Reincarnated as Nikolai II

Some might say if we don’t enjoy the Roaring Twenties, we don’t need to worry about the Great Depression, but that’s a very myopic view, just a stupid statement.

We absolutely cannot give up growing ahead by utilizing superior industrial power compared to other countries, and.

"What’s bubble and what’s growth within capacity."

From the start, distinguishing between pure growth and bubbles in the 1920s itself is meaningless.

This is like trying to determine how much of future house prices are bubble and how much is intrinsic value.

As such, in the late 1920s. No, even years after the Great Depression hits, the world won’t try to remove bubbles and find appropriate levels.

Perhaps this is due to irresponsibility relying on private sector for all growth since the 18th century, along with Adam Smith unleashing laissez-faire upon the world under the name of freedom.

’Even the Coolidge administration and Republicans are reaching the peak of that laissez-faire.’

But Adam Smith’s era is setting and Keynes’s era is dawning.

As long as the nation’s credit rating doesn’t fall significantly, the government becomes invincible holding monetary policy in its left hand and fiscal policy in its right.

Though they curse it as item power. Though they curse those muscles as fake, forcibly grown with steroids and syringes, muscle is still muscle.

With that power, I’m confident the economy can survive.

Though we’ve surpassed the United States in total production scale, we lag in asset markets and social development too, but one thing the Empire does well.

Fiscal policy.

State-owned banks that provided policy financing have now mastered evaluating companies’ capabilities and value, and bureaucrats who’ve interfered in huge markets several times intuitively recognize appropriate standards between bubbles and value.

Our Imperial government knows the market very well.

Because the government created that market and industry.

If we’ve set the compass for where the nation should advance like this, what can be done immediately?

’Not much. Gradually raise taxes and have the government absorb money released into the market inconspicuously.’

And when depression comes and markets try to die, release the wealth accumulated until then.

Though numerous policies and systems will be implemented going forward, the main points will all be like this.

Anyway, hoping for economic growth during depression is nonsense.

When all fundamental growth of the Roaring Twenties is industrial power increased by the Great War, how could that industrial power survive? It’s fortunate enough if it doesn’t get shattered.

Excluding this method, the only options are following what the great powers already tried.

1). Imperial bloc economy.

2). American modified capitalist New Deal.

The first is an act against the free trade era. Like forcibly catching malaria to suffer 40-degree fever for treating syphilis.

The second is an approach that brings market failure if mishandled, closer to a painkiller temporarily alleviating pain than a cure.

"For an Empire lacking even colonies and individual accumulated assets, neither is easy."

"We must not even attempt bloc economy. We cannot walk the same path as the Western imperialism we criticize, and this would completely destroy the Pan-Slavism the Empire has built, even turning fellow Slavic peoples into enemies."

"I know too. Even if they weren’t Slavic peoples, doing that would be hard to handle afterwards."

Kokovtsov, who became rather closer privately after retiring, is unofficially in my study again today discussing this issue.

Rather, he’s become able to focus solely on this issue, freed from all duties he had to do as Prime Minister.

It feels like he’s become a scholar completely breaking out of the bureaucrat frame.

Eventually, more sophisticated modified capitalism.

Must decisively intervene without even giving markets time to feel fear, close to pre-intervention New Deal rather than post-intervention New Deal, but...

"Your Majesty, it’s Stolypin. May I enter for a moment?"

"...Come in."

Brief contemplation continuing is cut off by knocking sounds from outside the door.

When ordered to enter, my new Prime Minister who’s already become close to a wreck enters staggering uncomfortably.

However, his face showed a curve similar to his first day, yet somewhat different in texture.

"Prime Minister Kokovtsov was here too."

"Prime Minister is now you."

"In my heart there are still only two Prime Ministers. Please don’t say such things."

Unlike appearances, perhaps he hasn’t lost his mind, responding naturally to flattery and not being surprised by Kokovtsov’s presence who was seated first.

"Is it urgent? Seems all major agenda items are already handled."

"No. It’s about ’that’ matter you mentioned before. I’ve come with my own solution."

Then the timing isn’t bad.

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It wouldn’t be bad to grade here with Kokovtsov whether Stolypin is truly talented enough to handle depression.

"Though you two must have solution ideas thought of long ago, I wish to add to them in my own way."

"You’re thinking the same as us. Speak."

After taking a deep breath and keeping us in suspense briefly, Stolypin soon submitted his answer in one short line.

"We should act according to Chairman Bunge’s nationalist principles."

"..."

I was expecting scholar names, theory explanations, policy directions, market predictions, such things...

’...Why is dead Bunge coming up here?’

I didn’t know there’d come a day to hear that madman’s name again. 𝗳𝗿𝐞𝕖𝘄𝗲𝕓𝗻𝚘𝚟𝕖𝐥.𝚌𝕠𝕞

Even facing the Great Depression.

==

Russia’s Bismarck, Nikolai Bunge.

Founder of Russian Empire nationalism.

The bureaucrat who laid foundations for monetary policy, agricultural reform, industrial growth, and various economic policies and basic systems.

The Trans-Siberian Railway that immediately comes to mind as Witte’s first achievement.

However, there’s a fact people don’t know well - the person who first proposed and planned that railway to my father was Nikolai Bunge.

The agricultural reform that’s practically my first achievement?

This agricultural reform too, abolishing the mir and creating the independent farmer development plan was Bunge.

Beyond that, the Empire’s gold standard. Social security system. Labor law and insurance law.

Even laying foundations for leading Far East economy in his later years and the subsequent early 20th century boom.

’Whether big or small, all have Bunge’s touch.’

Though there were reformers in any era, he was a pre-first generation reformer.

Clearly the man who meaningfully modernized this country that was just a medieval state.

However, all these achievements were just because one individual Bunge was great, not because this nationalism ideology was outstanding and succeeded.