
Contents
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The Gales in the North The Gales in the North
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The Ruble and the Coming of Capitalism The Ruble and the Coming of Capitalism
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Liberalism’s New Face. Liberalism’s New Face.
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The Bank Reform and the Catastrophe of 1863 The Bank Reform and the Catastrophe of 1863
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Money and Financial Publicity Money and Financial Publicity
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Slavophile Capitalism Slavophile Capitalism
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Alternative Money Alternative Money
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4 Paper Money in the Era of the “Great Reforms”
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Published:May 2023
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Abstract
Although the Great Reforms of the 1860s rebooted the Russian credit system, leaving more space for private initiative, the political principles of the monetary economy remained untouched, and the de-governmentalization of money and the transformation of the State Bank into an autonomous institution were left out of the reform plan. Still, the ideological and cultural effect of the Great Reforms could not be undone. Russia entered the age of capitalism, and attitudes toward money and wealth changed dramatically. Russian society came to see the ruble through different political and social lenses, and the depreciation of Russian currency contrasted starkly with their elevated expectations of economic prosperity. In 1862–63, the government unsuccessfully tried to restore the ruble’s convertibility. After the failure of this attempt, the Ministry of Finance embarked on a program of gradual financial restoration, amassing gold in the State Bank. This process ended abruptly in 1877 when Russia entered another war with the Ottoman Empire.
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