This article analyses the transatlantic financial crises of 1873 from the vantage point of the three countries that were most affected by it, Austria, Germany, and the United States, focusing on the experience of economic globalization and disintegration for actors on both sides of the Atlantic. It compares the perception of financial commentators and financiers of the panics in 1873, when the experience of integration was asymmetrical, and more pronounced in Germany and Austria than in the United States. It further argues that this asymmetrical experience of contagion shaped the monetary debates of the 1870s in all three countries. Focusing on the interrelationship and coexistence of experiences of integration and isolation, the article maintains that, despite the panics’ near-synchronicity, financial globalization remained difficult to see.

中文翻译：

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“混在几乎无法解脱的混乱中”：1873 年的恐慌和全球化的经验

本文从受其影响最大的三个国家奥地利、德国和美国的角度分析了 1873 年的跨大西洋金融危机，重点分析了大西洋两岸的经济全球化和解体的经验. 它比较了金融评论员和金融家对 1873 年恐慌的看法，当时一体化的经验是不对称的，在德国和奥地利比在美国更为明显。它进一步认为，这种不对称的传染经验塑造了 1870 年代所有三个国家的货币辩论。本文着眼于融合与孤立经验的相互关系和共存，认为尽管恐慌几乎同步，但金融全球化仍然难以看到。