Chapter 21: A mixed economic crisis

Unable to convince a few old foxes, Ham was not angry. He knew that these people had already been tempted, but he was afraid to speak out because of his courage.
He is not a revolutionary. He is only mingled with the Revolutionary Party for the sake of his interests. If he can achieve his goal by peaceful means, will a fool want to rebel?
This is the European continent, even if the rebellion is successful, what can happen?
What kind of prince will Xiangning have?
The answer is: yes!
Successful, at best, became the president of the bourgeois republic, taking this position, I am afraid that he is not comfortable now.
Failure, it is estimated that exile overseas is the best ending.
In the face of cruel reality, Ham's low enthusiasm for revolution has become even lower.
Like most capitalists, it is okay to support the Revolutionary Party. It is okay to lead the revolution in person. They do not want to be president.
...
The banquet was difficult to keep secret. The story that took place at the Verris manor outside Vienna was quickly passed to Metternich, of course, the content of the secret meeting was not included.
However, Prime Minister Metternich was a ruler. He adhered to the bottom line of political struggles, and did not lose sight of the issue, arrested the capitalists for guilty of colluding with the Revolutionary Party.
I'm troubled by the rules.
Knowing that the capitalists are conspiring, but can only passively defend, Prime Minister Metternich is naturally in a bad mood.
It would be more appropriate to describe his situation with internal and external troubles. There were nobles in the house, capitalists outside the eyes, and everyone had a common purpose to get him off.
From the winter of 1847, the people of Vienna had an intuitive feeling that prices had risen and that they had risen sharply at a rate that was visible to the naked eye.
By the end of December 1847, prices in Vienna had risen by 47%, and capitalists were testing the endurance limits of the people little by little.
At this time, everyone surrendered their eyes to the Vienna government, hoping that the government could come up with a solution.
Obviously, everyone will be disappointed. The Vienna government will not have the ability or function to intervene in prices. Despite repeated measures by Prime Minister Metternich, little success was achieved in the end.
For example: The government posted an announcement and ordered merchants not to drive up prices, which turned out to be useless.
Another example: The Prime Minister's repeated interviews with capitalists failed.
The government also took the time to mobilize supplies into Vienna from the outside in an attempt to calm prices down. Unfortunately, under the resistance of the capitalists and the corrosion of the internal nobility, it ultimately failed.
Of course, it is not completely ineffective, at least the speed of rising prices has been suppressed, and it has not climbed to the peak at one time.
After the last failure, the capitalists did not trust much. Seeing profitability, many small capitalists with weak strength could not wait for the peak of prices.
People are selfish. Franz is very clear that behind the sharp rise in prices in Vienna, there is also the participation of nobles, but they are all self-issued for profit, and they have not participated in the joint action of capitalists.
These people's initial thoughts may be just to take advantage of the opportunity to make a fortune, but now, wealth has gradually bewildered people's eyes, many people have fallen into it, unable to extricate themselves.
However, their luck was not very good, just in time to catch up with the European economic crisis.
Beginning in 1845, the poor in Europe suffered from food shortages and international food prices skyrocketed. As food prices climbed, the already wealthy Europeans spent a lot of money on food, and the European purchasing power market continued to shrink.
In 1846, the price of cotton and cotton products in the United States nearly doubled. The high price caused the sales of cotton products to decline.
With the decline in the volume of merchandise trade, capitalists naturally chose to lay off workers. The British unemployed population continued to grow. Rail freight volumes continued to reach new lows. Many railway companies fell into a loss. The British railway bubble burst in the autumn of 1847.
The capitalist world has always been a one-stop event, the railway bubble burst, the railway under construction has been stopped, and the demand for steel has fallen.
The crisis soon spread to the steel and coal industries, with 58 of Staffordshire's 137 ironmaking furnaces shut down. Pig iron production fell by one-third in one to one and a half months, and coal production also fell by nearly two levels.
In November 1847, 200 of the 920 cotton textile factories in Lancashire, one of the centres of the British textile industry, ceased operations completely, and the rest mostly started 2-4 days a week. More than 70% of workers are hit by unemployment or semi-employment.
The industrial crisis that broke out in Britain did not attract the attention of Austrian capitalists. Neither the British economic crisis of 1825 nor the economic crisis of 1837 affected Austria.
As a non-industrialized country, even if you want to break out of an industrial crisis, the possibility of an economic crisis is also infinitely low.
Many people have forgotten that Austria is not what it used to be. As a semi-industrialized country, Austria can no longer survive the economic crisis.
The first was the French. After the British economic crisis broke out, in order to weather the crisis, British capitalists began dumping supplies overseas. The French caught off guard became the first victims.
By 1848, France's total industrial production had fallen by 50%.
The German region is no exception, because industrial strength is weak and the impact is even greater.
In the winter of 1847, 3,000 of Klefeld's 8,000 looms were shut down. In the first half of 1848, only three of Cologne's 14 factories were started, and Erfurt's industry was almost wiped out.
The Austrian capitalists cried, and the nobles who wanted to take advantage of the fire also cried. In order to calm down prices, the Vienna government lowered import tariffs, and a large number of cheap British goods came to the face. This really shouted.
In order to drive up prices, money is also required. Facing the dumping of an industrial country, the Austrian capitalists said that they were not fools, and the smart capitalists chose to retreat in the first place.
In January 1848, except for the relatively solid food prices in Vienna, all industrial and commercial products experienced a price collapse. Everyone was diligent in times of crisis. Who cares about others?
The capitalist who runs fast can also use the time difference to stop the loss. The capitalist who runs slowly is directly trapped.
Oversupply, the selling prices of industrial and commercial products in the Vienna market have fallen below their production costs, and capitalists and nobles who have driven up prices have been forced to bear meat.
Everyone knows that the economic crisis is coming. In order to reduce losses, capitalists have begun to lay off workers. More capitalists have suffered heavy losses in this crisis and even closed their factories. The number of unemployed in Vienna has risen sharply.
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