Industrial Transformstion Flashcards
From mid 1890s Russia’s economy underwent a major transformation. What was the annual growth rate from 1894-1913 ?
Annual growth rate of more than 8% per annum from 1894 to 1913
Impressive expansion initially masterminded by who?
Sergei Witte = finance minister 1892-1903 who built on policies established by Ivan Vyshnegrsdsky in 1880s
Russians economic progress in the 11 years of Witte’s tenure =
Remarkable
what happened to railway trackage?
railway trackage virutally doubled
coal output in southern Russia jumped from how much from 1890-1900?
coal output in southern russia jumped from
183 million puds on 1890 to 671 million in 1900
foreign investment soared with France supplying how much of all foreign capital
supplying 1/3 of all foreign capital
Britain supplying how much of all foreign capital
23%
Germany supplying how much of all foreign capital
20%
Belgium supplying how much of all foreign capital
14%
USA supplying how much of all foreign capital
5%
foreign investment in 1895 vs 1914
1896- 280 million of roubles
1914- 2000 millions of roubles
witte deliberately sought to state-manage industrial growth by?
seeking capital, technical advisers, managers and skilled workers from overseas
what did Witte introduce in january 1897 and why?
a new rouble backed by the value of gold
-in order to strengthen the currency + encourage foreign confidence and investment
foreign investment declined proportionately in early 20th century why?
Russian businessmen accumulated sufficient wealth to expand their enterprises and found new ones
-state-involvement remained an essential feature of economic growth throughout period of 1914
why was capital used?
to fund public works
develop Russia’s infrastructure :
railways, telegraph lines, and electrical plants
+ develop mines,oilfields and forests for timber