For Peace and Money
French and British Finance in the Service of Tsars and Commissars
Format:Paperback
Publisher:Oxford University Press Inc
Published:14th Sep '17
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- Hardback£75.00(9780199387816)
From the late imperial period until 1922, the British and French made private and government loans to Russia, making it the foremost international debtor country in pre-World War I Europe. To finance the modernization of industry, the construction of public works projects, the building of railroads, and the development of the military-industrial complex, Russia's ministers of finance, municipal leaders, and nascent manufacturing class turned, time and time again, to foreign capital. From the forging of the Franco-Russian alliance onwards, Russia's needs were met, first and foremost, by France and Great Britain, its allies, and diplomatic partners in the developing Triple Entente. Russia's continued access to those ready lenders ensured that the empire of the Tsars would not be tempted away from its alliance and entente partners. This web of financial and political interdependence affected both foreign policy and domestic society in all three countries. The Russian state was so heavily indebted to its western creditors, rendering those western economies almost prisoners to this debt, that the debtor nation in many ways had the upper hand; the Russian government at times was actually able to dictate policy to its French and British counterparts. Those nations' investing classes-which, in France in particular, spanned not only the upper classes but the middle, rentier class, as well-had such a vast proportion of their savings wrapped up in Russian bonds that any default would have been catastrophic for their own economies. That default came not long after the Bolshevik Revolution brought to power a government who felt no responsibility, whatsoever, for the debts accrued by the tsars for the purpose of oppressing Russia's workers and peasants. The ensuing effect on allied morale, the Anglo-French relationship, and, ultimately, on international relations in the twentieth century, was grim and far-reaching. Jennifer Siegel narrates a classic tale of money and power in the modern era-an age of economic interconnectivity and great power interdependency-involving such figures as Lord Revelstoke, chairman of Baring Brothers, the British and French Rothschild cousins, and Sergei Witte, Russia's authoritative finance minister during much of this age of expansion. For Peace and Money highlights the importance of foreign capital in policymaking on the origins and conduct of World War I.
The empirical richness of For Peace and Money is stunning. Based on dozens of personal, corporate, and state archives located in several countries, its intelligent treatment of the relationship between finance and diplomacy is unlikely to be surpassed anytime soon For Peace and Money is a fine piece of research. Exhaustively researched, fluidly written, and intelligently argued, it opens new dialogues between economic, diplomatic, and global history. Scholars and students in all three fields will find it an invaluable resource. * Faith Hillis, Journal of Modern History *
Jennifer Siegel's new book nicely demonstrates how fundamental financial policy was for the conduct of great power diplomacy before and during World War 1...Siegel's book provides a very readable narrative, and she is at her best scouring the archives for telling quotations from bankers, diplomats, and political leaders, particularly at moments of acute crisis."-Peter Gatrell, Slavic Review
Debt, as Siegel demonstrates, bolstered a tottering system and enabled Russia to operate far beyond its means. Harding's phrase about the need for peace and money, from which the book takes its title, aptly distills the situation. Until war upset a delicate equilibrium, borrowing meant strength not weakness... Besides adding to historical scholarship on diplomacy surrounding World War I, Siegel's lucid, well-informed analysis engages questions relevant to today's concerns. * William Anthony Hay, The American Conservative *
Jennifer Siegel has written a gripping and entirely convincing narrative of the financial struggle that preceded the outbreak of war in 1914, and a fine account of the way in which a weak power used debt to manipulate the diplomacy of the stronger powers. * Harold James, Princeton University *
This is a fascinating and original work on the role of British and French finance in their relations with late-imperial but also early-Soviet Russia. Both diplomatic and financial history are unfashionable among contemporary Western historians: all the more refreshing therefore to read a truly path-breaking work dedicated to this topic. Professor Siegel brings to this study not just much research in a range of Russian and Western archives but also insights derived from her own first-hand experience of the financial world. Anyone interested in not just Russian history but also international relations in the era of the First World War should read this book. * Dominic Lieven, author of Towards the Flame: The End of Tsarist Russia *
Jennifer Siegel's superbly researched and powerfully argued monograph provides an exciting new perspective on the era of the First World War. For Peace and Money illuminates the crucial role played by financial diplomacy in the evolution of the Triple Entente before 1914, in the political dynamics of the Allied cause during the Great War, and in the international effort to rebuild European politics and society after that conflict. Siegel's highly original analysis challenges us to rethink the politics of indebtedness among Great Powers. The result is an ambitious reinterpretation of international relations during this period of profound upheaval and systemic change. * Peter Jackson, author of Beyond the Balance of Power: France and the Politics of National Security in the Era of the First World War *
In this important study, Siegel documents the role played by French and British lenders in underwriting Russia's transformation into a modern industrial and military power before World War I and the allies' financial support of the empire's participation in that conflict. Written in accessible prose and supported by impressive evidence from all three countries, this study reminds readers of the central role of finance in international relations, while showing them that its role is often more ambiguous than they might expect. * David McDonald, University of Wisconsin-Madison *
“As an exercise in diplomatic history, this book deserves great praise, not least for the attempt to broaden the analysis to include international finance.”-Ranald Michie, Journal of British Studies
“Siegel's talent for storytelling broadens the book's appeal, as does her simple explanations of financial instruments and biographies of key actors…. For Peace and Money's telling of Russia's sovereign debt negotiations reveals Russia's role in shaping European diplomatic and financial relationships before, during, and immediately after WWI. The book will interest diplomatic historians, financial historians, and those interested in the Great War.”-Amanda Gregg, Journal of Economic History
“Expertly-framed and very well-researched…. Siegel's book is a delight to read and deserves to reach a wide audience, as it is provocative in a very good way.”-Vincent Barnett, Slavonic and East European Review
“Siegel makes significant new contributions to our understanding of the interrelationship between finance and diplomacy in the processes leading to the outbreak of the Great War and to the Russian Revolution, in the conduct of the war by the Western allies, in their negotiations over the termination of the war, and in the economic and social recovery from the war in Europe…. For Peace and Money will be of great interest to international-relations scholars as well as to financial and diplomatic historians. The subfield of the political economy of peace, war, and security is currently one of the most vibrant areas of research in the field of International Relations.”-Jack S. Levy, H-Diplo Roundtable
“Since the turn towards the 'global' and 'transnational,' historians have been aware of the layers of interdependency across European societies… Siegel's account offers a model of how to integrate the moment of decision-making with this interdependent environment.”-William Mulligan, H-Diplo Roundtable
“[Siegel's] account of the role of bankers in the relationship among the French, British and Russians during the period leading up to World War I provides a striking example of the impact of credit, and efforts on the part of governments to influence the financial market….A valuable contribution for those interested in the financial aspects of World War I.”-Eakernomics
ISBN: 9780190695767
Dimensions: 234mm x 155mm x 23mm
Weight: 481g
326 pages