Holy Roman Empire

The Vienna Government's Near East Development Plan was undeniably a shot in the arm for the domestic economy, and the stock market was the first to react.

The share prices of sectors such as construction, medicine, and engineering equipment skyrocketed, as if a new bull market was about to commence.

In order to stimulate their share prices, related companies announced one after another their participation in the Near East Development Plan, and overnight "Near East Development" became Austria's hottest buzzword.

Not only domestic capital was attracted, but also a considerable amount of overseas capital was drawn in by the news.

European capital had nowhere to go during the Great Depression, and Austria's Near East Development Plan undoubtedly came at an opportune moment.

To attract attention, the Vienna Government naturally wouldn't mention any preliminary plans; they focused their promotion on the "ten billion Divine Shield investment."

This was by far the largest investment in history and was not likely to be surpassed in this century; boasting about it came with absolutely no pressure.

European capital daring to invest in the distant United States, let alone the Near East which is much closer, was a common occurrence in the original timeline.

Unfortunately, these fellows were too shrewd, all slippery as eels; Franz had hoped to trick a few unlucky victims into taking on the railway construction but couldn't bait anyone.

Even with the promise of authorized monopolistic operation, there were no takers; the Near East at present was an untouched expanse, and the Vienna Government's plans, no matter how attractive, were still just plans.

Capitalists are cautious folk who don't invest until they see the rabbit; who would rush into investing in railways before the immigration plan was even underway?

People got involved to make money, not to contribute; even if the Near East Development Plan went smoothly, prosperity was a matter for a decade or more down the line.

Before that, investing in railways was guaranteed to be a loss-making enterprise. Any business that entailed successive losses for ten or twenty years before turning a profit was indeed a value investment.

Unfortunately, in these times, it was more fashionable to make quick money; long-term value investments were not within the capitalists' consideration.

They preferred projects that seemed capable of making a quick profit, arduously crafting a grand blueprint before listing it and raising capital.

If successful, they'd make a killing; if they failed, there would still be someone to take over and bear the losses. This was also one reason why no one was willing to invest in railways.

The economic crisis that swept the capitalist world included railway overinvestment as a key factor, especially in Western European countries like England and France with their numerous redundant rail projects.

One only had to look at the stock market to see that railway stock prices suffered the most.

Seeing stocks at a 20 to 30 percent discount was considered good news, as many railway companies' market values were halved; some that plummeted severely shrank to less than one-tenth of their peak value.

Once bitten, twice shy.

Investors, having just been battered by society, lost interest in railways for the time being; a project difficult to hype up to investors was naturally unattractive to capitalists.

With no one willing to leap into the pitfall that railways presented, the Vienna Government had no choice but to step in themselves, though there were investors for port docks and urban renovations.

Despite the long investment cycle, these projects were lower risk.

Even those most skeptical of Austria's Near East Development Plan wouldn't doubt the Vienna Government's capability to develop the coastal areas.

While everyone busied themselves with submitting plans and obtaining projects, the actual investment of funds would still need some time.

After the war ended, the Vienna Government did not immediately demobilize the army. Hundreds of thousands of troops at this time were occupied with bandit suppression; embarking on construction before addressing security issues would be utterly irresponsible.

Developing the Near East as opposed to Africa presented different challenges; back then, the government, with limited power to open up African colonies, had to rely on civilian efforts.

Today, the African Continent is home to thousands of civilian armed groups, large and small, collectively surpassing the number of Austria's standing army.

While these forces established Austria's dominant position on the African Continent, it was also inevitable that local nobility rose in power.

Within the political context of Europe, this naturally wasn't a big issue. It's within the rights of nobility to form private armies on their own territories, and no one has seen them raise a banner in rebellion.

The African Continent was a reluctant choice, relying on the power of nobility for governance. However, Franz intended to keep the Near East under his direct control.

In the recent Imperial Parliament gathering, property rights over the Asia Minor Peninsula, the Middle East, and the Arabian Peninsula were finalized; representatives passed the proposal to designate the aforementioned areas as directly-governed territories of the Royal family by an overwhelming majority.

Sundry sub-states united in opposition accounted for over 20% of the vote, theoretically possessing the power to veto the proposal.

However, this was purely theoretical; without core interests at stake, no one deliberately sought to antagonize the Emperor.

Of course, the main reason was the lack of grounds for opposition.

The Imperial Parliament is very strict with its regulations; opposing for the sake of opposition is not allowed, and the Emperor has the right to dismiss members.

Missing three or five people is a minor issue, as long as the number of representatives is more than half, meetings convened with the Emperor's permission are legally effective.

Parliamentary members serve five-year terms; if dismissed in the middle of a term, their position is not replaced. The sub-state concerned can only send a new representative at the next election.

In the many years since the establishment of the Imperial Parliament, no one has dared to cause trouble, fearing that the Emperor would catch them out and kick them out of the game, losing their say in the Empire.

There're hardly any people in the Near East region now; it doesn't even meet the conditions to form its own province—no people means no foundation to implement colonial rule.

Assigning control to individual sub-states is also an option, though it's not yet known whether their governments will oppose this, but certainly, the local populations will not agree.

For the people of the smaller sub-states, spending money to develop the Near East, thousands of miles away, has nothing to do with their interests.

The Central Government is supported in its efforts to develop the Near East because local and central finances are clearly separated—each is responsible for funding its own territory.

The legal attributes of land under the Shinra Empire are limited; failing to meet the conditions, how can the Central Government legally invest funds for development unless the territory is brought directly under the Emperor?

Even without considering strategic factors, to fulfill the deep-seated "Roman Empire Dream" within everyone, the Near East region must be rebuilt.

It can only be said that the Roman Empire was too formidable, leaving such a strong imprint on the cultural history of Europe that even after its fall a thousand years ago, there's still a slew of claimants to its legacy.

The French claim to be the successors of Rome, the Russians claim to be the successors of Rome, the Italians claim to be the successors of Rome, the Greek people claim to be the successors of Rome...

As the legitimate successors of the Western Roman Empire, the German people certainly cannot be left out, especially after the fall of the Ottoman Empire, the calls to rebuild the Roman Empire grew even louder.

Of course, it remains all talk. The official media definition is quite clear—the New Holy Roman Empire.

A few extra words, and the meaning is completely different. There are so many self-proclaimed heirs of Rome; shouting slogans recklessly can attract a lot of hatred.

It's not just the Near East; in fact, Franz is also planning to bring the overseas colonies directly under the Emperor's jurisdiction. He's just postponed it for now, considering the feelings of the small sub-states.

After all, they were all built with shared funds; to suddenly sever their legal ties might not sit well with some people.

These are minor issues; the overseas colonies are all vassals of Franz the Emperor, not princes of the Empire. This was legally established from the very beginning.

It's not that nobody wants to be a prince; it's just that Franz isn't granting such titles. Without the Emperor's agreement, who can do anything? No one dares come forward and make trouble with the Emperor, right?

That would be brazenly telling everyone: I have a problem, I have ambitions, I want...

Franz has yet to meet such a fool. After all, relying on military achievements to rise to power, it's impossible not to be shrewd.

As vassals of the Emperor, they can't oppose him, or risk being stripped of their titles in a matter of minutes.

This is also why the new nobility are more obedient. Their honors and rights are all tied to the Emperor; without following the leader, they'd lose everything.

The greatest benefit of the Emperor's direct territories is that, theoretically, all unclaimed lands belong to the Emperor, with the government simply managing these areas on his behalf.

Of course, this is only in theory. If the Emperor were to monopolize everything, he'd be left all alone.

Quality farmland, pastures, and forests—Franz didn't keep a single acre for himself, offering it all up to reward his meritorious officials. These areas are also a focus for government development moving forward.

(Note: Farmland, pastures, and forests can all be converted into military merit lands, with specific ratios determined by the actual situation.)

Only after everyone has made their selection do the leftover poor lands become the Emperor's by law. For now, they'll be set aside until development is needed in the future.

...

After the ennoblement ceremony, Franz circled areas on the map with a group of newly emerging nobility. These were pre-determined; now it was just a matter of making it official.

Seeing everyone's excitement, Franz knew his display was successful. It made sense; they braved death on the battlefield for this moment of glory.

From now on, no matter their previous background, they all share one title—nobility.

They have a political status, and soon their pockets will swell. Nowadays, nobles with fiefs aren't likely to be poor, as long as they don't make foolish decisions.

Even the common soldiers can gain hundreds of acres to become farm owners; it goes without saying for the nobles, who perhaps shouldn't be measured in acres, but square kilometers instead.

...