And in his hands, it is. Not least, he shows how a huge boom-and-bust cycle combined with the decision to make gold the sole monetary anchor, to create a first global 'great depression'. -- Martin Wolf, author of The Crisis of Democratic Capitalism.
Title: 1873. It was the first global crash in history. And it was to have calamitous consequences. Format: Hardback. Topic: Society & Culture, History. He describes how the growth of the international bond market in the 1850s and 60s funded a frenzy of speculation in railways, construction and nation-building.
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