Inflation in the Early Modern Ottoman Empire and Europe

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Karaman K. K., YILDIRIM KARAMAN S.

SOSYOEKONOMI, cilt.30, sa.54, ss.401-420, 2022 (ESCI) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 30 Sayı: 54
  • Basım Tarihi: 2022
  • Doi Numarası: 10.17233/sosyoekonomi.2022.04.21
  • Dergi Adı: SOSYOEKONOMI
  • Derginin Tarandığı İndeksler: Emerging Sources Citation Index (ESCI), TR DİZİN (ULAKBİM)
  • Sayfa Sayıları: ss.401-420
  • Anahtar Kelimeler: Price Revolution, Inflation, Debasement, Silver Standard, PRICE REVOLUTION, REAL WAGES, PERSPECTIVE, DIVERGENCE, HISTORY, TRADE, RISE
  • Marmara Üniversitesi Adresli: Evet

Özet

This study investigates the rates and causes of price inflation in early modern Europe and the Ottomans. There are two leading causes of price inflation in this period. The first is the American silver, and the second is the debasements that states resorted to for revenue. Our study shows that debasements are the more important cause. Debasements have induced price increases ranging between two to five hundred-fold for different states. As for American silver, it has induced, at most, a four-fold increase in prices. Hence inflation was mainly caused by debasements and the underlying political factors.