Liaquat Ahamed

1873

About us

About Us (Header 4)

Best-Jane-Austen-quotes_Online-Desktop_Penguin

James-Baldwin

Marian-Keyes

haruki-murakami-320×320-1

Richard-Osman

Malorie Blackman

Lisa-Jewell

Charlie-Mackesy

Authors (Header 3)

Children&#039;s

Company

Discover

Fiction

Non-fiction

Penguin Classics

Penguin Shop (Header 5)

Useful links

Work with us

1929, The Great Depression, and the Bankers who Broke the World

Lords of Finance

Doctor Who Circle of Memory

Doctor Who Target Jan 1

The Count of Monte Cristo

White Nights

The First Great Depression and the Making of the Modern World

Over the course of the 1850s and 1860s, during the first era of globalisation, the world experienced an unprecedented economic boom. Fuelling this expansion was an explosion in borrowing through the global bond market, which provided financing for the century’s most costly and transformative innovation: the railroad. The boom predictably swelled into a series of bubbles that burst simultaneously in the early 1870s, cascading from one country to the next across the globe. Through the eyes of a cast that includes Karl Marx, Mark Twain and the Rothschild family, Liaquat Ahamed weaves a compelling narrative of build-up, collapse and world-changing aftermath.

From the author of the Pulitzer Prize-winning Lords of Finance comes a brilliant account of the earliest truly global financial calamity. 
 
On Friday, 9 May 1873 the Vienna stock market collapsed. Four months later Wall Street was in trouble. Elsewhere, as panic selling spread across financial markets, some countries defaulted on their debts, while the Bank of England was forced to raise its rates to their highest level in a century. It was the first global crash in history. And it was to have calamitous consequences.In his powerful new book, the author of the Pulitzer Prize-winning Lords of Finance tells the epic story of that crash and explores its economic and human costs. He describes how the growth of the international bond market in the 1850s and 60s funded a frenzy of speculation in railways, construction and nation-building. He examines those who became swept up in the boom, from leading bankers like the Rothschild dynasty to national leaders both visionary and venal, to rogues and chancers like the shameless Jay Gould, to such sceptical onlookers as Mark Twain and Karl Marx. He then traces how, in the subsequent panic, investors were left with catastrophic losses, while governments on both sides of the Atlantic rushed misguidedly to reorder the world’s financial system.As he shows, the blunders made as the crisis unfolded set the stage for twenty years of deflation, and a punitive legacy of aggrieved populism that infected every part of the globe. Amid the crash’s many aftershocks, the US abandoned Reconstruction, European powers staged an economic takeover of the heavily indebted Ottoman Empire, and the principle of international free trade came under pressure. Meanwhile there was a revival of antisemitic movements in Europe that blamed ‘Jewish finance’ for the disaster.A brilliant evocation of a key turning point in world history, 1873 is also a masterly examination of the unforeseen political and social consequences of financial misjudgements.

On Friday, 9 May 1873 the Vienna stock market collapsed. Four months later Wall Street was in trouble. Elsewhere, as panic selling spread across financial markets, some countries defaulted on their debts, while the Bank of England was forced to raise its rates to their highest level in a century. It was the first global crash in history. And it was to have calamitous consequences. 
 
 
In his powerful new book, the author of the Pulitzer Prize-winning Lords of Finance tells the epic story of that crash and explores its economic and human costs. He describes how the growth of the international bond market in the 1850s and 60s funded a frenzy of speculation in railways, construction and nation-building. He examines those who became swept up in the boom, from leading bankers like the Rothschild dynasty to national leaders both visionary and venal, to rogues and chancers like the shameless Jay Gould, to such sceptical onlookers as Mark Twain and Karl Marx. He then traces how, in the subsequent panic, investors were left with catastrophic losses, while governments on both sides of the Atlantic rushed misguidedly to reorder the world’s financial system. 
 
 
As he shows, the blunders made as the crisis unfolded set the stage for twenty years of deflation, and a punitive legacy of aggrieved populism that infected every part of the globe. Amid the crash’s many aftershocks, the US abandoned Reconstruction, European powers staged an economic takeover of the heavily indebted Ottoman Empire, and the principle of international free trade came under pressure. Meanwhile there was a revival of antisemitic movements in Europe that blamed ‘Jewish finance’ for the disaster. 
 
 
A brilliant evocation of a key turning point in world history, 1873 is also a masterly examination of the unforeseen political and social consequences of financial misjudgements.

Liaquat Ahamed graduated with degrees in economics from Cambridge and Harvard, worked at the World Bank in Washington, D.C., and had a twenty-five career as a professional investment manager based in London and New York before turning to writing. His first book, Lords of Finance: The Bankers Who Broke the World, about the lead up to the 1929 Great Depression, won the Pulitzer Prize for History, the Council on Foreign Relations Arthur Ross Gold Medal, and the Financial Times Best Business Book of the Year Award. He is a trustee of the Putnam Funds, an adviser to the Rock Creek Group, and the Chair of the Sun Valley Writers’ Conference. He lives in Los Angeles and Washington, D.C. with his wife Meena.

1873

The First Great Depression and the Making of the Modern World

Format:

Pre-order:

About Liaquat Ahamed

Follow penguin

Follow ladybird

Follow puffin

Sign up to the Penguin newsletter