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Wörgl
Wörgl (German pronunciation: [ˈvœrɡəl]) is a city in the Austrian state of Tyrol, in the Kufstein district. It is 20 km (12 mi) from the international border with Bavaria, Germany.
Wörgl is a railway junction on the line between Innsbruck and Munich, as well as the inner-Austrian line to Salzburg. Its railway station has been designated as a Hauptbahnhof (German: main station) since 10 December 2006.
European route E641 connects Wörgl with Salzburg. The E45 and E60 routes (Austrian autobahn A12) pass through Wörgl.
Wörgl was the site of the "Miracle of Wörgl", beginning on 31 July 1932 during the Great Depression. Beginning with the issuing of "Certified Compensation Bills", a form of local currency commonly known as Stamp Scrip or Freigeld. This was an application of the monetary theories of the economist Silvio Gesell by the town's then-mayor, Michael Unterguggenberger.
The experiment resulted in a growth of employment and meant that local government projects such as new houses, a reservoir, a ski jump and a bridge could all be completed, contrasting with much of the depression in the rest of the country. Inflation and deflation are also reputed to have been non-existent for the duration of the experiment.[citation needed]
Despite attracting great interest at the time, including from French Premier Edouard Daladier and economist Irving Fisher, the "experiment" was ended by Austria's central bank Oesterreichische Nationalbank on 1 September 1933, so that the federal government would maintain a monopoly on the country's legal tender.
British economist John Maynard Keynes thought that "future economics will learn more from Gesell's ideas than from Marx's".
In 2006, milestones were placed across the town to commemorate this event.
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Wörgl AI simulator
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Wörgl
Wörgl (German pronunciation: [ˈvœrɡəl]) is a city in the Austrian state of Tyrol, in the Kufstein district. It is 20 km (12 mi) from the international border with Bavaria, Germany.
Wörgl is a railway junction on the line between Innsbruck and Munich, as well as the inner-Austrian line to Salzburg. Its railway station has been designated as a Hauptbahnhof (German: main station) since 10 December 2006.
European route E641 connects Wörgl with Salzburg. The E45 and E60 routes (Austrian autobahn A12) pass through Wörgl.
Wörgl was the site of the "Miracle of Wörgl", beginning on 31 July 1932 during the Great Depression. Beginning with the issuing of "Certified Compensation Bills", a form of local currency commonly known as Stamp Scrip or Freigeld. This was an application of the monetary theories of the economist Silvio Gesell by the town's then-mayor, Michael Unterguggenberger.
The experiment resulted in a growth of employment and meant that local government projects such as new houses, a reservoir, a ski jump and a bridge could all be completed, contrasting with much of the depression in the rest of the country. Inflation and deflation are also reputed to have been non-existent for the duration of the experiment.[citation needed]
Despite attracting great interest at the time, including from French Premier Edouard Daladier and economist Irving Fisher, the "experiment" was ended by Austria's central bank Oesterreichische Nationalbank on 1 September 1933, so that the federal government would maintain a monopoly on the country's legal tender.
British economist John Maynard Keynes thought that "future economics will learn more from Gesell's ideas than from Marx's".
In 2006, milestones were placed across the town to commemorate this event.