Local economic trading schemes and their implications for marketing assumptions, concepts and practices

This paper focuses on the relationship between a particular social practice – local exchange trading systems or schemes (LETS) – and what we here call the “mainstream” marketing paradigm. It begins by discussing some of the key principles that are thought to set LETS apart from other, “more mainstream”, economic activities. One case is then given particular attention – the “Ithaca hours” system – run in Ithaca, New York. Having examined the formalities of the system and its operation, the paper reviews what participants say about their participation. The paper draws upon these multiple narratives to explore the ways LETS may be both similar to and different from other forms of economic and social praxis. The authors’ argument is that “mainstream” marketing concepts and practices fail to embrace all the complexities of LETS as social‐economic practices.