Gründungsfieber

The term "Gründerjahre" (or "Gründerfieber") refers to a period of expansive commercial enterprise in Austria during the late 1860s and early 1870s. This era was marked by significant railroad and industrial expansion, as well as growth in major cities like Vienna and Budapest. However, this period was also characterized by reckless speculation. Warning signs of an impending crisis were largely ignored, leading to a stock market collapse in May 1873, shortly after the opening of the Vienna International Exhibition.1

The ensuing economic depression forced the government to implement public works projects and take over railroads to alleviate distress. This speculative fever, or "Gründerfieber," also led to a rise in antisemitism, with Jews being scapegoated for the stock market activities, despite evidence of broader participation in the speculation.1