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The social and political history of the Ottoman Empire has been interesting area of research in various studies and it is essential to realize the several elements which influence the economy of the empire. Analyzing the factors that contributed to the decline of the Ottoman Empire, one realizes that the economy of this great Empire was largely dependent on gold and precious metals, the acute shortage of which influenced the weakening of the economy as well…
The great disruption of the Ottoman economy was caused by the inflation due to the inflow of gold, silver, and other precious metals from the New World. "The Ottomans experienced the impact of the increased flow of precious metal before the 17th century. The flow of American silver probably began to affect the Ottoman economy by 1580. While the first effects of the New World silver were experienced in Ottoman Anatolia by 1580, the most significant response of Ottoman prices occurred between 1585 and 1606." (Bulut, 65) Therefore, the effect of gold and precious metals on the economy as well as social life of the Ottoman Empire is important to recognize and this paper makes a reflective analysis of the impact of precious metals on the Ottoman Empire.
In a profound exploration of the impact of precious metals on the Ottoman Empire, it becomes lucid that the Empire was self-sufficient with regard to the availability of various precious metals. The political supremacy over the neighboring nations offered an important opportunity to the Ottomans to import metals which were not available in the Empire. ...
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