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Parallel depreciating money : Mr Unterguggenberger’s prescription to the economic ills of The Great Depression

Barinaga, Ester LU orcid (2024) In Studies in Economic History p.283-294
Abstract
Michael Unterguggenberger was raised in semi-poverty, yet grew to make money for the unemployed and destitute. He had no formal education, yet lived to prove an advanced knowledge of money. Shattering economic crisis marked his life, yet he managed to accomplish what many described as an economic miracle. His monetary experiment succeeded in repairing the economic ills of the time, yet was soon banned by the highest national monetary authority. An unruled visionary – as some contemporaries described him – or a man of practical reason? John Maynard Keynes came to praise the monetary ideas that guided him; his experiment persuaded Irving Fisher of the value of such monies to get out of The Great Depression. Today his efforts inspire many... (More)
Michael Unterguggenberger was raised in semi-poverty, yet grew to make money for the unemployed and destitute. He had no formal education, yet lived to prove an advanced knowledge of money. Shattering economic crisis marked his life, yet he managed to accomplish what many described as an economic miracle. His monetary experiment succeeded in repairing the economic ills of the time, yet was soon banned by the highest national monetary authority. An unruled visionary – as some contemporaries described him – or a man of practical reason? John Maynard Keynes came to praise the monetary ideas that guided him; his experiment persuaded Irving Fisher of the value of such monies to get out of The Great Depression. Today his efforts inspire many local currency practitioners, and municipalities around the world are, often unknowingly, following his steps. As mayor of the little Austrian town of Wörgl, Mr. Unterguggenberger – a small man with intense eyes – productively adapted novel ideas on money to work in the midst of the monetary disorder that characterised the Europe of the 30s. (Less)
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
subject
keywords
money, municipal currencies, demurrage, Great Depression
host publication
Money Doctors Around the Globe : A Historical Perspective - A Historical Perspective
series title
Studies in Economic History
editor
Álvarez, Andrés ; Bignon, Vincent ; Ögren, Anders and Shizume, Masato
pages
283 - 294
publisher
Springer Nature
external identifiers
  • scopus:85200514277
ISSN
2364-1800
2364-1797
ISBN
978-981-97-0133-9
978-981-97-0134-6
DOI
10.1007/978-981-97-0134-6_15
language
English
LU publication?
yes
id
94c862fe-3a3c-4929-a59a-3a4621e6d23d
date added to LUP
2024-06-26 10:00:16
date last changed
2025-07-17 00:34:02
@inbook{94c862fe-3a3c-4929-a59a-3a4621e6d23d,
  abstract     = {{Michael Unterguggenberger was raised in semi-poverty, yet grew to make money for the unemployed and destitute. He had no formal education, yet lived to prove an advanced knowledge of money. Shattering economic crisis marked his life, yet he managed to accomplish what many described as an economic miracle. His monetary experiment succeeded in repairing the economic ills of the time, yet was soon banned by the highest national monetary authority. An unruled visionary – as some contemporaries described him – or a man of practical reason? John Maynard Keynes came to praise the monetary ideas that guided him; his experiment persuaded Irving Fisher of the value of such monies to get out of The Great Depression. Today his efforts inspire many local currency practitioners, and municipalities around the world are, often unknowingly, following his steps. As mayor of the little Austrian town of Wörgl, Mr. Unterguggenberger – a small man with intense eyes – productively adapted novel ideas on money to work in the midst of the monetary disorder that characterised the Europe of the 30s.}},
  author       = {{Barinaga, Ester}},
  booktitle    = {{Money Doctors Around the Globe : A Historical Perspective}},
  editor       = {{Álvarez, Andrés and Bignon, Vincent and Ögren, Anders and Shizume, Masato}},
  isbn         = {{978-981-97-0133-9}},
  issn         = {{2364-1800}},
  keywords     = {{money; municipal currencies; demurrage; Great Depression}},
  language     = {{eng}},
  pages        = {{283--294}},
  publisher    = {{Springer Nature}},
  series       = {{Studies in Economic History}},
  title        = {{Parallel depreciating money : Mr Unterguggenberger’s prescription to the economic ills of The Great Depression}},
  url          = {{http://dx.doi.org/10.1007/978-981-97-0134-6_15}},
  doi          = {{10.1007/978-981-97-0134-6_15}},
  year         = {{2024}},
}