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1 results

  • 19 - The Russian economy and banking system

  • from Part IV - Russian Society, Law and Economy
  • Edited by Dominic Lieven, London School of Economics and Political Science
  • Book:
    The Cambridge History of Russia
    Published online:
    28 March 2008
    Print publication:
    17 August 2006, pp 394-426

  • Summary

    The beginning of the eighteenth century was a period of radical change in Russia's economy. These transformations are connected with the name Peter I, but they proved possible thanks to the development of trade and the accumulation of capital by the Muscovite government in the sixteenth and seventeenth centuries. The second half of the eighteenth century represented a new stage in the development of trade and banking in Russia. The commercial-industrial and financial policy of Catherine II furthered the 'Europeanisation' of the Russian economy. The credit system created under her reign became known as the 'Catherine credit system', and lasted until the middle of the nineteenth century. Reforms in the area of local government helped industrial development in the provinces. The accumulation of capital, as well as the improvement of banking and monetary circulation, created conditions for private credit and the expansion of industrial production.