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.
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