BAM, BOOM, BUST: ANALYSIS OF A RAILWAY'S PAST, PRESENT, AND FUTURE

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Abstract
The author analyzes, from an international perspective, reasons behind the boom and bust history of the Baykal-Amur Mainline (BAM) railway. BAM, a pet project of Leonid Brezhnev, was viewed by the former Soviet leader as both a lasting legacy to his memory and a means for “quick profit.” Ultimately, the decision to construct the railroad and develop its hinterland reflected a gross misunderstanding of the long-range cyclical nature of resource markets. The likely future of BAM is assessed in light of the fact that BAM will not be a paying proposition until after the year 2000.

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