Purpose
– The purpose of this paper is to analyse the emergence, operation and features of the time banks that were created during the recent financial crisis in Greece as grass-roots initiatives of different communities, and to examine their relation to the concept of “co-production” and possible relevance to foresight. Time banks are particularly interesting for the future of services: they address all sorts of services while the time-bank “value” of these different types of services does not necessarily reflect their actual value in the free market; impacts may spread from the mere coverage of people’s needs, to increased social capital and community empowerment; and some scholars consider them as flexible forms of co-production, or even as enablers of wider social change. The purpose of the paper is to examine the emergence, and features of the time banks created during the recent financial crisis in Greece as grass-roots initiatives.
Design/methodology/approach
– Primary information and data were gathered through eight extensive face-to-face interviews with key members of the four time banks based on a semi-structured questionnaire. The methodology also included desk research and review of the information included in time banks’ websites. The selection of these four time banks was based on the fact that they are the most active ones in Athens, which is the capital of the country gathering around 40 per cent of the Greek population and presenting the severest consequences of the financial crises in terms of unemployment, poverty, shutdown of businesses, share of people with no insurance, etc.
Findings
– Based on a specific analytical framework summarising the available literature, the Greek time banks are compared with each other but also in relation to the findings in the literature, where some interesting differences emerge. The paper also explores the role that foresight can plan in the development of alternative initiatives like time banks. The interesting conclusion is that foresight can help time banks as much as time banks can help foresight in upgrading its processes to deal with challenges of the twenty-first century.
Research limitations/implications
– The research focuses on the four most active time banks in Athens. While this selection is justified, future research would be good to include all the time banks in Greece.
Social implications
– The paper explores how time banks in Greece emerged as well as how they can further develop. This is of direct relevance to society as time banks are by default a community initiative.
Originality/value
– Time banks in Greece have not been previously studied. Second, time banks in general were never linked to approaches like foresight. This becomes increasingly important in examining possible approaches toward more sustainable and resilient societies.
Contagion in Financial Networks
