Histories of Capitalism in East-Central Europe: The Place of Austro-Hungarian Business Elites in the Histories of the 'Long First World War'

• In Event: Histories of Capitalism in East-Central Europe

Abstract

 
Mate Rigo
 
The European University Institute
 
            How can the study of economic elites and histories of capitalism be integrated into mainstream social and cultural histories of early-twentieth-century East-Central Europe? 
Through the examples of Austro-Hungarian economic elites, based in Transylvania and mainland Hungary, this paper identifies three possible contributions.
             First, the maneuvering of business elites during and after the First World War shows to what extent and when ethnic nationalism is relevant when trying to make sense of business relations. When did industrialists and bankers play by the rules of nationalist activists and when did they pursue separate agendas?
            Second, the study of business elites points to instances when industrialists and bankers effectively influenced imperial and state policies, and when they were buried under an avalanche of unexpected political and military events. Which industries and industrialists profited from the war and which were the ones that went bankrupt? How did economic expansion plans and practices on occupied Southeastern and Eastern European territories change domestic policies? 
            Finally, the remarkable persistence of some corporations and family businesses through the 1910s and 1920s impacts our understanding of the economic and institutional legacies of Austria-Hungary in the interwar period. Whereas the Monarchy collapsed in 1918, it left behind a lively network of commercial and financial routes and a plethora of relations among corporations in various successor states. This paper examines why the First World War that led to the demise of Austria-Hungary paradoxically contributed to the strengthening of some of the monarchy’s economic elites, and how that impacted the interwar history of East-Central Europe. During the last phase of the “Long First World War,” for instance, when the Monarchy’s administration collapsed, some corporations acted like states by providing various services to the population.

Author

• Mate Rigo, Yale-NUS College