New Wealth of Time

Report: The New Wealth of Time. By Josh Ryan-Collins, Lucie Stephens and Anna Coote. nef and TimeBanks UK, 2008

URL = http://www.neweconomics.org/gen/z_sys_PublicationDetail.aspx?pid=269

Description

"The New Wealth of Time describes how timebanking, as a tool to stimulate Co-productionis already helping to create better services across a range of areas, including mental and physical health, services for young people and older people, regeneration, housing and criminal justice.

Co-production is a theory based on the premise that people and societies flourish more readily where relationships are built on reciprocity and equity: enabling people to give freely, yet also facilitating the give-and-take of time, knowledge, skills, compassion and other assets.

Timebanking is a practical tool that enables co-production. Unlike the money economy, timebanking values all hours equally: 1 hour of time = 1 time credit, whether you are a surgeon or an unemployed single mother. Timebanking recognises that everyone, even those defined as disadvantaged or vulnerable, has something worthwhile to contribute. Timebanking values relationships that are forged through giving and receiving.

This report shows how timebanking can help give people more control over their lives, prevent needs arising and grow what we call the ‘core economy’ – our ability to care for and support each other and to engage in mutual and non-materialistic exchanges and civic activity.

The New Wealth of Time recommends that co-production should become a key component of public services, using timebanking as a tool – where appropriate – to achieve that objective. The values outlined above would inform and shape mainstream public services.

To encourage co-production and grow the core economy, public service leaders and commissioners should embed networks of exchange, such as timebanking, within public organisations, including doctor’s surgeries, hospitals, schools and housing estates. These institutions should become community hubs, rather than simply service delivery vehicles, as our case studies demonstrate." (http://www.neweconomics.org/gen/z_sys_PublicationDetail.aspx?pid=269)