Capitalist-world economic crises often came in a rush and left in a rush. By the beginning of 1859, the first global economic crisis had finally drawn to a close.
By the end of 1858, Austria's total industrial output had fallen by 29.7 percent from the previous year, its overall economy had shrunk by 17.3 percent, more than three thousand businesses had gone bankrupt, and unemployment had at one point surpassed one million...
Franz finally understood why everyone feared economic crises so much. The Vienna Government had actively taken countermeasures, yet the losses were still this severe. There was no need to mention the countries that had taken no action at all.
Of course, Austria's enormous losses were also directly related to its previous wild economic growth. The railway companies Franz had whipped into a frenzy had, at one point, seen their market value plunge below one-tenth of its peak.
The losses brought by an economic crisis were immense, but they were not entirely a bad thing. Looking at it from another angle, this also meant that Austria's industrialization was nearing completion. Such losses would only occur once a capitalist economy had developed to a certain level.
If a capitalist economy had not yet taken shape, then even if an economic crisis struck, it would have little effect.
The neighboring Russian Empire was an example. Did the economic crisis have anything to do with them?
The hardest-hit countries in this economic crisis were the United States and Austria. The United States suffered because the British withdrew their capital, creating a cash crunch in the market, while its weak central government was completely at a loss.
Austria, naturally, was suffering the aftereffects of a mad influx of capital and blind investment by capitalists. After the economic crisis, the market returned to rationality,