Paper long abstract:

During the First World War (1914-1918), speculation and inflation reached unprecedented proportions, which had a negative effect on the reproduction of agricultural products. Despite all the obstacles and obstacles on the part of the imperial administration, commercial banks increased lending to large usurers and firms in the Fergana Valley, which "captured" all cotton exports to central Russia. The excessive consolidation of large sums in the cotton sector had a negative impact on the entire economy of the Turkestan Governor-General.

The World War, which began in August 1914, had a positive impact on the Ferghana cotton market. "The termination of the correct delivery of the American fiber to the Russian market caused immediately among Moscow manufacturers an increased demand for Central Asian cotton. Prices for raw 4.20 ruble immediately rose to 5.50 ruble, and clean fiber with 15 ruble. It came to 17 ruble. The cotton stocks that remained at cotton firms that had not been sold since the last harvest were in great demand and some firms had the opportunity to make good money. " Firms spread rumors among the population that manufactory factories are closed and there is no demand for cotton, and bought cotton at low prices. The Kokand branch of the State Bank, through small loan inspectors, refuted these rumors and reported cotton prices on a weekly basis at the Moscow stock exchange.

Based on my observations, I believe that economic processes in 1914-1917 need to be interpreted as "a lot of stories" that unfolded in the "heterogeneous" (economically) Turkestan. Based on this, I think: 1) World War I intensified the integration of Turkestan into the imperial space (speculation, inflation); 2) speculation in the markets of Fergana, Samarkand and Tashkent increased the amount of money from the local population and thus it paid off from mobilization for logistical work.