Chapter 779: Land Classification |
The Austrian government’s Near East Development Plan has undoubtedly injected a powerful boost into the domestic economy, with the stock market being the first to react.
Shares in construction, pharmaceuticals, and engineering equipment sectors soared, as if a new bull market was about to begin.
In response, related companies rushed to announce their participation in the Near East Development Plan to stimulate their stock prices. Overnight, “Development of the Near East” became the hottest term in Austria.
Not only was domestic capital drawn in, but many foreign investors also took notice. With Europe’s Great Depression leaving capitalists with nowhere to go, Austria’s Near East development plan arrived at just the right time.
To attract attention, the Austrian government naturally avoided mentioning the initial phases of the plan and instead focused on promoting the “10 billion guilder investment.”
This was the largest investment project in history, unlikely to be surpassed within the century, making it an ideal talking point.
In the original timeline, European capital was willing to invest in the distant United States, so the much closer Near East should have been an even more attractive opportunity.
However, these investors were too shrewd, slipping through every potential trap. Even when Franz tried to lure some unlucky ones into taking on railway construction projects, no one took the bait.
Even the offer of monopoly rights failed to attract interest. The reality was that the Near East was still an undeveloped blank slate. No matter how impressive Austria’s plans seemed on paper, they were still just plans.
Everyone is getting involved to make money, not to contribute out of goodwill. Even if the Near East development plan proceeds smoothly, prosperity is still at least a decade away.
Until then, investing in railways is bound to be a losing proposition. A business that takes 10 to 20 years of continuous losses before possibly turning a profit might be a good value investment in theory.
Unfortunately, in this era, the trend is all about making quick money. Long-term value investments are not something capitalists are interested in.
Instead, they prefer launching projects that appear highly profitable, enhancing them with artistic embellishments to paint a grand vision, and then going public to raise funds.
If the project succeeds, they make a fortune. If it fails, there are always others to take the losses. This is one of the key reasons why no one is willing to invest in railway construction.
The ongoing economic crisis that has shaken the entire capitalist world is, in part, due to an oversupply of railways. This is especially true in Western European countries like Britain and France, where excessive and redundant railway construction has taken its toll.
The stock market reflects this reality where railway stocks have suffered the steepest declines.
A drop of 20–30% is considered a good outcome, while many railway companies have lost half their market value. Some of the worst-hit stocks are now worth less than a tenth of their peak prices.
Having learned a painful lesson, investors, fresh from their financial beatings, have temporarily lost all interest in railways. With such a hard sell, it’s difficult to find anyone willing to take the bait. Naturally, capitalists have no interest in such projects.
Since no one was willing to jump into the railway money pit, the Austrian government had no choice but to take matters into its own hands.
However, when it came to ports, docks, and urban redevelopment, there were investors willing to step in. Although these projects also had long investment cycles, their risks were much lower.
Even the most skeptical critics of Austria’s Near East development plan wouldn’t doubt the Austrian government’s ability to at least develop the coastal regions.
Some submitted plans, while others secured projects, but actual investment would still take some time.
After the war ended, the Austrian government did not immediately demobilize the army. Hundreds of thousands of troops were still busy suppressing bandits. Rushing into large-scale construction before solving security issues would have been highly irresponsible.
Developing the Near East was different from developing Africa. Back then, Austria had no choice as government resources were limited, so opening up African colonies had to rely on private forces.
As a result, there were now thousands of private armed groups of various sizes scattered across the African continent, collectively outnumbering Austria’s standing army.
While these forces solidified Austria’s dominance in Africa, they also inevitably led to the rise of local aristocrats.
In the European political context, this wasn’t a major issue. Nobles had the historical right to maintain private armies within their own fiefs, and so far, none had openly rebelled.
Africa had to be governed through the power of the nobility out of necessity. But the Near East, being so close to Austria, was different. This time, Franz intended to keep it firmly under his own control.
In a recent Imperial Parliament meeting, the issue of property rights over the Anatolian Peninsula, the Middle East, and the Arabian Peninsula was discussed. The representatives overwhelmingly passed a resolution designating these regions as directly governed imperial territories.
The combined votes of several small states exceeded 20, which in theory was enough to veto the resolution.
However, this remained purely theoretical. As long as their core interests were not at stake, no one was willing to make trouble for the Emperor.
More importantly, there was no legitimate reason to oppose the resolution.
The Imperial Parliament had strict regulations. Opposing for the sake of opposition was not tolerated, and the Emperor had the authority to dismiss council members under such circumstances.
Losing three to five representatives was a minor issue. As long as more than half of the members were present and the Emperor approved the session, its decisions were legally binding.
Members of parliament served five-year terms. If dismissed mid-term, they were not replaced, and their respective states had to wait until the next election to send new representatives.
Since the establishment of the Imperial Parliament, no one had dared to disrupt proceedings recklessly. Losing a seat meant losing influence in the empire, which was a risk no one was willing to take.
At present, the Near East was largely unpopulated, making it unqualified for provincial status. Without a population, there was no foundation for establishing colonial governance.
Assigning these lands to individual states for administration was an alternative approach, but whether the state governments would object was uncertain. One thing was clear. Their citizens would definitely oppose it.
For the people of the smaller states, spending money to develop a region thousands of miles away had no direct benefit to them.
The central government’s plan to develop the Near East had widespread support. Local and central finances were clearly separated, and each region was responsible for funding its own administration.
Under the legal framework of the Holy Roman Empire, the available options for land governance were limited. Since none of the other conditions were met, incorporating the Near East into the Emperor’s directly governed territories was the only way for the central government to invest in its development legally.
Even without considering strategic factors, the Near East had to be rebuilt for the sake of everyone’s deep-seated “dream of a Roman Empire.”
The legacy of the Roman Empire was simply too powerful, leaving an enduring mark on European history and culture. Even after more than a thousand years since its fall, there were still numerous claimants to its heritage.
The French saw themselves as the rightful successors of Rome, as did the Russians, Italians, and Greeks.
As the legitimate heirs of the Western Roman Empire, the Germans could not be an exception. After the fall of the Ottoman Empire, calls for a “Roman restoration” became even louder.
Of course, this remained purely rhetorical. The official stance in state media was clearly defined as “the New Holy Roman Empire.”
That additional wording made a world of difference. With so many factions claiming to be Rome’s successors, making bold declarations could easily provoke hostility.
Beyond the Near East, Franz also intended to incorporate the overseas colonies into the Emperor’s directly governed territories. However, out of consideration for the smaller states, this plan was temporarily put on hold.
After all, these colonies had been funded collectively. If they were suddenly removed from the legal authority of the smaller states, some might not take it well.
That, however, was a minor issue. From the very beginning, the overseas colonies had been established under the Emperor’s direct vassalage rather than as possessions of the empire’s individual states. The legal framework had already been set.
It wasn’t that people didn’t want to become vassal lords. The problem was that Franz refused to grant them titles. If the Emperor didn’t approve, no one could do anything about it.
Publicly challenging him would be the same as openly declaring, “I have ulterior motives. I am ambitious. I want power…”
Franz had never encountered anyone foolish enough to take such a risk. These men had risen through the ranks by military merit, and none of them were naive.
Since they were the Emperor’s vassals, they had no way to oppose him. Anyone who tried would have their title revoked instantly.
This was the main reason why the new nobility was more obedient. Their honor and privileges were entirely dependent on the Emperor. If they didn’t follow his lead, they would lose everything.
The greatest advantage of the Emperor’s directly governed territories was that, in theory, all unclaimed land belonged to him. The government only managed it on his behalf.
Of course, this was only a theoretical principle. If Franz truly kept all the land for himself, he would end up isolated.
To prevent that, he did not keep a single acre of prime farmland, pastures, or forest for himself. Instead, he distributed everything as rewards for his meritorious subjects. These areas would also become the government’s key development zones in the years to come.
(Note: Farmland, pastures, and forests could all be converted into military land grants. The specific ratios would be determined based on actual circumstances.)
Only after everyone had chosen their land did the remaining wastelands legally belong to the Emperor. These lands would remain untouched for now and would be developed later when needed.
…
Once the ennoblement ceremony was complete, Franz gathered the new nobles and began marking territories on the map. Everything had been prearranged, and this step was merely a formal confirmation.
As he observed the excitement on their faces, Franz knew his plan had succeeded. It made sense. This moment of glory was what they had risked their lives for on the battlefield.
From now on, regardless of their past, they all shared a new and unified identity as nobles.
Their political status was secured, and soon, their wealth would follow. In this era, any noble with land would never be poor, as long as they managed it wisely.
Even common soldiers received several hundred acres each, allowing them to become farm owners. The nobles, on the other hand, would not be measuring their land in acres. Square kilometers would be a far more appropriate unit.