Sergei Witte's Term (dec 17, 1900 – dec 5, 1908)

Description:

Minister of Finance
~ Key achievements:
• stabilised the Russian economy
• dramatic increase in industrial production
• the building of the Trans-Siberian Railway from Moscow in the west to
Vladivostok in the far east

~ Negative social impact of industrialisation:
• poor working conditions
• severe overcrowding
• imposition of heavy taxes with high interest rates

Favourable perspective:
• dramatic improvement to Russian industry
• attracted large investments from foreign countries, from 98 million roubles in
1880 to 911 million roubles in 1900.
Critical perspective:
• made Russia too dependent on foreign investment
• only focused on industrialisation to the detriment of Russia’s agricultural
needs
• improvements a result of worldwide
industrial boom, not just Witte’s reforms.