Jacob Schiff and the Art of Risk: American Financing of Japan’s War with Russia (1904-1905)

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Jacob Henry Schiff (1847-1920), a German-born American Jewish banker, facilitated critical loans for Japan in the early twentieth century. Working on behalf of the firm of Kuhn, Loeb & Co., Schiff’s assertiveness in favour of Japan separated him from his fellow German Jewish financiers and the banking establishment generally. This book’s analysis differs from the consensus that Schiff funded Japan largely out of enmity towards Russia but rather sought to work with Japan for over thirty years. This was as much a factor in his actions surrounding the Russo-Japanese War (1904-1905) as his concern to thwart Russian antisemitism. Of interest to financial historians alongside Japanese historians and academics of both genres, this book provides a lively and thoroughly researched volume that precisely focuses on Schiff’s mastery of banking.