Decades of US and Swiss experience show that reciprocal exchangenetworks or “barter rings” are counter-cyclical-waxing asthe business cycle wanes, and vice versa. These networks have importantpolicy implications for new forms of e-commerce. Most studies of theInternet's macroeconomic impact focus on the stabilizing effect ofgreater price and inventory flexibility. The pre-Internet experience ofthese systems, however, suggests that expanded credit availability maybe even more stabilizing-for networks that do not depend on monetaryexchange
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