!!!Gründerzeit

Gruenderzeit (Age of Promotorism): period between 1850 and 1914, in 
which the Austro-Hungarian monarchy underwent several phases of 
economic modernisation, including the industrialisation of various 
regions (Vienna and surrounding area, the Sudetenland (in 
today´s Czech Republic), northern Styria, Vorarlberg) and the 
construction of railway lines throughout the country. A first climax 
was reached in the period between 1867 and the stock-market crash of 
1873. In the spirit of Liberalism, society promoted unhindered 
economic growth and numerous banks and factories were established, 
mainly in the form of joint-stock companies. After the periods of 
economic recovery between1879-1883 and 1886-1890, a new boom set in  
1896, with improved technologies and new products (machine 
construction, chemical and electrical engineering), which lasted until 
1914. Many buildings for cultural and educational purposes were 
erected in those years, and urban landscapes and expansion patterns 
(especially the Vienna suburbs) changed dramatically in short periods 
of time. The era, however, was also characterised by social problems 
which had previously been unknown in Austria.

!Literature
H. Matis, Grundzuege der oesterreichischen 
Wirtschaftsentwicklung 1848-1914, in: Innere Staatsbildung und gesamte 
Modernisierung, 1991.


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