| Popis: |
The gold reform manifested a new iteration of financial nationalism that was fully compatible with both the orientation toward the West and the creation of favorable conditions for foreign investments. In preparation for the monetary reform, Witte tried to silence the opposition to the gold standard by taming newspapers, negotiating with journalists, and controlling public debates. Although Witte’s version of the gold standard looked similar to other models introduced in Europe and elsewhere, the political ramifications of the new monetary regime gave it a completely different meaning. Established by a royal decree in violation of all legislative procedures, the gold reform projected the autocratic principles onto finances. The transition to gold secured the ruble’s rate against constant fluctuations and increased the influx of foreign capital. In the absence of political guarantees, such as political representation and the State Bank’s independence from the government, the ruble’s standing and Russia’s credibility came to depend on the size of the gold reserve. |
