Reincarnated as Nikolai II

Though the Morocco Crisis ended in a technical victory with an agreement that Morocco would maintain independence while France would handle security and port management.

After moving armies when diplomatic resolution proved difficult, this situation couldn't end without aftershocks.

In August, as if to wash away that humiliation, Germany's first U-boat (submarine) series, SM U-1, made its official appearance.

A collection of advanced technologies including sturdy ballast keel and pressure hull.

Though exact specs and production numbers weren't revealed, it was obvious to the British-French-Russian alliance surrounding Germany that more of these U-boats would be produced.

During the taking sides process, Germany and the Dual Monarchy felt isolated and cornered, which led to diplomatic changes.

Namely, an anti-Slavic policy hostile to Pan-Slavism.

[Dual Monarchy Bans Serbian Pork Imports]

Though pork was the main banned item, in reality all items passing through customs were restrained.

Serbia's economy was almost dependent on Austria-Hungary.

Naturally, when exports are blocked in a country that lives off exports to the Dual Monarchy, they go crazy.

Serbia, having lost reason, planned diplomatic routes to befriend France and Bulgaria to escape the Dual Monarchy's economic dependence.

In turn, the Dual Monarchy declared import bans and transport refusal on 33 items including poultry, meat, and agricultural products.

"Within a year, Serbian agriculture will collapse, all farmers will go bankrupt."

"Not just slaughtered meat is a problem - with export routes blocked, farms won't raise livestock anymore."

"The Austro-Hungarian Empire handles 88% of Serbia's exports. Probably from next year it will decrease by minimum half, maximum over 70%."

When father's iron-clad isolationism ended, there was only one thing that could fill this massive void.

Pan-Slavism.

Even as Tsar, I couldn't change the ideology of hundreds of millions of Slavs overnight. That's how all ethnically-based ideologies are.

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Serbia too, with no small Slavic concentration in its ethnic composition, had no choice but to belong to Pan-Slavism.

"The Austro-Hungarian Empire is now openly hostile to Slavs."

"...Though not directly, yes. At this rate, Serbia will reach economic collapse within 2 years."

Having just ended the Morocco affair, it's a bit much to get involved in this too. First question is whether there's even a way.

'We're desperate to sell our own agricultural products, how can we help.'

Though we keep watching, there's no clear solution.

But there was a country willing to go on a business trip to hell if it meant screwing over Germany and the Austro-Hungarian Empire.

[Serbia, Industrial Boom Never Before Seen in History?]

[Drop Farm Tools and Pick Up Industrial Tools! France's Massive Investment!]

[Armand Fallières: The Adriatic Sea Belongs to Serbia.]

That would be France.

It's not that France particularly cares about Pan-Slavism or likes the Serbian Kingdom.

They just hate Germany and the Dual Monarchy.

But asset values dropping and farms collapsing from economic crisis? Isn't this a chance to make money through industrialization investment while adding a competitor to Austro-Hungarian industry and expanding Balkan influence?

Even as their nation teetered on the brink of total collapse, Belgrade, the proud capital of Serbia, stood defiantly against Vienna's demands, refusing to yield an inch despite mounting pressure from the Austrian Empire. The city's resolve remained unshakeable, a testament to Serbian determination.

The bitter taste of revenge lingered as they gnashed their teeth throughout 1906, nursing their wounded pride. However, by 1907, the tides began to turn as their industrial base slowly but steadily expanded, with factories and workshops springing to life across the region. This gradual industrial awakening marked the beginning of their economic recovery.

Despite France's massive investment and loans, trade balance flew away by 60% but.

In the end, Serbia survived.

With tremendous vengeful feelings toward that Austro-Hungarian Empire.

The failed economic blockade policy against Serbia seemed to conclude with the resignation of the Dual Monarchy's Joint Foreign Minister Goluchowski.

However, if it ended here, they wouldn't be the Dual Monarchy, master of the Balkans and second largest empire in the world.

Emperor Franz Joseph I, feeling diplomatic measures and economic blockade weren't enough to change the situation, decided to take one step further.

Namely, annexing Bosnia and Herzegovina located between Serbia and Austria-Hungary.

Taking control of this strategic territory would provide the empire with crucial access to the Adriatic Sea's warm waters, enabling them to apply diplomatic and military pressure on Serbia's ambitions in the region. This expansion would also significantly strengthen their position as a Mediterranean power, allowing them to project influence across the naval trading routes.

Following an intensive period of internal restructuring and military modernization throughout 1908, the Austro-Hungarian Dual Monarchy at last felt prepared to pursue its expansionist ambitions once again, having consolidated its administrative and military capabilities after years of relative dormancy.

Franz Joseph I was convinced that this time neither France nor Britain would have room to intervene.

So what was our Russia doing meanwhile?

"Things other than grain are selling? How is this possible?"

"Money... Money is multiplying!"

"Even with the Trans-Siberian Railway double-tracking complete, why are we short on rails! Build more! Build more!"

"Balkans? Africa? What's that! Asia is the future!"

The first boom since the empire's founding in 1721.

An unrealistic situation unfolded with economic graphs pointing up and right.

This was Russia's first experience of such prosperity.

==

While it would be strange if the economy didn't develop with advancing technology and industry, the current boom was different from before.

The national economy grew 10% in '97 and industrial development continued every year without fail after the mir system's dismantling.

However, we dared not attach the word 'boom.'

For a nation, boom means economic activity becoming active with expanding production, consumption, investment, income, and employment - not money concentrating in and developing specific industries.

Indeed, even in early reign, industrial development was in the form of certain industries like equipment and railway pulling the whole.

However, when true prosperity arrives.

"Finally, finally we too get to worry about inflation?"

"Small town development that wouldn't happen despite all kinds of policies is finally happening?"

"Just pass the interview and you're hired! Throw anyone human into the factory first!"

Light industry, heavy industry, commerce and industry. Industries develop leading each other regardless of field.