Economic reform under Witte 1893-1903

aims
1. to modernise Russia so that it could compete with the West
2. tsar's aims:
  1. to improve the strength of the Russian armed forces
3. 'Russia has the right and strength not to want to remain the handmaiden of states that are more developed economically'
Methods Witte used
1. state capitalism
  1. acquire capital for investment in industry
    1. large loans/ investment abroad
    2. heavy taxes and high interest rates at home
  2. protective tarriffs
2. 1897: gold standard
  1. financial stability to encourage international investment
3. invited foreign experts/workers to advise
railways
1. Witte believed modernisation was reliant on an effective transport system
2. 1881: 13,270 miles of track
  1. 1913: 43,850
3. Transiberian railway 1891-1902
  1. Moscow --> Vladivostok
    1. connected remoter regions of empire to industrial west to encourage migration of workers
Successes/Failures
1. Successes
  1. 1890: Coal=5.9 millions of tons, Oil=3.9
    1. 1910: Coal= 26.8, Oil= 9.4
  2. 1898-1913 96.8% growth
  3. Considering level of backwardness
2. Failures
  1. made Russia dependent on foreign loans
  2. gave priority to heavy industry so neglected other industry/ agriculture
  3. disliked/distrusted by tsar, dismissed in 1906

Resource summary

	Created by eveannesley over 10 years ago