Economic Developments 1855 - 1894

Who drove industrialistation?

The state

Who was Minister of Finance from 1862 - 78

Von Reutern

What were Von Reuterns reforms?

Abolished tax farming, set up banks, reformed the Treasury

When was the state bank set up

1860

How did the addition of banking help

Promoted trade & industry

What was offered to private entrepreneurs to develop railways

Government subsidies

How was trade promoted in 1863

Reduction of import duties

What was the average annual growth rate of the economy during Von Reutern’s term of office

6%

Example of developments in oil extraction

Oil extraction began at port of Baku in 1871

Where was an ironworks set up in 1872

Donetsk

What did Russia’s economy remain as under Von Reutern

Comparatively weak

Result of Emancipation Edict

Kept peasantry poor and domestic market small

What was a result of Von Reuterns tariff reductions

Decline in government revenues

What happened to import tariffs under Vyshnegradsky

They were raised

Example of one of the valuable foreign loans Vyshnegradsky was able to negotiate

Negotiated a loan from the French in 1888

How much did grain exports increase by in 1881-1891

18%

What happened to Russian budget in 1892

It was in surplus

What did Vyshnegradsky say

“We ourselves shall not eat, but we shall export”

When was the Great famine

1891-92

How many people dies from starvation or disease during the famine

350,000

What happened to foreign investment under Witte

Increased considerably

How many roubles from foreign investment in 1895 compared to 1880

1880 - 98 million , 1895 - 280 million

How did Witte use foreign investments

Mining, metal trades, oil and banking + expansion of the railway network

How did Russia’s economy rank by 1897

4th largest economy

What was the bulk of exports and foreign trade from Russia

Grain, rather than industrial goods

How much of Russia’s railway system was owned by the State by mid-1890s

60%

What was there a huge expansion of in 1855-94

The railway network

Failure of emancipation

Did not bring any fundamental change to agricultural practice

How many hectares did the average peasant recieve

Less than four hectares

What hampered agricultural change

High taxes, grain requisitions, redemption payments & traditional farming practices perpetuated by mir elders

When were the Peasants and Nobles Land Banks established

1883 and 1885

Effect of Peasants’ and Nobles’ Land Banks

Facilitated land purchase but often increased debts

Success of Land banks

Helped increase peasant ownership between 1877 - 1905 & passed over 26 million hectares into peasant hands

Reasons for increase in agricultural production 1870s and 1880s

Kulak class produced surplus

Problem of emancipation

The average peasant had too little land to become prosperous