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.
In his talk, Malik will discuss the key findings from his research, which included extensive work in French banking archives. He will also discuss the relevance of financial history to contemporary investment, drawing on his experience as a practitioner and investment strategist focusing on Emerging Markets and Europe.
“A highly readable tale of one of history’s biggest booms and busts, with valuable perspective for contemporary investors.”
— Emmanuel Roman, CEO, PIMCO
“This is an original and illuminating contribution to a literature that has devoted far more attention to the revolutionaries than to the capitalist system they overthrew.”
— Niall Ferguson, Milbank Senior Fellow, Hoover Institution, Stanford