How Debt Built the British Empire (And Broke It)

In 1845, the British public poured more money into railway shares than the entire annual revenue of Spain. This period, known as "Railway Mania," was not just a transportation revolution; it was the moment that fundamentally changed how wealth is created, moved, and lost.

This video explores the economic history behind the first major technological stock bubble. We analyze how the popularization of the joint-stock company allowed ordinary citizens to speculate on infrastructure, driving share prices to unsustainable highs. You will learn how the mechanics of this 19th-century crash created the blueprint for every modern financial bubble, from the Dot-com era to cryptocurrency.

While thousands of middle-class investors were financially ruined when the market collapsed by 70%, the capital raised during this mania successfully built the infrastructure that powered the Industrial Revolution. This case study reveals the uncomfortable truth about economic progress: sometimes a financial disaster is required to build the future.

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If you’ve ever wondered how money really works, why inflation keeps hitting your wallet, or how empires rose and fell through debt and capital, you’re in the right place.

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