Getting is Giving: Time Banking as Formalized Generalized Exchange

Abstract

AbstractThis article applies principles of the social exchange framework of social psychology to the social phenomenon of time banking. A “time bank” is an organization that facilitates the giving and receiving of services among its members by allowing them to provide a service, such as an hour of tutoring, in exchange for a “time credit,” which can then be redeemed for receipt of a service, such as an hour of yard work. Empirical research on time banking has focused on its ability to build community and its place within the sharing economy as a form of “connected consumption.” We build on these lines of thought by examining the practice of time banking as a formalized version of generalized exchange. Generalized exchange is a prosocial type of social exchange in which benefits are repaid indirectly, sometimes referred to as “paying it forward.” We discuss how two of time banking's most commonly cited benefits, building social capital and empowering members, can be better understood through this lens of generalized exchange. We then identify two specific motivational issues that time banks face and use a social exchange perspective to propose a possible solution under a framework we refer to as getting is giving.