Economic change Flashcards
Who was the minister of Finance from 1862-78
Mikhail Von Reutern
When the treasury was founded what new arrangements were put in place? (3)
- collecting taxes
- auditing the accounts of government departments
- publishing budgets
How were banks and credit facilities extended? (3)
the establishment of:
- the state bank in 1860
- municipal banks in 1862
- savings banks in 1869
What was tax-farming?
Whereby groups brought the right to include more indirect taxation
How was the tax system reformed?
Tax-farming was abolished and more indirect tax was included
Why were government subsidies offered?
To enable private entrepreneurs to develop railways
How was foreign investment in Russia encouraged?
With a government-guaranteed annual dividend
What did the opportunities provided by government subsidies and trade treaties do?
encouraged enterprise
What did the use of foreign technical expertise and capital do?
supported industrial expansion
What network saw a marked expansion?
the railway network
What was the annual average growth rate during von Reuterns term?
6%
