CHEREMISINOV G.A. Macroeconomic Dynamics in Russia During the First World War


Cheremisinov Georgiy Aleksandrovich

Doctor of Sciences (Economics), Professor, Department of Economic Theory and National Economics,

Saratov State University

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Astrakhanskaya St., 83, 410012 Saratov, Russian Federation

Abstract. Introduction. The trajectory and quality of economic development of a country depend on the scale of the public entrepreneurship. The key parameters of macroeconomic dynamics are represented by the ratio between consumption and accumulation (saving) in the national income, the regulation of centralized withdrawal of economic resources and the nature of their investment or expenditure. Theoretical analysis. The First World War had been changing the course of economic processes in Russia since 1914 till 1918. The funds were raised for ensuring the defense industry and supplying the troops. The incomes of population and enterprises were decreasing. The capital goods and trade ties undergone destruction processes. The besieged state turned to reducing reproduction of the gross national product. The military situation and extraordinary redistribution of resources had strengthened the economic status of the country. The funds spent on the maintenance and equipment of the army depended on the methods of resource allocation. Along with the war losses, the methods of economic regulation also contributed to the degradation of Russian economy. The devastation was caused by the armed struggle of state power for their interests and purposeful economic policy of successive governments. Conclusion. During the First World War the Russian economy had become extreme. Public withdrawal of economic resources and the impact on the economy was growing up until its overall governmentalization and transformation of the market economy into the subsistence one. The reformation processes supported each other mutually, strengthened the effect of general trends and had irreversible cumulative character. The mobilization model of the Russian economy was formed.

Key words: macroeconomic dynamics, conjuncture fluctuations, military public entrepreneurship, First World War, degradation of Russian economy.

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Macroeconomic Dynamics in Russia During the First World War by Cheremisinov G.A. is licensed under a Creative Commons Attribution 4.0 International License.

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