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ECONOMICS OF THE OTTOMAN EMPIRE - Essay Example

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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…
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ECONOMICS OF THE OTTOMAN EMPIRE
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Download file to see previous pages 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 ...Download file to see next pagesRead More
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