Theoretical Views of the Minister of Finance of the Russian Empire E.F. Kankrin

Abstract

The article provides an overview of Egor Frantsevich Kankrin’s treatise “World Wealth and National Economy,” which had its first translation into Russian under that title and was then published in 2018 as part of the series “Finance Ministers: From the Russian Empire to the Present Day.” Kankrin was Minister of Finance of the Russian Empire from 1823 to 1844, and his essay outlined his views and approaches to understanding basic economic categories (wealth, money, production, etc.). Using those ideas, he arrived at recommendations for running a state economy based on financial management and “statesmanship.” Kankrin’s views can be called eclectic, as they contain elements of classical political economy and physiocracy but were also clearly influenced by cameralist views. His practical recommendations for changing the economic situation are presented in the review “Notes Compiled in 1818 at the Behest of [Tsar] Alexander Pavlovich on the Liberation of Peasants in Russia From Serfdom,” which provides the rationale for a lengthy (approximately fifty-year) strategy for liberating peasants from serfdom. The article highlights pivotal stages in Kankrin’s life and traces his evolution as both a scholar-economist and a government official and examines the historical context of his career. An analysis of the monetary reform of 1839–1844 that he enacted provides a case study of his ministerial tenure. A systematic classification of the productive forces and state taxes singled out by Kankrin is provided along with critiques of his ideas and of their implementation in public service. Finally, the article offers a general assessment of Kankrin’s contributions to economic science and practice.