Gründerzeit (Age of Promotorism): period between 1850 and 1914, in which the Austro-Hungarian monarchy underwent several phases of economic modernisation, including the industrialisation of various regions (Vienna and surrounding area, the Sudetenland (in today´s Czech Republic), northern Styria, Vorarlberg) and the construction of railway lines throughout the country. A first climax was reached in the period between 1867 and the stock-market crash of 1873. In the spirit of Liberalism, society promoted unhindered economic growth and numerous banks and factories were established, mainly in the form of joint-stock companies. After the periods of economic recovery between1879-1883 and 1886-1890, a new boom set in 1896, with improved technologies and new products (machine construction, chemical and electrical engineering), which lasted until 1914. Many buildings for cultural and educational purposes were erected in those years, and urban landscapes and expansion patterns (especially the Vienna suburbs) changed dramatically in short periods of time. The era, however, was also characterised by social problems which had previously been unknown in Austria.
Literature: H. Matis, Grundzüge der österreichischen Wirtschaftsentwicklung 1848-1914, in: Innere Staatsbildung und gesamte Modernisierung, 1991.