Mutual credit

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"Mutual credit" (sometimes called "multilateral barter" or "credit clearing") is a term mostly used in the field of complementary currencies to describe a common, usually small-scale, endogenous money system.

In a mutual credit system, creditors and debtors are the same people lending to each other. Transactions are recorded on a ledger, and a given individual or firm's balance is the sum of all their transactions positive or negative.