Finance and Foreign Investment Flashcards
Alexander II [1855-1881]
Finance and foreign investment
Reuten (1868-78)
Created the United State Bank and reformed the tax code in 1860
Import duties decreased in 1863 ???
He also encouraged foreign investors and technical experts to help industrialize Russia
Alexander III [1881-1893]
Finance and foreign investment
Bunge (1881-6)
– abolishes the salt tax in 1881
– and the pole tax in 1886 ( a tax that was based on the number of residents in a household)
– and the peasant land bank was established in 1883 ( peasants can borrow money at cheap rates to purchase land to encourage growth)
Vyshnegradsky (1887-92)
Introduced the Medele’ev Tarrif in 1891
Which was based off a 700 page book of all of the tariffs you can put on imported goods
Nicholas II [1893-1917]
Finance and foreign investment
Sergei Witte (1893-1903)
Did put the ruble on the gold standard to stabilize the economy and increase invested confidence in 1897
Also increased foreign loans and foreign taxes (import tax ig) and interest rates increased also
Foreign capital was increasing by 120% per year
Provisional Government [1917]
Finance and foreign investments
Is the Professional government little to no Financial Planning as they were mainly focusing on fighting a war to which they failed to finance despite having the largest Gold Reserve in the whole of Europe
Hi taxes and low wages still led to inflation
They took foreign Investments from the allies to try to finance the war
they were losing and that the people didn’t want to be a part of
Lenin [1917-1924]
Finance and foreign investments
Lenins nep turns grain requisition into a tax to stimulate the trade
This Drive the economy after the Scissor crisis
This is crisis was dubbed by trotsky and it was due to the fact that in 1923 there was a lot of Grain supply and low food prices in the towns but a lack of industrial goods for peasants to buy in exchange and therefore they withheld their supply
This of course was solved when the government caps industrial prices and peasants corn quota was replaced with a monetary tax from 1923 forcing them to the grain
State capitalism during the civil war led to inflation
and 90% of all workers wages was paid back in kind by 1921 as currency was just abandoned
The nep encouraged foreign trade and investment and expertise as they required good advice for stabling the economy and found some favorable trade deals with Britain Germany
Under war communism between 1918-21 there was a state control over foreign trade
Stalin [1929-1953]
Finance and foreign investment
During the third five-year plan between 1938-40 there was a double in the spending on rearmint ready for World War II
Stalin had a little to no foreign investment as he was very against interference from the West
Khrushchev [1956(3)-1964]
And foreign investment and finance and
In 1960 the USSR GDP was $142 billion
This made it second in the world after the USA
• by 1965 44% of the economy was produced by secondary industry
– 31% was produced by primary industry
– 25% was produced by the tertiary industry
This meant that for for the first time in the history of the course in the time period Russia has a largely industrial Society in terms of the economy
While not receiving Direct foreign investment they did receive grain from the USA and Australia after the failure of Virgin land scheme
