Reforms and Supervisory Organizations: Lessons from the History of the Istanbul Bourse, 1873–1883

Hanedar, Elmas Yaldız; Hanedar, Avni Önder; Çelikay, Ferdi

doi:10.1108/s0363-326820170000033004

Cited by 1 publication

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“…Foreign intervention in the Ottoman financial sector, by diminishing local economic sovereignty, reduced investors’ perceptions of risk and, accordingly, the volatility of the Ottoman bonds. Istanbul stock exchange data show that investors responded positively to foreign intervention (Autheman 2002: 22; Hanedar & Celikay 2017). The more the Empire adopted externally influenced and controlled financial institutions, the more the volatility of Ottoman bonds decreased.…”

Section: Evidence Of Exogenously Induced Ottoman Financial Reformsmentioning

confidence: 99%

Defining financial reforms in the 19th-century capitalist world-economy: The Ottoman case (1838–1914)

Conte

2021

Capital & Class

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Capitalist-style reforms were an important factor in the economic and social evolution of the Late Ottoman Empire. This research investigates how foreign governments and financiers, and especially Britain, influenced these various financial reforms implemented in the Ottoman Empire during the 19th century. The chief purpose of such reforms was to integrate the Empire into the capitalist world-economy by imposing, both directly and indirectly, the adoption of rules, institutions, attitudes and procedures amenable to exploitation on the part of foreign and also local capitalists. Drawing on primary sources, mainly from the United Kingdom’s National Archives, the article argues that foreign pressure for financial reforms was instrumental in the Empire’s economic subjection to the rules and norms that regulated the capitalist world-economy, most notably in the field of public finance, banking and the monetary sector. It takes a long-term view and largely adheres to the scholarly evolution of Antonio Gramsci’s theory of hegemony and world-systems theory and methodology developed by Fernand Braudel, Immanuel Wallerstein and Giovanni Arrighi, adopting a multidisciplinary and macro-scale perspective. Special attention is paid to the correlation between secondary and primary sources in support of empirical evidence. More broadly, this research contributes to the literature on the capitalist world-economy and brings a set of theoretical frameworks to bear on defining the role of financial reforms induced mainly by Britain in peripheral and semi-peripheral countries.

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Section: Evidence Of Exogenously Induced Ottoman Financial Reformsmentioning

confidence: 99%

Defining financial reforms in the 19th-century capitalist world-economy: The Ottoman case (1838–1914)

Conte

2021

Capital & Class

View full text Add to dashboard Cite

show abstract

Reforms and Supervisory Organizations: Lessons from the History of the Istanbul Bourse, 1873–1883

Cited by 1 publication

References 31 publications

Defining financial reforms in the 19th-century capitalist world-economy: The Ottoman case (1838–1914)

Defining financial reforms in the 19th-century capitalist world-economy: The Ottoman case (1838–1914)

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