In the midst of political decline and burgeoning financial
problems in the late nineteenth century, the Ottoman Empire became
embroiled in a borrowing frenzy, which eventually resulted in the
financial collapse of the empire. Under political pressure and with
the growing need for external funds, the Ottoman court compromised
its fiscal sovereignty by ceding the most liquid revenue sources to
a financial administration controlled by European creditors. In
this book, Murat Birdal sheds light on the handling of the external
debt crisis, one of the most controversial periods of Ottoman
economic history. Based on extensive archival research foreign
archives, he explores the pivotal role of the Ottoman Public Debt
Administration (OPDA) in the peripheralization of the Ottoman
economy. This book will be invaluable to scholars of Ottoman,
Middle East and economic history.
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