Russian Empire

Industrialization in the Russian Empire
Industrialization in the Russian Empire ©Image Attribution forthcoming. Image belongs to the respective owner(s).
1893 Jan 1

Industrialization in the Russian Empire

Russia

Industrialization in the Russian Empire saw the development of an industrial economy, whereby labor productivity increased and the demand for industrial goods was partially provided from within the empire. Industrialization in the Russian Empire was a reaction to the industrialization process in Western European countries. In the late 1880s and up to the end of the century, primarily heavy industry developed at a rapid pace, the volume of production of which increased by 4 times, and the number of workers doubled. The government made deliberate efforts that led to an unprecedented industrial boom that began in 1893. The years of this boom were a time of economic modernization of Russia under the auspices of the state. Sergius Witte, was a Russian statesman who served as the first "Prime Minister" of the Russian Empire, replacing the Tsar as head of the government. Neither a liberal nor a conservative, he attracted foreign capital to boost Russia's industrialization. He modernized the Russian economy and encouraged foreign investment particulary from its new ally, France.


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Last Updated: : Tue Nov 01 2022