Economic Policy

7 important questions on Economic Policy

What was the success of the Emancipation Edict in industrialising Russia?

The abolition of serfdom failed to stimulate the Russian economy on a great scale

What three policies did Reutern, the Minister of Finance, pursue to improve the Russian government's financial situation?

  1. Created a unified Treasury and centralised departmental accounts to improve government audits
  2. 1862: he introduced a public budget
  3. 1863: a system of government excise was established

How successful were Reutern's measures to improve the Russian government's financial situation?

None of these measures managed to improve the government's financial situation; up to one third of its annual expenditure was consumed by debt
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Why weren't Reutern's measures successful?

Russia had inherited an unstable currency from Nicholas I's Minister of Finance, Count Kankrin, and until Witte conformed to the Western practise in the 1890s and placed Russia on the gold standard the currency remained unstable.

What was a key element in Reutern's economic modernisation policy?

Railway construction financed through an increasing number of credit institutions

How was railway construction successful in improving the Russian economy?

  1. The growth in railways helped link grain producing areas with towns, cities and Russian ports, thereby contributing to the promotion of exports EG.

What was the difference between industrialisation in Russia and other Western governments?

other Western governments followed a policy of non-interventionism, whereas the Russian government provoked in large part in the boom in the Russian economy.

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