By Sevket Pamuk
This quantity examines the financial heritage of a giant empire positioned on the crossroads of intercontinental alternate from the fourteenth century till the tip of worldwide warfare I. It covers all areas of the empire from the Balkans via Anatolia, Syria, Egypt and the Gulf to the Maghrib. the consequences of financial advancements for social and political heritage also are mentioned through the quantity. this can be an enormous and pathbreaking e-book through essentially the most distinctive financial historians within the box.
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Additional info for A Monetary History of the Ottoman Empire
The local mints, including those under the control of Genoa as well as the Turkish beyliks, Saruhan, MentesËe and Aydõn took up the minting of imitations of gold Venetian ducats. 11 Spufford's insistence on European trade de®cits and specie ¯ows should not lead us to ignore alternative explanations of the rise of silver in the eastern Mediterranean, however. There may have been other sources of that silver. One possibility is the arrival of silver into the region from Central Asia. There is evidence that Iraq and Persia were being supplied by the reopened silver mines of Turkestan during this period.
From its earliest days, the Ottoman state was located on longdistance trade routes and trade always involved money of one kind or another. In addition, while the degree of monetization certainly varied over time and space, the use of money was not limited to narrow segments of the urban population. The use of money increased substantially during the sixteenth century, both because of the increased availability of specie and the growing economic linkages between the urban and rural areas. Large sectors of the rural population came to use coinage, especially the small denominations of the silver akcËe and the copper mangõr, through their participation in markets and because of state taxation of a wide range of 49 Cemal Kafadar, ``When Coins Turned into Drops of Dew and Bankers Became Robbers of Shadows; the Boundaries of Ottoman Economic Imagination at the end of the Sixteenth Century,'' PhD thesis, McGill University (1986), 86; also Cornell H.
Merchants then carried gold and silver in the opposite directions taking advantage of the price differentials. This perspective thus pointed to simple arbitrage as the basic mechanism for the accumulation of gold and silver in the different regions. 3 Harry Miskimin and Peter Spufford, while not contesting the shift itself, have rejected the importance of arbitrage and attempted to provide a number of explanations for the origins of the price differentials and the mechanisms that they may trigger.
A Monetary History of the Ottoman Empire by Sevket Pamuk