Part 5/11:
A significant turning point came with the Emancipation Reform of 1861, which freed serfs with the hope of fostering economic progress. However, newly freed farmers were burdened with mortgages without the means to develop productive farms. Meanwhile, communal farmers, who also lacked incentives for innovation, remained stagnant. While some limited industrial growth occurred, the overwhelming focus remained on agriculture, and the economy did not improve substantially.