developments in business and industry
- Created by: tash.baines
- Created on: 31-05-21 18:35
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- developments in business and industry
- under Witte
- railway trackage almost doubled
- coal output in southern Russia nearly quadrupled
- a new rouble was introduced to strengthen the currency
- backed by the value of gold
- foreign investment soared
- industrial growth was strongly state-managed
- capital sought from overseas
- technical advisers sought from overseas
- managers sought from overseas
- skilled workers sought from overseas
- even after Witte the state remained directly involved in economic growth to 1914
- by the early 20th century the state controlled 70% of Russia's railway
- held extensive holdings in heavy industry
- from 1903-1913, government received > 25% of its industrial investments
- uses of the capital
- fund public works
- develop Russia's infrastructure
- develop mines
- develop oil fields
- develop forests for timber
- re-equip the army after the Russo-Japanese War
- railways
- state bought out smaller, private railway companies and extended lines
- railway-building programme
- helped open up Russian interior
- allowed more extensive exploitation of raw materials
- linked grain-growing areas to Black Sea ports, assisting export drive
- stimulated development of iron + coal industries
- permitted development of new industries along length of expanding rail network
- caused fall in transport costs
- reduced price of goods
- raised government funds from freight charges and passenger fares
- helped open up Russian interior
- heavy industry
- results from Witte's policies to increase heavy industry
- Russia was world's 4th largest coal, pig-iron and steel producer by 1914
- Russian oil production trebled from 1885-1913
- became internally self sufficient and could compete against US on international market
- Russia was world's 2nd largest oil producer and 4th in gold mining
- Russia was world's 5th largest industrial power by 1914
- results from Witte's policies to increase heavy industry
- under Witte
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