AIII: ECONOMY Flashcards
What did Bunge attempt to do?
Tried to control expenditure to create financial stability and attract foreign capital.
What was the problem with Bunge’s economic modernisation policies?
Problem was a series of budget deficits.
What did Bunge create?
Land Banks.
What did Vyshnegradsky increase?
Indirect taxation.
What did Vyshnegradsky state about the push for exports?
“We must go hungry, but export.”
How high were some of Vyshnegradsky’s tariffs on foreign goods?
Some as high as 33%.
What had happened to government income by 1891?
Rose by almost 50%.
What was the impact on grain exports under Vyshnegradsky?
Increased by 18%.
What else did Vyshnegradsky secure to improve the economy?
A series of French Loans in 1888.
What did the Russian budget achieve for the first time? What year?
A surplus in 1892.
What cost Vyshnegradsky his job?
The famine of 1891-2.
How many of Russia’s provinces were affected by the famine of 1891-2?
17 of 39.
How many died as a result of the famine?
350,000, weakened by hunger making them more susceptible to disease.
What four policies did Witte continue?
- Protective Tariffs.
- Heavy Taxation.
- Forced Exports.
- Domestic Loans.
What did Witte do to stabilise the currency?
Raised interest rates to attract investment.
