Russian Ministers of Finance 1881-1903

notes on the Ministers of Finance in tsarist Russia.

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  • Created by: Alex
  • Created on: 02-05-09 11:05

Nikolai Bunge

-Minister of Finance 1881-7

-Attempted to control expenditure to create financial stability and attract foreign capital

-His policies failed to avoid defecits.

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Ivan Vyshnegradsky

-Minister of Finance 1887-1892

-Attempted to raise taxation in order to create financial stability and attract foreign capital.

-After a series of upward revisions of tariffs, he raised import duties to 33% in 1891.

-The Russian budget achieved a surplus in 1892 and the first of a series of French loans was secured, 1888.

-"We must go hungry, but export"

-Grain exports were increased by 18% as a % of total exports 1881-1891 - this resulted in the great famine of 1891-2.

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Sergei Witte

-Minister of Finance 1892-1903

-Secured a second major loan from the French, 1893.

-Invested greatly in the Trans-Siberian Railway

-"Save Russia through rapid and forceful industrialisation"

-1897, introduced decrees to limit work hours to 11.5 a day (10 at night) and to permit trade unions.

-1897, put Russia on the Gold Standard.

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