AIII: ECONOMY Flashcards

1
Q

What did Bunge attempt to do?

A

Tried to control expenditure to create financial stability and attract foreign capital.

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2
Q

What was the problem with Bunge’s economic modernisation policies?

A

Problem was a series of budget deficits.

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3
Q

What did Bunge create?

A

Land Banks.

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4
Q

What did Vyshnegradsky increase?

A

Indirect taxation.

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5
Q

What did Vyshnegradsky state about the push for exports?

A

“We must go hungry, but export.”

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6
Q

How high were some of Vyshnegradsky’s tariffs on foreign goods?

A

Some as high as 33%.

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7
Q

What had happened to government income by 1891?

A

Rose by almost 50%.

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8
Q

What was the impact on grain exports under Vyshnegradsky?

A

Increased by 18%.

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9
Q

What else did Vyshnegradsky secure to improve the economy?

A

A series of French Loans in 1888.

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10
Q

What did the Russian budget achieve for the first time? What year?

A

A surplus in 1892.

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11
Q

What cost Vyshnegradsky his job?

A

The famine of 1891-2.

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12
Q

How many of Russia’s provinces were affected by the famine of 1891-2?

A

17 of 39.

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13
Q

How many died as a result of the famine?

A

350,000, weakened by hunger making them more susceptible to disease.

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14
Q

What four policies did Witte continue?

A
  • Protective Tariffs.
  • Heavy Taxation.
  • Forced Exports.
  • Domestic Loans.
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15
Q

What did Witte do to stabilise the currency?

A

Raised interest rates to attract investment.

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16
Q

What was Russia placed on in 1897?

A

The Gold Standard.

17
Q

What did foreign investment in Russia stand at in 1880 compared to 1900?

A

1880: 98 million.
1900: 911 million.

18
Q

What was the nickname for economic growth?

A

The ‘Great Spurt’.