Gründerzeit

Gründerzeit (German pronunciation: [ˈɡʁʏndɐˌtsaɪt], literally: “founders’ period”), also referred to as promoterism, was the economic phase in 19th century Germany and Austria before the great stock market crash of 1873. At this time in Central Europe the age of industrialisation was taking place, whose beginnings were found in the 1840s. No precise time for this period can be given, but in Austria the March Revolution of 1848 is generally accepted as the beginning for economic changes, in contrast to political reforms. In Germany, as a consequence of the large influx of capital resulting from French war reparations from the Franco-Prussian War of 1870–1871, and the subsequent German Unification, there followed an economic boom, giving rise to the description of these years as the “founders’ years.”

These years in Central Europe were a time that citizens increasingly influenced cultural development. This was also the epoch of classical liberalism, even if the political demands of the time were only partially met, and then only in the later period. Industrialisation also posed aesthetic challenges, above all in the fields of architecture and craftsmanship, through development of existing forms, rather than innovation as such.