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As the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency. Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds. The international community would aid in establishing the currency board by providing the initial reserves. Early supplies of this new Russian currency would be distributed free to Russian citizens. The authors give detailed explanations of how the currency board could be established and how it would work.
As the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency. Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds. The international community would aid in establishing the currency board by providing the initial reserves. Early supplies of this new Russian currency would be distributed free to Russian citizens. The authors give detailed explanations of how the currency board could be established and how it would work.
During the Russian Revolution and the ensuing Civil War, more than twenty thousand kinds of banknotes were used throughout the vast expanse of the former Russian Empire. At that time, money was issued not only by the official authorities, such as the Imperial Government, the Provisional Government, and, later, the Bolshevik Government, but also by Generals Denikin, Wrangel, and Yudenich, Admiral Kolchak, Atamans Semyonov and Petliura, Hetman Skoropadskyi, and many other great and small rulers of Russia. Russian money was manufactured in Great Britain, Germany, Sweden, and the United States. To some degree, money served as a manifesto of the issuing government, reflected in the various symbols depicted on the banknotes. Using new archival data, this book expands and, in a number of cases, revises the well-established view of the daily life of people during the Revolution, and dispels the settled myth about how the natural economy prevailed in the years of the Russian Civil War. The book presents unique illustrations taken from the author’s private collection: the “Romanov” banknotes; postage stamps used as currency; “Duma” money; and 1917 banknotes known as “kerenkies”, “morzhovkies”, “tchaikovkies”, “Northern rubles”, “krylatkies”, “rodzyankies”, “the Don rubles”, and “kolchakovkies”. Some of these banknote designs were made by well-known Russian artists, such as Ivan Bilibin, Sergey Chekhonin, and Georgy Narbut. The book is addressed to historians, economists, and all readers interested in Russian history and economy.
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.
When Vladimir Putin first took power in 1999, he was a little-known figure ruling a country that was reeling from a decade and a half of crisis. In the years since, he has reestablished Russia as a great power. How did he do it? What principles have guided Putin's economic policies? What patterns can be discerned? In this new analysis of Putin's Russia, Chris Miller examines its economic policy and the tools Russia's elite have used to achieve its goals. Miller argues that despite Russia's corruption, cronyism, and overdependence on oil as an economic driver, Putin's economic strategy has been surprisingly successful. Explaining the economic policies that underwrote Putin's two-decades-long rule, Miller shows how, at every juncture, Putinomics has served Putin's needs by guaranteeing economic stability and supporting his accumulation of power. Even in the face of Western financial sanctions and low oil prices, Putin has never been more relevant on the world stage.
At once a financial caper, an international adventure, and a passionate plea for justice, Freezing Order is a stirring morality tale about how one man can take on one of the most dangerous and ruthless villains in the world.
Freezing Order, the follow-up to Red Notice, is available now! “[Red Notice] does for investing in Russia and the former Soviet Union what Liar’s Poker did for our understanding of Salomon Brothers, Wall Street, and the mortgage-backed securities business in the 1980s. Browder’s business saga meshes well with the story of corruption and murder in Vladimir Putin’s Russia, making Red Notice an early candidate for any list of the year’s best books” (Fortune). “Part John Grisham-like thriller, part business and political memoir.” —The New York Times This is a story about an accidental activist. Bill Browder started out his adult life as the Wall Street maverick whose instincts led him to Russia just after the breakup of the Soviet Union, where he made his fortune. Along the way he exposed corruption, and when he did, he barely escaped with his life. His Russian lawyer Sergei Magnitsky wasn’t so lucky: he ended up in jail, where he was tortured to death. That changed Browder forever. He saw the murderous heart of the Putin regime and has spent the last half decade on a campaign to expose it. Because of that, he became Putin’s number one enemy, especially after Browder succeeded in having a law passed in the United States—The Magnitsky Act—that punishes a list of Russians implicated in the lawyer’s murder. Putin famously retaliated with a law that bans Americans from adopting Russian orphans. A financial caper, a crime thriller, and a political crusade, Red Notice is the story of one man taking on overpowering odds to change the world, and also the story of how, without intending to, he found meaning in his life.