Friedrich Wilhelm Raiffeisen

Friedrich Wilhelm Raiffeisen (May 3, 1818, Hamm - May 11, 1888, Heddesdorf, currently known as Neuwied, Germany) was a German cooperative leader.

Life

He was mayor of several towns: from 1845 he was mayor of Weyerbusch/Westerwald, from 1848 he was mayor of Flammersfeld/Westerwald and finally he was mayor of Heddesdorf from 1852 until 1865.

Works

Raiffeisen conceived of the idea of cooperative self-help during his tenure as the young mayor of Flammersfeld. He was inspired by observing the suffering of the farmers who were often in the grip of loansharks. He founded the first cooperative lending bank, in effect the first credit union in 1864.

External link

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