Bankers and Bolsheviks

International Finance and the Russian Revolution

Hassan Malik

• Publisher: Princeton University Press
• Year: 2018
• Print ISBN:
  9780691202228
  9780691170169
• eBook ISBN:
  9780691185002
• Topic: Economia
• Subtopic: Finanza

Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the worst sovereign default in history. Bankers and Bolsheviks tells the dramatic story of this boom and bust, chronicling the forgotten experiences of leading financiers of the age.

Shedding critical new light on the decision making of the powerful personalities who acted as the gatekeepers of international finance, Hassan Malik narrates how they channeled foreign capital into Russia in the late nineteenth and early twentieth centuries. While economists have long relied on quantitative analysis to grapple with questions relating to the drivers of cross-border capital flows, Malik adopts a historical approach, drawing on banking and government archives in four countries. The book provides rare insights into the thinking of influential figures in world finance as they sought to navigate one of the most challenging and lucrative markets of the first modern age of globalization.

Bankers and Bolsheviks reveals how a complex web of factors—from government interventions to competitive dynamics and cultural influences—drove a large inflow of capital during this tumultuous period in world history. This gripping book demonstrates how the realms of finance and politics—of bankers and Bolsheviks—grew increasingly intertwined, and how investing in Russia became a political act with unforeseen repercussions.

Table of contents

• Cover Page
• Title Page
• Copyright Page
• Dedication Page
• Contents
• Acknowledgments
• Note on Dates, Transliteration and Abbreviations
• Introduction
• 1   Fault Lines: The Witte System and Missed Opportunities
• 2   The Loan That Saved Russia? Reassessing the 5 Percent Russian Government Loan of 1906
• 3   The Interrevolutionary Recovery and Rally
• 4   Investing in the Revolution
• 5   Revolutionary Default
• Conclusion
• Appendix: Rethinking Sovereign Default Rankings
• Notes
• Bibliography
• Index
• A Note on the Type