Count Witte's Convertible Rouble

Ivan Alekseevich Blagikh ()
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Ivan Alekseevich Blagikh: St. Petersburg state University

Eastern European Business and Economics Journal, 2015, vol. 1, issue 1, 46-63

Abstract: The article is timed to the 100th anniversary since the death of Sergei Witte, a prominent Russian statesman, economist, 1895 – 1906 years acting Minister of Finance and Prime Minister of Russia. In the article the analysis of the monetary reform carried out by S. Yu. in 1895 to 1897. Many researchers have displayed an interest in the vivid personality of Sergei Yul'evich Witte. Monographs and articles examine his life, record, political views, statesmanship, economic policies, and diplomatic achievements. Very few authors, however, have so far analyzed Sergei Witte's important role in the fate of our country. It was he who took steps to transform the rouble into a convertible currency. He managed to achieve his goal. This article shows how the reform was effected and looks into its consequences. This experience may prove useful to politicians and economists who are seeking to stabilize the economy in the same way. Although some of the author's appraisals differ from the generally accepted views, the believe that they might be of help to those who are interested in Russia's socioeconomic development from the late 19th to the early 20th century. It should also interest those who are concerned about this country's future. The author of the article proves that the Russian rouble model 1895 - 1914 years was gold the motto, well performing the functions of attraction of foreign investments in industry, but for the agricultural sector of the Russian economy he was too «expensive», what was the cause of extreme social tension in the village in 1905 and 1917.

Keywords: economic history of Russia; Sergei Witte; monetary reform of 1895-1897 years. (search for similar items in EconPapers)
Date: 2015
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