ECONOMICS OF THE OTTOMAN EMPIRE - Essay Example

Economics of the Ottoman Empire Despite the decline of the Ottoman Empire after the 17th century, this imperial empire achieved significant fame because of its economic prowess and value of people welfare. The Ottoman man empire is believed to have had a well-organized government that was powered by economic gains in various areas (Bulut 192). The success of Ottoman Empire in commerce and economic remain to be remembered as sheer display of strength for the empire at a time when commerce was at infancy.

The success of Ottomans Empire economy and welfare stemmed from Sultans’ use of efficient trade policies, taxation of goods, creation of justice in market places, and the introduction of the money system. The Ottomans had a system that allowed them to enforce orders in the market place by ensuring that goods were sold at fair prices (Bulut 47). Since commerce was central to the triumph of the empire, the Ottomans controlled prices as well as the influx of foreign goods into the market. The markets were always patrolled by supervisors who administered strict control and justice.

This control while allowed merchants to be rich, improved the organization of commerce in the market place. The Ottoman government introduced the use of coins from western countries. This was due to the demand for the use of coins in local transactions, as well as in the purchase of foreign goods. The use of coins expanded trade across the empire and improved the administration of justice and security by the government personnel (Agoston and Master 192). The use of coins and precious metal also changed the way trading was done across the empire as goods could be sold easily.

Trade policies were also implemented in the Ottoman Empire, in order to restrict both the export and importation of goods. The Sultan was concerned with ensuring that its citizens had been enough goods. Because of this, the Sultan made policies that discouraged the exportation of goods to foreign nations. This was possible through the use of taxes and custom duty (Agoston and Master 192). On the contrary, the Ottoman government encouraged imports by granting foreign merchant privileges for selling goods within the empire.

In order to stimulate economic growth and development of infrastructure, the Ottoman government allowed foreigners to invest in the empire, but restricted their level of benefits. This strategy was accomplished by policies that restricted the involvement of foreigners in various projects. For instance, the Ottomans stipulated that all projects done in the empire were to be of benefit to the citizens and the empire for foreigners to work on them. These policies formulated restricted foreigners from taking economic advantage of the locals.

Certainly, the Ottoman Empire achieved great economic values and improved social welfare during the 17th century. Through the use of economic policies, the government regulated foreign investment protecting itself from exploitations. The government also used taxation to limit export while promoting imports of goods into the empire. With the introduction of the money system, the Ottoman Empire improved how transactions were carried, as well as easing administrative tasks. Most important, administering justice and controlling in areas such as the market place created an environment where trading flourished making its citizenry enjoy the benefits of commerce and trade when other governments could not dream off.

Works CitedÁgoston, Gábor and Masters, Bruce Alan. Encyclopedia of the Ottoman Empire. New York: Inforbase Publishers. 2009.Bulut, Mehmet.Ottoman-Dutch economic relations in the early modern period 1571-1699. Hilvesum: Uitgeverij Verloren.2001.