Gold For the Sultan: Western Bankers and Ottoman Finance, 1856-1881

Overview

The financial collapse of the Ottoman government in 1875 was a pivotal event in the history of the Middle East. Based on extensive use of both financial and diplomatic sources, this book is an economic history of Ottoman finances in the context of the larger political and diplomatic history of the Empire. It covers the reasons for the bankruptcy, examining the lack of financial controls and the consequent accumulation of debt.

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Overview

The financial collapse of the Ottoman government in 1875 was a pivotal event in the history of the Middle East. Based on extensive use of both financial and diplomatic sources, this book is an economic history of Ottoman finances in the context of the larger political and diplomatic history of the Empire. It covers the reasons for the bankruptcy, examining the lack of financial controls and the consequent accumulation of debt.

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Editorial Reviews

Booknews
Clay (history, U. of Bristol, UK) explores the reasons for the financial collapse of the Ottoman government in 1875, examining in detail the lack of financial controls and the consequent gradual accumulation of debt. His analysis also includes the role of foreign bankers and the question of exploitive financial imperialism. Clay's contention is that the Ottoman Empire's financial failure lead to its disintegration and collapse in 1918, "which played a critical role in creating both the Balkan context for the First World War and the political configuration of the modern Middle East" (from the introduction). Distributed in the US by Palgrave. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9781860644764
  • Publisher: I. B.Tauris & Company, Limited
  • Publication date: 3/21/2001
  • Pages: 448
  • Product dimensions: 6.38 (w) x 9.46 (h) x 2.29 (d)

Meet the Author

Christopher Clay is Professor of History at the University of Bristol.

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Table of Contents

Part 1 Introduction: Western bankers and Ottoman finance - the problem to be investigated. Part 2 The national bank concession (1856-63): Ottoman finances before the Crimean War and the first bank projects; the first phase of the battle for the "national" concession; the second phase of the battle for the "national" concession; the crisis of Ottoman finance; Fuat Pasha and the founding of the BIO; the BIO - functions and organization. Part 3 The bank, government and the conversion of the internal debt (1863-65): the BIO and the loan of 1863-64; the emergence of rivals to the BIO; the challenge of the general credit and finance company; the conversion of the internal debt and the loan of December 1865. Part 4 Ottoman government borrowing at flood-tide (1866-73) - part 1: the BIO and the government, 1866-69 - years of crisis and conflict; the "emprunt pinard" of 1869 and the Constantinople financial crisis of 1870; "entr'acte" - the loans of 1871 and 1872. Part 5 Ottoman government borrowing at flood-tide (1866-73) - part 2: financial rivalries and alliances on the shores of the Golden Horn; Ottoman railway finance - the lottery loan of 1870-72; boom-time in Constantinople, 1872-73; the climax of Ottoman government borrowing - the loans of 1873. Part 6 On the edge of insolvency (1874-75): the origins of the new banking concession; the enlargement of the BIO; the winning of the "rade" and the LS 40 million loan; the ratification of the bank's new convention; the BIO and the supervision of the government's finances. Part 7 The bankruptcy of the state (1875-76): the collapse of the government's finances; the bankruptcy of October 1875; the Hamond and Scouloudi projects. Part 8 Ottoman finance in wartime (1876-78): revolution and paper money; the depreciation of the "kaime"; other aspects of wartime finance; the tribute bondholders and the defence loan of 1877. Part 9 The search for solvency (1878-79): the financial situation of the government in the post-war years; new advances and "compensations"; the dishonouring of the "kaime"; the de Tocqueville scheme; the bank scheme and its successors. Part 10 The bankers' convention (1879-80): development projects and administrative reform; the making of the bankers' convention; the survival of the convention. Part 11 Towards a resolution (1880-81): the bank and the bondholders; the Baltazzi tobacco "regie" scheme. Part 12 The debt settlement and the origins of the public debt administration (1881 and after): the Constantinople negotiations - the delegates and the government; the Constantinople negotiations - the delegates and the convention syndicate; the Constantinople negotiations -between the delegates themselves; the decree of Muharren; conclusion - the BIO and the survival of the Ottoman state.

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