Pulitzer Prize-winning author Liaquat Ahamed will explore the causes and consequences of the Panic of 1873 in a talk at Rosecliff on Monday, June 15, at 6 p.m.
Ahamed will discuss his new book, “1873: The Rothschilds, the First Great Depression, and the Making of the Modern World.”
The Panic of 1873 hit the United States when investors in the booming railroad industry became overextended and began selling off their holdings, triggering an economic collapse. The crisis caused the bankruptcy of 89 of the country’s 364 railroads, the failure of 100 banks and 18,000 other businesses, and an unemployment rate of 14 percent. The resulting depression lasted until 1879, with effects felt around the world. The disaster also led to the concentration of wealth that characterized the subsequent Gilded Age.
Ahamed won the Pulitzer Prize for History in 2010 for his first book, “Lords of Finance: The Bankers Who Broke the World.”
The lecture can be attended in person or remotely. Tickets and registration are available at newportmansions.org/events.
The Preservation Society of Newport County is a nonprofit organization accredited by the American Alliance of Museums, dedicated to preserving and interpreting the area’s historic architecture, landscapes, decorative arts and social history. Its 11 historic properties — seven of them National Historic Landmarks — span more than 250 years of American architectural and social development.
