What name is commonly given to the 1873 Vienna Stock Exchange crash?

The 1873 Vienna Stock Exchange crash is commonly called the Gründerkrach.

The German term Gründerkrach translates roughly as “founders’ crash” or “founders’ bust.” It describes the collapse of speculative enthusiasm in Vienna after a period of rapid company formation, railway expansion, and property investment. The crash occurred on 9 May 1873, a date remembered in German-speaking financial history as Black Friday.

The panic began at the Vienna Stock Exchange and spread through financial markets in central Europe. Many newly created companies had attracted investors despite weak earnings or exaggerated expectations. When confidence broke, share prices fell sharply and numerous firms failed.

The Gründerkrach is closely associated with the broader Panic of 1873, which began in Europe and the United States and preceded the prolonged economic downturn called the Long Depression. The terms are related but not identical: Gründerkrach specifically identifies the Vienna crash, while Panic of 1873 describes the wider international financial crisis.