Alexander II economy

  • Created by: x.rubyhx
  • Created on: 08-05-22 14:17
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  • Economy
    • Alexander II
      • Emancipation1861. Official reason was to free the serfs. However it was actually created to mobilise an industrial workforce and develop Russia’s industry that was 100s years behind the rest of the modern world
      • Mikhal Reutern, Minister of Finance 1862-1878
        • Reformed the treasury by     -publishing  budget           -new tax collection regime
          • Reduction of import duties, 1863
          • Encouragement of safe investments
          • Foreign loans, eg France
        • Credit available through banks
          • State bank, 1860
          • Municipal banks, 1862
          • Saving banks, 1869
        • Developmentof railways
          • 2,200 to 14,000 miles of track
      • Hired foreign experts to run departments
        • Ludgewig and JJ Hughes developed the iron and steel production, hired in 1871
        • Nobel brothers hired to develop oil industry in Baku
      • Success/Failure
        • Success
          • The was a development of peasantry who did become a little wealthier and developed into a middle class
        • Failure
          • Growth was slow
          • Currency was unstable
          • 1/3 of government revenue was paying off foreign debt
          • Large direct tax kept peasantry poor and domestic market small
          • Emancipation didn’t work, most were still tied to land through redemption payments and internal passports which meant the industrial workforce couldn’t be mobilised


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