A Monetary History of the Ottoman Empire by Sevket Pamuk

By Sevket Pamuk

This quantity examines the financial background of a giant empire positioned on the crossroads of intercontinental exchange from the fourteenth century until eventually the tip of worldwide battle I. It covers all areas of the empire from the Balkans via Anatolia, Syria, Egypt and the Gulf to the Maghrib. the results of economic advancements for social and political heritage also are mentioned during the quantity. this is often a massive and pathbreaking e-book by means of some of the most distinct financial historians within the box.

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M. Postan, E. E. Rich and E. ), Cambridge Economic History of Europe, vol. III, 397±429. The Ottomans were not unaware of mercantilist thought and practice. Early eighteenthcentury historian Naima, for example, defended mercantilist ideas and practices and argued that if the Islamic population purchased local products instead of the imports, the akcËe and other coinage would stay in Ottoman lands; see Naima, Tarih-i Naima, Zuhuri DanõsËman, Istanbul: DanõsËman Yayõnevi, 1968, vol. IV, 1826±27 and vol.

30 Later, during the sixteenth century, large in¯ows of gold and silver from the Americas were to change fundamentally the monetary landscape of the Old World, paving the way for the emergence of both trade and monetary ¯ows on a global scale. Increased availability of specie also made possible the minting of larger silver coins in America and Europe. Along with rising European in¯uence in the world markets, these coins became the globally recognized standards and means of exchange during the seventeenth century.

Until late in the ®fteenth century, there existed a considerable amount of tension in Ottoman society between the Turkish landed aristocracy of the provinces, who were deeply involved in the territorial conquests, and a bureaucracy at the center made up mostly of converted slaves (devsËirme), with the balance of power often shifting between the two. The successful centralization drive of Mehmed II in the second half of the ®fteenth century moved the pendulum again, this time decisively. The landed aristocracy was defeated, state ownership was established over privately held lands, and power concentrated in the hands of the central bureaucracy.

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