Home  Journals  Finance and Credit  40(616) - 2014 October

The last Minister of Finance of the Russian Empire

Available online: 26 October 2014

Subject Heading: CHAPTER OF HISTORY

JEL Classification: 

Pages: 60-69

The work deals with the life and activity of Minister of Finance Pyotr Lvovich Bark (later Sir Peter Bark) (18 April 1869 - 16 January 1937), focusing on the period of formation of his views and professional skills and the main steps of his career. After graduating the Law Department of the Petersburg University in 1892, Sir Peter Bark began his career in the Ministry of Finance of the Russian Empire. He often traveled abroad on official business: had training in Holland, England, France and Germany. In 1894, P.L. Bark started his employment in the State Bank of Russia. He was appointed a Board Chairman of the Loan Bank in Persia and a Board Member of the Russian-Chinese Bank. In 1905, P.L. Bark headed the Petersburg office of the State Bank. In 1906, he was appointed Associate Manager of the State Bank. In 1911, upon the recommendation of the Council of Ministers Chairman, P.L. Bark was appointed Associate Minister of Trade and Industry. In May 1914, P.L. Bark took the office of the Minister of Finance. The outstanding economist P.L. Bark became known in history as the last Minister of Finance of the Russian Empire. His activities as a Minister of Finance (1914-1917) coincided with the years of World War 1. The article describes in detail the work of P.L. Bark as a Minister of Finance of Russia and the financial policy he pursued during the years of World War 1. The author has analyzed the main sources of income of the State budget of that period. They included placement of six domestic loans, obtaining foreign loans and supplies from England, France and the USA, expansion of the State Bank's rights of emission, introduction of new taxes, and increase in direct and indirect taxes and charges.

Keywords: World War 1, financial policy, State Bank, budget, Ministry of Finance, tax, gold reserves, income, expenses, domestic, external, loans, issue

References:

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