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The economy of the Russian Empire covers the economic history of Russia from 1721 to the October Revolution of 1917 (which ushered in a period of civil war, culminating in the creation of the Soviet Union).
Russian national income per capita increased and moved to closer to the most developed economies of Northern and Western Europe from the late 17th century to the 1740s.[1] After the 1740s, the Russian economy stagnated and declined. In the 18th century, Russian national income per capita was about 40-70% of British per capita income but higher than Poland's.[1] By 1860, Russian GDP per capita was similar to that of Japan; one-third of GDP per capita in the United States or the United Kingdom; and twice that of China or India.[1] Russia was a late industrializer.[1]
Serfdom, which held back development of the wage labor market and created a shortage of labor for industry, was abolished in 1861.[1] In the aftermath, GDP per capita was volatile and did not substantially increase.[1] Steady economic growth began in the 1890s, alongside a structural transformation of the Russian economy.[1] By the time World War I started, more than half the Russian economy was still devoted to agriculture.[1] By the early 20th century, the Russian economy had fallen further behind the American and British economies.[1] From the late 19th century to the early 20th century, the economy grew at a similar pace as the Japanese economy and faster than the Brazilian, Indian and Chinese economies.[1]
^ abcdefghijZhuravskaya, Ekaterina; Guriev, Sergei; Markevich, Andrei (2024). "New Russian Economic History". Journal of Economic Literature. 62 (1): 47–114. doi:10.1257/jel.20221564. ISSN 0022-0515.
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