Latest / The Rise of Colonialism: How Europe Divided the World — Fexingo History
The Panic of 1873: How the World's First Global Depression Reshaped Colonialism
In 1873, a financial panic in Vienna and New York triggered a global depression that lasted five years and fundamentally altered the course of European imperialism. This episode explores the Panic of 1873's unexpected role in accelerating the Scramble for Africa and reshaping colonial economies. We follow the crash from the collapse of Vienna's stock exchange to the bankruptcy of the French National Bank, and trace how industrial powers like Britain, France, and Germany turned to colonies as captive markets and sources of raw materials to escape the downturn. Key figures include…
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