Ch. 21A Twist of Fate and an Economic Crisis
Key Plot Points and Events
- Ham, a capitalist, realizes the risks and difficulties of leading a revolution and loses enthusiasm for it.
- A secret banquet at Veris Manor is attended by capitalists, but Prime Minister Metternich, aware of their plotting, chooses not to act.
- Vienna experiences a sharp rise in prices (47% by December 1847), with capitalists and nobles driving up prices.
- The Vienna government fails to control prices due to capitalist obstruction and noble corruption.
- A European economic crisis begins in 1845, affecting international grain prices, American cotton, and British textile sales.
- The crisis spreads to the steel, coal, and textile industries in Britain, leading to mass unemployment.
- Austria, now semi-industrialized, is affected by the crisis. French and German industries suffer significantly.
- Austrian capitalists and nobles face losses due to British goods dumping and are forced to cut prices.
- Capitalists begin laying off workers and closing factories, leading to increased unemployment in Vienna.
Character Developments
- Ham's character is revealed as pragmatic and risk-averse, prioritizing personal comfort over revolutionary ideals.
- Prime Minister Metternich is portrayed as a rule-following politician, troubled by internal and external pressures.
Significant Themes
- Pragmatism vs. Ideals: Ham's decision to prioritize personal gain over revolutionary ideals.
- Greed and Selfishness: Capitalists and nobles driving up prices for personal gain, leading to public suffering.
- Economic Interconnectedness: A crisis in one country affecting others, demonstrating the global nature of economic systems.
- Powerlessness of Governments: The Vienna government's inability to control prices due to capitalist obstruction and noble corruption.
Character Interactions
- Ham's internal conflict between his revolutionary ties and personal profit.
- Capitalists and nobles colluding to drive up prices, then facing the consequences of the economic crisis together.
- Prime Minister Metternich's struggle against internal (nobility) and external (capitalists) pressures.