Element 1: Time Banking allows for the accounting practice of “Time” spent in service to another/others. The core principle suggests that one hour of service given is worth one hour of service received – regardless of socioeconomic status of the giver or receiver.
Element 2: Reverse Market Mechanics Accounting Procedures permits “Time” to be leveraged as a tangible and measurable asset. (See the “By the Numbers” article.) “Time” becomes recognized as an asset which accrues compounded interest. A $1 investment to the service provider will eventually accrue into a $1 million liability to the debt-based economy as “Time” is factored into the accounting procedures.
Element 3: Cultivation of Fellowships through collaborative innovation. A concentration of focus in applying the first two elements is achieved by a persistent holistic focus within one-on-one partnerships and small group activity. This third element provides a container for Time Banking relationships to find expression. By observing six principles for collaborative innovation (generous listening, committed speaking, energy awareness, mutuality, curiosity, coachability), functionality is brought to the dysfunctional aspects of competitive business practices. This element is what also brings functionality in decentralization by addressing the dysfunctionality in centralized power structures.