The Wörgl Miracle: How an Austrian Town's Local Currency Experiment Ended Depression-Era Unemployment
By
simonebrunozzi
Pure flour-power. Hearty enough to carry you through lunch.
Summary
The article recounts the historical "Miracle of Wörgl," where the Austrian town of Wörgl successfully combated extreme unemployment during the Great Depression by introducing a local complementary currency in 1932. The experiment was so effective in stimulating the local economy and reducing unemployment that it gained worldwide attention and became known as an economic miracle.
Key quotes
· 4 pulledWörgl was the first in town in Austria that effectively managed to eliminate the extreme unemployment caused by the Great Depression.
Its local currency experiment was such a success that it gained worldwide attention.
That effort became known as the 'Miracle of Wörgl.'
On July 5th 1932, in the middle of the Great Depression, the Austrian town of Wörgl made economic history by introducing a remarkable complimentary currency.
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