Jump to ContentJump to Main Navigation
Bankers and Bolsheviks$
Users without a subscription are not able to see the full content.

Hassan Malik

Print publication date: 2018

Print ISBN-13: 9780691170169

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691170169.001.0001

Show Summary Details
Page of

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: 24 September 2021

Revolutionary Default

Revolutionary Default

Chapter:
(p.162) 5 Revolutionary Default
Source:
Bankers and Bolsheviks
Author(s):

Hassan Malik

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691170169.003.0005

This chapter focuses on the 1918 Bolshevik default—the largest in history—and the continuation of the financial struggle by the Bolsheviks after the October Revolution from the perspective of both bankers and Bolsheviks. In exploring the drivers of the Bolshevik decision to default, the chapter reveals that the decision was rooted partly in Bolshevik ideology but also shaped by practicalities. Considering the very possible counterfactual scenario that the Bolshevik coup in early November 1917 had failed, it is difficult to imagine a situation whereby the Provisional Government or any successor would have been able to avoid at least a fairly significant default. In this sense, investors holding on to Russian debt before, during, and after the Bolshevik Revolution not only failed to account for political factors, but also failed to remain true to the narrow financial analysis that would have dictated caution even in the absence of a Bolshevik takeover. On the Bolshevik side, the decision to default was not just consistent with the Bolsheviks' previously articulated policies, but—from both a political and economic standpoint—rational.

Keywords:   1918 Bolshevik default, Bolsheviks, Bolshevik ideology, Bolshevik coup, Russian debt, Bolshevik Revolution

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.