The Ottoman Empire in the “Great Depression” of 1873–1896

  title={The Ottoman Empire in the “Great Depression” of 1873–1896},
  author={Şevket Pamuk},
  journal={The Journal of Economic History},
  pages={107 - 118}
  • Ş. Pamuk
  • Published 1 March 1984
  • History, Economics
  • The Journal of Economic History
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… 

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