The Black Friday of May 9,1873 in front of the Vienna Stock Exchange.
On May 9, 1873 the Vienna Stock Exchange collapsed by the financial panic caused by the Austro-Hungarian failures brought about by increasing inflation of the post Franco-Prussian War. Nevertheless, it was the enormous speculation in the rising rail road system, which made the financial bubble of the nineteenth century!
A bank run on the Fourth National Bank No. 20 Massau Street, New York City, 4 October 1873
The Franco-Prussian War between 1870 and 1871, in which France was crushed to pieces, caused great losses in the Chicago Stock Exchange which dealt mainly with commodities (and still does) and the Bostonian one as well.
Vienna Sotck Exchange Crash in 1873
For some analysts, May 9th 1873 was the first blow to financial capitalism. The discovery of oil, which launched the second industrial revolution, soothed and pushed capitalism towards competitive power so far seen.
|Financial panic in May 9th 1873|
In 1871, Chancellor Otto von Bismarck extracted an enormous amount of gold obtained from humiliation to France to mitigate the crisis (Franco-Prussian War).
Austrians found gold mines that generated a remarkable prosperity. Soon also gold was found in California, USA, where people bargain away the "gold rush". Thus began the great economic depression: Der Krach!
Wall Street on the morning of May 14 during the Panic of 1884.
The "socialists" Marx, Engels, Lenin seemed to enjoy the economic and social crises, so they took the capitalist crisis to condition their hypotheses about the impending catastrophe of capitalism! ... Have not figured that would be the collapse of ideologies, a little over a century later!