DEFINITION of 'Fourth Corner Exchange'
An alternative monetary exchange system based in the Pacific Northwest of the United States. The Fourth Corner Exchange makes use of a time dollar system of exchange that uses units of a person's time as a unit of currency. The Fourth Corner Exchange's official unit of currency is the Life Dollar, which members can accumulate by performing community-based tasks and use in exchange for similar tasks by other members.
BREAKING DOWN 'Fourth Corner Exchange'
Fourth Corner believes that the "traditional money system creates serious social problems, which devastate our local economies by removing money from local communities and transferring it to large corporations and financial centers, leaving the people without a medium of exchange at a local community level."
Additionally the exchange states that "as an alternative monetary system Life Dollars replace the money drained away, allowing the people to continue trading the essentials of life. Fourth Corner Exchange Life Dollars cannot be removed from the communities in which they circulate, because the members issue Life Dollars as and when they need them by trading their goods and services within their communities. This is democratic money."