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Economic reforms under Nicholas II - Coggle Diagram
Economic reforms under Nicholas II
major problem preventing growth of industry was lack of capital--> land owners had limited capital to invest in industry
no middle class could provide capital direction or expertise
under Alexander III, first minister started a move towards greater ownership of the railways
1887, Ivan Vyshnegradsky started a much needed change
Grain exports increased by 18%
Loans to France made since Russia was in a surpluss
High tariffs on imports (33%)
Taxation revenue
Recognition of the importance of government capital for investments --------> modernization needed
industrialisation
Sergei Witte replaced Vyshnegradsky, was non-noble
was a railway administrator and a man of great ideas
he thought that id russia was to remain a great power it would no longer be a country of agriculture and peasants
encouraged close contacts between states and business, he used government propaganda with state subsides to stimulate industrial development
saw it as a state's role to drive industrial change, and hoped that private entrepreneurs would take the lead
Close contact between state and business
Economic policies based on reducing imports through tarifs
More export
Increase of indirect taxation and loans to other countires
IVAN VYSHNEGRADSKY
Peasants on the edge of starvation
More taxes on them
Higher costs of goods, inflation
No reserves for the wibter