C. G. A. Clay

"The financial collapse of the government in 1875 was a pivotal event in Ottoman history and in the modern history of the Middle East in general. Based on the extensive use of both financial and diplomatic sources, including the newly-available archives of the imperial Ottoman Bank, this economic history places Ottoman finances in the context of the larger political and diplomatic history of the Empire." "Christopher Clay explores the reasons for the Ottoman bankruptcy, examining in detail the lack of financial controls and the consequent gradual accumulation of debt, as well as the role of foreign bankers and the question of 'exploitative financial imperialism'. The result is a measured study, which provides important new information and insights into the workings of the Ottoman system."--Jacket.