"...hopes for a Russian renewal had, unfortunately, not yet revealed themselves at the end of Michael's first decade on the throne, despite all his efforts or Stolypin's. While the 1920s are, rightfully, seen as a golden age of Russian economic development and modernization, the 1910s still did not see the type of transformation many businessmen inside and outside of the Empire had hoped for.
The Stolypin Reform had not made agriculture any more efficient; indeed, all it had done was irritate the traditional obschinskiy, the exact opposite of its intent. Five million persons had moved to Siberia in the previous decade, but that was far below the vision of men like Kokovtsov, who had dreamed of a Russian East that loomed in the public imagination the same way as the Wild West once had for Americans, whom St. Petersburg begrudgingly admired economically even if they were increasingly appalled by its progressivism politically, though many conservatives viewed it as a convenient "external exile" for Russia's Jews. Statistically, Russia was further less impressive; many parts of the Empire had fewer factories than there had been in 1880 and it had just under forty thousand kilometers of rail [1], a pittance for such a vast, sprawling country, which limited not only its ability to deploy the military to distant frontiers when needed but severely hampered the ability of goods both raw and agricultural to reach cities and, more importantly, ports for export. Compounding this issue was the atrocious condition on Russia's roads, which were the responsibility of local governorates and oblasts. Uneven, pockmarked with potholes and inconsistently connected, they were so bad that it was sometimes difficult to traverse them by horse and buggy, let alone automobile, leaving Russia well behind her European peers in the deployment of the most exciting new technology of the decade, the car. Similar stories existed for the atrocious Russian hospital system, especially in rural regions where country doctors practiced medicine in ways ten or twenty years out of date, and for Russian orphanages, prisons and asylums.
This all said, Michael was not incompetent, naive in some ways as he may have been, and genuine strides were made in Russia between 1908 and 1917, and not just on constitutional questions for which he is famed. The Russian school system flourished, becoming an obvious place of employment for many of those wandering off the reformed mir, and focuses on secondary and vocational education helped create a population that was primed for the boomtimes looming on the horizon, as well as dramatically improving literacy rates - particularly those for women - at a pace unseen anywhere else in the world, even Mexico which saw a similar drop in illiteracy at the same time. Russian tariffs helped engender a thriving light and, on the margins, heavy industrial base that while in many ways siloing many parts of the Russian economy off from European trade protected other parts of her economy from being overwhelmed by British, French or German finished goods, and the sectors of Russian industry that were geared towards European exports, such as the Swedish-financed oil concern Branobel, thrived.
As the 1910s started to draw towards a close and war clouds loomed on the European horizon, Russia was thus at peace and starting to take small steps towards improvement even if it was still furlongs behind her neighbors and peers, and financing for Russian industry started to slowly rise, especially from Germany, as its position as an attractive new frontier of growth and investment rather than a strange, reactionary land alien to Western European mores cemented itself amongst European financiers..." [2]
- A New Tsar in a New Century: The Life and Reign of Michael II of Russia
[1] About 10k less than OTL Russia as of 1917
[2] My loose shorthand has always been that Russia is about 12-15 years behind its OTL pace economically thanks to losing the Russo-Turkish War of 1877 and not getting all that sweet, sweet French money in the 1890s and British funding starting post-1907. So in other words, Russia in 1917 is somewhere around where the OTL Tsarist Russia was in around 1902-05ish. That "time gap" will start to narrow a bit in the 1920s as its economy supplies Europe during the CEW and, of course, the destruction of WWI and the RCW don't gut Russia entirely.