{'fraction_non_alphanumeric': 0.024429967426710098, 'fraction_numerical': 0.012214983713355049, 'mean_word_length': 5.145, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Calling up the Reserves: Keynes, Tugan-Baranovsky and Russian War Finance

JOHN MAYNARD KEYNES (1883-1946) HAS BEEN KNOWN in popular consciousness as the economist who 'rescued' capitalism from the Great Depression of the 1930s-and possibly a fate far worse than this-by proposing that governments should demandmanage their way out of economic trouble.3 The theoretical rationale for this was that a less-than-full employment equilibrium existed which was not automatically self-correcting, and that only government spending could provide the necessary stimulus to full employment.4 Keynes's status as one of the greatest and most influential economists of all time is of course beyond question, but dispute still rages about the exact significance of his work for both economics and history.5 While the literature on Keynes, both theoretical and historical, is vast, one area of his activities has remained relatively under-investigated: his work in relation to Russia and the USSR. It is the purpose of this article to investigate a specific aspect of Keynes's Russian connection, his advice on the financing of World War I, and to provide some contextual analysis of his activities in this area. As Austin Robinson explained: