Witte: Minister of Finance 1892-1903

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The first phase of industrialisation, as seen in Western Europe, brought chaos and instability. Witte planned to use Russia's 'backwardness' to compress and minimise the first phase by using the most modern of equipment to do so.


  • Increased interest rates- encourages foreign investment (2nd major loan accepted from the French in 1893)
  • New currency and introduction of the Gold Standard (1897; increases…


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