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It’s the Core Economy stupid: An Open Letter to the Non-Profit Community(c).by: Edgar Cahn
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Notes for this articleEdgar Cahn, Emeritus Professor of Law at David Clarke School of Law in Washington D.C., created the time banking system in the 1980’s. In this his open letter to the non-profit community, he defines the Core Economy as the invisible economy composed of the individuals and institutions imparting moral values or simply caring for others. Local family members or neighbors producing civic, social, environmental, or learning labors, are not accounted in any economic indicator.
In his opinion, this social and moral ecology is being eroded by our increasing dependency on money. To solve the crisis, unilateral beneficence should be replaced by reciprocity to multiply the units of social labor available. For that purpose, he explains that Time Dollar is the unit of barter currency used to compensate each hour of any type of work. But this change requires trust and the redefinition of value, to allow the delivery of those social services without restrictions.
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