Local Innovative Exchanges for SMEs

1. XXV Convegno annuale di Sinergie Referred Electronic Conference Proceeding
L’innovazione per la competitività delle imprese ISBN 978-88-907394-3-9
24-25 ottobre 2013 – Università Politecnica delle Marche (Ancona) DOI 10.7433/SRECP.2013.41
653
The Local Exchange Trading Systems:
an innovative mode of exchange for SMEs?
CLAUDIA MELIS
*
ANGELA DETTORI ERNESTINA GIUDICI
Abstract
Purpose of the study. the purpose of this work is to understand if barter, through Local Exchange Trading Systems, could
constitute a response used by firms in order to face the Capitalism crisis; do firms achieve benefits through joining a LETS?
Moreover, we will try to understand how these firms work and what the services provided in order to allow B2B transactions are.
Methodology. We developed a multiple case study selecting two Italian firms: Sardex. Net and Sicanex. Net, because of their
representativeness with regard to our issue. Our primary source of data was the interview.
Research limits. In order to increase our understanding of the local exchange trading systems, it would be useful to compare
the italian market with other markets in Europe and elsewhere involved by the same phenomenon.
Findings. The local exchange trading systems, by renewing the traditional mode of exchange provide an opportunity to re –
localize the economy.
Practical implications. It aims to contribute on the understanding of what is the advantage for firms to join to a local
exchange trading system and for the local economy.
Originality of the study. This work sheds light on an increasing phenomenon. The widespread of firms that are promoting
reciprocal credit networks requires more academic attention.
Key words: local exchange trading systems; Barter; crisis of capitalism
*
Ph.D. Student - University of Cagliari
e-mail: claudiamelis@unica.it
Ph.D. Student - University of Cagliari
e-mail: angela.dettori@unica.it
Full Professor of Management - University of Cagliari
e-mail: giudici@unica.it

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1. Introduction
The financial crisis, which began in 2007, started a period of doubt and insecurity which has
undoubtedly led to our questioning the premises of the capitalism system.
Whether the crisis of the current system will lead to its end or not, is not the purpose of this
chapter; rather we wonder how firms are reacting in order to fight it. With the aim of finding an
answer to this question we first wonder how deep and extended the crisis is and what its impact on
small, medium and micro-sized enterprises is, since is these which constitutes the major model in
Europe (European Commission, 2013). We also wonder if, in order to fight this crisis, we should
look only to the economic and financial problems or if these concerns originate from a deeper crisis
involving primary communities and individuals.
This and other interrogatives have arisen by the observation of a firm located in Sardinia (Italy),
which, through the use of a complementary currency provides B2B barter services through a
network of 1000 firms. The purpose of this organization is to create a Local Exchange Trading
System (LETS), based on the use of the modern barter trade. The successful results of Sardex. Net
have inspired the creation of a similar organization (Sicanex. Net) in another Italian Region (Sicily).
Starting with these evidences and through further inquiries we observed that LETS have been used
in other history periods affected by systemic crisis. One of the most effective examples is the one of
Wir Bank, still operating today, which was born in Switzerland in the period of the Great
Depression that was characterized by financial instability and monetary shortage. The aim of this
organization was to re-build an economic circle within the Swiss community (Pearson, 2003).
We also noted that more than 36 Local Exchange Trading Systems are alive in the three
European German-speaking countries (Germany, Switzerland, Austria) and several initiatives are
widespread in Latin America and Australia (Volkmann, 2009).
Taking this into account, the purpose of this work is to understand if barter (through Local
Exchange Trading Systems), could constitute a response used by firms in order to face the
Capitalism crisis; do firms achieve benefits through joining a LETS? Moreover, we will try to
understand how these firms work and what the services provided in order to allow B2B transactions
are.
These arguments will be organized as follows: firstly we shall analyze how the current crisis
has affected small, medium and micro-sized firms. Subsequently we will offer an overview of the
barter mode of exchange from its origins to present. The following part is devoted to the
presentation of the two case studies Sardex. Net and Sicanex. Net, preceded by the adopted
methodology; finally some conclusions and patterns for further research are proposed.
2. Crisis of capitalism. What the consequences for small, medium and micro - sized firms?
Scholars (Kotz, 2008; Kunz et al., 2011) are analyzing the current context of the economic
system and trying to forecast the forthcoming consequences. Many names have been given to the
present situation: financial, economic, systemic and structural crisis. Beyond all these adjectives it
is common to refer to this crisis as a global one (Kunz et al. 2011). That is to say that its expansion
goes beyond the political frontiers of the states, and due to the boundless dimension of finance and
economy it pervades even the remotest areas. As such, what it seems clear of this crisis is its
pervasiveness and reach.
Having defined the current phase as a systemic crisis, some scholars (Kotz 2010, Kunz et al.
2011) debate if it will lead to the end of Capitalism, and more precisely the neoliberal Capitalism
(Kotz, 2008), if the restructuring of the system will lead to its replacement by other forms such as
socialism or a state regulated system. Others argue that it is only a phase, since Capitalism has
frequently witnessed altering periods of prosperity and recession (Kunz et al. 2011; Morgan et al.
2011).

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Some of the characteristics of the current system of accumulation (Kotz, 2010) that have
created the premises of the present crisis seems to be the deregulation of business and finance, both
domestically and internationally, the reduction in state’ social spending, capital that fully dominates
labor (Kotz, 2010).
Although it is important to know what the conditions that have lead to the present state of affair
are, the aim of this session is no longer to discuss what the structural features of Capitalism are;
rather, the purpose will be to shed light on how organizations are affected by the crisis of this
system in order to understand whether and why are they adapting their operations in order to face it.
Indeed, it seems that this area of inquiry has not been explored enough by scholars (Morgan et al.
2011).
As stated in the introduction, the focus will be on small, medium and micro - sized enterprises
which are the majority on Europe’ landscape (European Commission, 2013). To prove that, it is
enough to think that only in Italy small and medium firms (less than 250 employees) are 99. 7
percent of the total, while micro firms (less than 10 employees) account for the 88. 7 percent
(Institute of Economic and Social Research, 2011).
Small, medium and micro - sized firms seems to be more exposed to the crisis when compared
to big firms, for several reasons: the small dimension makes it difficult to react to unexpected
events; moreover, often these firms operate only in a compartment and therefore they are not able to
diversify in order to reduce risks. In addition, the capital market crisis has seriously affected their
financial situation usually characterized by a weak and poorly capitalized financial structure
(Institute of Economic and Social Research, 2011).
At first the turbulences in international markets have led to a decreasing in international
exchanges. This crisis of Capitalism is, in fact, characterized by a financial sector increasingly
engaged in speculative and risky activities (Kotz, 2010); this has influenced both domestic and
foreign markets by causing the contraction of international exchanges, the most significant one
since World War the second (Kunz et al. 2011).
The contraction of domestic and international demand has caused a decreasing amount of
money into circulation. This, in turn, has led to delays in payments from customers and shortage of
liquidity for firms, therefore exposed to an increasing risk of default. As a reaction banks have
responded with a credit crunch limiting the access to credit only to those firms less exposed to
financial risks (Institute of Economic and Social Research, 2011).
Beyond these economic and financial causes also ethical and social issues have been ascribed to
the capitalist system crisis (Shaikh, 2010). These aspects are also important for our analysis. The
capitalist system of accumulation seems to be characterized by the unbridled pursuit of self interest,
apathy to communal responsibility, individualism and the atomization of societies (Shaikh, 2010)
that, according to this vision, are not bounded together by their identity but only for economic
interests. This has created an ethical void that has weakened communities. For instance, companies
that have a global supply chain tend to retrieve international failures to the smallest local firms
linked to the chain; this leaves atomized and not self sufficient communities incapable to face the
consequences such as unemployment and all the connected effects (Williams, 1996).
It seems therefore, that the current system does not allow communities to gain a self-sufficient
and economically sustainable development since they are highly reliant to external economies.
In the following sections we will try to analyze how the scientific community has discussed
about the origins of barter and the related aspects of community currencies and local exchange
trading systems. We will also try to understand whether they would constitute a solution for the
Capitalism crisis.
3. Past and present of barter
In last decades the increasing diffusion of a new form of barter economy amongst many
industrialized nations, has been noted, (Williams, 1996). This form of exchange, which was the

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principal medium for transaction in primitive populations seems to today have its importance.
Anthropology is the main field of study where barter has been discussed. The reason is that the
classical and neo-classical theories have seen it as a primitive form of exchange, as having no
ancestor (Chapman, 1980). According to Aristotele it represents the natural trade, a natural
phenomenon of human nature (Pearson and Polanyi, 1977). Thus, according to those theories, in
this form of exchange lies the origin of money (Humphrey and Hugh Jones, 1992). Therefore barter
was abandoned and subsequently replaced by money because of its transaction costs (Clower, 1969;
Jevons, 1910) such as: searching for exchange partners, establishing a double coincidence of wants;
postponing a desired transaction, wasting time in bargaining.
In opposition to classical and neo-classical theories, it has been observed that barter has never
been totally substitute by money; instead it occurs in specific economics situations where money is
known. As an example, the decision of the Lhomy (a small community living near the Tibetan
border), to deliberately rejecting money as an act of autonomy and independence (Humphery, 1985)
could be cited or the one of the pastoralists of the West Africa Savannah area who, due to a lack of
money, rejected the market in order to obtain the agricultural goods that they needed (Humphrey
and Hugh Jones 1992). These examples show that barter is not a prototype of Capitalism but a
contemporary phenomenon (Humphrey and Hugh Jones, 1992; Anderlini and Sabourian, 1992)
involving both developed as well as less developed countries. Specifically, by analyzing past and
current situations barter occurs when there are people that are able to sell and other people that
would be willing to buy. However this supply and demand cannot be matched due to a shortage of
money (Williams, 1996).
What appears new in barter is the fact that it does not involve the traditional, basically one to
one direct exchange anymore, rather a multilateral mechanism through which, thanks also to the
advancements in technologies, the actors of the exchanges are involved in multilateral transactions.
As an example, if 'A' buys the needed goods and services from 'B' yet 'B' is not compelled to buy
from 'A': 'B' can buy any other goods or services from any other business in the network.
The new barter economy (Williams, 1996) is emerging in several forms, among which, in that
of LETS. These organizations are primarily characterized for the use of a complementary currency
and they can involve both individuals and businesses. This work will focus on those LETS
primarily involving businesses.
Complementary currencies already existed in 800 AC. They survived until the emergence of the
nation-states who developed the concept of sovereignty of the nation (18th
and 19th
century) and an
institution (the Central Bank) was responsible for the money issuance.
In 1824 Robert Owen, known as the father of the Cooperative movement, established for the
first time currencies that were not issued by an institutional public authority but rather were
controlled by citizens (Blanc, 2011).
Since the early 1980s there have been three basic types of community currency systems
operation in the world: local exchange trading systems, time banks and hours systems (Meeker-
Lowry, 1996). There are also many hybrid models as communities tend to tailor these networks to
their own specific needs.
The first forms of LETS began in British Columbia in the early 1980 and have been the most
popular and widespread form of local currency networks. Researchers have noted that they reached
their peaked in pervasiveness during the 1990s (Collom, 2011).
Through LETS local community currencies are seen as social as well as communitarian
movements. Specifically, they are characterized for being a re-localization movement (Starr, 2001)
in that they seek to establish small-scale social systems with the aim of remedying the problems of
the larger society (Kanter, 1972). Local community currencies are also seen as part of the anti-
globalization movement (Leyshon and Lee, 2003) because of the attempt of the networked
organizations of seeking and building alternatives.

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4. Features and objectives of Local Barter Exchange Trading Systems (LETS)
Although complementary currencies represent many diversified types of currencies they present
four main characteristics in common: the circulation in relatively small geographical areas or
communities; non-governmental operated and issued; non convertible or restricted convertibility;
zero or negative interest-bearing (Schroeder et al. 2011). There no global and unique convention for
denominating those currencies exists: the romance languages can use the term social currencies,
while in latin countries terms such as trueque (exchange) are employed; while barter is the English
term that is used to translate this phenomenon. Each specific denomination can refer to a specific
objective developed by the currency within the community, its territorial activities and actors.
It is possible to recognize three categories of objectives of the local community currencies,
pursued by LETS: economics, social and community-building objectives (Williams, 1996).
Economic objectives. The principal economic objective of LETS is to rebuild localized
economies with the aim to make them more inter-linked and less dependent from outside sources
for goods and services. (Williams 1996). By pursuing this objective, they are seen as a means for
achieving sustainable local economic development (Boyle, 1993; Brandt, 1995; Ekins, 2004).
In B2B LETS firms exchange goods and services among the community instead of buying them
from the outside. Moreover, they can boost their businesses by increasing sales and saving liquidity,
thanks to the creation of an alternative market beyond the national one.
This particular objective is the reaction to a context created by Capitalism in which centralized
banks collect money from different regions but usually invest in specific, booming areas. Such a
system deprives communities and regions of wealth created locally. In this sense LETS provide an
opportunity for greater local control both over finances and economics. In fact the local currencies
cannot be exported beyond the boundaries of the area and so facilitates exchange within the local
economy regardless of national currency shortage (Weston, 1991).
Social objectives. These objectives are related to unemployment. As we stated before, one of
the consequences of the Capitalism crisis is the increasing rates of unemployment and their
resulting problems of social exclusion and poverty. LETS could be seen as one potential means
through which those marginalized from employment can be reintroduced into the system.
As an example, the case of Liwac in Addis Ababa (Etiopia) may be taken into consideration.
This local exchange trading system has become an attractive business opportunity for previously
unemployed young men who are involved in the exchange of plastic goods for second-hand clothes
and shoes.
Furthermore LETS could be seen as an opportunity for firms to fight the unemployment and to
retain the employees regardless the often unaffordable labor costs, in that it is possible in some
LETS to pay the employee with the community currency. The employees of Coopevictoria (a LETS
located in Costa Rica) for instance, can get a percentage of their salary paid in UDIS, their
community currency. They, in turn, spend it in the local networks of businesses (Brenes, 2011).
Community building objectives. Another important aspect that is recognized by LETS is to
pursuing community building objectives. As stated before one of the aim of LETS is to rebuild
communities. In fact, according to Crow and Allen (1994): «there is no natural community in which
social order and integration emerge automatically without direction or even intention. Instead, the
emergence of community life requires not only favorable social structures but also the active
creation of community».
That is to say that in order to re-build communities, which is the premise for the re-localization
of the economy, an active contribute is needed.
In order to assess the community-building objectives the extent to which a specific LETS help
participants to build and develop social network within the locality can be evaluated (Williams,
1996).

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5. Methodology and data set
In order to give an answer to the exposed research question we developed a multiple case study
selecting two Italian firms: Sardex. Net and Sicanex. Net, because of their representativeness with
regard to our issue. Our primary source of data was the interview. This method is particularly
effective when an in-depth analysis of an issue is needed (Eisenhardt, 1989; Yin, 2009). For Sardex.
Net we interviewed the communication manager, the President of the CdA and the CEO of the
company. For Sicanex. Net we interviewed the founder. In order to develop the case study of the
first firm we conducted semi-structured face to face interviews, while for Sicanex. Net, because of
geographical constraints, we conducted an interactive Skype interview. Both face-to face and Skype
interviews were taped and transcribed. Beyond the interviews we also collected a broad range of
other data such as: press articles and reports. The triangulation of data source resulted in a
comprehensive understanding of the research topic and allowed to uncover previously not
considered insights to be uncovered.
6. Case studies
6.1 Sardex. Net: a networked island
Sardex. Net is a firm operating in Sardinia (the second island of Italy for dimension) since
2009. The idea of a B2B Local Exchange Trading System, arouse in 2006 from four graduated
hailing from a small village. Thanks to venture capital funding, in 2009 they were able to start up
the initiative The firm is an ever increasing success: after the first registrations in January 2010, the
enrolled firms reached the number of 400 by the end of the same year, becoming 1000 by the
beginning of 2013 (Sardex. Net Magazine, 2012). Sardex. Net is based on a reciprocal credit
mechanism: firms give credit to each other without using money. This is allowed thanks to the
adoption of local community net money, named Sardex (SRD), to which has the value of 1 Euro has
been conferred.
In order to permit transactions, Sardex. Net provides the networked firms with both on-line and
off-line tools; firms can choose in fact among two possibilities: they can contact a broker or act
individually and forward the payment electronically through the Sardex. Net portal. This platform
has the function to set the net credit position for each firm as well as containing the profile of each
member with the account of transaction as well as to furnishing a showcase of the offered products
and services.
To become part of Sardex. Net firms have to pay a registration and an annual fee. In order to
include the broadest range of organizations, these are calculated basing on the turnover, and on the
status of the firm.
The motivations behind the initiative of Sardex. Net are to be found on the economic context of
the Sardinia Region.
To this end Gabriele Littera, president of the CdA says: «We realized that one of the problems
is the lack of liquidity that is seriously affecting the real economy as well as the demand of products
and services and the occupational rate [which in Sardinia reached the 14. 6 percent by the end of
2012, against the 11. 2 percent achieved by the same period in Italy (ISTAT, 2012)]. By studying
other initiatives of ethic finance and having observed that the crisis started as a financial and
banking crisis, we also realized that the problem was on the same concept of money. Taking this
into account, we started to search for alternative systems not based on money, rather based on
reciprocity and fiduciary relationships».
Whilst the lack of liquidity and the other financial consequences (induced by the crisis) were
affecting the firms worldwide, the founders of Sardex. Net started to think about the specific
environmental problems that were contemporarily influencing the culture of Sardinian organizations
letting the crisis affect their performance so deeply. They then observed that the real weakness is

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659
the scarce networking propensity within Sardinian organizations that, being micro-sized are
strongly affected by the competition with big commercial groups, specifically those selling low
quality and low price products; thus the main objective of Sardex. Net became the re-localization of
the Sardinian economy.
According to Carlo Mancosu, communication manager at Sardex. Net, this concept is to be
intended both in an economic as well cultural sense, that is to say the identification with the local
economy: «Our purpose is to give Sardinians the control over their economy back, to re-localize it,
also in an identity sense. As Bauman (1998) stated, despite the illusion of an inclusion into global
processes our lives remain tied to the local system where we physically live and operate; the fact is
that we are local producers but global consumers. This pattern cannot favor a sustainable
development to our economy».
It would be implied, from what is declared by the management of Sardex. Net, that the re-
localization of the economy is the premise to pursue a sustainable development. Notwithstanding
that no re-localization is possible if firms behave as stand-alone identities. To this end Roberto
Spano, CEO of Sardex. Net says: «We realized the lack of relations not only among firms but also
between firms and institutions and trade associations. At the same time we perceived that this was a
latent need. In fact we observed that the strength of our initiative was no longer the digital relations
(since we provide the networked firms with a web platform for the exchanges), rather personal
relations among firms and between firms and our brokers is the real advantage; only 0. 2percent of
transactions have been processed through the web platform so far; this constitutes only a support,
the most important part of our firm are [the face-to-face relations between] people».
In order to favor networking behaviors Sardex. Net periodically organize meetings, social
aperitifs, bar-camps were the enrolled firms can meet each others. Moreover they also organize
sectorial meetings with the aim of connecting firms from the same sector. As stated by the founders
of Sardex. Net, these initiatives were born as a response of the requests of the same enrolled firms
and this started alliances and partnerships between them.
With the aim of re-localizing the economy Sardex. Net is experimenting with a way to include
also private consumers within the network. The process has already begun since the employees of
the enrolled firms can receive benefits as well as a portion of their wages in Sardex units instead of
Euros. To this respect, according to Carlo Mancosu: «Only by linking a portion of [private]
consumers purchase power will we be able to give the local system that necessary stimulus,
required for the re-construction of the local economic circle».
6.2 Sicanex. Net: a sustainable and ethical alternative
Sicanex. Net is a recent firm born in Sicily (Italy) in November 2012 as a replication of Sardex.
Net. Currently, there are one hundred firms enrolled within this network. Sardex and Sicanex. Net
have the functioning as well as the value of the local community currency (1 Sicanex corresponds to
1 Euro) and the annual and registration fees policy in common. To this respect Andrea Seminara
declares: «As well as for Sardex. Net our purpose is to give an answer to the Sicilian economic
system crisis by creating a community that, re-localizing the economy could provide rescue to the
belonging firms in order to fight the problems associated with the lack of liquidity and the credit
crunch imposed by banks». In addition to the mentioned objectives, the firm seems to have a
marked sustainability orientation since amongst the motivations for its birth there is the diffusion of
a sustainability culture between firms. To this end Andrea Seminara affirms: « The environmental
issue is very important to us. We propose our associates develop an environmental sustainability
plan, based on an energetic audit, in order to understand the efficiency of their structures, the Co2
footprint of their production processes, in compliance of vademecum and sustainability protocols;
once this analysis is done we try to propose some solutions to firms, for example to acquire (in
Sicanex) the needed services from firms belonging to the network».
In order to give firms this support, Sicanex. Net periodically organizes meetings, bar-camps,
social aperitifs where economic and environmental sustainability issues are exposed. Andrea

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Seminara also emphasized the ethical and social purpose of Sicanex. Net: “Our aim is to promote a
community were only fair trades are made. This is a crucial aspect for our firm since criminality
represents a problem seriously affecting the Sicilian economy. To this end it is important to
highlight that within Sicanex. Net every transaction is traceable. Moreover we have an ethical
code: for instance, in order to be accepted, firms must have an anti-Mafia certificate and they
should be able to give some guarantees about the reliability of their management».
7. Final considerations and conclusions
Through the exposed analysis we tried to understand if barter, by means of LETS, could
constitute a response to the Capitalism crisis. From the two presented case studies we observed that
despite the fact that Sardex and Sicanex. Net seems to operate according to a capitalist mechanism,
the achievement of profits doesn’t seem to be the first objective. By enrolling in such networks
firms not only obtain concrete economic advantages for running their businesses; in fact they are
also provided with indirect and immaterial benefits thanks to the possibility of operating in a new
space where they are able to buld reliable relationships, exchange knowledge and, eventually, re-
gain their community, which is arguably the starting point in order to find a solution to the crisis
and pursue a sustainable development.
These advantages have been obtained also thanks to the transformation of the mode of
exchange. In a Capitalism system the value of goods and services is measured in terms of money,
instead, in Sardex and Sicanex. Net it is worth other goods and services thanks to the reciprocal
credit between firms. This seems to favor the real economy and, since these networks aims to
operate on a local dimension, it appears to strength the link of communities with the goods and
services sold and produced within the local economy. In light of this we could say that barter
through LETS could provide a response to the Capitalism crisis; along this path, future research
should shed light on the impact of firm’s performances as an extension of the services provided by
Sardex and Sicanex. Net as well as LETS in general to private consumers.
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Web sites
http://ec.europa eu/enterprise/policies/sme/facts-figures-analysis/performance-review/indexen.htm
http:/www.ires.it/contenuti/piccole-medie-imprese-al-tempo-della-crisi
http://www.istat.it

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