Schwarzer Freitag#

Black Friday: From 1867 the Gruenderzeit (Age of Promoterism) was characterised by economic enthusiasm and speculating on the stock market was very popular. While first signs of an imminent crisis were ignored and the World Exhibition, Vienna (started on May 1, 1873) still seemed to justify people's optimism, the number of insolvencies was on the increase and reached its peak with 120 on May 9, 1873, known as Black Friday. Trading on the stock market broke down completely. Most financial institutions and about half of the limited companies which had been founded before 1837 disappeared within a more or less short period of time. In the long run the purely economic consequences appeared to be less drastic than expected, but the psychological consequences of the economic depression undermined people's belief in progress and gave rise to a new development in the economic policy of the state (protectionism). People also lost their political confidence in the Liberals' ability to solve problems.

Literature#