The economic crisis of the late 19th Century is considered to be the first cyclical crisis of the capitalist economy. The first symptoms of the crisis were financial failures in the Austro-Hungarian capital, Vienna, which spread to the rest of Europe and to North America by 1873. It was one of a series of economic crises in the 19th and early 20th centuries. In Britain, the result was two decades of stagnation known as the "Long Depression", which weakened Britain's economic leadership in the world. This depression was known as the "Great Depression" until the 1930s. The stock market crash on October 29,1929 – know as Black Tuesday- was the starting date of another severe economic downturn, which affected countries worldwide. Although the causes of the Great Depression seem similar to the late 2007-2008 crisis some significant differences exist.
This workshop will focus on the impact of financial crises on savings and savings banks , drawing parallels and establishing the differences with the current recession. The presentations will provide historical perspectives on savings behaviour and savings institutions in the aftermath of financial crises and draw lessons for the current policy debate following the actual financial and economic crisis. The speakers are recognised experts in financial and banking history and the presentations will be followed by a Q & A sessions on financial crises past and present.