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139-497: Time-based currency exchanges date back to the early 19th century. The Cincinnati Time Store (1827-1830) was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value . The experimental store operated from May 18, 1827, until May 1830. The Cincinnati Time Store experiment in use of labor as a medium of exchange antedated similar European efforts by two decades. The National Equitable Labour Exchange

278-661: A democratic socialist political system based upon land reform and (public) state ownership in the economy ; Hungarian membership to the United Nations ; and all freedoms and rights for the citizens of Hungary. After Veres proclaimed the manifesto demanding Hungarian sovereignty, the crowd chanted the Hungarian patriotic poem National Song ( Nemzeti dal ) , which the Soviet-controlled Rákosi government of Hungary had banned from public performance;

417-574: A business without the "erection of any power over the individual". His theory — replacing money with time — was turned into an actual practical demonstration project. It was the first such activity, preceding similar labor notes in Europe by more than 20 years, and still has implications for other concepts of currency such as cryptocurrencies. Nonetheless, at the time it was the most popular mercantile institution in Cincinnati. Warren embraced

556-550: A central bank issuing a labour currency . In 1848, the socialist and first self-designated anarchist Pierre-Joseph Proudhon postulated a system of time chits . Josiah Warren published a book describing labor notes in 1852. In 1875, Karl Marx wrote of "Labor Certificates" ( Arbeitszertifikaten ) in his Critique of the Gotha Program of a "certificate from society that [the labourer] has furnished such and such an amount of labour", which can be used to draw "from

695-810: A combined conference in Budapest that decided to end the nationwide labour strikes and to resume work on 5 November, with the more important councils sending delegates to the Parliament to assure the Nagy government of their support. On 24 October 1956, the Politburo of the USSR discussed how to resolve the political revolts that had occurred in Warsaw Pact countries, specifically the Polish October and

834-492: A community. It aims to build the 'core economy' of family and community by valuing and rewarding the work done in it. The world's first timebank was started in Japan by Teruko Mizushima in 1973 with the idea that participants could earn time credits which they could spend any time during their lives. She based her bank on the simple concept that each hour of time given as services to others could earn reciprocal hours of services for

973-635: A concept of a time-based currency Nim. 1 nim = 1 minute of life. The concept was first adopted in Eastern Europe . The concept is based on the idea of universal basic income . Every person is an issuer of nims. For every minute of one's life, 1 nim is created, which can be spent or sent to another person, like money. Time dollars are a tax-exempt complementary currency used as a means of providing mutual credit in TimeBanking. They are typically called " time credits " or " service credits " outside

1112-531: A delegation to deliver their demands in the Parliament, but government guards and a company of the Ministry of Defence's armoured regiment, backed by seven Soviet T-54 tanks lined up in front of the Parliament, kept the demonstrators away from the building. The events at Astoria were repeated, with demonstrators trying to make friends with the Soviet soldiers, handing out bilingual leaflets and some climbing on top of

1251-416: A global network of communities using alternative exchange systems, many of which use timebanks. Timebanks can trade with each other wherever they are, as well as with mutual credit exchanges. The system uses a base 'currency' of one hour, and the conversion rates between the different exchange groups are based on national average hourly wage rates. This allows timebanks to trade with mutual credit exchanges in

1390-493: A good. Believing that labor is the foundational cost of things, he held that equal amounts of labor should, naturally, receive equal material compensation. He set out to examine if his theories could be put to practice by establishing his "labor for labor store." If his experiment proved to be successful, his plan was to establish various colonies whose participants all agreed to use "cost the limit of price" in all economic transactions, hoping that all of society would eventually adopt

1529-510: A library, a healthy living project, and a theatre. She writes that "the timebank had enabled people to access help they otherwise would have had to do without," help which included home repair, gardening, a funeral, and tuition paid in time credits to a continuing education course. The Time Bank of the City of Florianópolis (BTF) is one of the first and best known Time Banks in Brazil. The initiative

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1668-636: A mistaken imitation of the Anglo–French intervention to Egypt. In Russia, on 30 October 1956, the Presidium of the CPSU decided to not depose the new Hungarian government. Marshal Zhukov said: "We should withdraw troops from Budapest, and, if necessary, withdraw from Hungary, as a whole. This is a lesson for us in the military-political sphere". The Presidium then adopted and published the Declaration of

1807-435: A national charity and membership organisation, Timebanking UK, started in 2002. According to Edgar S. Cahn, timebanking had its roots in a time when "money for social programs [had] dried up" and no dominant approach to social service in the U.S. was coming up with creative ways to solve the problem. He would later write that "Americans face at least three interlocking sets of problems: growing inequality in access by those at

1946-718: A neutral country in the geopolitical cold war between the US and the USSR. Austria's declaration of geopolitical neutrality allowed the Communist government of PM Nagy to publicly consider "the possibility of Hungary adopting a neutral status on the Austrian pattern". In June 1956, the Polish Army violently repressed the workers' uprising at Poznań against the economic policies of the Polish People's Republic . In October,

2085-752: A pad of paper, but the system was originally intended to take advantage of computer databases for record keeping. Some Timebanks employ a paid coordinator to keep track of transactions and to match requests for services with those who can provide them. Other Timebanks select a member or a group of members to handle these tasks. Various organizations provide specialized software to help local Timebanks manage exchanges. The same organizations also often offer consulting services, training, and other materials for individuals or organizations looking to start timebanks of their own. Example services offered by timebank members The mission of an individual timebank influences exactly which services are offered. In some places, timebanking

2224-427: A time credit, a person does not need to spend it right away: they can save it indefinitely. However, since the value of a time credit is fixed at one hour, it resists inflation and does not earn interest . In these ways it is intentionally designed to differ from the traditional fiat currency used in most countries. Consequently, it does little good to hoard time credits and, in practice, many timebanks also encourage

2363-466: A timebank by dint of the fact that the supply of certain skills may be lacking in a community. One of the most stringent criticisms of timebanking is its organizational sustainability. While some member-run TimeBanks with relatively low overhead costs do exist, others pay a staff to keep the organization running. This can be quite expensive for smaller organizations and without a long-term source of funding, they may fold. In 2013 TimeRepublik launched

2502-544: A tool to forge stronger intra-community connections, a process known as "building social capital ". Timebanking had its intellectual genesis in the US in the early 1980s. By 1990, the Robert Wood Johnson Foundation had invested US$ 1.2 million to pilot time banking in the context of senior care. Today, 26 countries have active TimeBanks. There are 250 TimeBanks active in the UK and over 276 TimeBanks in

2641-401: Is a pattern of reciprocal service exchange that uses units of time as currency . It is an example of a complementary monetary system . A timebank, also known as a service exchange, is a community that practices time banking. The unit of currency, always valued at an hour's worth of any person's labor, used by these groups has various names but is generally known as a time credit in the US and

2780-508: Is adopted as a means to strengthen the community as a whole. Other timebanks are more oriented towards social service, systems change, and helping underprivileged groups. In some timebanks, both are acknowledged goals. The time credit is the fundamental unit of exchange in a timebank, equal to one hour of a person's labor. In traditional timebanks, one hour of one person's time is equal to one hour of another's. Time credits are earned for providing services and spent receiving services. Upon earning

2919-479: Is run by a local charity with the intent to combat the social ills that face the region. Seyfang concluded that the timebank was effective at "building community capacity" and "promoting social inclusion." She highlights the timebank's success at "[re-stitching] the social fabric of the Gorbals." by "[boosting] engagement in existing projects and activities" in a variety of projects including a community safety network,

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3058-709: The Budapest University of Technology and Economics had reestablished the MEFESZ Students' union , which the Rákosi government earlier had banned for their politically incorrect politics. Initially, the Hungarian People's Republic was a socialist state headed by the Communist government of Mátyás Rákosi (r. 1947–1956), a Stalinist who was beholden to the USSR. To ensure ideological compliance within his Stalinist government, Rákosi used

3197-598: The Eastern Bloc , including the Hungarian People's Republic. The geopolitical principles of the Warsaw Pact defence treaty included "respect for the independence and [the] sovereignty of [the member] states" and the practise of "non-interference in their internal affairs". Then, on 15 May 1955, a day after the USSR established the Warsaw Pact, the Austrian State Treaty established Austria as

3336-592: The Hungarian Revolution of 1956 , advocated that workers “proclaim the abolition of work norms and instaurate full equality of wages and salaries” in his 1957 Socialisme ou Barbarie text translated as "On the Content of Socialism, II". He elaborated further on this advocacy of an “absolute equality of wages and incomes” in his 1974 text, "Hierarchy of Salaries and Incomes", and in the “Today” section of “Done and To Be Done” (1989). Edgar S. Cahn coined

3475-814: The Hungarian Social Democratic Party merged with the Communist Party and became the Hungarian Working People's Party , whose candidate stood unopposed in the 1949 Hungarian parliamentary election . Afterwards, on 20 August 1949, the Hungarian People's Republic was proclaimed and established as a socialist state, with whom the USSR then concorded the COMECON treaty of mutual assistance, which allowed stationing troops of Red Army soldiers in Hungary. Based upon

3614-536: The Hungarian Uprising , was an attempted countrywide revolution against the government of the Hungarian People's Republic (1949–1989) and the policies caused by the government's subordination to the Soviet Union (USSR). The uprising lasted 12 days before being crushed by Soviet tanks and troops on 4 November 1956. Thousands were killed and wounded and nearly a quarter of a million Hungarians fled

3753-634: The Hungarian Working People's Party ( Magyar Dolgozók Pártja ). The new government of Imre Nagy disbanded the ÁVH, declared Hungary's withdrawal from the Warsaw Pact , and pledged to re-establish free elections. By the end of October the intense fighting had subsided. Although initially willing to negotiate the withdrawal of the Soviet Army from Hungary, the USSR repressed the Hungarian Revolution on 4 November 1956, and fought

3892-837: The Kingdom of Romania , and the Kingdom of Bulgaria . In 1941, the Royal Hungarian Army participated in the Nazi invasion of Yugoslavia (6 April 1941) and in Operation Barbarossa (22 June 1941), the invasion of the USSR. In the event, by 1944, the Red Army were en route to the Kingdom of Hungary, after first having repelled the Royal Hungarian Army and the armies of the other Axis Powers from

4031-614: The National Endowment for the Humanities , argued that Anarchism had its roots in 19th America with people like Josiah Warren and the Time Store. Although it goes back to 1827 through 1830, Josiah Warner's "Cincinnati Time Store", which sold merchandise in units of hours of work called "labour notes" which resembled paper money, this was "[p]erhaps ... the anticipator of all future" Local exchange trading systems , and

4170-593: The Sixteen Political, Economic, and Ideological Points against the USSR's geopolitical hegemony upon Hungary. The Hungarian Writers' Union ceremoniously proclaimed Hungary's anti-Soviet political solidarity with anti-communist reformers in Poland when they laid a commemorative wreath at the statue of the Polish hero Gen. Józef Zachariasz Bem who also was a hero of the Hungarian Revolution of 1848 ; likewise,

4309-570: The Stalin Monument in Budapest , which had been erected in place of a razed church, in 1951; and, by 21:30 hrs – an hour and a half later – the nationalist and anti-communist protestors had destroyed the eight-metre-tall statue of Josef Stalin. Also at 20:00 hrs, a crowd of nationalist and anti-communist protestors had gathered outside the Magyar Rádió building, which was guarded by the ÁVH secret police. Violence soon occurred between

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4448-569: The Civic Party , headed by President Zoltán Tildy and Prime Minister Ferenc Nagy . Nonetheless, on behalf of the USSR, the Hungarian Communist Party continually used salami tactics to wrest minor political concessions, which continually diminished the political authority of the coalition government – despite the Communist Party only having received 17 percent of the votes in the parliamentary election of 1945. After

4587-515: The Gorbals TimeBank—one of the few studies of timebanking done by the academic community—listed several other non-theoretical problems with timebanking. The first is the difficulty of communicating to potential members exactly what makes timebanking different, or "getting people to understand the difference between timebanking and traditional volunteering." She also notes that there is no guarantee that every person's needs will be provided for by

4726-660: The Government of the USSR on the Principles of Development and Further Strengthening of Friendship and Cooperation between the Soviet Union and other Socialist States , which said that "The Soviet Government is prepared to enter into the appropriate negotiations with the government of the Hungarian People's Republic, and [with] other members of the Warsaw Treaty, on the question of the presence of Soviet troops in

4865-860: The Hungarian Army restored order in Csepel; two days later, the Hungarian Revolutionaries recaptured Csepel after the Hungarian Army's withdrawal on 29 October. In the Angyalföld area of Budapest, the communists and 350 armed workers and 380 communist soldiers defended the Láng factory. Anti-fascist Hungarian veterans of the Second World War participated in recapturing the offices of the Szabad Nép communist newspaper. At

5004-848: The Hungarian Communist Party retained the confidence of the Hungarian people, because the Hungarians were protesting unresolved socio-economic problems, not ideology. Meanwhile, in the West, the concurrent Suez Crisis (29 October – 7 November 1956) of the French and the British empires' seizure of the Suez Canal from Egypt voided the political possibility of Western military intervention to Hungary. On 28 October, Khrushchev said that Soviet military intervention to Hungary would be

5143-463: The Hungarian Communist Party, ÁVH policeman, and pro-Soviet Hungarian soldier they encountered; and most Red Army troops withdrew from Budapest to garrisons in the Hungarian countryside. Fighting ceased between 28 October and 4 November, as many Hungarians believed that Soviet military units were withdrawing from Hungary. According to post-revolution communist sources, there were approximately 213 Hungarian Working People's Party members executed during

5282-468: The Hungarian Communist Party. The Nagy government freed the political prisoner General Béla Király to restore order to Hungary with a National Guard force composed of policemen, soldiers, and Revolutionaries loyal to Hungary. On 30 October 1956, Gen. Király's National Guard attacked the building of the Central Committee of the Hungarian Communist Party and killed every pro-Soviet officer of

5421-463: The Hungarian People's Republic from receiving American financial aid through the Marshall Plan (1948). Socially, the imposition of Soviet-style economic policies and the payment of war reparations angered the peoples of Hungary, whilst the cumulative effects of economic austerity fuelled anti-Soviet political discontent as the payment of foreign debt took precedence over the material needs of

5560-586: The Hungarian Revolt. Led by Vyacheslav Molotov , the hardline faction of the CPSU voted for military intervention, but were opposed by Khrushchev and Marshal Georgy Zhukov who sought a political resolution to the Hungarian revolt. In Budapest, the Soviet delegation reported to Moscow that the Hungarian political situation was less confrontational than reported during the revolt proper. In pursuit of political resolution, Khrushchev said that Ernő Gerő's 23 October request for Soviet intervention indicated that

5699-540: The Hungarian Revolution against the USSR's control of Hungary, and negotiated ceasefire agreements with the revolutionaries; nonetheless, the Hungarian Revolution took many communist prisoners who were registered to lists that identified the prisoner either for summary execution or as an enemy of the people . In the Csepel area of Budapest, 250 communists defended the Csepel Iron and Steel Works, and, on 27 October,

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5838-510: The Hungarian Revolution against the USSR; from amongst the crowd outside the parliament, the armed revolutionaries shot at the roof-top ÁVH policemen. Meanwhile, nationalist and anti-communist loyalties had fractured the chain of command of the Hungarian Army in response to the communist government's order to militarily repress the popular demonstrations against the Soviet control of Hungary. The Hungarian Army units in Budapest and in

5977-513: The Hungarian anti-communist revolution, but Nagy's declaration of Hungarian neutrality decided his dispatching the Red Army into Hungary. The USSR invaded the Hungarian People's Republic, because: In the People's Republic of Hungary, the anti-communist militants concluded that "the [Hungarian Communist] Party is the incarnation of bureaucratic despotism " and that "socialism can develop only on

6116-491: The Hungarian people, yet their standard of living diminished because of the compulsory financial contributions towards the industrialisation of Hungary, which reduced the disposable and discretionary income of individual Hungarian workers. That poor economy was further diminished by the bureaucratic mismanagement of resources, which caused shortages of supplies, and the consequent rationing of bread and sugar, flour and meat, et cetera. The net result of those economic conditions,

6255-492: The Hungarian people. On 5 March 1953, the death of Stalin allowed the Communist Party of the Soviet Union (CPSU) to proceed with the de-Stalinization of the USSR, which was a relative liberalization of politics that afterward allowed most European communist parties and the communist parties of the Warsaw Pact to develop a reformist wing – within the structures of the Philosophy of Marxism and orders from Moscow. Hence,

6394-599: The Hungarian revolutionaries until Soviet victory on 10 November; repression of the Hungarian Uprising killed 2,500 Hungarians and 700 Soviet Army soldiers, and compelled 200,000 Hungarians to seek political refuge abroad, mostly to Austria . During the Second World War (1939–1945), the Kingdom of Hungary (1920–1946) was a member of the Axis powers – in alliance with Nazi Germany , Fascist Italy ,

6533-623: The MEFESZ student union held a parallel demonstration of Hungarians' political solidarity with the Poles. In the afternoon of 23 October 1956, approximately 20,000 protestors met beside the statue of General József Bem , a national hero of Poland and Hungary. To the amassed crowd of protestors, the intellectual Péter Veres , the president of the Writers' Union ( Írószövetség ), read a manifesto demanding Hungarian independence from all foreign powers;

6672-434: The MEFESZ, and ten anti-Soviet demands, e.g. free elections and the departure of Soviet troops from Hungary, etc.; days later, the university students at Pécs , Miskolc , and Sopron followed suit. On 22 October, at the Budapest University of Technology and Economics , one of the law students from the original group of twelve students, announced that the MEFESZ student union was again politically active, and then proclaimed

6811-411: The Nagy government in talks about withdrawing the Red Army from Hungary. Moreover, Mao Zedong influenced Khrushchev's decision to repress the Hungarian uprising. The deputy chairman of the Chinese Communist Party , Liu Shaoqi , pressed Khrushchev to militarily repress the Hungarian Revolution. Although Sino–Soviet relations were unstable, the opinion of Mao carried great weight among the members of

6950-425: The Nagy government's political and socio-economic reforms; by 18 April 1955, Rákosi had so discredited Nagy that the USSR deposed Nagy as head-of-state of Socialist Hungary. Three months of plotting and conspiring rid Rákosi and the Hungarian Communist Party of Imre Nagy, who was reduced to a political non-person. On 14 April Prime Minister Imre Nagy was stripped of his Hungarian Communist Party offices and functions and

7089-411: The Nazi government , encouraged Hungarian Catholics not to vote for the Arrow Cross Party , and was imprisoned for this dissent by the Arrow Cross-led Government of National Unity . In the 1950–1952 period, the ÁVH forcibly relocated more than 26,000 non-communist Hungarians and confiscated their housing for members of the Communist Party of Hungary, and so eliminated the political threats posed by

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7228-408: The Newspaper Companies’ Prize . While it has since been lost, the ideas in the essay attracted widespread press attention. Mizushima soon became a social commentator, with her views being aired on the radio, in the newspapers, and on television. She frequently appeared on the NHK , the country's national broadcaster, and toured the country giving talks about her ideas. In 1973 she started her group

7367-426: The Polish communist politician Władysław Gomułka in Brest, Belarus; and then spoke with the Romanian, Czechoslovak, and Bulgarian leaders in Bucharest, Romania. Finally, Khrushchev went to the Socialist Federal Republic of Yugoslavia and spoke with Tito ( Josip Broz ) who persuaded Khrushchev to install János Kádár as the new leader of the People's Republic of Hungary, instead of Ferenc Münnich . Two months after

7506-419: The Polish government appointed the politically rehabilitated , reform communist Władysław Gomułka as First Secretary of the Polish United Workers' Party to deal with the USSR, and, by 19 October 1956, Gomułka had successfully negotiated greater trade agreements and fewer Red Army troops stationed in Poland. The USSR's concessions to Poland – known as the Polish October – emboldened Hungarians to demand from

7645-422: The Presidium of the CPSU. Initially, Mao opposed a second intervention, which was communicated to Khrushchev on 30 October, before the Presidium met and decided against a Hungarian intervention; later, Mao changed his mind and supported intervention to Hungary. In the 1–3 November 1956 period, Khrushchev informed the USSR's Warsaw Pact allies of his decision to repress the Hungarian Revolution. Khrushchev met with

7784-406: The Red Army. Also on that day, Imre Nagy became prime minister in place of András Hegedüs . In a national radio broadcast, PM Nagy asked a ceasefire between the Red Army and the Hungarian Revolutionaries, and agreed to initiate postponed political reforms decided in 1953. Despite the pleas of PM Nagy, groups of revolutionaries in Budapest armed themselves and continually fought the Red Army. At

7923-435: The Russo–American Cold War. About 8000 political prisoners were released, most notably Cardinal József Mindszenty . Banned political parties, such as the Independent Smallholders and the National Peasant Party ("Petőfi Party"), reappeared to join the coalition. In 1,170 communities in Hungary, there were 348 cases of revolutionary councils dismissing the local administrators; 312 cases of revolutionary councils sacking

8062-434: The Soviet forces in Hungary were on their way to the headquarters of the Hungarian Workers' Party (MDP) on Akadémia Street, where they were to attend a meeting of the Central Executive Committee (CEC), which was to begin at 10 a.m. Under pressure from the Soviet delegates, the CEC relieved Ernő Gerő of his position as party leader and elected János Kádár in his place. Meanwhile, the crowd demonstrating at Kossuth Square elected

8201-550: The Time Store. Indeed, Owen thereafter opened the National Equitable Labour Exchange , which embodied the same concept and practice. The Cincinnati Time Store experiment in use of labor as a medium of exchange antedated similar European efforts by two decades. Betty Joy Nash noted that, to varying degrees, the time store "communities strived to eliminate discrimination by class, sex, and race, and fostered education and scientific inquiry". The documentary film Anarchism in America (1981), by Pacific Street Films and funded by

8340-431: The U.S. Timebank members earn credit in Time Dollars for each hour they spend helping other members of the community. Services offered by members in timebanks include: Child Care, Legal Assistance, Language Lessons, Home Repair, and Respite Care for caregivers , among other things. Time Dollars AKA time credits earned are then recorded at the timebank to be accessed when desired. A Timebank can theoretically be as simple as

8479-661: The UK (formerly a time dollar in the US). Timebanking is primarily used to provide incentives and rewards for work such as mentoring children, caring for the elderly, being neighborly—work usually done on a volunteer basis—which a pure market system devalues. Essentially, the "time" one spends providing these types of community services earns "time" that one can spend to receive services. As well as gaining credits, participating individuals, particularly those more used to being recipients in other parts of their lives, can potentially gain confidence, social contact and skills through giving to others. Communities, therefore, use time banking as

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8618-400: The USSR like concessions for the Hungarian People's Republic, which much contributed to the Hungarians' greatly idealistic politics in October 1956. On 13 October 1956, a group of 12 students from the university faculties in Szeged met to play cards, and snubbed the DISZ, the official communist student union, by re-establishing the MEFESZ (Union of Hungarian University and Academy Students),

8757-711: The United Kingdom. TimeBanks also have a significant presence in Japan, South Korea, New Zealand, Taiwan, Senegal, Argentina, Israel, Greece, and Spain. TimeBanks have been used to reduce recidivism rates with diversionary programs for first-time juvenile offenders; facilitate re-entry of for ex-convicts; deliver health care, job training and social services in public housing complexes; facilitate substance abuse recovery; prevent institutionalization of severely disabled children through parental support networks; provide transportation for homebound seniors in rural areas; deliver elder care, community health services and hospice care; and foster women's rights initiatives in Senegal. Timebanking

8896-427: The United States in 1939. Her stay was shortened from three years to one due to rising tensions between the US, Japan, and China. Mizushima opted to pursue a short-term diploma course in sewing. After returning home, she married. Her first daughter was born at the outbreak of the Pacific War , and her husband was soon conscripted into the army. Mizushima's sewing skills proved invaluable to her family during and after

9035-692: The United States. TimeBank members exchange services for Time Dollars. Each exchange is recorded as a corresponding credit and debit in the accounts of the participants. One hour of time is worth one Time Dollar, regardless of the service provided in one hour or how much skill is required to perform the task during that hour. This "one-for-one" system that relies on an abundant resource is designed to both recognize and encourage reciprocal community service, resist inflation , avoid hoarding, enable trade, and encourage cooperation among participants. Timebanks have been established in 34 countries, with at least 500 timebanks established in 40 US states and 300 throughout

9174-448: The Volunteer Labour Bank (later renamed the Volunteer Labour Network). By 1978, the bank had grown to include approximately 2,600 members. The membership included people of all ages, from teenagers to women in their seventies. The majority of members were housewives in their thirties and forties. Members were organized into over 160 local branches throughout the country, coordinated by the headquarters located on Mizushima’s estate. By 1983,

9313-447: The abuses of power committed by Stalin and his inner-circle protégés, in Russia and abroad. Therefore, the de-Stalinization of Hungarian People's Republic featured Rákosi's dismissal as General Secretary of the Communist Party of Hungary, and his replacement by Ernő Gerő , on 18 July 1956. From the Western perspective, the countries of western Europe co-operated with the CIA's propaganda radio network, Radio Free Europe , to broadcast

9452-411: The assembled protestors from the roof of the building of the Agricultural Ministry. In the fog of war, some Red Army soldiers mistakenly returned the fire towards the roof, having mistakenly believed themselves the targets. The Hungarian revolutionaries armed themselves with weapons captured from ÁVH policemen and with weapons donated by anti-communist soldiers who had deserted the Hungarian Army for

9591-504: The bosses; and 215 cases of the locals burning the communist administrative records of their communities. In 681 communities, anti-communist and nationalist Hungarians damaged and destroyed symbols of the hegemony of the USSR, such as the Red Star, and statues of Josef Stalin and of Lenin; 393 communities damaged Soviet war memorials; and 122 communities burned the books of Marx, Lenin, and Stalin. Local revolutionary councils formed throughout Hungary, generally without involvement from

9730-417: The bottom to the most basic goods and services; increasing social problems stemming from the need to rebuild family, neighborhood and community; and a growing disillusion with public programs designed to address these problems" and that "the crisis in support for efforts to address social problems stems directly from the failure of ... piecemeal efforts to rebuild genuine community." In particular Cahn focused on

9869-441: The buildings on the other side of the square. Another Soviet tank coming from a nearby street fired aimed shots at the demonstrators trying to take cover. This action claimed the most lives. The number of the dead is still disputed, with estimates ranging from 75 to 1000. According to another version of the events, which already appeared during the revolution but still unproven, the ÁVH policemen and/or communist partisans fired into

10008-511: The call of the party organisation, swept the Danube-Tisza Interfluve six times, smashing everything". As Hungarian revolutionaries fought the soldiers and tanks of the Red Army with small arms and Molotov cocktails in the streets of Budapest, throughout Hungary, revolutionary workers' councils assumed government power and called general strikes to halt the economy and the functioning of civil society. In ridding Hungary of

10147-491: The city of Florianópolis. Younger, non-white, employed, female individuals, working in the informal sector, with a higher education level and with a higher monthly income are more likely to be BTF members. Spice is a social enterprise that has developed a time-based currency called Time Credits. Spice works across health and social care, housing, community development and education, supporting organisations and services to use Time Credits to achieve their outcomes. Spice grew out of

10286-443: The contributions towards their communities that everyone can make. He theorized that a system like timebanking could "[rebuild] the infrastructure of trust and caring that can strengthen families and communities." He hoped that the system "would enable individuals and communities to become more self-sufficient, to insulate themselves from the vagaries of politics and to tap the capacity of individuals who were in effect being relegated to

10425-540: The cost of war reparations was "between 19 and 22 per cent of the annual national income" of Hungary, an onerous national expense aggravated by the hyperinflation consequent to the post-war depreciation of the Hungarian pengő . Moreover, participation in the Soviet-sponsored Council of Mutual Economic Assistance ( COMECON ) prevented direct trade with the countries of the West, and also prevented

10564-701: The country. The Hungarian Revolution began on 23 October 1956 in Budapest when university students appealed to the civil populace to join them at the Hungarian Parliament Building to protest against the USSR's geopolitical domination of Hungary through the Stalinist government of Mátyás Rákosi . A delegation of students entered the building of Magyar Rádió to broadcast their sixteen demands for political and economic reforms to civil society, but were detained by security guards. When

10703-475: The countryside remained uninvolved in the Revolution, because local commanders avoided politics in order to avoid repressing the revolutionaries. Order was restored in the 24–29 October period after the Hungarian Army had fought 71 firefights with the nationalist and with the anti-communist revolutionaries in fifty communities. On 26 October, in the town of Kecskemét, outside the office of State Security and

10842-484: The crowd repeatedly chanted the refrain: "This we swear, this we swear, that we will no longer be slaves." At 20:00 hrs, the first secretary of the Hungarian Working People's Party, Ernő Gerő broadcast a hardline speech condemning the political demands of the intelligentsia and of the university students. Angered by Gerő's rejection, some protestors realised one of their demands, and demolished

10981-477: The democratic student union banned by the Stalinist Rákosi government. The MEFESZ students distributed hand-written notes in classrooms to inform faculty and students of the time and place for the meeting on 16 October 1956. A professor of law was chairman of committee who formally reestablished the MEFESZ student union, with the proclamation and publication of a twenty-demand manifesto, ten demands about

11120-449: The donation of excess time credits to a community pool which is then spent for those in need or on community events. Some criticisms of timebanking have focused on the time credit's inadequacies as a form of currency and as a market information mechanism . Frank Fisher of MIT predicted in the 1980s that such a currency "would lead to the kind of distortion of market forces which had crippled Russia's economy ." Dr. Gill Seyfang's study of

11259-473: The economic model of the USSR, the Hungarian Working People's Party established the socialist economy of Hungary with the nationalization of the means of production and of the natural resources of the country. Moreover, by 1955, the relatively free politics of Hungary allowed intellectuals and journalists to freely criticise the social and economic policies of the Rákosi government. In that vein of relative political freedom, on 22 October 1956, students from

11398-473: The education system with a toiling intelligentsia who would assist in the Russification of Hungary; thus the study of Russian language and communist political instruction were mandatory at school and at university; religious schools were nationalized and church leaders replaced with communist officials. In the early 1950s, the Rákosi government's socialist economics increased the per capita income of

11537-644: The election in 1945, control of the State Protection Authority ( Államvédelmi Hatóság , ÁVH) was transferred from the Independent Smallholders Party of the coalition government to the Hungarian Communist party. The ÁVH repressed non­­‑communist political opponents with intimidation and false accusations, imprisonment and torture . The brief, four­­‑year period of multi-party democracy ended when

11676-580: The enterprise while protecting workers' interests, establishing a socialist economy free of rigid party control. Local control by the councils was not always bloodless; in Debrecen , Győr , Sopron , Mosonmagyaróvár and other cities, crowds of demonstrators were fired upon by the ÁVH, with many lives lost. The ÁVH were disarmed, often by force, in many cases assisted by the local police. In total, there were approximately 2,100 local revolutionary and workers councils with over 28,000 members. The councils held

11815-541: The first global Timebank. Its aim is to eliminate geographical limitations of previous timebanks. Since 2015 TimeRepublik has been promoting Time Banking within local governments, municipalities, universities, and large companies. In 2017 TimeRepublik won the first prize at the BAI Global Innovation Awards in the Innovation and Human Capital category The Community Exchange System (CES) is

11954-439: The following sentiment: [the time bank] involves everybody coming together as a community ... the Gorbals has never—not for a long time—had a lot of community spirit. Way back, years ago, it had a lot of community spirit, but now you see that in some areas, people won't even go to the chap next door for some sugar ... that's what I think the project's doing, trying to bring that back, that community sense ... In 2017 Nimses offered

12093-568: The foundations of direct democracy." For the anti-communists, the struggle of the Hungarian workers was "for the principle of direct democracy" and that "all power should be transferred to the Workers Committees of Hungary." In response, the Presidium broke the de facto ceasefire and repressed the Hungarian Revolution. The Soviet Union's plan was to declare a "Provisional Revolutionary Government" led by János Kádár, who would appeal for Soviet assistance to restore order to Hungary. Kádár

12232-701: The giver at some stage in the future, particularly in old age when they might need it most. In the 1940s, Mizushima had already foreseen the emerging problems of an ageing society such as seen today. In the 1990s the movement took off in the US, with Dr Edgar Cahn pioneering it there, and in the United Kingdom, with Martin Simon from Timebanking UK and David Boyle, who brought in the London-based New Economics Foundation (Nef). Paul Glover created Ithaca Hours in 1991. Each HOUR

12371-442: The guard tanks. At a few minutes after 11 a.m., General Serov decided to inspect the situation on Kossuth Square, accompanied by several Soviet and Hungarian officers and a tank. Seeing several Soviet soldiers fraternising with the demonstrators, Serov ordered the firing of warning shots, which caused a mass panic on the square. In the ensuing confusion, the Soviet tanks lined up in front of the Parliament building responded by targeting

12510-475: The head of the Budapest party committee, Imre Mező, also was killed. Within hours, news reportage and filmed scenes of the Hungarian anti-communist revolt that occurred in Republic Square were broadcast in the USSR; and the CPSU made propaganda of the images of the communist victims of the Hungarian Revolt. The leaders of the Hungarian Revolution condemned the attack upon the ÁVH headquarters and asked

12649-418: The influence of and control from the USSR, the revolutionaries destroyed the symbols of Communism, such as the red star and Red Army monuments, and burned communist literature. Moreover, Revolutionary militias, such as the 400-man militia led by József Dudás attacked and murdered pro-Soviet Hungarians and ÁVH policemen. The Hungarian Army armoured division stationed in Budapest, commanded by Pál Maléter led

12788-403: The labor theory of value, which says that the value of a commodity is the amount of labor that goes into producing or acquiring it. From this he concluded that it was therefore unethical to charge more labor for a product than the labor required to produce it. Warren summed up this policy in the phrase " Cost the limit of price ," with "cost" referring to the amount of labor one exerted in producing

12927-437: The local jail, Hungarian Army's Third Corps, led by Major General Lajos Gyurkó , shot seven anti-communist protestors and arrested the organizers of the anti-Soviet protest. On Gyurkó's order Hungarian Air Force fighter planes shot up demonstrators with cannon fire in various towns (see hu:Tiszakécskei sortűz ), earning the praise of János Kádár after the defeat of the "counter-revolution" as "the only division commander who, at

13066-471: The mass demonstration outside the Astoria , accompanied by three Soviet tanks, which the demonstrators climbed on, fraternising with the crews. At the same time a column of Soviet tanks carrying two delegates of the Communist Party of the Soviet Union (CPSU) sent to Hungary, Politburo members Anastas Mikoyan and Mikhail Suslov , as well as KGB Chairman Ivan Serov and Mikhail Malinin , commander-in-chief of

13205-501: The more time a customer spent with Warren resulted in very efficient transactions. Warren said that he was doing more business in one hour than normal businesses do in one day, leading him to close shop part of the day to rest. Though the store was successful, the problem of equal labor times for different difficulties of work was a concern for Warren. He was never able to reconcile the objectivity of his "labor for labor" prescription — treating all labor as essentially fungible goods — with

13344-513: The national crisis, PM Nagy would: On 1 November, the Nagy government formally declared Hungary's withdrawal from the Warsaw Pact and Hungary's international status as a politically non-aligned country. Because of being in power for only ten days, the National Government did not explain their policies in detail; however, contemporary newspaper editorials stressed that Hungary should be a multiparty social democracy uninvolved in

13483-453: The nationalist and anti-communist intelligentsia and by the local bourgeoisie . According to their particular politics, anti-communist Hungarians were either imprisoned in concentration camps or were deported to the USSR or were killed, either summarily or after a show trial ; the victims included the communist politician László Rajk , the minister of the interior who established the ÁVH secret police. The Rákosi government politicised

13622-554: The network had over 3,800 members organized in 262 branches, including a branch in California. The political activist and philosopher Cornelius Castoriadis , after criticizing the incoherency of capitalist, Leninist, and Trotskyist justifications of wage differentials in his 1949 Socialisme ou Barbarie text translated as “The Relations of Production in Russia” in the first volume of his Political and Social Writings , responding to

13761-554: The offices of the communist newspaper Szabad Nép , the ÁVH guards fired upon unarmed protestors; in turn, anti-communists attacked and drove out the ÁVH policemen from the newspaper building. The Hungarian revolutionaries then avenged themselves against the ÁVH policemen. On 25 October, a crowd gathered in Kossuth Square in front of the Hungarian parliament building, which was a mixed group of civilian demonstrators including women, children, and elderly. Most of them came from

13900-570: The only Communist Hungarian leader with political credibility among Hungarians, the political actions of the Nagy government allowed the USSR to view the Hungarians' anti-Soviet protests as a popular uprising, rather than as an anti-communist counter-revolution . On 28 October 1956, the Nagy Communist government announced the ceasefire among the nationalist, the anti-communist, and the Communist Hungarians, and that, to resolve

14039-423: The peculiar and original method adopted to fix and regulate the amount of the merchant’s compensation. This was determined on the principle of the equal exchange of labor, measured by the time occupied, and exchanged hour for hour with other kinds of labor. Josiah Warren credited Robert Owen with the creation of the idea for the labor-for-labor note . It was Warren, however, that actually put it into practice at

14178-402: The period. The new communist government of Prime Minister Imre Nagy was surprised by the rapidity with which the Hungarian Revolution extended from the streets of Budapest to all of Hungary, and the consequent collapse of the old Gerő–Hegedüs communist government. As head of government, PM Nagy asked every Hungarian to exercise political forbearance in order to restore civil order to Hungary. As

14317-465: The political purging of Hungarian society. At 02.00 hrs., on 24 October 1956, Soviet defence minister Georgy Zhukov ordered the Red Army to occupy Budapest – the capital city of a Warsaw Pact country. By 12.00 hrs of 24 October, Red Army tanks were stationed outside the parliament building, and Red Army soldiers held the bridges and crossroads that controlled access to Budapest, while Hungarian revolutionaries barricaded streets to defend their city from

14456-553: The preoccupied National Government in Budapest, and assumed various responsibilities of local government from the defunct Communist party. By 30 October , the councils had been officially sanctioned by the Hungarian Working People's Party, and the Nagy government asked for their support as "autonomous, democratic local organs formed during the Revolution". Likewise, workers' councils were established at industrial plants and mines, and many unpopular regulations such as production norms were eliminated. The workers' councils strove to manage

14595-418: The protestors to cease and desist from mob violence. On 30 October, at Budapest, Anastas Mikoyan and Mikhail Suslov spoke with Prime Minister Imre Nagy who told them that Hungarian geopolitical neutrality was a long-term political objective for the Hungarian People's Republic, which he wanted to discuss with the presidium of the CPSU. Khrushchev considered the geopolitical options for the USSR's resolving

14734-596: The reformist communist Imre Nagy became prime minister (1953–55) of the Hungarian People's Republic, in replacement of the Stalinist Mátyás Rákosi (1946–56), whose heavy-hand style of communist government had proved counter-productive to the interests of the USSR in Hungary. Despite not being prime minister of Hungary, Rákosi remained politically powerful as the General Secretary of the Hungarian Communist Party, and so undermined many of

14873-420: The same or different countries. Elderplan was a social HMO which incorporated timebanking as a way to promote active, engaged lifestyles for its older members. Funding for the "social" part of social HMOs has since dried up and much of the program has been cut, but at its height, members were able to pay portions of their premiums in time credits (back then called Time Dollars) instead of hard currency. The idea

15012-408: The scrap heap and dismissed as freeloaders." As a philosophy, timebanking, also known as Time Trade is founded upon five principles, known as TimeBanking's Core Values: Ideally, timebanking builds community. TimeBank members sometimes refer to this as a return to simpler times when the community was there for its individuals. An interview at a timebank in the Gorbals neighbourhood of Glasgow revealed

15151-402: The sides when the protestors heard rumours of the arrest and detainment of a delegation of students who had entered the radio station in effort to broadcast their political demands to the entire country. The situation escalated after protestors heard rumours that the ÁVH had killed their delegation of comrades sent to broadcast the anti–Soviet message. In response, from the windows of the building,

15290-453: The social stock of means of consumption as much as costs the same amount of labour." Teruko Mizushima (1920-1996) was a Japanese housewife, author, inventor, social commentator, and activist credited with creating the world's first time bank in 1973. Mizushima was born in 1920 in Osaka to a merchant household. She performed well in school and was given the opportunity to study overseas in

15429-548: The speech On the Personality Cult and its Consequences to the countries of eastern Europe, expecting that, as Secretary of the CPSU, Khrushchev's anti–Stalinist speech would substantively contribute to the destabilisation of the internal politics of the Warsaw Pact countries. On 14 May 1955, with the Treaty of Friendship, Cooperation and Mutual Assistance , the USSR established the Warsaw Pact with seven countries of

15568-430: The store was a successful experiment in "Cost the limit of price." In fact, the store became Cincinnati's most popular at the time. As Cincinnati librarian Steve Kemple noted: When the advantages of the store became known and its method understood, it was the most popular mercantile institution in the city. The people called it the “Time Store,” not because it gave credit or sold goods on installments, but on account of

15707-565: The student protestors outside the radio building demanded the release of their delegation, a group of police from the ÁVH ( State Protection Authority ) fatally shot several of the students. Consequently, Hungarians organized into revolutionary militias to fight against the ÁVH; local Hungarian communist leaders and ÁVH policemen were captured and summarily executed; and political prisoners were released and armed. To realize their political, economic, and social demands, local soviets (councils of workers) assumed control of municipal government from

15846-485: The subjectivity employed in determining how much time used for one type labor entailed the same amount of work exerted during a different amount of time performing another type of labor. He settled to simply credit it with being a matter of individual judgment. Warren closed the store in May 1830 in order to depart to set up colonies based upon the labor-cost principle (the most successful of these being " Utopia "), convinced that

15985-494: The symbols of Russian communism in Hungary. On 23 October 1956, the Secretary of the Hungarian Working People's Party, Ernő Gerő, asked for the USSR's military intervention in order "to suppress a demonstration that was reaching an ever-greater and unprecedented scale", which threatens the national security of the Hungarian People's Republic . To that end, the USSR already had planned the invasion and occupation of Hungary, and

16124-420: The tenet in all economic affairs. In the store, customers could purchase goods with "labor notes" which represented an agreement to perform labor. The items in the store were initially marked up 7% to account for the labor required to bring them to market with the price increasing the longer the time that a customer spent with the shopkeeper, as measured by a timer dial; later this markup was reduced to 4%. Corn

16263-514: The term "Time Dollars" in Time Dollars: The New Currency That Enables Americans to Turn Their Hidden Resource-Time-Into Personal Security & Community Renewal , a book co-authored with Jonathan Rowe in 1992. He also went on to trademark the terms "TimeBank" and "Time Credit". Timebanking is a community development tool and works by facilitating the exchange of skills and experience within

16402-543: The territory of Hungary." In Hungary, on 30 October, consequent to hearing rumours of that the secret police had anti-communist prisoners, and rumours of the ÁVH shooting anti-communist demonstrators in the city of Mosonmagyaróvár armed protestors attacked the ÁVH detachment guarding the headquarters building of the Hungarian Working People's Party in Köztársaság tér (Republic Square), in Budapest. The anti-communists killed more than 20 ÁVH officers and ÁVH conscripts;

16541-586: The territory of the USSR. Fearful of the Red Army's occupation of the Kingdom of Hungary, the royal Hungarian government unsuccessfully sought an armistice with the Allies, which was a betrayal of the Axis powers. The Germans launched Operation Margarethe (12 March 1944) to establish the Nazi Government of National Unity of Hungary; the short-lived puppet government existed for less than a year and Hungary

16680-422: The top-down attitude prevalent in social services. He believed that one of the major failings of many social service organizations was their unwillingness to enroll the help of those people they were trying to help. He called this a deficit based approach to social service, where organizations view the people they were trying to help only in terms of their needs, as opposed to an asset based approach, which focuses on

16819-464: The town of Szarvas , armed guards defended the Hungarian Communist Party and the communist government of Hungary. In the event, the Revolutionaries' successful attacks upon the Parliament collapsed the communist government of Hungary; and First Secretary Ernő Gerő and ex-PM András Hegedüs fled Hungary to the USSR; Imre Nagy became prime minister, and János Kádár became the first secretary of

16958-475: The wall where individuals could post what kind of services they were seeking or had to sell so that others could respond, and trade among each other using labor notes. After a rough initial period, the store proved to be very successful. Warren's goods were much cheaper than competitors', though he maintained that he was not trying to put other stores out of business. Another store in the neighborhood converted to Warren's methods. The fact that prices for goods rose

17097-536: The war. While the Japanese population was suffering immense material shortages, Mizushima offered her sewing skills in exchange for fresh vegetables. It was during this time that she began to develop her ideas about economics and the relative value of labor. In 1950, Mizushima submitted an essay to a newspaper contest as part of a national event titled “Women's Ideas for the Creation of a New Life.” Her essay received

17236-519: The weapons for themselves. The Hungarian Army sent soldiers to support the ÁVH policemen defending the Magyar Rádió building, but some of the soldiers tore off the red-star insignia on their caps and joined the side of the anti-government protestors. ÁVH policemen used guns and tear gas, while the protestors set police cars afire and distributed weapons captured from the military and police forces, and acted on their anti–Soviet politics by destroying

17375-574: The work of the Wales Institute for Community Currencies in the former mining districts of South Wales, UK. Several Studies are done based on Spice Timebank or referenced this timebank. In a 2016 survey, based on a 1000 members of Spice timebank, 77% of respondents said Time Credits have had a positive impact on their quality of life, 42% reported that learned a new skill and 30% reported that they having less need to go to doctor. Cincinnati Time Store The Cincinnati Time Store (1827–1830)

17514-600: The ÁVH ( State Protection Authority ) to purge 7,000 politically dissident " Titoists " and " Trotskyists " from the Communist Party of Hungary , for being "Western agents" whose participation in the Spanish Civil War (1936–1939) interfered with Stalin's long-term plans for world Communism . Among the Stalinist governments of the Eastern Bloc , the Rákosi government of the Hungarian People's Republic

17653-409: The ÁVH threw tear gas grenades at and fired upon the many anti-communist and nationalist protestors assembled outside the Magyar Rádió building, and soon required resupply and reinforcement. In suppressing the Hungarians' anti-government protestations, the ÁVH smuggled weapons and ammunition in an ambulance for delivery to them at the Magyar Rádió building, but the protestors hijacked the ambulance and

17792-501: Was conceived in September 2015 at a local Zeitgeist meeting, part of the international sustainability movement. BTF works from a Facebook group that has more than 20,000 members, and exchanges are counted in a spreadsheet shared with users. Scientific research on BTF indicates that the time bank is a means for creating social capital in local society and that BTF members have different socioeconomic characteristics compared to residents of

17931-516: Was even a precursor to modern cryptocurrency . Economist Robert J. Shiller used the perceived failure of the Cincinnati Time Store as an analogy to suggest that cryptocurrencies ( e.g. , Bitcoin ) are a "speculative bubble" waiting to burst. Hungarian Revolution of 1956 Soviet invasion and victory The Hungarian Revolution of 1956 (23 October – 4 November 1956; Hungarian : 1956-os forradalom ), also known as

18070-530: Was founded by Robert Owen , a Welsh socialist and labor reformer in London , England , in 1832. It was established in Birmingham , England, before folding in 1834. It issued "Labour Notes" similar to banknotes, denominated in units of 1, 2, 5, 10, 20, 40, and 80 hours. John Gray , a socialist economist , worked with Owen and later with Ricardian Socialists and postulated a National Chamber of Commerce as

18209-590: Was in Moscow in early November, and was in communication with the Soviet embassy whilst still a member of the Nagy government. The USSR sent diplomatic delegations to other communist governments in Eastern Europe and to the People's Republic of China in effort to avoid misunderstandings that might provoke to regional conflicts, and broadcast propaganda explaining their second Soviet intervention to Hungary. The Soviet diplomats disguised their intentions by engaging

18348-529: Was most repressive of political, sexual, and religious minorities. In 1949, the Rákosi government arrested, tortured and convicted Cardinal József Mindszenty in a show trial for treason against Hungary, for collaboration with Nazi Germany in the Holocaust in Hungary – the religious persecution of Hungarian Jews, and the political persecutions of Hungarian communists and of Hungarian anti-Nazis . Mindszenty had, in fact, been an active opponent of

18487-527: Was occupied by the Soviet Union in 1945 after the Siege of Budapest . At the end of the Second World War (1939–1945), the Kingdom of Hungary was in the geopolitical sphere of influence of the USSR. In the political aftermath of the War, Hungary was a multiparty democracy , in which the 1945 Hungarian parliamentary election produced a coalition government composed of Independent Smallholders, Agrarian Workers and

18626-523: Was sacked as prime minister on 18 April. Despite having been out of political favor with the USSR since January 1955, Nagy had refused to perform the requisite communist penance of ' self-criticism ', and refused to resign as PM of Hungary. In February 1956, as the First Secretary of the CPSU, Nikita Khrushchev initiated the de-Stalinization of the USSR with the speech On the Personality Cult and its Consequences , which catalogued and denounced

18765-659: Was that the Hungarian workers' disposable income in 1952 was two-thirds of the disposable income of Hungarian workers in 1938. Besides paying for the Red Army occupation of socialist Hungary, the Hungarians also paid war reparations (US$ 300 million) to the USSR, to the Czechoslovak Socialist Republic , and to the Socialist Federal Republic of Yugoslavia . In 1946, the Hungarian National Bank reported that

18904-762: Was the first in a series of retail stores created by American individualist anarchist Josiah Warren to test his economic labor theory of value . The experimental store operated from May 18, 1827, until May 1830. He sold things at-cost plus a small markup for his time. It is usually considered to be the first time alternative currency labor notes were used, and as such the first experiment in what would later be called mutualism . He also founded stores in New Harmony, Indiana , and at Modern Times, Long Island . The store in Cincinnati closed in 1830 with Warren being satisfied he demonstrated running and managing

19043-665: Was to encourage older people to become more engaged in their communities while also to ask for help more often and "[foster] dignity by allowing people to contribute services as well as receive them." In 2004, Dr. Gill Seyfang published a study in the Community Development Journal about the effects of a timebank located in the Gorbals area of Glasgow , Scotland, "an inner-city estate characterized by high levels of deprivation, poverty, unemployment, poor health and low educational attainment." The Gorbals Timebank

19182-424: Was used as a standard, with 12 pounds of corn being exchangeable with one hour of labor. The result of the system was that no one was able to profit from the labor of another — every individual ostensibly received the "full produce" of his labor. Adjustments were made for the difficulty and disagreeableness of the work performed, so that time was not the only factor taken into consideration. Warren also set up boards on

19321-470: Was valued at one hour of basic labor or $ 10.00. Professionals were entitled to charge multiple HOURS per hour, but often reduced their rate in the spirit of equity. Millions of dollars' worth of HOURS were traded among thousands of residents and 500 businesses. Interest-free HOUR loans were made, and HOUR grants given to over 100 community organizations. The first British time bank opened in 1998 in Stroud, and

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