Professor M.V Bernatsky and his financial policy under the conditions of the revolution and the civil war

The article analyzes the key principles of the theoretical justification of the financial policy performed by General A.I. Denikin’s and General P.N. Wrangel’s governments. The authors point out that the economic history of the White Movement, in general, and the financial records of the “White” governments in the south of Russia, in particular, have not been sufficiently studied. The article is centered on the role of M.V. Bernatsky, a Russian economist, researcher and statesman, in shaping and implementing the financial policy of the “White” governments in the south of Russia as he headed the Financial department. The research is largely based on archival documents and periodical press. The authors characterize the main stages of Bernatsky’s governmental activities as he performed financial policy in the south of Russia dominated by the White movement. The article reveals his understanding of the role played by the private capital in providing the stability of state finances of the White Movement. Also, Bernatsky’s attitude towards the financial institutions and financial policies of the Cossack governments are identified as well as his views on state regulation in the financial sphere under the conditions of the Russian Civil War. This underlay his specific solutions at micro- and macroeconomic levels. The article highlights the causes why Bernatsky took efforts increasing state regulation of the monetary market, credit policy and budget rules as the Civil War continued, sharpening the economic crisis. It is concluded that M.V. Bernatsky implemented measures that were synchronous in time, but different in their content. He committed himself to tackling a huge number of financial problems related to the daily routine of the “White” front and rear, mostly, at the microeconomic level.