International Finance and the First World War in the East

The two things I’m working on right now are:

  1. Non-state actors and the First World War contest over areas of the near eastern empires — Hapsburg, Ottoman and Russian competition over the Balkans, Galicia, the Caucasus, Central Asia (“the Great Game”), the Adriatic Sea, the Black Sea and the Turkish Straits; and
  2. International financial and monetary economics in the late Long Nineteenth Century, namely from the late 1880s to the turn of the century. Specifically I am researching on a Master’s thesis on the classical gold standard, the Goschen Conversion, British international investment, “the economic taproot of imperialism”, the Long Depression of 1873-1896, the Baring Crisis, the U.S. Panic of 1893, the depression of the 1890s and the Morgan-Belmont Syndicate of 1895.

Do these have anything to do with one another beyond chronological adjacency? My interests here have been partly inspired by a few observations made by Samuel R. Williamson, Jr. at a Wilson Center discussion (July 1914: Revisited and Revised—or The End of the German Paradigm, Woodrow Wilson International Center for Scholars, Washington, D.C., 19 March 2012). In an answer (to a question posed by one of my advisors) during the question and answer period, he said, “The financial thing is one of those subtexts that needs to be studied” (at 1:09:31). Then in his concluding remarks he spent some time looking ahead, assessing what about the origin of the First World War remained understudied, returning to the issue of finance:

As we were talking about the financial thing, I was thinking about an injunction I was given in 1962 on the way to England by Ernest May, Sam Wells and my mentor, which was, “Look for the finance papers. You’ll find that’s what you need to be looking for. Look for the finance papers.” Well, I didn’t find the finance papers, but I found a lot of other good stuff. But the finance papers, there’s some real loads of stuff that are going to change the way people look at this and about the interaction. What’s interesting is, is whether many of the banks will not have destroyed this simply over the course of passage of time. The banks, just like about everybody else, prunes papers. And so this may be one of the things we will never know as much as we want to know about, but it’s an important subtext for the future. (at 1:22:10)

In this regard there are two research projects in progress that I can hardly wait to get my hands on:

  1. The first is that of Jennifer Siegel, an Associate Professor of modern European diplomatic and military history in the Department of History at Ohio State University. Her dissertation, completed at Yale University under the guidance of Paul Kennedy was published as Endgame: Britain, Russia and the Final Struggle for Central Asia (I.B. Tauris, 2002). She is currently working on a book to be titled For Peace and Money: International Finance and the Making and Unmaking of the Triple Entente, which will be “…an exploration of British and French private and government bank loans to Russia in the late imperial period up to the Genoa Conference of 1922…”
  2. The second is history doctoral candidate Hassan Malik’s dissertation, Bankers and Bolsheviks: International Finance and the Russian Revolution, 1880-1930, to be completed this year at Harvard under the supervision of Niall Ferguson. A longer description of what his dissertation will deal with can be found at the Social Science Research Council Dissertation Development Fellow page for his project. His twitter feed is here.

From these two projects, it seems that Professor Williamson’s assessment that finance remains one of the fecund future areas of research on the First World War era is an astute one (presumably it’s based on his finger on the pulse of research underway, not just proscription or surmise).

As long as I’m on the topic, I may also mention a third, related work that I am on watch for. In the new Preface to the 2010 reissue of Feroz Ahmad’s The Young Turks: The Committee of Union and Progress in Turkish Politics, 1908-1914 he writes that he is working on a sequel to cover the war years. His faculty page at T.C. Yeditepe Üniversitesi also lists a work, Turkey and the First World War, 1914-1918 as forthcoming. There have been a few recent books on the role of the Ottoman Empire in the First World War, but one by Feroz Ahmad could be the most significant of the crop.

For a student such as myself, the next few years are on a course to be promising ones.

Update, 19 May 2013: And Sean McMeekin’s forthcoming book on the Russian Revolution of 1917 will focus heavily on financial aspects as well.

Update, 26 March 2015: Jennifer Siegel’s For Peace and Money: French and British Finance in the Service of Tsars and Commissars was published by Oxford University Press in December of 2014. According to his page at Harvard, Hassan Malik’s Bankers and Bolsheviks: International Finance and the Russian Revolution, 1892-1922 is under contract to be published by Princeton University Press in 2016.

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