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  • Published: 11 June 2026
  • ISBN: 9781804962312
  • Imprint: Penguin
  • Format: EBook
  • Pages: 352
Categories:

1873

The First Great Depression and the Making of the Modern World




From the author of the Pulitzer Prize-winning Lords of Finance comes a brilliant account of the earliest truly global financial calamity.

Over the course of the 1850s and 1860s, during the first era of globalisation, the world experienced an unprecedented economic boom. Fuelling this expansion was an explosion in borrowing through the global bond market, which provided financing for the century’s most costly and transformative innovation: the railroad. The boom predictably swelled into a series of bubbles that burst simultaneously in the early 1870s, cascading from one country to the next across the globe. Through the eyes of a cast that includes Karl Marx, Mark Twain and the Rothschild family, Liaquat Ahamed weaves a compelling narrative of build-up, collapse and world-changing aftermath.

  • Published: 11 June 2026
  • ISBN: 9781804962312
  • Imprint: Penguin
  • Format: EBook
  • Pages: 352
Categories:

About the author

Liaquat Ahamed

Liaquat Ahamed has been a professional investment manager for twenty-five years. He has worked at the World Bank in Washington, D.C., and the New York-based partnership of Fischer Francis Trees and Watts, where he served as chief executive. He is currently an adviser to several hedge fund groups, including the Rock Creek Group and the Rohatyn Group, is a director of Aspen Insurance Co., and is on the board of trustees of the Brookings Institution. He has degrees in economics from Harvard and Cambridge universities. Lords of Finance, which was shortlisted for the BBC Samuel Johnson Prize for Non-fiction and which won the Financial Times/Goldman Sachs Business Book of the Year Award, the Spear’s Financial History Book of the Year Award, and the 2010 Pulitzer Prize for History, is Liaquat Ahamed’s first book.

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