benefit of time trading is that “there are so many things that people can offer that are underutilized,” as Jessica describes it. Almost everyone has at least one unique skill or hobby from which others could benefit, but many of us do not share those skills in our daily life. Members of Valley Time Trade share about a 50/50 mix of professional and non-professional skills. These hours are counted evenly, providing an outlet for participants to share skills that might otherwise go underutilized.

YOUTUBE vep23SuIdLU Valley Time Trade Introduction

Governance

Any system of currency raises the concern of possible exploitation, but time trading has overwhelmingly attracted people who want to share their skills, rather than those seeking to take advantage of others’ time. However, when incidents of malpractice do occur, the leadership team has the authority to temporarily deactivate an offending member’s account. Today, the primary infraction that the Core Group deals with is the incorporation of goods into the Time Trade—for instance, charging sums of money on top of time trading hours. VTT notes that while this is not technically wrong, it does not fall within the group’s aims.

Increased member participation in VTT leadership would benefit the organization. It is completely volunteer-based, so it can be challenging to draw participants who are willing to put in that extra time. Jessica is the only founding member who is still a part of the Core Group. Currently, the organization runs smoothly with relatively little leadership intervention. However, if VTT gained an abundance of leadership members and members were willing to give an increased number of hours, they would expand their membership numbers, area participation, and participating populations and demographics, which would increase overall access to the Time Bank.

Origin Story

Before its launch in 2009, VTT’s founding members educated themselves on the work of Edgar S. Cahn, creator of TimeBanking, and investigated whether such a system would work well in Northampton and the greater Pioneer Valley. Its founding members included Jenny Ladd, Alex Jarrett, and others. They held public meetings in Northampton to gauge interest and researched international Time Banks, as well as local incarnations like the North Quabbin Time Bank. Once they had established that it was a worthwhile pursuit, they formed a Core Group and started making organizational, membership, and logistical decisions; within six months, they had written a handbook for VTT.

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