In the early 1900s, the basis of Russia's economy was primarily agrarian. Agriculture, including farming and related activities, was the dominant sector of the Russian economy at that time. The vast majority of the population in Russia were peasants engaged in subsistence farming or working on large agricultural estates.
The Russian economy was characterized by a semi-feudal system with a significant divide between the landowning aristocracy and the peasant clas. These agricultural practices were not as modernized or industrialized as in many Western European countries, and this played a role in the economic and social challenges facing Russia during that era.
Industrialization was also underway during this period, particularly in the late 19th and early 20th centuries, but it had not yet fully transformed the Russian economy. The Russian Revolution of 1917 and subsequent changes brought significant shifts in the economic structure and ownership, leading to the establishment of a communist state with a planned economy.