SUBMARINE TELEGRAPHS, TELEGRAPH NEWS, AND THE GLOBAL FINANCIAL CRISIS OF 1873

Dwayne Winseck

Journal of Cultural Economy, 2012, vol. 5, issue 2, 197-212

Abstract: The development of submarine telegraph systems and telegraph news -- the global media of their time -- in the late-nineteenth century deserve study for many reasons, not least because they were front and centre in the global financial crisis of 1873 and fit the criteria used to define speculative bubbles remarkably well. The sharp leap in the amount of capital investment and the boom in submarine telegraph construction from 1869 to 1875 are two indicators of this. The sharp rise in the share prices of submarine cable firms and their sky-high capitalization levels are others. Newspaper coverage of the industry also seemed to rise and fall in lock-step fashion with the fortunes of the industry. Ultimately, the main point of this paper is that the media's relationship to financial crises deserves far more scholarly attention than it has so far received.

Date: 2012
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DOI: 10.1080/17530350.2012.660790

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