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Bankers and Bolsheviks$
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Hassan Malik

Print publication date: 2018

Print ISBN-13: 9780691170169

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691170169.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 18 September 2021

The Interrevolutionary Recovery and Rally

The Interrevolutionary Recovery and Rally

Chapter:
(p.85) 3 The Interrevolutionary Recovery and Rally
Source:
Bankers and Bolsheviks
Author(s):

Hassan Malik

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691170169.003.0003

This chapter explores Russia's rapid recovery from the strains of revolution and war, and the impact of its return to war in 1914. It argues that this interrevolutionary rally is a striking and curious phenomenon that flies in the face of existing theories that suggest political instability and violence are bad for markets. In exploring the archival record, the chapter shows that investor perceptions of improvements in the real economy, a geopolitical realignment, and factors operating at the level of financial gatekeepers all contributed to the interrevolutionary rally. Yet despite the improving economic indicators and rising security prices, Russia's economy and financial system became increasingly fragile in the decade from 1906 to 1916. Paradoxically, were it not for the fiscal stimulus provided by the armaments buildup that preceded the First World War and the outbreak of the war itself, the Tsarist regime could have faced a potentially disastrous financial crisis in 1913–14.

Keywords:   interrevolutionary rally, political instability, violence, Russian financial system, Russian economy, armaments buildup, First World War

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