When he was arrested in September 1923 A. M. Krasnoshchekov was founder and chair of the directorate of the highly successful Bank of Industry and Trade (Prombank). A Communist, Krasnoshchekov was well known in Russia and abroad, not least because he was former President of the Far East Republic. When arrested he was charged with corruption, abuse of authority, isolation from the proletariat, and other violations of «Communist ethics». The following March he became the first prominent Communist to be put through a show trial. This article examines the arrest and trial of Krasnoshchekov from a number of perspectives in order both to shed light on the case itself and on the broader political environment of the early NEP period. The first part of the article, published in this issue, first discusses the historiography of Soviet show trials. Krasnoshchekov’s case has been overlooked, despite widespread publicity at the time, but it deserves attention as the first show trial of an important Communist official, one whose career had been advanced by Lenin himself. Then the question of the regime’s economic policy is addressed. In this regard, the turn toward stronger party control over the economy in 1923 may have been a factor in the downfall of the highly independent head of Prombank. The last section in this part peers into the «trenches» at Prombank, illuminating how the «class struggle» between Communist agents and Prombank’s leadership unfolded.

This is Part II of an article on the 1924 show trial of A.M.Krasnoshchekov, head of the Bank of Industry and Trade (Prombank). This part compares Krasnoshchekov’s punishment to that meted out to others accused of similar offenses and discusses what is known about the lifestyles of members of the new Communist elite. The article then considers why Krasnoshchekov was singled out for harsh treatment. Five scales of causation are considered: personal qualities and relationships, the conflict inside Prombank, inter-institutional rivalries, the needs of the country’s ruling elite, and the broad issue of how to construct socialism. The last factor is especially important – Krasnoshchekov’s alternative «new economic policy» deserves recognition as a «road not taken», one that was fundamentally different from «socialism in one country».