Economic

What was with productivity levels?

They were low compared with international rivals

Up to 1894, what did industrialisation result in?

resulted in an average annual economic growth rate of 8%, but much of this was achieved through small-scale enterprise

Despite attempts by Alexander II, and III to modernise industry, what was the issue?

Serious economic challenges still existed in 1894

what was low?

productivity compared with international rivals

Up to 1894, what did industrialisation result in?

An average annual economic growth rate of 8% but much of this was achieved through small-scale enterprise (rather than large scale production based on the princpe of labour)

What was there a lack of?

Free enterprise; the tsar and his ministers directed production by controlling the armaments industry and the railway- the main consumers of industrial products

What was western economic modernisation associated with?

Laissez-faire, free market thinking

What did Westernizers demand?

Free market approach had to be copied whereas Slavophiles opposed this

What was there reliance on?

Foreign investment, through the issuing of gov bonds, tax exemptions and monopoly concessions to foreign investors, this meant that the Russian gov was never in total control of the rate which industrialisation could occur

What was there a risk of because of this?

Their financial aid would cease

What had been encouraged?

Exports of grain had been encouraged before 1894 to stimulate agricultural innovation

What was there a lack of?

Small home market for goods, lack of flourishing middle class to provide sustained economic growth

What remained low?

Peasant productivity

What contributed to the terrible famine of 1891-92 and exacerbated rural unrest?

The grain export policy and low peasant productivity