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New perspectives on the Ottoman Empire, challenging Western stereotypes.
In the midst of political decline and burgeoning financial problems in the late nineteenth century, the Ottoman Empire became embroiled in a borrowing frenzy, which eventually resulted in the financial collapse of the empire. Under political pressure and with the growing need for external funds, the Ottoman court compromised its fiscal sovereignty by ceding the most liquid revenue sources to a financial administration controlled by European creditors. In this book, Murat Birdal sheds light on the handling of the external debt crisis, one of the most controversial periods of Ottoman economic history. Based on extensive archival research foreign archives, he explores the pivotal role of the Ottoman Public Debt Administration (OPDA) in the peripheralization of the Ottoman economy. This book will be invaluable to scholars of Ottoman, Middle East and economic history.
A major contribution to Ottoman history, now published in paperback in two volumes.
Leading economic historians present a groundbreaking series of country case studies exploring the formation of fiscal states in Eurasia.
Presents a comprehensive A-to-Z reference to the empire that once encompassed large parts of the modern-day Middle East, North Africa, and southeastern Europe.
Originally published in 1987, this book examines the consequences of the nineteenth-century economic penetration of Europe into the Ottoman Empire. Professor Pamuk makes subtle use of a very wide range of sources encompassing the statistics of most of the European countries and Ottoman records not previously tapped for this purpose. His economic and quantitative analysis established the long-term trends of Ottoman foreign trade and European investment in the Empire. The later chapters focus on the commercialisation of agriculture and the decline as well as the resistance of handicrafts. Geographically, most of the volume focuses on the area within the 1911 borders of the Empire - Turkey, northern Greece, Greater Syria and Iraq. Professor Pamuk compares the relationship of the Ottoman Empire to the world economy with that of other parts of the non-European world and concludes that the two distinguishing features of the Ottoman case were the environment of Great Power rivalry and the ability of the government to react against European pressures.
This book revisits an important chapter of financial history in the Middle East and the Balkans from 1870 1914. During this period, capital flows in the form of sovereign debt increased rapidly throughout the region. The spiral of heavy government borrowing eventually culminated in defaults on foreign obligations in the Ottoman Empire (1875), Egypt (1876), Greece (1893) and Serbia (1895). In all four cases, introducing international financial control over the finances of the debtor states became the prevalent form of dealing with defaults. The different cases of international financial control became increasingly refined and they marked important milestones in the evolution of the global governance of sovereign debt before 1914. For the defaulting states however, the immediate impact of international financial control was infringement of sovereignty. The extent of international financial control and the borrowing capacity of debtor states varied in each case as well as the degree of resistance towards it. This book documents the characteristics of international financial control in a comparative perspective. It relates sovereign debt, default and international financial control to political and fiscal systems, and raises questions about the tension between national sovereignty and global capital. It sheds light on the impact of international financial control on the long-term credibility and fiscal capacity of the debtor states in question. The author demonstrates that the governments' decisions to borrow internationally, and their attitudes towards international financial control, were heavily influenced by domestic political and fiscal factors.
This book analyzes public debt from a political, historical, and global perspective. It demonstrates that public debt has been a defining feature in the construction of modern states, a main driver in the history of capitalism, and a potent geopolitical force. From revolutionary crisis to empire and the rise and fall of a post-war world order, the problem of debt has never been the sole purview of closed economic circles. This book offers a key to understanding the centrality of public debt today by revealing that political problems of public debt have and will continue to need a political response. Today’s tendency to consider public debt as a source of fragility or economic inefficiency misses the fact that, since the eighteenth century, public debts and capital markets have on many occasions been used by states to enforce their sovereignty and build their institutions, especially in times of war. It is nonetheless striking to observe that certain solutions that were used in the past to smooth out public debt crises (inflation, default, cancellation, or capital controls) were left out of the political framing of the recent crisis, therefore revealing how the balance of power between bondholders, taxpayers, pensioners, and wage-earners has evolved over the past 40 years. Today, as the Covid-19 pandemic opens up a dramatic new crisis, reconnecting the history of capitalism and that of democracy seems one of the most urgent intellectual and political tasks of our time. This global political history of public debt is a contribution to this debate and will be of interest to financial, economic, and political historians and researchers. Chapters 13 and 19 are available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
This book seeks to explain the political and religious factors leading to the economic reversal of fortunes between Europe and the Middle East.