But other than trade deals, Russia needed another reform to strengthen its export — the adoption of the gold standard.
Witte agreed to gold backing the Ruble. But the proposal faced daunting opposition from conservatives as well as small time peasants. But for Witte, pegging the Russian Ruble to gold would align their currency with other countries and offers an opportunity to expand trade.
France attempted to intervene and to influence the new Tsar Nicholas II to adopt a standard like theirs — the bi-metallic standard. Witte, however, saw that adopting the bi-metallic standard was costly.
In April , Witte presented the proposal for the gold standard in the Imperial Council. It failed as many minsters opposed the idea. But with much campaigning and cajoling, in another proposal in January 2, Old Style to the Financial Committee of Tsar Nicholas, it passed without any hurdles.
And on January 3, the Russia adopted the gold standard. For instance, railroad mileage doubled. From 19, miles in , it increased by Telegraph lines increased by five-folds. Coal production soared from 5.
Pig iron production rose from just 0. Oil production also grew by more than three folds, from 3. Exports also rose significantly. From exports amounting to million Russian Rubles, it grew to 1. Russian finances also reported budget surpluses during the tenure of Witte.
By the time he stood down in , Russia had accumulated million Russian Rubles in reserve as a result of years of surpluses. Although Russian industrial output rose significantly.
It also had its failures. Many parts of the population remained reliant to agriculture and lived in poverty. Witte believed that industrialization should mean improvements in the lives of peasants and workers.
It did not materialized. Working conditions remained dismal. Russian workers toiled for 11 hours a day for meager wages. Moreover, factories and mines had terrible working conditions. Workers had no voice since the government banned unions. Aftermath of the Great Spurt. Witte served as finance minister until By that time, Witte earned many enemies within the aristocracy and revolutionaries. The Tsar had no choice but to appoint Witte as chairman of the Imperial Committee. Many agreed, including Witte himself, that the position had no powers and that it appeared that the Tsar sidelined him.
For Russian industries, it continued to grow. However, when the Russo-Japanese War resulted to a defeat, Russia suffered an economic recession. In , factories that grew out from the Great Spurt became breading grounds for discontent and for reformist, both moderate and revolutionary.
They played a key role in the Revolution of , which led to the reforms in its aftermath. Afterwards, factories remained a nest for communism, which gave rise to the Revolution. This revolution finally toppled the Russian Tsarist regime.
Summing Up. The Great Spurt, as Alexander Gerschenkron dubbed, allowed Russia to propel itself from a backward country, into a major industrial country within a decade. However, social problems and the deeply engraved aversion to reforms and change kept Russia from truly transforming into an industrial country and society. Peasants remained poor. Nobles in court continued to oppose changes in the political and social status quo. Not mention, their privileges continued. The inefficiencies for reforms led to a humiliating defeat of Russia in the hands of the Japanese, which then cause an upheaval in St.
Petersburg in the form Revolution. But ultimately, the Great Spurt laid the foundations for the future of Russia in economic, social, and political aspects. The Great Spurt, even in its magnificence in turning a country into an industrialize nation in a decade, still had limitations. Limitations that failed to prevent the fall of the regime that spurred it. Explore also:. Who were the Romanovs? General Reference:.
Corfield, Justin. Edited by Kenneth E. Hendrikson III. Bushkovich, P. A Concise History of Russia. New York: Cambridge University Press, Lynch, M. Access to History: Reaction and Revolution, Russia, - If you wish to download it, please recommend it to your friends in any social system.
Share buttons are a little bit lower. Thank you! Published by Erick Welch Modified over 2 years ago. Sergei Witte used foreign loans and investments to build railways, speeding up transportation and developing industry. There were no trade unions, no working support, workers could be fired and hired at the whim of the employer.
There was absence of workers protection and wages. Hence the demands for political and social reform saw the formation of a number of political parties that turned to extreme measures to demand reformation. A like-minded man keen to involve himself in the hard work of government to succeed. Economy did not have sufficent funds to invest in industrial development - couldnt produce enough surplus grain to raise money. Witte System Gov. Economic development financed from abroad.
Also, Russias extra taxes were levied on already over-taxed peasantry. Petersburg to Vladivostock Provided communication needed to explot Siberian economy. Weimar Revision. History of Medicine: Ancient Ideas. Hitler and the Nazi Party Conferences of the Cold War.
Using GoConqr to study History. The Berlin Crisis.
0コメント