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The Huge Reform Systems and Developments in Russia

Challenges of the Russian Empire in the late 19th century were solved by reforms of Sergei Yulyevich Witte and Pyotr Arkadyevich Stolypin. The first joint-stock banks appeared then, as well as the country got acquainted with various financial scams that disrupted confidence in financial institutions for a very long time.

Predecessors of Witte, Bunge and Ivan Vyshnegradsky, did everything possible to rectify the situation: they were the first to reduce the deficit budget and accumulate large reserves of gold and silver. But a detailed plan of macroeconomic stability and its implementation was done by Witte. His main advantages were complexity and determination in implementation. He has done activities in the field of taxation, credit and financial policies of encouraging investment (especially foreign) in the industry, strict state approach to the operations of the international financial markets, reasonable protectionist policy in relation to the exporters.

In the area of taxation, emphasis was placed on indirect taxes and excise taxes that increased the tax burden by 12%, as well as introduction of liquor monopoly. The latter gave about 365 million rubles of income. Another important aspect of Witte’s reforms was incentive measures for export and protective import tariffs with the liberalization of foreign investment terms in the industry. The government of Witte also carried out debt restructuring, reducing interest rates on old loans by attracting more cheap international loans.

However, by 1900, Russia entered a period of severe economic crisis. The problems were solved an agricultural reform. The agricultural reform was implemented by another reformer – Pyotr Stolypin. The essence of reforms was the destruction of communities and private property development in agriculture, the creation of the Peasant Bank, the resettlement policy, and the cooperative movement.

Stolypin’s reforms were partly successful, for example, the system of estate sales was implemented to individual owners. Through Farmers Bank, the peasants were buying state land and the ones purchased with the budget. This led to an increase in turnover of used land. This was also contributed by the resettlement program of a reform – by 1913 about 2.8 million people moved to Urals. To some extent, Stolypin’s reforms reached the goal: the trade of agricultural products in 1913 increased by 46%, export of agricultural products increased by 61%. In the creation of the agricultural sector however the reform didn’t reach its goals.

Challenges of the Russian Empire in the late 19th century were solved by reforms of Sergei Yulyevich Witte and Pyotr Arkadyevich Stolypin. The first joint-stock banks appeared then, as well as the country got acquainted with various financial scams that disrupted confidence in financial institutions for a very long time.

Assignment ID
100000907
Type
CREATED ON
30 July 2016
COMPLETED ON
2 August 2016
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$16
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