Conversations with Tyler · October 14, 2026 · 45m 21s

Liaquat Ahamed on Financial Crises, Gold, and the Lessons of 1873

Tyler Cowen interviews economic historian Liaquat Ahamed about his books Lords of Finance and 1873, exploring the puzzle of why the 1873 financial crisis barely dented global growth while 1929 triggered the Great Depression, the role of bimetallism and gold standards, and IMF lessons from Ireland, Pakistan, and the eurozone. Ahamed also reflects on his career path and Ismaili faith.

This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.

Preview

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The 1873 vs. 1929 Conundrum00:01:13

Ahamed explores why the severe deflationary crisis of 1873 did not derail global growth, while the 1929 crash triggered the Great Depression.

Claude ChatGPT Gemini

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Bismarck’s Destruction of Bimetallism00:15:32

Ahamed discusses how Bismarck’s decision to adopt the gold standard for the newly unified Germany helped destroy bimetallism and triggered a global deflation that lasted two decades.

Claude ChatGPT Gemini

4 more ideas, 2 references & all timestamps

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