Question

The key idea behind the Equitable Labour Exchange was to:

• A. Use gold as currency
• B. Exchange goods based on the hours of labour required to produce them
• C. Promote free trade with monetary notes
• D. Create monopolies for trade

Answer 1

Answer:

B. Exchange goods based on the hours of labour required to produce them

Equitable Labour Exchange (1832)

• Equitable Labor Exchange – 1832

• Established: 3 September 1832

• Location: England

• Founder: Robert Owen

Background

• After the failure of New Harmony (USA), Robert Owen returned to England.

• He was not discouraged and continued to pursue his cooperative ideas.

• He started the Equitable Labor Exchange to promote fair trade and worker empowerment.