As Finance Minister (1892–1903) and Premier (1905–06), he believed that if Russia was to become the equal of western industrial nations both government investment and foreign capital were essential. New railways linked the Donetz coalmines with St Petersburg and Moscow and the Trans‐Siberian railway was built. He encouraged the start of steel production and sufficient petroleum was produced to satisfy Russia’s need and for export. Thus on the eve of political revolution Russia underwent a remarkable industrial revolution. Although Witte’s ideal was economic modernization combined with authoritarian rule, during the Russian Revolution of 1905 he urged Nicholas II to issue the October Manifesto granting Russia a constitution and to summon the Duma. Nicholas disliked him and dismissed him.