Wörgl

Town in Tyrol, Austria. Part of Austria (Literary).

At a glance

Source	Author	Role	In one line
The Towns That Invent Their Own Money	Kaja Šeruga	subject	In 1932 Wörgl, hit by the Depression, issued its own depreciating ‘labor certificates’ usable for local purchases and taxes.

The Towns That Invent Their Own Money — Kaja Šeruga (2025)

Source: Original · Readwise highlight

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.

• Role: subject
• In the article: In 1932 Wörgl, hit by the Depression, issued its own depreciating ‘labor certificates’ usable for local purchases and taxes. Unemployment fell, tax revenue rose and the town funded road repair, a new bridge and a ski jump. After mayor Michael Unterguggenberger presented the scheme to 170 mayors in 1933 the central bank outlawed it.
• Why it matters: It is the opening historical case that frames the whole piece on community currencies; the article’s argument rests on this example, though the piece then moves on to other places.