How far were the economic reforms of Witte the most important development within Russia between 1881 and 1903?

Pages: 2 (793 words) Published: November 2, 2014

How far were the economic reforms of Witte the most important development within Russia between 1881 and 1903? During the Late 1800s, Russia was going through stages of economic reforms and developments. Russia faced many problems at the end of the nineteenth century. Under Minister of Finance Ivan Vyshnegradskii there had been famine because of high taxes on consumer goods which had forced peasants to sell more and more grain. The government were slow to act and, although they eventually enforced a ban on grain exports, 350,000 died of starvation or disease. Economically and industrially Russia was also falling far behind many other Western countries at the time, like Britain and Germany. When Count Witte became Minister of Finance in 1893, there was desperate need to decrease inflation, improve infrastructure and encourage foreign investment. I agree with the hypothesis that Witte’s reforms were the most important because of the reforms he put in place to secure the development of capital goods, coal, iron, steel and oil, the building blocks of future economic growth Sergei Witte’s reforms were extremely important because he linked industrial growth with a stronger nation politically and economically, and therefore invited foreign experts from more industrialised countries like Britain, France and Germany to Russia to advise him on modernisation. In Russia, industrial growth increased on average by 8% a year between 1890 and 1899, which was the highest growth rate of any of the world’s major economies. This highlights the impact of Witte’s new reforms showing that they work to an incredible level and make a huge step to reaching economic stability and a big step in modernisation and industrialisation and therefore have been the most effective and important form of reform in the 18th Century. Another point that supports the fact that Sergei Witte’s Reforms were extremely important was that he decided to make the rouble more sought after by putting it on the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on How Far Had Russia Changed in the Periods 1881 to 1924?
  • economic development Essay
  • How far do you agree that the government and economy of Tsarist Russia was transformed in the years between 1881 and 1914? Essay
  • Difference between Economic Growth and Economic Development Essay
  • Essay on How Far Did Sergei Witte Achieve His Aims?
  • Term paper of economic development
  • How far were divisions among its opponents responsible for the survival of Tsarist rule in 1881-1905? Essay
  • China’s Economic Growth and Development Essay

Become a StudyMode Member

Sign Up - It's Free