The rise and demise ofgedikmarkets in Istanbul, 1750-1860
Bibliographic Data
| ID | 3125814 |
|---|---|
| Authors | Seven Ağir (Middle East Technical University Ankara Turkey), Seven Ağır (0000-0002-8106-1504, Middle East Technical University, corresponding author) |
| Year | 2018 |
| Volume | 71 |
| Issue | 1 |
| Pages | 133-156 |
| Publication date | 2018-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic History Review (JOURNAL) |
| Journal identifiers | ISSN: 0013-0117 • E-ISSN: 1468-0289 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ehr.12492 |
| OpenAlex | W2610610323 |
| Language | EN |
| Citations received | 6 |
| References cited | 35 |
Using new evidence uncovered from Istanbul court records, this paper shows that Ottoman markets were capable of spontaneous financial innovation before the introduction of modern financial instruments. At the same time, however, it demonstrates that the impact and sustainability of these innovations depended on the underlying political equilibrium.Gediks-entitlements to usufruct rights over the factors of production used in urban commercial and industrial activity-gradually transformed into liquid assets during the late eighteenth century. This transformation was enabled by the coercive power of Janissary-infiltrated guilds in response to the financial needs of small- and medium-scale actors operating within the confines of the domestic economy. The entry barriers, which enabledgedikmarkets to exist in the first place, also limited their use for growth-promoting purposes and thus set them apart from similar financial instruments that emerged in the West.Gedikmarkets disappeared as the Janissary-guild coalition declined and better financial instruments emerged during the mid-nineteenth century
Business · Demise · Economics · Economy · Financial instrument · Financial market · Financial system · Guild · Market economy · Political science · Politics · Power (physics) · Sustainability · Colonialism, slavery, and trade · Finance · Historical Economic and Social Studies · Islamic Studies and History · Law
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| Unique citing works | 6 |
|---|---|
| Citations per year | 1 |
| Citation span | 2020 - 2026 (7) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 6 |