The Ottoman Empire in the “Great Depression” of 1873–1896
- 3 March 1984
- journal article
- research article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 44 (1) , 107-118
- https://doi.org/10.1017/s0022050700031399
Abstract
Contrary to the view that the periphery of the world economy benefited from rapidly expanding trade, the Ottoman economy actually faced a distinctly unfavorable world conjuncture during the last quarter of the nineteenth century. Rates of growth of foreign trade dropped, external terms of trade deteriorated, declining wheat prices affected peasant producers, and the establishment of European control over Ottoman finances led to large debt payments abroad.Indirect data indicate that rates of change of agricultural and aggregate production were also lower during the “Great Depression” as compared to the later period.Keywords
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