I just finished reading Liaquat Ahamed’s new book, 1873. It is excellent. The book examines the global financial crisis of 1873 and its aftermath, especially the role of railroads, international bond markets, deflation, and the debate over bimetallism. I found the period especially fascinating because I had read less about it than about other eras of world history. The discussion of railroads struck me as resonant with the current AI boom–a transformative technology that nonetheless attracted numerous hucksters and left some people with large losses.
