FIN-DE-SIECLE CULTURE IN VIENNA AROUND 1900

  

Vienna Secession, architect: Joseph Maria Olbrich 1898

In most fields of intellectual activity, the early 20th century Europe proudly asserted its independence of the past. The modern mind was growing indifferent to history because history, conceived as a continuous nourishing tradition, seemed useless to it. The sharp break from the tie with the past could be seen as involving generational rebellion against parents and a search for new self-definitions. Emergent “modernism” tended to take the specific form of a “reshuffling of the self”. Here historical change not only forced upon the individual a search for a new identity, but also imposesd upon whole social groups the task of revising or replacing defunct belief systems. The attempt to shake off the shackles of history paradoxically speeded up the process of history, for indifference to any relationship with the past liberates the imagination to proliferate new forms and new constructs. Thus complex changes appeared where once continuity reigned. Vienna around 1900 with its acutely felt tremors of social and political disintegration, proved one of the most fertile breeding grounds of the 20th century’s a-historical culture. Its great intellectual innovators – in music, art and philosophy, in economics and architecture, and, of course, in psychoanalysis – all broke, more or less deliberately, their ties to the historical outlook central to the 19th century liberal culture in which they had been reared. This secession from liberalism grasped a social-psychological reality that the liberals could not see. This intellectual development in Vienna constituted part of the wider cultural revolution that ushered in the 20th century.

 

The era of political ascendancy of the liberal middle class in Austria began later than elsewhere in Western Europe and entered earlier than elsewhere into a deep crisis. Actual constitutional government lasted only about four decades before its defeat and the whole process took place in a temporal compression unknown elsewhere in Europe. In France this process gradually started in 1848 and lasted until World War I, in Austria however modern movements appeared in most fields in the 1890s and were fully matured two decades later. Thus the growth of a new culture seemed to take place as in a hothouse, with political crisis providing the heat. Austria became, as the poet Hebbel, said “the little world in which the big one holds its try-outs.” In Vienna, contrary to Paris, London or Berlin, until about 1900 the cohesiveness of the whole social elite was very strong. The salon and the cafe retained their vitality as institutions where intellectuals of different kinds shared ideas and values with each other and still mingled with a business and professional elite proud of its humanistic education and artistic culture. The development of an avant-garde subculture, detached from the political and social values of the upper middle class, came later in Vienna, though it was perhaps swifter and more self-confident. Most of the pioneering generation of culture-makers were alienated along with their class in its exclusion from political power, not against it as a ruling class. Only in the last decade before World War I does there appear alienation of the intellectual from the whole society.

THE VIENNA STOCK EXCHANGE

The Vienna Stock Exchange. Architect: Theophil Hansen, 1874-1877

The Vienna Stock Exchange was founded in 1771 by Empress Maria Theresia as one of the first stock exchanges in the world. Gradually the Vienna Stock Exchange developed into the central capital market of the Habsburg Empire. Originally only government bonds and currencies were traded and the building was open to the public. On some days up to 2,000 people were present. In 1818 The Austrian central bank was the first public limited company that was quoted on the Vienna Stock Exchange. Due to the industrialisation and economic boom in the Habsburg Empire in the course of the 19th century the stock exchange gradually gained international reputation. Consequently a host of companies issued shares there. Due to the empire’s liberal economic policies in the second half of the 19th century unfortunately several unstable businesses were financed via a share issue there, which led to a wave of speculation that culminated in the stock exchange crash of 9th May 1873. In the course of this stock exchange break down nearly half of the public limited companies quoted there disappeared. The recovery took a long time and in the meantime trade was mainly in government bonds. That was the return of the big banks as the main financiers of enterprises. These banks also dominated the capital market and stock exchange trading. Trade on the Vienna Stock Exchange started to pick up once more so that new regulation was needed to. In 1875 the third Stock Exchange Law was passed that guaranteed the complete independence of the Vienna Stock Exchange. Finally in 1877 the new building for the Vienna Stock Exchange was opened, designed by one of the famous architects of the “Ringstrasse”, Theophil Hansen. During this time of consolidation rich financiers dominated the trade in shares there and the bond market was the “playground” of the “privatiers”, the well-to-do upper middle class. During the First World War the Vienna Stock Exchange was closed. At the end of 1919 the trading floors were opened to the public again and immediately experienced a boom which ended in a crash in March 1924. In the following years the shocks of the Great Depression of 1929 greatly hampered trading there. The bankruptcy of banks and the plunge of share prices affected the trade on the Vienna Stock Exchange and the number of visitors declined drastically. Interestingly enough, the New York Stock Exchange crash in October 1929, in fact, had no direct consequences for Vienna.…