How Far Do You Agree That The Economy Of Russia Wa

1364 Words6 Pages
HOW FAR DO YOU AGREE THAT THE ECONOMY OF RUSSIA WAS TRANSFORMED IN THE YEARS UP TO 1914? In the years up to 1914 there were several changes in the economy of Russia with a new Finance Minister and Chief Minister (Witte and Stolypin) who were key figures, in particular, making a number of alterations, which, in my opinion, did transform the economy of Russia in the years up to 1914. To transform something is to make a thorough or dramatic change, which here is referencing the economy of Russia and, in my opinion, did occur. Those transformations were mainly in industry and agriculture, although there were also modifications in output and foreign investment, which aided the Russian economy, for instance. Industry was a main contributor to the economy of Russia and Finance Minister Sergei Witte (1892-1903) targeted output in particular as a means of transforming the economy. One example of Witte in action is the change in coal output: in 1890 it was 5.9 million tonnes (before Witte took over as Finance Minister) but in 1900 it had increased to 16.1 million tonnes. That is nearly tripling the output in those ten years. Furthermore, in 1913 it was 35.4 million tonnes (still increasing because of Witte) however it dipped in 1916 to 33.8 million tonnes. This could be because of two things: the war or the unsustainability of his policies. First of all, the war would have most definitely affected coal output as lots of workers would have been taken from their workstations and drafted into the army. On the other hand, it is more likely that the dip from 35.4 million tonnes to 33.8 million tonnes is a consequence of his loans from foreign investors, such as Britain. This is supported by the rate of industrial growth in Russia from 1890-99 the annual average growth rate was 8% an increase from 6.1% in the years 1885-89 but, 1900-06 it was 1.4% a severe decrease, which can
Open Document