"Panic-Buying": A Historical Perspective about Anticipating Shortages of Essential Items during a Crisis

Shopping carts overflowing with toilet paper – an all too familiar scene during the coronavirus pandemic. But panic-buying is nothing new.

Ö1: A history of panic-buying and hoarding, photo credit: AP
Ö1: A history of panic-buying and hoarding, photo credit: AP

“Panic-buying” has become the signet of the coronavirus pandemic. But where does the term "panic-buying" – in German “Hamstern” - actually come from? Ernst Langthaler (Institute for Social and Economic History at the JKU Linz) answers this question during a radio interview titled in "Betrifft: Geschichte" to be broadcast daily on Radio Ö1 between June 15 and June 19, 2020, from 5:55 to 6:00 p.m. He talks about the transformation of "hoarding and panic-buying" in combat terms pertaining to early critiques about capitalism, as a survival strategy during the world wars and global economic crises, as well as in times of affluence during and after the Cold War. "Hoarding and panic-buying" happens whenever we believe we are facing imminent disaster.