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.

A must-read financial history for investors navigating today's volatile global markets Following an unprecedented economic boom fed by foreign investment, the Russian Revolution triggered the largest sovereign default in history. In Bankers and Bolsheviks, Hassan Malik tells the story of this boom and bust, chronicling the experiences of leading financiers of the day as they navigated one of the most lucrative yet challenging markets of the first modern age of globalization. He 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. 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.

This ethnographic study examines the role of differing school knowledge in reproducing various social classes in the society. It was observed that an unequal availability of capital resources, agents' class habitus, and the type of their "cultural currency" act as selection mechanisms that clearly favour some social groups over others. The ruling classes ensure the transfer of their power and privilege to their children by providing them with quality education in elite schools. The disadvantaged classes are excluded from these unique institutions by both social and economic sanctions. They have no other option than to educate their children either in public schools or Islamic madaris. As a result, inequitable educational opportunities consolidate the existing social-class hierarchy.