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Outline and assess the effectiveness of Wittes economic reform When Sergei Witte became minister of finance in Russia in 1892 he recognised that the economy had to be modernised if Russia
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Outline and assess the effectiveness of Wittes economic reform When Sergei Witte became minister of finance in Russia in 1892 he recognised that the economy had to be modernised if Russia was to become a world power on a par with the west. The Industrial Revolution that had taken place in the west had led to its massive economic growth and an increase in power and Empire building. Being able to buy cheap, raw materials like oil and coal from Russia fuelled part of the west's industrial revolution. Witte decided that Russia needed state Capitalism to modernise. He borrowed capital and encouraged investment from the west and large factories began to produce heavy industry like steel. Witte imposed Tariffs on imports to discourage these products from being bought outside of Russia. A lot of foreign money was invested in building railways in an attempt to create mobility across the vast continent and...
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