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At the same time this era is known as the period of the “Great Depression”, because there was a great decline in prices, profits, and employment, which affected different classes in the society, mainly the aristocracy, who used to blame the liberalism for the economic problems after the loss of their old privileges; and the comfortably-off middle class that saw their yield from investment in bonds much smaller, after the lower interest rates.
The key reason for these changes was the shift of the economy in 1870 from an agrarian base to an industrial one and the bigger competition between producers within Europe and with the foreign, because with better and cheap transports, products could easily reach Europe and compete with national goods; the prices of raw materials and food begin to fall relatively to manufacturing prices...
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