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The Japanese economy in the 1890s and 1900s was quite fragile, with military spending consuming a vast amount of the national budget even during peacetime. Japan was also dependent on foreign trade, especially for certain industrial and technological goods for commercial and military use. However, the Russo-Japanese War was also very costly for Imperial Russia in terms of both lives and financial costs, which contributed to the 1905 Revolution. Given the problems facing both nations, what would have happened if Imperial Russia had kept fighting? Could the war end up throwing two great powers into chaos, or would one be able to emerge stronger?
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