The 1873 Gründerkrach, a spectacular stock market crash following Germany’s unification, remains one of history’s great financial maelstroms. However, its most enduring legacy is not about money. Host Robin Wigglesworth discusses with Pulitzer Prize-winning author Liaquat Ahamed how the resulting economic malaise fueled social division and transformed old prejudices into antisemitic conspiracy.

This crash gave birth to ideas that would resurface with catastrophic consequences decades later in the 20th century. The discussion explores how financial instability can act as a catalyst for deep-seated social shifts and radicalized ideologies.

For more insight into historical financial crises and their social impacts, listen to The Story of Money podcast, hosted by Gillian Tett and Robin Wigglesworth.