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The Business of Emancipation

The German-Jewish struggle for legal equality and economic prosperity

Second half of the 19th Century: From entrepreneurs to major businesses

The integration of German-speaking lands in central Europe began when Napoleon consolidated principalities, advanced with the creation of the Customs Union (Zollverein) in 1834 and culminated in German unification in 1871, creating a national market with uniform currency and measurements – all of which lowered the cost of doing business. This process fostered the Second Industrial Revolution, a period of rapid industrialization and economic growth that depended on new technologies, including innovations in steel production, the production of electricity, and the creation of synthetic dyes. The German economy flourished for many reasons: German manufacturers could leapfrog over older technologies and adopt the newest production methods; the relationship to banks and capital markets made access to capital easier for German firms than for British or French firms; German politicians were willing to invest more heavily in scientific research, and German entrepreneurs employed professional managers to run their firms.


Against this background of innovative effervescence, Jewish entrepreneurs found that the barriers to entry in new industries were lower, not least because success was measured in terms of quantifiable results – and numbers spoke louder than prejudice. Provided they could find the requisite capital, many Jewish entrepreneurs harnessed the expertise they had developed and expanded into related fields. As a result, many smaller firms developed into large companies with customers spanning the globe.

Family Stories


The Arnhold family of Dresden was a German-Jewish family of prominent bankers – proprietors of one of the leading private banks in Germany – and philanthropists who supported German art, as well as  social and cultural institutions. In 1864, their firm, Gebrüder Arnhold, was founded by Max Arnhold (1845-1908) and his partner Ludwig Philippson. After Philippson left the firm in 1875, Max's brother Georg (1859-1926) took his place. Part of their success derived from their investments in growing industries including brewing, ceramics, electronics, and machinery; they also were part of many supervisory boards related to their investments. Georg became the chairman of the Dresden stock exchange. In 1899, they opened the Braubank, which supported investment in Germany's brewing industry. By 1907, they had a branch in Berlin as well as Dresden.

For more information about Glückel of Hameln see Shared History Project:

  Glückel of Hameln

  Glückel of Hameln

  Glückel of Hameln

  Glückel of Hameln

  Glückel of Hameln

  Glückel of Hameln

Early modern time

Philanthropy and social justice

Late 18th-19th Century

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