Hannah Catherine Davies offers a new lens on nineteenth-century globalization by exploring the ways in which the crises of 1873 challenged notions of economic and moral order. She maps the dual "transatlantic speculations": the financial speculation that led to these panics as well as the interpretative speculations that sprouted in their wake. What sense do financial actors make of speculation? This is ultimately the key to understanding financial crises. Ten years after the collapse of Lehman Brothers, Hannah Catherine Davies's penetrating study of the financial panics of 1873 offers much food for thought.