RAILWAY EXPANSION AND FINANCIAL INSTITUTIONS AS DRIVERS OF TRADE TRANSFORMATION: THE CASE OF THE TASHKENT FAIR (LATE 19TH – EARLY 20TH CENTURY)

This article examines the transformation of trade relations in the Turkestan Governor-Generalship during the late nineteenth and early twentieth centuries, focusing on the role of railway expansion and the emergence of banking institutions in reshaping the Tashkent Fair. The study argues that the introduction of railway infrastructure fundamentally altered the spatial and temporal organization of trade, replacing caravan-based exchange with a continuous and integrated market system. Furthermore, the development of financial institutions facilitated the transition from cash-based transactions to credit-based economic relations, accelerating capital circulation and enabling the expansion of wholesale trade. Drawing on statistical data, archival materials, and contemporary periodicals, the article demonstrates that by the early twentieth century the Tashkent Fair had evolved into a specialized trade and financial center, playing a key role in integrating the regional economy into the broader economic system of the Russian Empire.