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Parallel Depreciating Money: Mr Unterguggenberger’s Prescription to the Economic Ills of the Great Depression

In: Money Doctors Around the Globe

Author

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  • Ester Barinaga

    (Lund University)

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.

Suggested Citation

  • Ester Barinaga, 2024. "Parallel Depreciating Money: Mr Unterguggenberger’s Prescription to the Economic Ills of the Great Depression," Studies in Economic History, in: Andrés Álvarez & Vincent Bignon & Anders Ögren & Masato Shizume (ed.), Money Doctors Around the Globe, pages 283-294, Springer.
    • Handle: RePEc:spr:stechp:978-981-97-0134-6_15
    DOI: 10.1007/978-981-97-0134-6_15
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