Russian Economy

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  • Russian Economy 1894 to 1914
    • Heavy Industry
      • Witte, huge government led drive for economic growth
      • Expansion of railways TSR
      • Expansion of large factory units
      • Encouragement to draw in foreign experts
      • New rouble, interest rates were raised
      • Consumer goods were neglected
      • Modern technology was less developed than in the West
      • Reliance on sheer man-power
    • Agriculture
      • Grain exports were increase
      • Agriculture was subordinated to industry and was vastly under-modernised
      • More individual land owning under Stolypin
      • Stolypin's reforms never really took full effect and only 10% of land consolidated into private farms.
    • Overall economic growth and government intervention
      • Russia became the fifth largest industrialized economy
      • Russia had the fifth largest railway network by 1914
      • Inustries expanded; chemicals, rubber
      • Russia never became fully self-reliant (used foreign investment and foreign ships)
    • Witte's great spurt
      • State budget more than doubled
      • State revenue increased
      • By 1900, 20% of the budget was spent on paying foreign debts
      • The TSR was expensive to build and was of little economic value
      • Western Siberia was developed for agriculture
        • Agriculture
          • Grain exports were increase
          • Agriculture was subordinated to industry and was vastly under-modernised
          • More individual land owning under Stolypin
          • Stolypin's reforms never really took full effect and only 10% of land consolidated into private farms.
      • Industry grew by 8% a year

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