Economic developments in Russia by 1914 Flashcards
Russian finance ministers between 1881-1903 = ?
-Nikolay Bunge 1881-1886
-Ivan Vyshnegradsky 1887-1892
-Sergei Witte 1892-1903
What did Sergei Witte believe would happen with industrial growth?
Witte thought that with the increase in industrialisation revolutionary action and unrest would be curbed.
How much did the economy grow by per annum between 1892-1914?
8%
How was industrial growth state managed?
-Interest rates raised to encourage foreign loans
-A new rouble backed by the value of Gold was issued in 1897, done to increase business confidence.
-Foreign capital was raised to fund the development of railway, electricity plants, mining and oilfields.
-Heavy industry prioritised over light industry.
What major rail link was built in this period?
Trans-Siberian railway
By 1914 how much KM of railway track did Russia have?
62,000
What was massive about the 62,000 km railway tracks?
Second longest in the world only behind the USA.
What was the positive effect of the Trans-Siberian railway expansion?
The railways development stimulated heavy industries, reduced transport costs for manufacturers and provided government revenue
What was the negative effect of the Trans-Siberian railway expansion?
The cost of industrialisation and the railway was high and as a result Russia became tied to foreign investment from countries such as Britain, France and Germany.
How much did foreign investment go up between 1880-1900?
Tenfold
What international economic figures did Russia reach before 1914?
Russia became 5th largest economy.
Russia became 5th largest industrial power.
In 1887 how many factories were there?
30,856
In 1887 how many factory workers were there?
1.3 million
In 1908 how many factories were there?
39,856
In 1908 how many factory workers were there?
2.6 million