Financial Markets

With the outbreak of the Second Industrial Revolution, the industrial output of every nation was expanding like a snowball, while demand for markets and industrial raw materials grew by the day.

The Vienna Government was eager to promote free trade not only because of domestic economic needs, but also for a strategic purpose that could not be spoken aloud.

Once the age of free trade began, Austria, holding the advantage in emerging industries, would inevitably magnify that advantage and raise the threshold for latecomers.

If all went smoothly, the global industrial landscape in the near future would be this: the British would dominate traditional textile manufacturing and shipbuilding, while Austria would dominate emerging industries such as electricity, communications, and internal-combustion engines.

It was practically a replication of the German Empire's path to economic rise, except Austria had a stronger foundation. It was already Europe's largest agricultural exporter, with vast colonies at its back.

If the United Kingdom and Austria divided up the main body of world industry between them, what would become of the remaining countries?

France in particular, which ranked just behind the two powers, held no advantage whether competing with the British in traditional industries or with Austria in emerging ones.

It was not that its technology could not keep up. The main problem was the supply of industrial raw materials. Unlike later generations, transportation in this era was not so developed. Once the distance became too great, costs soared.

Crushing France militarily carried too much risk. France was now a great power with a population approaching sixty million. Even if the Italians made no military contribution, they could still lend strength in logistics.

When the snipe and clam fought, the fisherman reaped the profit.

Unless the war could be ended swiftly and the other side utterly crushed,