Between 1867 and 1918, Austria-Hungary, often known as the Austro-Hungarian Empire or the Dual Monarchy, was a constitutional monarchy and a major force in Central Europe, ruled by a constitutional monarchy. It was established as a result of the Austro-Hungarian Compromise of 1867 and disbanded as a result of the Allies' loss in the First World War.
The dual monarchy, which was a genuine union between the Austrian Empire and the Kingdom of Hungary, was at the heart of the empire. One of the three components of the union was the Kingdom of Croatia-Slavonia, a self-governing autonomous area under the Hungarian crown that was instrumental in negotiating the Croatian–Hungarian Settlement in 1868. From 1878 until 1908, Austria-Hungary controlled Bosnia-Herzegovina as a joint venture, which it annexed in 1908. In the nineteenth century, Austria-Hungary was controlled by the House of Habsburg, and it represented the last stage in the constitutional development of the Habsburg Monarchy. The Austro-Hungarian Compromise, which was signed on March 30, 1867, in the aftermath of the Austro-Prussian War, resulted in the formation of the union. Following the reforms of 1867, the Austrian and Hungarian states became equal partners in terms of authority. All other governmental powers were split between the two nations; nonetheless, the two states had similar foreign, military, and finance policies.
A multinational state and one of Europe's great powers at the time, Austria-Hungary was a key player on the world stage. Austria-Hungary is geographically the second-largest nation in Europe after the Russian Empire, with 621,538 km2 (239,977 sq mi) of land area and the third-most populated country in Europe, with a population of 57 million people (after Russia and the German Empire). Empire established the world's fourth-largest machine-building industry, behind only the United States, Germany, and the United Kingdom, as a result of its efforts. Aside from that, Austria-Hungary surpassed both the United States and the German Empire as the third-largest producer and exporter of electric household appliances, electric industrial appliances, and power production equipment for power plants, according to the International Energy Agency.