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A new history shows that, despite MarxismÕs rejection of money, the ruble was critical to the Soviet UnionÕs promise of shared prosperity for its citizens. In spite of Karl MarxÕs proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the governmentÕs and the peopleÕs visions for the maturing Communist project. A strong rubleÑone that held real value in workersÕ hands and served as an effective labor incentiveÑwas seen as essential to the economic growth that would rebuild society and realize CommunismÕs promised future of abundance. Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizensÕ personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet governmentÕs achievements in Òraising the peopleÕs material welfareÓ continued to lag behind the WestÕs advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project.
A groundbreaking history of Russia, from empire to the Soviet era, viewed through the lens of its money. Money seems passive, a silent witness to the deeds and misdeeds of its holders, but through its history intimate dramas and grand historical processes can be told. So argues this sweeping narrative of the ruble's story from the time of Catherine the Great to Lenin. The Russian ruble did not enjoy a particularly reputable place among European currencies. Across two hundred years, long periods of financial turmoil were followed by energetic and pragmatic reforms that invariably ended with another collapse. Why did a country with an industrializing economy, solid private property rights, and (until 1918) a near perfect reputation as a rock-solid repayer of its debts stick for such a prolonged period with an inconvertible currency? Why did the Russian gold standard differ from the European model? In answering these questions, Ekaterina Pravilova argues that politics and culture must be considered alongside economic factors. The history of the Russian ruble offers an opportunity to explore the political reasons behind the preservation of a supposedly backward financial system and to show how politicians used monetary reforms to block or enact political transformations. The Ruble is a history of Russia written in the language of money. It shows how economists, landowners, merchants, and peasants understood, perceived, and used financial mechanisms. In her sweeping account, Pravilova interprets the well-known political events of the eighteenth to early twentieth centuries--wars, attempts at constitutional transformations, revolutions--through the ideas and politics of currency reforms and offers a new history of Russia's imperial expansion and collapse.
After the breakup of the USSR, it briefly appeared as though Russia's emerging commercial banks might act as engines of growth for a new capitalist economy. However, despite more than a decade of "reforms," Russia's financial system collapsed in 1998. Why had ambitious efforts to decentralize and liberalize the banking industry failed? In A Fistful of Rubles, Juliet Johnson offers the first comprehensive look at how Russia's banks, once expected to revitalize the nation's economy, instead became one of the largest obstacles to its recovery.Drawing on interviews with Russian bankers, policymakers, and entrepreneurs, Johnson traces the evolution of the banking system from 1987 through the aftermath of the 1998 crash. She describes how dysfunctional institutional procedures left over from the Soviet period hindered the subsequent development of sound financial practices. Johnson argues that these legacies, along with misguided, Western-inspired liberalization policies, led to the creation of parasitic banks for which success depended on political connections rather than on investment strategies. Johnson demonstrates that banking reform efforts ultimately did more harm than good, because Russian officials and their international advisers failed to build the corresponding economic, legal, and political institutions upon which modern market behavior depends.
Text and pictures of the history of the Virginia Robinson Gardens in Beverly Hills, California.
This book traces the history of the U Street neighborhood in Washington, D.C., from its Civil War–era origins to its recent gentrification. Home throughout the years to important scholars, entertainers, and political figures, as well as to historically prominent African American institutions, Washington’s U Street neighborhood is a critical zone of contact between black and white America. Howard University and the Howard Theater are both located there; Duke Ellington grew up in the neighborhood; and diplomat Ralph Bunche, Supreme Court Justice Thurgood Marshall, and medical researcher Charles Drew were all members of the community. This robustly diverse neighborhood included residents of different races and economic classes when it arose during the Civil War. Jim Crow laws came to the District after the Compromise of 1877, and segregation followed in the mid-1880s. Over the next century, U Street emerged as an energetic center of African American life in Washington. The mid-twentieth-century rise of cultural and educational institutions brought with it the establishment of African American middle and elite classes, ironically fostering biases within the black community. Later, with residential desegregation, many of the elites moved on and U Street entered decades of decline, suffered rioting in 1968, but has seen an initially fitful resurgence that has recently taken hold. Blair A. Ruble, a jazz aficionado, prominent urbanist, and longtime resident of Washington, D.C., is uniquely equipped to undertake the history of this culturally important area. His work is a rare instance of original research told in an engaging and compelling voice.