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How and with what results did the economy develop and change between 1855…
How and with what results did the economy develop and change between 1855-1917 in Russia?
Alexander II
Reutern
Finance Minister: 1862-78
Encouraged foreign investment, eg John Hughes and Hughesovska
Strengthened banking system
State Bank: 1860
Municipal Bank: 1862
Savings Bank: 1869
New regulations for joint-stock companies, reduces risk of investment
Alexander Abaza
Finance Minister: 1880-81
Tried to persuade Alexander II to have a constitutional monarchy
Agriculture
In 1855, peasants used old-sashioned technology, still doing 3-field rotation
Emancipation attempting to stimulate peasant growth, free them
Alexander III
Vyshnegradsky
Finance Minister: 1887-92
Grain requisitoning
Large loan with France: 1888
Great Famine: 1891-92, led to 400,000 deaths
Indirect taxes, forcing peasants to sell excess grain
Used grain to pay off debts
Tariff Act, raising cost of imports by 30%
Bunge
Finance Minister: 1881-87
Peasant's Land Bank: 1883
Noble's Land Bank: 1885
Abolished poll tax: 1886
Extended workers' rights with regard to wages and dismissals: 1886
Introduced inheritance tax to try and shift burden of poverty away from lower classes: 1885
Passes laws to improve working conditions and hours for women and children (but only 300 inspectors across) Russia: 1883-1885
Nicholas II
Witte
Finance Minister: 1892-1903
Gold Standard for rouble, 1897
Currency is more stable, less risk for investment
Trans-Siberian Railway
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Russia the 4th largest industry by 1914
Indirect taxes
Economic growth rate in 1890s was 9%
Poor working conditions
Neglected agriculture in favour of industry
By 1900, 20% of budget was going towards paying off debt (a lot)
Between 1890-1900, production of iron and steel rose from 9 poods to 76 million poods
Foreign Investment:
1890: 215 million roubles
1900: 911 million roubles
Shows dependence on foreign aid
WWI strained industry, railways, agriculture
Bread rationed at the end of February 1917
Working day fixed at 11 hours
Provisional Government
Continued fighting in WWI
Didn't fix economic problems
Food shortages
Railways
1866: 3,000 miles of track
1891: 19,510 miles of track
1913: 43,850 miles of track
Opens up new areas of Russia for industry/settlement, allows for transportation of people/material
Lake Baikal meant that the railway wasn't a continuous line,
Had to use a ferry train to cross, 1897 (took about 4 hours to cross)
Circum-Baikal railway created in 1904 to pass it (though still had problems with rockfalls)
Stolypin
Minister of Internal Affairs/ Prime Minister: 1906
Russia became the largest cereal exporter by 1914
Allowed peasants to leave the mir and set up private farms
Only 10% of peasants in European Russia had done this
Only 1% of peasants achieved kulak status
Grain production rose annually from 56 million tons to 90 million tons (1900-1914)
Investment in agricultural machinery rose by 9% per year (1891-1913)
Wide variation of effects
Belorussia/Ukraine successful, Black Earth Regions not so much (too overpopulated still)