To What Extent Did The Russian Economy Change Between 1881 And 1914

Topics: Industrial Revolution, Trans-Siberian Railway, Russia Pages: 2 (1189 words) Published: April 15, 2015
To what extent did the Russian economy change between 1881 and 1914? The Russian economy went through great overall change and growth during this period, acting as a late industrial revolution in comparison to nations such as Britain the USA or Belgium, yet the main backbone of the Russian economy, agriculture, was minimally affected by the changes in the economy. In the industrial field, Russia had progressed massively in this time by World War One. Closer to 1881 Russia had a miniscule industry compared to the Western nations with only a few factories in the major economical hubs of Moscow producing textile materials and factories around the Caucasus mountains poorly extracting the iron reserves in the mountains, Russia was yet to undergo its Industrial Revolution. It was a large land mass reaching from East Europe to the Bering Strait yet its transportation was limited with people of the far-east of the empire oblivious to what life was like in the major cities of the empire, near to a hundred-thousand kilometres away with the massive Ural mountains dividing the two parts which would heavily limit the progress and effectiveness of any economic progress to be made in Russia. However, in the 1890’s Sergei Witte became Finance Minister of Russia, an event that would ultimately reshape the Russian nation in entirety. Sergei Witte would enact several projects which would begin to form the basis of, or even be considered, the industrial revolution of Russia. Even though his progress was not indefinite throughout the time period due to internal turmoil such as the several cases of civil unrest and the fact that Russia faced a deep recession from the early years of the new century. One of Witte’s major acts was to put the Rouble on the gold standard, something which granted the Rouble an actual currency within the international market ultimately strengthening the currency and opening it up for foreign investment, a major part of Russian industrialisation. The...
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