Read e-book online Modernising Lenin's Russia: Economic Reconstruction, Foreign PDF

By Anthony Heywood

During this ebook Anthony Heywood reassesses Bolshevik attitudes towards financial modernization and overseas monetary kin in the course of the early Soviet interval. in line with hitherto unused Russian and Western information, the ebook examines a rare choice made in March 1920 to import great amounts of railway gear with a purpose to in achieving quick financial modernization. this can be the 1st unique case learn of the government's import coverage, and offers readers with a brand new point of view on Soviet financial improvement, revealing the dimensions of Bolshevik company dealings with the capitalist West instantly after the Revolution.

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Additional info for Modernising Lenin's Russia: Economic Reconstruction, Foreign Trade and the Railways (Cambridge Russian, Soviet and Post-Soviet Studies)

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33 Prologue 21 On the other hand there were also serious shortcomings on the eve of the war. Many areas of engineering and chemical production were still underdeveloped, especially high technology, and the agrarian sector remained weak despite its importance for export earnings. Industrial investment was concentrated in the St Petersburg and Moscow regions, the extreme west and the Donbass, and most railway activity was likewise in European Russia. The average annual increase in total real output per capita between 1860 and 1913 remained low at perhaps only 1 per cent because agricultural output ± the largest sector ± grew very slowly.

In the economic arena, a chronic shortage of domestic investment capital raised the thorny question of whether foreign capital could be used on a large scale without prejudicing the country's political and economic interests. Furthermore, radical economic and social changes might themselves cause revolution. If economic modernisation was the key to the regime's long-term future, it was potentially also the means of its early destruction. The tsarist state was thus faced with making unpopular compromises between stabilising its own authority and promoting potentially destabilising industrial modernisation.

I. Tereshchenko, had been informed that Britain and France were each to borrow $500 million from the United States, and he asked the US ambassador, David R. Francis, for the same favour. The Secretary of the US Treasury, William G. McAdoo, responded positively. He requested details of Russia's requirements and suggested that his government could purchase Russian government obligations. Tereshchenko then con®rmed Russia's request for $500 million, promised to spend the money entirely in the United States and suggested a 5-per-cent dollar bond for the full sum.

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Modernising Lenin's Russia: Economic Reconstruction, Foreign Trade and the Railways (Cambridge Russian, Soviet and Post-Soviet Studies) by Anthony Heywood


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