The 1873 Gründerkrach, the spectacular stock market crash that followed Germany’s unification, is one of history’s great financial maelstroms. But its most enduring legacy isn’t about money. Host Robin Wigglesworth speaks to Pulitzer Prize-winning author Liaquat Ahamed about how the resulting economic malaise fuelled social division and transformed old prejudices into antisemitic conspiracy. It gave birth to ideas that would resurface with catastrophic consequences decades later in the 20th century.
Further reading:
1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (2026), by Liaquat Ahamed
Gold and Iron: Bismarck, Bleichröder, and the Building of the German Empire (1977), by Fritz Stern
Credits: Getty Images, Alamy
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Hosts: Gillian Tett and Robin Wigglesworth
Senior producers: Michela Tindera and Laurence Knight
Executive producer: Manuela Saragosa
Original music and sound design: Breen Turner
Broadcast engineers: Bianca Wakeman and Petros Gioumpasis
Podcast development: Laura Clarke
FT global head of audio: Flo Phillips
Video editors: Josh Divney and Kristen Kenyon at Podcast Discovery
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Read a transcript of this episode on FT.com
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