Unemployment in Spain Leads to the Creation of New Currencies
Jobless with few prospects, many in Spain are looking at the invented currencies of time banks to help pay for goods and services with hours of labor.
What’s the Latest Development?
The 2007 market collapse has had a huge impact on jobless rates in Spain. While Spanish labor laws help protect older workers, unemployment rates are on the rise. “Today, workers 16 to 24 face an astronomical 53.3% unemployment rate. For 25- to 34-year-olds, the rate is 27%.” Without a means for income, Spanish youth are looking for other ways to pay for things. One growing trend is the formation of time banks, which allow people to trade their labor for other goods and services.
What’s the Big Idea?
All over Spain, merchants as well as individuals are taking advantage time banks. There are now over 290 such banks. In the Catalonia region, several businesses and town governments have started accepting an invented currency—the Eco—that is backed by hours of labor. Individuals are trading cooking lessons and fresh produce for car rides and legal services. While time banks may not be a permanent solution to the stability of the Spanish economy, they can provide the jobless with a way to sustain themselves.
Photo Credit: Shutterstock.com
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.
How you talk to people with drug addiction might save their life.
- Addiction is a learning disorder; it's not a sign that someone is a bad person.
- Tough love doesn't help drug-addicted people. Research shows that the best way to get people help is through compassion, empathy and support. Approach them as an equal human being deserving of respect.
- As a first step to recovery, Maia Szalavitz recommends the family or friends of people with addiction get them a complete psychiatric evaluation by somebody who is not affiliated with any treatment organization. Unfortunately, warns Szalavitz, some people will try to make a profit off of an addicted person without informing them of their full options.
The rise of anti-scientific thinking and conspiracy is a concerning trend.
- Fifty years later after one of the greatest achievements of mankind, there's a growing number of moon landing deniers. They are part of a larger trend of anti-scientific thinking.
- Climate change, anti-vaccination and other assorted conspiratorial mindsets are a detriment and show a tangible impediment to fostering real progress or societal change.
- All of these separate anti-scientific beliefs share a troubling root of intellectual dishonesty and ignorance.
China's Chang'e 4 biosphere experiment marks a first for humankind.
- China's Chang'e 4 lunar lander touched down on the far side of the moon on January 3.
- In addition to a lunar rover, the lander carried a biosphere experiment that contains five sets of plants and some insects.
- The experiment is designed to test how astronauts might someday grow plants in space to sustain long-term settlements.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.