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Great Russian Revolution: financial metamorphosis in 1917 - beginning of 1921

Liberal Arts in Russia. 2017. Vol. 6. No. 5. Pp. 409-416.
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Khaziev R. A.
Bashkir State University
32 Zaki Validi Street, 450076 Ufa, Republic of Bashkortostan, Russia


The author of the article examines the question, why the Bolsheviks calling for the dismantling and destroying of the old financial structures and the creation of a new economic system, that is fair and beneficial to the working masses, not adhered to their own revolutionary rhetoric in practice. Judging by their public statements regarding the nuances of financial and monetary policy, the author shows that the Bolsheviks expressed clear understanding of enormous complexity of implementing the transformations in the financial system compared to carrying out fundamental political changes in society. Construction of the new financial and monetary system in a country devastated by years of war turned out to be extremely difficult. In fact, this task can be executed only after safe and stable spending of considerable time and resources, supported by multinational population and by foreign governments. The Bolsheviks, however, after October 1917 were in a completely different situation. War, deprivation, destroyed infrastructure, famine, and disease forced the Bolsheviks in the financial and monetary area to be much more pragmatic than to follow the ideological doctrines proclaimed regarding the destruction of the monetary circulation in the country. In general, the financial-monetary policy of the new government was made “on the fly” and reflected the parlous financial state of the country and the weakness of the economic ideas of the Bolsheviks who, however, did not guided blindly by the revolutionary ideology when it came to the “power of money”.


  • • Great Russian Revolution
  • • Civil War
  • • war communism
  • • financial policy
  • • Soviet state


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