reciprocal exchange

(noun) The nonmarket transfer of goods or services between two or more people based on role determined obligations.

Example: The Kula exchange (also called Kula ring) in the Trobriand Islands near Papua New Guinea as studied by Bronislaw Malinowski (1884–1942).

Audio Pronunciation: (re·cip·ro·cal ex·change)

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Usage Notes:

  • Plural: reciprocal exchanges
  • Also called reciprocity.

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