Russian Economy 1861 to 1894 Flashcards
Who was Minister of Finance from 1862 to 1878?
Mikhail von Reutern
Who was Minister of Finance from 1881 to 1887?
Nikolai von Bunge
Who was Minister of Finance from 1887 to 1892?
Ivan Vyshnegradsky
Who was Minister of Finance from 1892 to 1903?
Sergei Witte
Summarise von Ruetern’s impact on the Russian economy
The Emancipation Edict allowed the state to industrialise Russia. His reforms supported this expansion, and a number of industries began (oil, ironworks). However, the economy remained weak and in considerable debt.
Summarise Vyshnegradsky’s impact on the Russian economy
He was largely successful in increasing agricultural exports, developing industrialisation, and increasing government revenues. However, he neglected the peasantry, and his policies worsened the famines.
Summarise Witte’s impact on the Russia economy
He was totally committed to economic modernisation and believed tariffs, taxation, and exports were the only way forward. Russia’s industry grew exponentially, but grain remained the bulk of exports. Dependance on foreign loans and expertise was a weakness.
4 facts showing how economy improved
By 1892, Russian budget was in surplus
Loans negotiated from France in 1888
Annual growth rate of 6% during VR’s term of office
Foreign investment increased from 98 to 215 million roubles by 1880
4 facts showing how industry improved
Production of iron and steel rose from 9 to 76 million poods
By 1897 Russia was the world’s 4th largest industrial economy
Railways expanded considerably
1/3 capital in companies invested by foreign investors
4 facts showing how agriculture improved
Baltic states were modernising and progressive
Between 1883 and 1914, grain production grew by 2.1% annually
Potato production increased by 43%
By 1914, biggest cereal producer in the world
4 facts showing how the economy did not improve
In 1894, the UK’s national income was 273, while Russia’s was 67 roubles per capita
Peasants remained poor with limited domestic movement
Russia was dependent on foreign loans and expertise
During VR’s term of office, 1/3 government expenditures went towards debt
4 facts showing how industry did not improve
Bulk of export trade was still in grain rather than industrial goods
Russia’s industry improved, but it was still far behind its counterparts
1913 Russia produced 29.2 million tonnes coal, while the UK produced 292 tonnes
Export drive was at the expense of the peasants
4 facts showing how agriculture did not improve
Bulk of export trade was still in grain rather than industrial goods
1891 to 1892, bad harvests brought famine (350,000 dead)
Adherence to traditional crop system caused lack of progress (e.g. wooden ploughs)
Black Earth Region remained unmodernised
