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1873

The First Great Depression and the Making of the Modern World

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1873

Yazan: Liaquat Ahamed
Seslendiren: George Newbern
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Özet

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.

© Liaquat Ahamed 2026 (P) Penguin Audio 2026

 19th Century Economic History Economics International Modern World Bankacılık Emperyalizm Wall Street Vergilendirme Sosyalizm Devlet Kapitalizm Büyük Durgunluk
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Eleştirmen yorumları

Liaquat Ahamed has a unique ability to bring financial and monetary history to life. In this superb book, he weaves together the people, forces and events that led to the global financial crisis of 1873 and then shaped its dire long-term consequences. Not least, he shows how a huge boom-and-bust cycle, combined with the decision to make gold the sole monetary anchor, to create a first global “great depression”.
With his readable prose and agile analysis, Liaquat Ahamed has a talent for telescoping huge financial fiascoes into compact and exciting books. 1873 describes how speculative mania and misguided monetary policy produced debt and deflation that shadowed the final decades of the nineteenth century. With its cast of coluorful villains, this saga contains a wealth of sobering insights that ought to sound a warning in our own hyper-speculative era.
Pendulum shifts in the political economy happen slowly – and then all at once. In this fantastically readable history, Liaquat Ahamed shows us how frothy real estate markets, a burgeoning middle class, failing autocrats, a dodgy bond market, and other seemingly disparate forces eventually came together to produce the first global financial crisis of the modern era. It’s a book that has all too much to tell us about our own time period; indeed, it provides both a warning and a road map for what might come next.
Liaquat Ahamed matches his earlier Lords of Finance with a page-turning saga of the world’s first international financial crisis. By pinpointing the essential characters, from the avaricious Jay Cooke in America to the Turkish sultan blowing his budget on a harem of two hundred women to the mysterious Rothschild banking clan, Ahamed makes 1873 seem as alive as today. And in his hands, it is. By confronting the question of what could topple economies across multiple time zones, this master writer comes again to the question of money, over a quarter century in which prices spiralled out of control – not up but down – sowing misery for the common man, especially in America. We read with fascination how Gilded Age bankers and statemen missed the yawning danger of deflation – and wonder if those in our time have yet to learn their lesson. In this gripping read, Ahamed makes the crisis of 1873 both compelling and accessible.
Ahamed thrillingly brings back to life a boom not unlike today's and a crisis that doesn't resemble 1929 or 20007-9. In the process he illuminates new ways of thinking of finance.
1873 is not... a dry work of financial history. The author is an engaging chronicler – no easy task when the tale covers events from the Franco-Prussian war to the economic travails of the Ottoman empire and Egypt
The book to read right now [is 1873] . . . All of us are reading this
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This book proves yet again that the stock market can remain irrational far longer than most investors can remain solvent. And that it has been going on far longer than I ever thought it had.

The book demonstrates how impactful financial crashes are on countries' destinies, future wars and social upheaval. They then often give rise to radical ideas like Communism, which compound the suffering as its simplistic ideology about how the world should work hits the reality of how it actually does.

And we seem to be going through yet another wave of this extreme ideology in 2026. Let's hope this book acts as a warning to anyone indulging in such ideas, so when the next crash happens, we won't fall for these ideologues' nonsense again!

The stock market can remain irrational longer than

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Solid telling of global market developments and depressions in late 19th century. Not just 1873. Commentary on broad trends and specific aspects that deepened the analysis. Felt something was lacking though in drawing patterns, lessons a bit more explicitly and forming a more direct opinion on things. An ok listen.

Good sweeping narrative of markets in late 19th century

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I’ll have to read his first book now as this one was so gripping. Such a useful book!

So interesting

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A really interesting and informative listen. The book provides a fascinating account of the financial crisis of 1873 and its wider political, economic and social consequences. Some sections are quite detailed, particularly those dealing with banking and finance, and can be a little difficult to follow at times. However, there are plenty of interesting examples throughout and the narration is clear and engaging.

A fascinating insight into the financial crisis of 1873

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The narrator’s voice a d slightly patronising tone was annoying and that became an unnecessary distraction

The golden and silver threads of monetary policy determining the increasingly global economic outcomes of the era

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