OSMANLI DEVLETİNİN EKONOMİ VE DIŞ BORÇ POLİTİKASI
THE OTTOMAN EMPIRE’S ECONOMY AND EXTERNAL DEBT POLICY

Summary/Abstract: Aim of this study is to examine Ottoman economics. The economy of Ottoman Empire at 18 century, which has shown increase at every field till 18 century, can be divided into two terms which are quite different than each other. The first term ,from the beginning of the century to 1760, showed spread and improve but the second term, from 1760 to the end of the century , showed signs of narrowing and crisis. In the second term, unskilled and unexpert people took responsibilities and governmental duties and followed wrong policies causing social conflictions and discomforts. Governmental institutions degenerated, bribe and favouritism spreaded in this term. Classical optimal economic balance was lost and fınancial system faced collapse. 18 century is known as the time being in which industrial revolution occured in many Europian country, primarly England. In this era, western Europe economics changed the main production energy dependence from organic energy to inorganic sources (firstly steam power and then electricity, natural gas and petrol). This technological leap changed economical structure of these countries as well as it launched the improvement of the international trade. In this term, Ottoman Empire could not renew itself. The trade of Ottoman Empire with Europe was depending on buying manufactured goods and selling raw material to Europe according to commercial agreements of that time. A conservative policy applied in the country. Ottoman Empires’ period of being late from Europe started at the end of the 18 century and accelerated in the first half of the 19 century, reached to its maximum due to capitulations and running up depts from foreign countries. Seeing foreign indebtment as salvation recipe, Ottoman Empire consistently borrowed money as economic policy and because of this, was entitled Sick Man of Europe. And finally this policy caused the collapse of Ottoman Empire.

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