Armenian capital in the economy of the Russian empire at the turn of the XIX–XX centuries

Introduction. Alexander II's reforms of the 1860s and 1870s changed the socio-economic situation in Russia. While maintaining the inviolability of the monarchy with the help of reforms carried out "from above", market relations fit into this paradigm. The state controlled all upcoming transformations in the economic segment. The Russian economic system still preserved multi-economic structure, which combined patriarchal, petty-commodity, private-capitalist and state-capitalist foundations.

Materials and Methods. The study was written using archival materials from the Russian State Historical Archive (RGIA). The main research principle was historicism, which made it possible to place the economic development of Russia in the context of the post-reform era. Traditional methods of historical research were used, such as historical-systemic and historical-genetic.

Analysis. The industrial capitalism was formed in Russia under the conditions of monarchic rule. Armenian-Russian cooperation has a centuries-old history. Since the second half of the 17th century cooperation was developing intensively and had its logical continuation at the turn of the 19th-20th centuries. Armenian industrialists and financiers by virtue of the established tradition were successfully included in the "new" economic paradigm.

Results. According to the results of the study, it can be concluded that Armenians contributed significantly to the economic development of the Russian Empire. Especially worth mentioning is the role of the Banking House "Br. Dzhamgarovs". Dzhamgarovs directly participated in the modernization of capitalism and the formation of the financial system of the Russian Empire at the turn of the XIX-XX centuries. 

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