Diverse economy thinking has contributed to a better understanding of the range of motivations, desires, and practices that shape how people engage in economic transactions. This chapter reviews how transactions affect people’s lives, relationships with other people, and relationships with the non-human world. It explores how ethics, relationships, value, trust and certainty shape how people undertake transactions, and the kinds of economic infrastructure and systems that emerge to both enable and constrain how and what people exchange. The chapter concludes by highlighting future questions around diverse economies, and points to the work community economy scholars are doing to foster more equitable and generative transactions.
Time banking was popularized by Edgar Cahn in the 1980s in the United States and has been practised around the world in different forms, with differing levels of uptake, state recognition and support. A key value underlying most time bank exchanges is that everyone’s labour is valued equally, and that human communities flourish best through interdependence and reciprocity. This chapter reviews research on time banks to highlight how time banking differs from price determined market transactions, and the ethical questions time bankers negotiate. While time banking does not provide the single solution to all of the injustices created through waged work, it does provide an alternative transaction logic premised on a more equal way of exchanging labour. This equality is significant in helping people to reduce their reliance on waged work and money, while building trust in, and attachments to, other forms of transaction.