▁be ▁acc red ited , ▁for ▁the ▁most ▁part , ▁to ▁a ▁period ▁of ▁on going ▁war , ▁beginning ▁in ▁ 1 8 4 8 ▁and ▁ending ▁in ▁ 1 8 6 6 ▁with ▁the ▁H abs burg s ' ▁defeat ▁by ▁Pr uss ia . ▁This ▁period ▁of ▁war , ▁and ▁a ▁mount ing ▁budget ▁def ic it , ▁took ▁resources ▁away ▁from ▁private ▁industry , ▁which ▁disc ou rag ed ▁industrial ▁growth . ▁This ▁factor ▁eventually ▁brought ▁the ▁economy ▁to ▁a ▁halt ▁in ▁the ▁years ▁after ▁ 1 8 5 5 . ▁ ▁The ▁H abs burg s ' ▁wars ▁in ▁the ▁mid ▁ 1 9 th ▁century ▁caused ▁considerable ▁economic ▁back ward ness ▁through ▁the ▁rest ▁of ▁the ▁ 1 9 th ▁century . ▁As ▁other ▁European ▁econom ies ▁had ▁grown ▁from ▁the ▁ 1 8 5 0 s ▁on , ▁the ▁H abs burg s ' ▁had ▁shr unk , ▁a ▁consequence ▁of ▁the ▁H abs burg s ' ▁continu ing ▁wars ▁and ▁Eastern ▁Europe ' s ▁continu ing ▁neutral ity . ▁ ▁See ▁Also ▁ ▁Econom y ▁of ▁Austria - H ung ary ▁ ▁References ▁ ▁" C zech ▁Republic ▁( Arch ived ▁ 2 0 0 9 - 1 0 - 3 1 ), " ▁Microsoft ▁Enc arta ▁Online ▁Encyclopedia ▁ 2 0 0 7 . ▁ ▁Econom ic ▁G row th ▁and ▁Econom ic ▁Policy ▁in ▁a ▁Multi - National ▁Setting : ▁The ▁H abs burg ▁Mon archy , ▁ 1 8 4 1 – 1