The Ottoman Empire's Borrowing Policies and the Emphasis on Financial Independence
The borrowing economy of the Ottoman Empire, the administration of the Düyun-u Umumiye, and the process of financial dependency created by capitulations are discussed.
In an article written by Soner Yalçın, the Ottoman Empire's initial foreign borrowing process, its approach to financial bankruptcy, and the establishment of the Düyun-u Umumiye are examined.
The Borrowing Process in the Ottoman Empire
During the Ottoman Empire era, the first foreign loan was taken out in 1854, and the state came to the brink of financial bankruptcy in a short time, in 1875.
Düyun-u Umumiye and Dependency
Established in 1881 during the reign of Abdülhamid, the Düyun-u Umumiye constituted the most typical institutionalized form of the country falling under the control of foreign capital and the bondage of debt.
Financial and Political Independence
According to Mustafa Kemal's views, it is emphasized that in the process of the country becoming a semi-colony, political independence cannot be strong without financial independence.