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Anatolia and Egypt during the Nineteenth Century: A Comparison of Foreign Trade and Foreign Investment

Published online by Cambridge University Press:  21 July 2015

Şevket Pamuk
Şevket Pamuk*
Affiliation:
Villanova University, Department of Economics
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Extract

For the economies of the Middle East, the nineteenth century was a period of rapid integration into the world economy. Some of the forces behind this process came from Europe. In the aftermath of the Industrial Revolution, Great Britain and later the Continental economies began to turn towards areas beyond Europe in order to establish markets for their manufactures and also secure inexpensive sources of foodstuffs and raw materials. As a result, European commercial penetration into the Middle East gained new momentum in the 1820s after the end of the Napoleonic Wars. Later, starting around mid-century, commercial penetration began to be accompanied by European investments in the Middle East in the forms of lending to governments and direct investment in railways, ports, banks, trading companies, and even agricultural land. A large part of this investment served to increase the export orientation of the Middle Eastern economies.

Type
Research Article
Information
New Perspectives on Turkey , Volume 7: Special Issue Title: The 1838 Convention and Its Impact , spring 1992 , pp. 37 - 55
Copyright
Copyright © New Perspectives on Turkey 1992

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