Brendan’s Alternate Tagline for 1873:
The depression before the depression.
Quick synopsis:
The story of the worldwide crash and depression of 1873.
Fact for Non-History People:
The crash bankrupted 89 out of 364 U.S. railroads.
Fact for History Nerds:
The crash was initially called the Great Depression but when 1929 surpassed it, it was then referred to as the Long Depression.
My Take on 1873:
Ugh, I hate finance. I did love 1873 by Liaquat Ahamed, though! It turns out that our global financial system went ahead and crashed a whole bunch of times and is constantly teetering over the abyss. Doesn’t that make you feel awesome?!
More specifically, in 1873, the markets decided to crash. There were a lot of similarities with the Great Depression, but a few key differences. First of all, America was not the end-all, be-all of money in the world. Yes, that used to be the case. We are just a baby nation after all. (Kid History Nerd really loved that last sentence. I’m keeping it in.) Instead, Europe was in charge when things went horribly wrong. As far as similarities, this depressing episode was also at the tail end of a period of awesome money-making that everyone deluded themselves into thinking it would never end. Fun fact: It always ends.
For those folks who read Andrew Ross Sorkin’s 1929, you’ll love this one, too. Ahamed has to do a bit more world building since he is going further back in time, but like Sorkin, he tells this story through the people at the center of it. This includes the Rothschilds, robber barons, and a monarch or two. And thank God, because like I said, I hate finance. This choice in storytelling makes it much easier to understand the cause and effect while allowing Ahamed to drop some hilarious anecdotes as well. However, if you are a finance geek, Ahamed does get into some of the backroom discussions and how things worked at this time. Are you a gold or silver believer? Yes, this was a huge question back in the day. Personally, I am a “Why not both?” kind of person.
In summary, a finance book that is also for us non-finance folks. Give it a read.
(This book was provided as an advance reader copy by Penguin Press.)
Verdict:
A great read even if you hate finance. Buy it here!
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