Witte's Great Spurt

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  • How did Witte implement his Great Spurt?
    • Resurrected Reutern's idea about inviting foreign experts to come to Russia
    • returned to taking out foreign loans
      • raising tax and interest rates
      • to boost capital for industry investment
    • 1897- placement of  the Rouble on Gold Standard to give possible investors confidence in its value
    • insisting that most of the investment goes to heavy industry and the railways
    • plans for further industrialisation managed by state with a move away from private enterprise
    • 1893 - Russia still dependant on agriculture
      • Witte devoted to industrialisation
        • improve Russian military
      • Witte tried to compete with industrialised nations Untitled
      • "substitution effect" ( improve industry at agricultures expense


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