1855-1894, Economic and Social Developments Flashcards
Who were the two Finance Ministers that oversaw the industrial takeoff?
Vyshnegradsky - 1887-1892
Witte - 1892-1903
Who was the Finance Minister 1862-1878?
Mikhail von Reutern
What were von Reuter’s reforms?
Treasury structure and tax collection reformed. Use of foreign technical experts and capital supported railway expansion.
Oil extraction in Baku in 1871 and developing oilfields in Donetsk in 1872.
What was the average economic growth rate 62-78?
6%/year
What was the Russian economy like 1862-1878?
Weak - 1/3 of all income went into debt repayment and the rouble varied hugely. The limitation of the emancipation edict was that it left 66% of government revenue from indirect taxation, freezing the social hierarchy as it was.
How did coal and crude oil production change under Vyshnegradsky?
Coal doubled and crude oil production increased by 8x.
How did Vysnegradsky try and boost home production?
He put a 30% import tax on goods, this also helped the iron industry and the mechanisation of industry.
Where did he secure a loan from in 1888?
France - this was accompanied by increased taxes and swelling grain exports.
What was the growth of grain export from 1881?
18%, as a share of total exports.
By what year was the BOP in surplus?
1892.
How was the surplus achieved?
Over-requisitioning - ‘we shall not eat, but we shall export’.
How many died during the Great Famine?
350,000 from starvation, typhoid or dysentery.
How did Witte want to curb revolutionary activity?
Economic modernisation - essentially appeasal.
How did Witte modernise the economy?
Protective tariffs, heavy taxation and forced export.
What was Witte’s main focus?
FDI, increased from 98m in 1880 to 280m in 1895.