LESSONS OF ECONOMIC MODERNIZATION IN THE SOUTHEAST OF UKRAINE (END OF THE 19th CENTURY – BEGINNING OF THE 20th CENTURY)

Анотація

In the second half of the 19th century, processes of economic modernization associated with the development of industrial capitalism began in many countries.Some countries were guided by the British model of modernization, in which the state intervened little in the economy and did not restrict free enterprise.Some countries (Germany, Japan) followed their own path, when the state became the initiator of modernization.The most typical example of modernization was the new industrial region in southeastern Ukraine.Large coal mining and metallurgical enterprises were created through foreign investments, mainly French and Belgian.Although this created dependence on foreign capital, there was no other way for rapid industrialization at that time -there was not enough domestic capital.The products of the new enterprises were used mainly to create an extensive railway network, and foreign investors made good profits from this.The main securities market for these enterprises was on the Brussels Stock Exchange (and partly on the Paris Stock Exchange).The processes of economic modernization were interrupted with the outbreak of the First World War in 1914 and the revolution in 1917.However, already at the beginning of the twentieth century it became clear that modernization was not entirely successful.Contemporaries liked to compare the new industrial region in the southeast of Ukraine with America of those years.However, the only similarity was in the pace of industrialization, and that was where it ended.Both the methods of economic management and the societies themselves were completely different.Full-fledged inclusive institutions were never created, and without them economic modernization could not be effective.

Класифікація

Ідентифікатори

Схожі роботи