This article analyzes both general issues of the theory of reforms and the history of economic reforms in Russia in the XIX—early XX century. The authors propose to consider the procces of carrying out reforms and counter-reforms as a result of interaction of several actors — “a theoretician”, “a reformer”, “a ruler”, “an elite” and “people”. During the whole Russian history reforms were of cyclic character. This article studies reforms conducted by M. M. Speransky, great reforms of Alexander II, reforms carried out by S. Yu. Vitte and P. A. Stolypin, counter-reforms of Nickolas I and Alexander III. All Russian reforms have always been aimed at the country’s modernization. However, though reforms were usually initiated for political reasons, economic reforms were in fact implemented. The tasks of modernization were realized in the first place in the military industry. Economic modernization occupied the second place by importance. Modernization of culture received much less attention, and modernization of political institutions was almost neglected. Historical experience shows that every project of modernization is unique and implies that reformers and intellectual elite are able to find those key decisions that will guarantee success. It is for this reason that the art of economic policy remains the prime factor in working out the strategy of reforms.