# From "The Story of Money": How a stock market crash gave birth to modern antisemitism

An episode of [The Economics Show with Soumaya Keynes](https://invisiblenetwork.ai/podcast/1746352576), 21 Aug 2026, 50 min.

Audio: https://sphinx.acast.com/p/open/s/664394a442f6710013618119/e/6a87034edcddb5e3cf422ef3/media.mp3

The 1873 Gründerkrach, the spectacular stock market crash that followed Germany’s unification, is one of history’s great financial maelstroms. But its most enduring legacy isn’t about money. Host Robin Wigglesworth speaks to Pulitzer Prize-winning author Liaquat Ahamed about how the resulting economic malaise fuelled social division and transformed old prejudices into antisemitic conspiracy. It gave birth to ideas that would resurface with catastrophic consequences decades later in the 20th century. Further reading: 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (2026), by Liaquat Ahamed Gold and Iron: Bismarck, Bleichröder, and the Building of the German Empire (1977), by Fritz Stern Hosts: Gillian Tett and Robin Wigglesworth Senior producers: Michela Tindera and Laurence Knight Executive producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Gioumpasis Podcast development: Laura Clarke FT global head of audio: Flo Phillips Video editors: Josh Divney and Kristen Kenyon at Podcast Discovery Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com Hosted on Acast. See acast.com/privacy for more information.

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