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The economic policy of the Ottoman Empire (1876-1922)

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Listed:
  • Ecchia, Stefania

Abstract

This paper explores the economic policy of the Ottoman Empire during the Abdul Hamid II's reign and the Young Turks period focusing on the fiscal crisis which exposed the Empire to an increasing financial dependence on European capital markets, leading to bankruptcy in 1876 and to the subsequent establishment of the Ottoman Public Debt Administration (OPDA) in 1881. Although tax base rose during the period under consideration, thanks to the long-term effect of the Tanzimat reforms -particularly the Land Code of 1858 - the additional revenues were insufficient to balance the budget deficit. At the same time, the credibility offered to the European investors by the OPDA increased temptation for the Ottoman government to go on contracting new foreign debts. The government's failure to get out of the external debt spiral proved to be fatal to the Empire.

Suggested Citation

  • Ecchia, Stefania, 2010. "The economic policy of the Ottoman Empire (1876-1922)," MPRA Paper 42603, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:42603
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    References listed on IDEAS

    as
    1. Pamuk, Sevket, 2004. "The evolution of financial institutions in the Ottoman Empire, 1600 1914," Financial History Review, Cambridge University Press, vol. 11(01), pages 7-32, April.
    2. Altug, Sumru & Filiztekin, Alpay & Pamuk, Şevket, 2008. "Sources of long-term economic growth for Turkey, 1880–2005," European Review of Economic History, Cambridge University Press, vol. 12(3), pages 393-430, December.
    3. Pamuk, Şevket, 2006. "Estimating Economic Growth in the Middle East since 1820," The Journal of Economic History, Cambridge University Press, vol. 66(3), pages 809-828, September.
    4. Broadberry,Stephen & Harrison,Mark (ed.), 2005. "The Economics of World War I," Cambridge Books, Cambridge University Press, number 9780521852128, January.
    5. Eldem, Edhem, 2005. "Ottoman financial integration with Europe: foreign loans, the Ottoman Bank and the Ottoman public debt," European Review, Cambridge University Press, vol. 13(3), pages 431-445, July.
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    JEL classification:

    • N0 - Economic History - - General
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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