Investing in Turmoil: Russia before the 1917 Revolution

This chapter explores the challenges and dynamics of foreign investment in Russia leading up to the 1917 revolution, highlighting investor frustrations with the Tsarist regime's bureaucracy and rule of law. It analyzes the complexities of Russia's debt crisis during this period, including the Bolsheviks' repudiation of debt and its impact on both the economy and foreign investors. The discussion draws parallels between historical and contemporary sovereign debt issues, emphasizing the critical interplay between politics and finance in emerging markets.