the amount of the merchant’s compensation. This was determined on the principle of the equal exchange of labor, measured by the time occupied, and exchanged hour for hour with other kinds of labor. Josiah Warren credited Robert Owen with the creation of the idea for the labor-for-labor note. It was Warren, however, that actually put it into practice at the Time Store. Indeed, Owen thereafter opened the National Equitable Labour Exchange, which embodied the same concept and practice. The Cincinnati Time Store experiment in use of labor as a medium of exchange antedated similar European efforts by two decades. Reception Betty Joy Nash noted that, to varying degrees, the time store "communities strived to eliminate discrimination by class, sex, and race, and fostered education and scientific inquiry". The documentary film Anarchism in America (1981), by Pacific Street Films and funded by the National Endowment for the Humanities, argued that Anarchism had its roots in 19th America with people like Josiah Warren and the Time Store. Although it goes back to 1827 through 1830, Josiah Warner's "Cincinnati Time Store", which sold merchandise in units of hours of work called "labour notes" which resembled paper money, this was "[p]erhaps ... the anticipator of all future" Local exchange trading systems, and was even a precursor to modern cryptocurrency. Economist Robert J. Shiller used the perceived failure of the Cincinnati Time Store as an analogy to suggest that cryptocurrencies (e.g., Bitcoin) are a "speculative bubble" waiting to burst. Related published works Plan of the Cincinnati Labor for Labor Store by Josiah Warren (1829) Mechanics Free Press. Equitable Commerce by Josiah Warren (1846) (New York: Burt Franklin) See also Cost the limit of price Josiah Warren Labor theory of value Labour voucher Mutualism (economic theory) Store of value Time-based currency Time store References Notes Citations Bibliography Equitable Commerce by Josiah Warren (1846) 1827 establishments in Ohio 1830 disestablishments in Ohio Anarchist organizations in the United States Defunct companies based in Ohio History of Cincinnati Labour economics Labor history American companies disestablished in 1830 American companies established in 1827