Economy of post-reform Russia
The liberation of peasants from serfdom caused enormous changes within the society. Many landowners were unable to adjust to new conditions, although more creative started to rebuild their properties even before the abolition of serfdom. The peasants were in hesitation – they had to buy land for personal use, and they had to buy it with their own money, that always were insufficient. For that purpose, new credit institutions – banks - were organised. Creating them, the State intended to facilitate acquisition of land by peasants. Banking boom of the 1860s and 1870s became the basis for creation of domestic financial capital.
The scientific and technical revolution that swept through Europe reached Russia by the 1880s. The introduction of new technologies has allowed the domestic industry to compete successfully with European industries. Russian goods have become regular participants and winners of the world industrial exhibitions.
New enterprises were created throughout the country, building up the economic might of the Empire. The scale of charity of the new Russian bourgeoisie was really amazing, they were opening new hospitals, schools and shelters. Merchants and manufacturers donated money to restore theatres, to enlarge collection of museums and galleries. Recognition of importance of this high mission became a distinctive feature of not only Moscow, but of the provincial merchant class as well.