US EditionThe towns that invent their own money
- In 1932, the Austrian town of Wörgl launched its own labor certificate currency during the Great Depression to combat economic decline.
- Wörgl created the currency to avoid central bank restrictions and to address high unemployment, crumbling infrastructure, and rising debt.
- The currency depreciated 1 percent monthly to encourage spending and was accepted for taxes, rent, utilities, and local business use, stimulating local trade.
- Within a year, Wörgl’s unemployment dropped by 25 percent while the rest of Austria’s rose by 19 percent, and tax revenue sharply increased, fueling infrastructure projects.
- Although the central bank outlawed the currency in 1933, Wörgl’s model inspired many community currencies worldwide that continue to support local economies amid financial crises.
11 Articles
11 Articles
The towns that invent their own money | News Channel 3-12
Hannes Mallaun // Shutterstock The towns that invent their own money In 1932, the small Austrian town of Wörgl was buckling under the weight of the Great Depression, with crumbling infrastructure, rising unemployment and ballooning debt. But within just a year, all that changed: Local unemployment dropped by 25 percent despite rising by 19 percent in the rest of Austria and tax revenue skyrocketed, fueling extensive municipal investment in road …
The towns that invent their own money
Hannes Mallaun // Shutterstock The towns that invent their own money In 1932, the small Austrian town of Wörgl was buckling under the weight of the Great Depression, with crumbling infrastructure, rising unemployment and ballooning debt. But within just a year, all that changed: Local unemployment dropped by 25 percent despite rising by 19 percent in the rest of Austria and tax revenue skyrocketed, fueling extensive municipal investment in road …
Coverage Details
Bias Distribution
- 100% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
