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2021: Creating a Lexicon of Future
G is for Gift Economy
A gift economy or gift culture is a mode of exchange where valuables are not sold, but rather given without an explicit agreement for immediate or future rewards. Social norms and customs govern giving a gift in a gift culture, gifts are not given in an explicit exchange of goods or services for money, or some other commodity or service. This contrasts with a barter economy or a market economy, where goods and services are primarily explicitly exchanged for value received.~ Wikipedia
A gift economy is one in which services or goods are given without an agreement as to a suitable payment or trade to be made in return.
Instead of monetary gain, gift economies often rely on intangible rewards like a sense of contribution, community, honor or prestige. The idea is that although gifts may not be directly reciprocated, broad participation leads to a system in which people give according to their abilities and receive according to their needs.
Gift economies can also be reciprocity-based or may require a return of the original gift. In these cases the distinctions between a gift economy, a sharing economy and a barter economy become blurred. However, the concepts are not mutually exclusive and people often participate in all three simultaneously without ever really thinking about it as such. ~ What is a Gift Economy?
