Economic Developments In Russia 1894-1914 Flashcards
(12 cards)
What was the average annual growth rate from 1894 to 1913?
8% and key industries were coal, iron, steel and oil
By 1914 Russia was the what largest producer of coal, pig iron and steel?
The fourth largest
What happened to railway trackage between 1894 and 1914?
It doubled which facilitated industrial growth and increased export capabilities
What happened to coal output from Southern Russia?
It increased from 183 million puds in 1890 to 671 million puds by 1913
What contributed to Russia’s position as a major industrial power?
Steel production saw substantial growth
Was Russia a leading global producer of oil?
Yes by 1914 Russias oil production was second only to Texas
What were key export commodities?
Grain, timber and other industrial products
How much did foreign investment increase by?
It increased sevenfold, from 280 million roubles in 1890 to 2 billion roubles by 1914
What was introduced in 1897?
Finance minister Witte introduced a new rouble backed by gold. He hoped this would stabilise the currency and attract foreign investment which it did as the rouble was strengthened and investor confidence was increased
What were Witte’s policies?
Witte’s policies were state management of the economy and seeking foreign expertise. They were significant as the government’s role in financing and managing industrial projects were crucial to industrial growth
How were the benefits of economic growth distributed?
They were distributed unevenly. This led to high levels of social tension as workers’ living and working conditions were poor, development of industry was asymmetrical and based heavily in the West of the empire
