Impact Of First World War (Economic) Flashcards
What was the economic conditions of Russia by 1914?
Stable
What type of currency did Russia have by 1914?
Stable and strong
What type of gold reserves did Russia have?
Largest gold reserves
Who had the largest gold reserves in Europe?
Russia
Where did Russia rank in terms of gold reserves?
Largest in all of Europe
By how much did spending increase by?
4 million to 30 million roubles
What happened to the national budget between 1913-16?
Rose eight fold
Between what period did the national budget rise eight-fold?
1913-16
What happened between 1913-16?
National budget rose eight-fold?
Why did the national budget increase eight-fold between 1913-16?
Loans from Britain, France and higher taxes
What sectors were affected by conscriptions?
Rural and industrial
What happened to the rural and industrial sectors?
Affected by conscription so productivity slumped
What happened to parts of Western Russia?
Overrun by Germans
What parts of Russia were overrun by Germans?
Western Russia
What was the impact of parts of Western Russia being overrun by Germans?
Limited productive capacity
What was the spending on war in 1914?
1,500 million Roubles
What was the spending on war in 1918?
14,500 million Roubles
From what year did the spending on war increase from 1,500 million Roubles to 14,500 million Roubles?
1914-1918
When was the spending on war equal to 14,500 million Roubles?
1918
When was the spending on war equal to 1,500 million Roubles?
1914
What did Russia abandon?
The gold standard
What happened to the gold standard?
Abandoned
What was the impact of abandoning the gold standard?
Quantative easing
What was worthless by 1916?
Rouble
When did the rouble become worthless?
1916
Why did the government use quantitive easing?
Print notes and circulate it
What happened between August 1914 to Christmas 1916?
Food prices rose over 200%
Between what period did food prices rise over 200%?
August 1914 to Christmas 1916
What was the rate of inflation for food by 1917?
400%
When was the rise in price for food increase by 400%?
1917
What was the government spending between 1914-17?
22 billion dollars
Between what years were the government spending 22 billion dollars?
1914-17
What was the impact of inflation and economic hardship?
Those on fixed incomes had suffered greatly
United those who suffered the most hardship to challenge the ruling elite and demand a far more representative government
