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1873: The Rothschilds, the First Great Depression, and the Making of the Modern World

★ 2026 Financial Times and Standard Chartered Business Book of the Year — Longlist ★ 2026 Financial Times and Standard Chartered Business Book of the Year — Shortlist

Liaquat Ahamed revisits the financial panic of 1873 through the global bond market, the railroad boom, and the Rothschild banking family. He traces how expanding credit and ambitious infrastructure projects encouraged speculation across national borders, then examines the monetary decisions that deepened the collapse. The aftermath reaches beyond balance sheets: reconstruction, imperial politics, populism, and antisemitism all enter the story. Linking individual financiers and political leaders to a changing international economy, Ahamed explains how a nineteenth-century crisis helped shape the modern world and exposes the political consequences that can outlast a market crash.

Publisher: Penguin Press
Publication date: 2026-06-02
Format: Hardcover
Pages: 368
ISBN: 9781594204173

Subjects

Business & Economics: Economic History Business & Economics: Money & Banking

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Interview with the Author

2 available interview links

1. Conversations with Tyler — Liaquat Ahamed on Financial Crises, Gold, and the Lessons of 1873Checked

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2. Monetary Matters with Jack Farley — Rothschilds, Railroads, & Ruin | Liaquat Ahamed on “1873” (New Book!)Checked

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