Consider imperial Russia. That country enjoyed an economic boom from the late 1880s to the turn of the century. Industrial output doubled, while iron and steel, crude oil, and coal production tripled. By 1900, however, a deep slump was under way. Peasants ransacked estates, workers destroyed railways and factories, and dozens of senior officials were assassinated. Russia’s rulers feared that its technological backwardness would condemn it to “industrial captivity” by more advanced nations.20 A scared, absolutist government cracked down severely: By 1905, 70 percent of the empire was under
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