By Halil Inalcik
This significant contribution to Ottoman heritage is now released in paperback in volumes: the unique unmarried hardback quantity (CUP 1995) has been extensively acclaimed as a landmark within the research of 1 of the main enduring and influential empires of recent occasions. The authors offer a richly unique account of the social and financial background of the Ottoman area, from the origins of the Empire round 1300 to the eve of its destruction in the course of international struggle One. The breadth of variety and the fullness of insurance make those volumes crucial for an realizing of latest advancements in either the center East and the post-Soviet Balkan international.
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Extra resources for An Economic and Social History of the Ottoman Empire, vol. 1, 1300-1600
15 The second ﬁve-year industrial plan was interrupted by the Second World War. Although Turkey maintained her neutrality during the war, fullscale mobilization together with shortages of raw materials caused a severe recession and a substantial reduction in output. 2 per cent in industry and agriculture respectively. 16 During the war the state increased its control over the economy through SEEs, and with military considerations taking priority, civilian economic development efforts reduced dramatically.
All limits regarding the export and import of Turkish currency and all limits on purchasing foreign currencies had been lifted; persons resident in Turkey were allowed to purchase and transfer foreign securities; persons resident abroad were allowed to purchase, sell and transfer Turkish securities; residents in Turkey, including the private sector and the SEEs were allowed to obtain foreign credits directly provided that these credits were used through banks or private ﬁnancial institutions. 63 Turkish ﬁnancial liberalization was not accorded with ﬁscal consolidation in the late 1980s.
Boratav7 refers to the 1920s as ‘an extension of the late Ottoman economy’. Hershlag8 tends to see it as a ‘transitional period of trial and error’ due to the postwar reconstruction of the economy. Although terms such as ‘liberal’ and ‘market economy’ are used to describe the 1923–29 era (as far as economic policy is concerned), these phrases are generally used to refer to the contrast between the 1920s and the étatist 1930s. The leaders of the new Turkish Republic decided to let industrialization be based on private entrepreneurship and to support the emerging industry.
An Economic and Social History of the Ottoman Empire, vol. 1, 1300-1600 by Halil Inalcik