Pioneers for Profit: Foreign Entrepreneurship and Russian Industrialization, 1885-1913

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University of Chicago Press, Jun 15, 2011 - History - 456 pages
Foreign investment increased from 17 percent of the capital of industrial corporations in Imperial Russia in 1880 to 47 percent in 1914, coinciding with the rapid development of Russian industrialization before World War I. John McKay's study, based largely on intensive research in numerous archives and utilizing many previously unexplored private business records, is the first detailed analysis of the impact of foreign enterprise on Russian industry during this period. His conclusions are significant for historians, economists, and those interested in the development of modern industrial society.

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Part II Case Studies and Conclusions

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Page 10 - ... about foreign ownership, as were the politically important classes in Russia. On the one hand, there was unabashed praise for the benefits of foreign capital by Count Witte, finance minister from 1 89 1 to 1 903 : "The inflow of foreign capital is, in the considered opinion of the Minister of Finance, the only way by which our industry will be able to supply our country quickly with abundant and cheap products.'51 But the actions of the state belied this open-door policy in important respects.
Page 8 - The fiscal policies of the government would be justified from the point of view of the objectives of industrialization if the forced savings siphoned off by the fiscal authorities had been used to a large extent to finance industrial investment. The specific criticism which can be brought against the Russian government is that only a minute part of its budget expenditures went directly for purposes of developing the industrial sector. The area given heaviest financial support by the government was...
Page 10 - ... hasten the influx of capital into the empire from states which have a surplus of it. The influx of foreign capital is, in the considered opinion of the minister of finance, the sole means by which our industry can speedily furnish our country with abundant and cheap goods. Each new wave of capital, swept in from abroad, knocks down the immoderately high level of profits to which our monopolistic entrepreneurs are accustomed and forces them to seek compensation in technical...

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