Russia economy Flashcards
When was Sergei Witte finance Minister
1892-1903
What had the production of Iron and Steel rose to from 9 Million poods
9- 76 Million poods
What was the growth rate in the 1890s
9%
How much did coal output increase by due to Witte
Tripled
by 1900 how much of the budget was used to pay off foreign debt
20%
What were the failures of Witte
Neglected agriculture
Working/living conditions poor
When was the gold standard adopted and what was it?
1897
Exchange rates for the rouble were fixed against other gold backed currency- added security for foreign investors
What did Witte raise indirect taxes on
Vodka, Kerosene and matches
What put a stop to Wittes expansion in 1899
International recession, 23 out of 35 blast furnaces in Donbass region were not working
What caused the 1891 famine
Ivan Vyshnegradsky exporting grain
What did Vyshnegradsky say about grain exporting
We ourselves shall not eat, but we shall export
What did Vyshnegradsky say about grain exporting
‘We ourselves shall not eat, but we shall export’
At the beginning of the 1860s what did industry take the form of
State run factories, manufacturing essential goods for the army
Domestic craft based industry
What was the increase in foreign companies invested in Russia from 1888 to 1900
Increased by 253
Who was finance minister from 1862-1878
Michael Von Reutern
What reforms did von Reutern achieve
Reformed the treasury new arrangements for collecting taxes
Tax farming(groups buying the rights to collect taxes) abolished
New legislation regulated joint stock companies to encourage “safe” investment
What was the growth rate during von reuterns time as finance minister
6%
What new developments were there under Von Reutern
Oil extraction began in the Caspian sea port of Baku in 1871
Donetsk 1871
How was the economy like as a whole under Von Reutern
Russia’s economy comparatively weak
What did a third of government expenditure go to during Von reuterns reign
Repayment of depts
When was the peasant land bank created
1883
When was the peasant land bank created
1883
What did the peasant land bank lead to
led to peasants
ownership of land increasing by 26
million hectares between 1877 and
1905.
