the Economy
the Economy

Austria, 1867-1893 : The Economy

The Austro-German Monetary Union was dissolved; Austria approached the LATIN MONETARY UNION in 1867. Austria and Hungary formed a customs union. Hungary, dominated by its landowning nobility, insisted on protective tariffs on wheat, an issue which contradicted Austrian interests, as the country was industrializing and thus needed low food prices; the Hungarians prevailed. The areas most affected by industrialization were Bohemia, Moravia and Austrian Silesia. The Austrian industry lagged far behind the fast-growing industry of neighbour Germany.
In 1873, Austria hosted a World Exhibition. In 1892 a new currency was introduced. The Gulden (Florin, = 100 Kreuzer) was replaced by the Krone (Corona / Crown, = 100 Heller); coin inscriptions were mostly in Latin.

DOCUMENTS Trade-Mark Convention Between the United States and Austria-Hungary; November 25, 1871, from Avalon Project at Yale Law School
REFERENCE National Awakening in the Habsburg Lands (pp.778-785); Mass Politics and Nationalism : Austria-Hungary, 1867-1914 (pp.950-953) in : John Merriman, A History of Modern Europe, NY : W.W. Norton 1996
The Making of Dualism 1866-1867 (pp,130-140), Liberal Failure : German Ascendancy in Austria 1867-1879 (pp.141-155), Habsburg Recovery : The Era of Taaffe, 1879-1893 (pp.156-168); The Years of Confusion : From Taaffe to Badeni, 1893-1897 (pp.169-184); Hungary after 1867 : Koloman Tisza and the Magyar Gentry (pp.185-195) from : A.J.P. Taylor, The Habsburg Monarchy, 1809-1918, Chicago : UP (1948) 1976

This page is part of World History at KMLA
First posted in 2000, last revised on November 12th 2004

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