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Original Articles

Calling up the Reserves: Keynes, Tugan-Baranovsky and Russian War Finance

Pages 151-169 | Published online: 01 Jul 2010

References

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  • This article is part of a project on `M.I. Tugan-Baranovsky and the Evolution of Russian Economics, 1890-1919', funded by the ESRC (grant number R000237778). The author would like to express gratitude to the ESRC for its support of research on the history of Russian economic thought, and to the archivists of the Keynes papers for their valuable assistance. Acknowledgement is also due to the First Bursar, King's College, Cambridge, for permission to quote directly from the Keynes papers. Unpublished writings of J.M. Keynes copyright The Provost and Scholars of King's College, Cambridge 2000.
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  • Skidelsky . John Maynard Keynes: The Economist as Saviour 110
  • Temin , Peter . 1989 . Lessons from the Great Depression , 10 Cambridge , MA : MIT .
  • Howson , Susan . 1973 . ` "A Dear Money Man"?: Keynes on Monetary Policy, 1920' . Economic Journal , 83 June : 461 fn. 4
  • Quoted in Skidelsky, John Maynard Keynes: Hopes Betrayed, 1883-1920, p. 337.
  • Keynes , J.M. 1971 . The Economic Consequences of the Peace , 150 London : Macmillan .
  • Fetter , F.W. 1977 . `Lenin, Keynes and Inflation' . Economica , 44 Ibid., pp. 148-149. Whether Lenin ever made a remark about inflation being the surest way to destroy capitalism has been questioned byFetter quoted Lenin in September 1917, arguing that the issue of paper money was the worst kind of compulsory loan that aggravated the condition of workers (p. 78). Thus if Fetter is correct it was Keynes who supported the issue of paper money while Lenin opposed it, at least before the Bolsheviks assumed control of Russia in October
  • Novitzky , V. 1928 . “ `The Russian Gold Reserve Before and During the World and Civil Wars, 1883-1921' ” . In Russian Gold: A Collection of Articles, Newspaper Editorials and Reports, and Statistical Data Regarding the Russian Gold Reserve and Shipments of Soviet Gold 13 Amtorg
  • Ibid., p. 14.
  • Clarke, The Lost Fortune of the Tsars, p. 180.
  • Keynes , J.M. 1930 . Treatise on Money , vol. 2 , 100 London : Macmillan .
  • White, The Russian Revolution, 1917-21, p. 43.
  • Tugan-Baranovsky , M.I. 1915 . “ `Vliyanie voiny na narodnoe khozyaistvo Rossii, Anglii i Germanii' ” . In Voprosy mirovoi voiny , 270 Petrograd : Pravo .
  • M.I. Tugan-Baranovsky, `Bumazhnyya den gi i voina', Rech', no. 16, 17 (30) January 1915, p. 2.
  • Tugan-Baranovsky , M.I. 1915 . “ `Voina i narochnoe khozyaistvo' ” . In Chego zhdet" Rossiya ot" voiny , 7 – 8 . Petrograd : Prometei .
  • Bernatzky, `Monetary Policy', in Russian Public Finance During the War, p. 446.
  • Tugan-Baranovsky, `Voina i narodnoe khozyaistvo', p. 9.
  • Keynes, Indian Currency and Finance, p. 23.
  • Clarke , Peter . 1988 . The Keynesian Revolution in the Making, 1924-36 , 14 Oxford : Clarendon .
  • Keynes, Indian Currency and Finance, p. 19.
  • Burk , Kathleen . 1979 . `J.M. Keynes and the Exchange Rate Crisis of July 1917' . The Economic History Review , 32 : 406
  • Moggridge , D.E. 1992 . Maynard Keynes: An Economist's Biography , 264 London : Routledge .
  • Neilson , Keith . 1984 . Strategy and Supply: The Anglo-Russian Alliance 1914-17 , 23 London : Allen and Unwin .
  • Clarke , William . 1994 . The Lost Fortune of the Tsars , 176 London : Weidenfeld & Nicolson .
  • Keynes , J.M. 1971 . “ `Russia' ” . In The Collected Writings of J.M. Keynes: XVI. Activities 1914-19. The Treasury and Versailles , 68 London : Macmillan .
  • Ibid. p. 72.
  • This account is taken from The Collected Writings of J.M. Keynes: XVI. Activities 1914-19. The Treasury and Versailles, p. 108.
  • Ibid., p. 109.
  • Keynes , J.M. 1923 . A Tract on Monetary Reform , 74 London : Macmillan .
  • Fisher , Irving . 1912 . The Purchasing Power of Money , 159 New York : Macmillan .
  • Keynes , J.M. 1940 . How to Pay for the War , 72 London : Macmillan .
  • Katzenellenbaum , S.S. 1925 . Russian Currency and Banking, 1914-24 , 76 London : King & Son .
  • Keynes , J.M. “ `Note on the Finance of Russia' ” . In The Collected Writings of J.M. Keynes: XVI. Activities 1914-19 , 129 – 130 . The Treasury and Versailles .
  • Bark , P.L. 1924 . `Finansovye soveshchaniya soyuznikov vo vremya voiny' . Krasnyi arkhiv , 5 : 52 Bark did not mention Keynes in this document
  • Neilson, Strategy and Supply, p. 55.
  • Apostol , Paul . 1928 . “ `Credit Operations' ” . In Russian Public Finance During the War , 308 New Haven : Yale University Press .
  • Bark, `Finansovye soveshchaniya soyuznikov vo vremya voiny', p. 51.
  • Sidorov , A.L. 1960 . Finansovoe polozhenie Rossii v gody pervoi mirovoi voiny , 551 Moscow : AN SSSR .
  • Clarke. The Lost Fortune of the Tsars, p. 179.
  • Bark , P.L. 1924 . `O finansovykh soglasheniyakh, zaklyuchennykh s Angliiskim i Frantsuzskim ministrami finansov i s upravlyayusbchim Angliiskim bankom' . Krasnyi arkhiv. , 5 : 66
  • Sidorov, Finansovoe polozhenie Rossii v gody pervoi mirovoi voiny, p. 170.
  • Apostol, `Credit Operations', in Russian Public Finance During the War, p. 303.
  • P.L. Bark, `O peregovorakh ministra finansov v Parizhe i Londone v iyune i iyule 1916 goda', Krasnyi arkhiv, 1924, 5, p. 76.
  • Sidorov, Finansovoe polozhenie Rossii v gody pervoi mirovoi voiny, p. 166. Sidorov suggested that the transfer of gold overseas was intended as a measure to actually support the exchange rate of the ruble, as it facilitated the granting of foreign credit. If so it was not very successful, as the ruble had declined to around half its prewar level in relation to foreign currency by spring 1917, falling to 28% of its prewar level by October 1917 (pp. 167-168).
  • Moggridge, Maynard Keynes: An Economist's Biography, p. 265.
  • Leites , K. 1922 . Recent Economic Developments in Russia , 12 – 13 . Oxford : Clarendon Press .
  • Mezhdunarodnye omosheniya v epokhe imperializma, series III, vol. 9, p. 352.
  • Neilson, Strategy and Supply, p. 56.
  • 1938 . War Memoirs of David Lloyd George , vol. 1 , 410 London : Odhams . Many commentators have disagreed with Lloyd George's evaluation of Keynes
  • Sidorov, Finansovoe polozhenie Rossii v gody pervoi mirovoi voiny, p. 248.
  • Skidelsky , Robert . 1983 . John Maynard Keynes: Hopes Betrayed, 1883-1920 , 330 London : Macmillan .
  • Moggridge, Maynard Keynes: An Economist's Biography, p. 265.
  • Dimsdale, `The Finance of the First World War', pp. 149-150.
  • Keynes , J.M. “ `Note on the Financial Arrangements between the UK and the Allies' ” . In The Collected Writings of J. M. Keynes: XVI. Activities 1914-19. The Treasury and Versailles 230
  • Barnett , Vincent . 2000 . `Tugan-Baranovskii' s vision of an international socialist economy' . European Journal of the History of Economic Thought , 7 ( 1 ) Spring : 115 – 136 . In 1917 Tugan-Baranovsky was also designing a system of economic planning for socialism. See
  • Tugan-Baranovsky , M.I. 1917 . “ `Voennye zaimy v teoreticheskom osveshchenii' ” . In Voennye zaimy: sbornik statei , 5 Petrograd : Pravda . This volume was written at the end of 1916 and was published by the All-Russian Committee for the Social Promotion of War Loans
  • Sidorov, Finansovoe polozhenie Rossii v gody pervoi mirovoi voiny, pp. 125 and 133.
  • Tugan-Baranovsky, `Voennye zaimy v teoreticheskom osveshchenii', p. 22.
  • Ibid., p. 25.
  • Tugan-Baranovsky , M.I. 1917 . Bumazhnyya den' gi i metall' , 158 Petrograd : Pravda .
  • Quoted in Skidalsky, John Maynard Keynes: Hopes Betrayed 1883-1920, p. 307.
  • Apostol, `Credit Operations', in Russian Public Finance During the War, p. 252.
  • John Milton Cooper, `The Command of Gold Reversed: American Loans to Britain, 1915-17', Pacific Historical Review, XLV, 1976, p. 220.
  • J.M. Keynes, `The Financial Dependence of the UK on the USA', in The Collected Writings of J.M. Keynes: XVI. Activities 1914-19. The Treasury and Versailles, p. 197.
  • Seabourne , Teresa . 1986 . “ `The Summer of 1914' ” . In Financial Crises and the World Banking System , Edited by: Capie , Forest and Wood , Geoffrey . 92 London : Macmillan .
  • Keynes , J.M. 1931 . Report of the Committee of Finance and Industry , 122 London : His Majesty's Stationery Office .
  • Flanders, International Monetary Economics, 1870-1960, p. 90.
  • von Laue , Theodore . 1974 . Sergei Witte and the Industrialization of Russia , 300 New York : Atheneum .
  • Gatrell , Peter . 1994 . Government, Industry and Rearmament in Russia, 1900-14 , 327 – 329 . Cambridge : CUP .
  • Barnett , Vincent . 1998 . Kondratiev and the Dynamics of Economic Development , 101 – 103 . London : Macmillan . Keynes's visit to Russia in 1928 is briefly discussed in
  • Skidelsky , Robert . 1992 . John Maynard Keynes: The Economist as Saviour, 1920-37 , 109 London : Macmillan .

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