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History - Russia > Finance Monsters > Flashcards

Finance Monsters Flashcards

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1
Q

When was Von Reuter’s Finance Minister?

A

1862-1878.

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2
Q

How did Russia fund the development of railways?

A
  • Lack of private funding and unwilling to pay for it with state funding.
  • Secured 1.8 billion roubles of loans for railways.
  • Sold some contracts to his friends and acquaintances.
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3
Q

How much did the length of railways increase from 1861-1878?

A

1600km -> 22,000km.

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4
Q

What was the result of Von Reutern’s implementation of a public accounting system?

A
  • The government now published its accounts.
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5
Q

What was tax farming? Who abolished it?

A
  • Where companies would buy the rights to collect taxes for the government as the saw fit, often to the detriment of the peasants.
  • Abolished by Von Reutern, he reformed the tax system to include more indirect taxation.
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6
Q

What did Von Reutern do with bank and credit facilities?

A
  • Bank and the credit facilities were extended with the establishment of a state bank in 1860, municipal banks in 1862 and a savings bank in 1869.
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7
Q

How did Von Reutern promote trade?

A
  • Trade was promoted with the reduction of import duties from 1863.
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8
Q

How did Von Reutern encourage foreign investment?

A
  • Guaranteed an annual government dividend.
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9
Q

How did Von Reutern enoucrage private investment?

A
  • New legislation regulated stock companies.
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10
Q

How did Von Reutern try to stabilise the rouble?

A

Increased metal reserves from 10.6% to 29% in 1876.

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11
Q

What was the impact of foreign investment and expertise under VR?

A
  • The use of foreign technical expertise and capital also supported industrial expansions and the railway network saw marked growth.
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12
Q

What was the annual growth rate under VR?

A
  • 6%.
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13
Q

What new industries were explored in 1872?

A
  • Oil extraction in the port of Baku.
  • Ironworks in Donetsk.
  • Iron mining of rich iron fields.
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14
Q

Explain how the Russian economy was still weak after being reformed by VR.

A
  • A third of all government expenditure went on the repayment of debts.
  • The Russian currency was subject to wild variations in its value. Limited metal reserves.
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15
Q

How were the peasantry affected by VR?

A
  • Very limited change.
  • Limitations of the emancipation edict.
  • A taxation system which left 66% of government revenue coming from indirect taxation.
  • Kept the peasantry poor and the domestic market small.
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16
Q

Who took over from Von Reutern? When?

A
  • Bunge. 1881.
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17
Q

Who took over from Von Reutern?

A
  • Bunge.
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18
Q

What did Vyshnegradsky do to reduce imports?

A
  • They were raised when he took over in 1887.
  • A prohibitive import tariff of 30% of the value of raw materials was introduced.
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19
Q

How long was Vyshnegradsky minister of finance for?

A
  • 1887 to 1892.
20
Q

In what ways was Vyshnegradsky successful?

A
  • Reduced the budget deficit by harsh measures.
21
Q

When was Bunge finance minister?

A

1881-1887.

22
Q

How did Vyshnegradsky attempt to balance budgeting while financing enterprise?

A
  • Negotiated loans with France.
  • Increased indirect taxes.
  • Mounted a drive to swell grain exports.
23
Q

How successful was Vyshnegradsky budget balancing?

A
  • On the surface, the policy appeared very successful. Between 1881 and 1891 grain exports increased by 18% as a percentage of total Russian exports.
  • By 1892 the Russian budget was in surplus.
24
Q

What did Bunge do after the Russo-Turkish war?

A
  • Bunge aimed to control expenditure to create financial stability and attract foreign investment.
  • He also encouraged the growth of railways.
25
Q

What was the Peasant Land Bank? When?

A
  • 1883.
  • Allowed peasants to borrow money to buy land. Wasn’t very effective.
26
Q

When was the Noble’s Land Bank set up?

A

1885.

27
Q

Who began the trans-Siberian railway?

A

Vyshnegradsky.

28
Q

How did Vyshnegradsky try to create financial stability?

A
  • Tried to raise taxes.
  • Raised import duties to 33% in 1891.
29
Q

What did Vyshnegradsky say about grain exports?

A

“We must go hungry, but export”

30
Q

What factors contributed to the famine?

A
  • Grain exports.
  • Overpopulation.
  • Poor weather.
31
Q

What were the consequences of the famine?

A
  • Vyshnegradsky was dismissed in 1892.
  • Sparked mass criticism of the tsar who provided minimal aid, zemstva members provided a large amount of the assistance.
32
Q

How many people died in the famine?

A

1.5 to 2 million.

33
Q

Who took over from Vyshnegradsky? When?

A
  • Sergei Witte. 1892.
34
Q

What were Witte’s attitudes to economic modernisation?

A
  • He was committed to economic modernisation as a means of curbing revolutionary activity.
35
Q

What roles had Witte been in before being finance minister?

A
  • He worked in railway development.
36
Q

When did Witte stop being finance minister?

A
  • 1903.
37
Q

What were the main principles of Sergei Witte’s plan?

A
  • State sponsored development of railways and other industry.
  • Imports of foreign capital and expertise.
  • Higher taxes.
  • Rouble on gold standard.
  • Protective tariffs on Russian industry.
  • Increased export of grain.
38
Q

How did foreign investment change under Witte?

A
  • Increased from 98 million in 1880 to 280 million in 1895.
39
Q

What percentage of railway companies and railway building was controlled by the Russian state under Witte?

A
  • 66%
40
Q

In what year did Russia become achieve the world’s second largest rail network?

A
  • 1913.
41
Q

How much foreign investment did Witte bring in in 1914 alone?

A
  • 2 billion roubles.
42
Q

By how much did the number of factory workers increase between 1887 to 1908?

A
  • Doubled.
43
Q

How much did coal production increase between 1880 and 1900?

A
  • 5x
44
Q

By how many times did oil production increase between 1890 and 1900?

A
  • 2.5x
45
Q

How much did the Russian economy grow annually between 1894 and 1904?

A
  • 8%.
46
Q

What was the state of industrial demand in the early 1860s?

A
  • A few cotton factories around St. Petersburg met 90% of domestic demand.

History - Russia (11 decks)

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