Inflation in the Early Modern Ottoman Empire and Europe

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Karaman K. K., YILDIRIM KARAMAN S.

SOSYOEKONOMI, vol.30, no.54, pp.401-420, 2022 (ESCI) identifier identifier identifier

  • Publication Type: Article / Article
  • Volume: 30 Issue: 54
  • Publication Date: 2022
  • Doi Number: 10.17233/sosyoekonomi.2022.04.21
  • Journal Name: SOSYOEKONOMI
  • Journal Indexes: Emerging Sources Citation Index (ESCI), Scopus, TR DİZİN (ULAKBİM)
  • Page Numbers: pp.401-420
  • Keywords: Price Revolution, Inflation, Debasement, Silver Standard, PRICE REVOLUTION, REAL WAGES, PERSPECTIVE, DIVERGENCE, HISTORY, TRADE, RISE
  • Open Archive Collection: AVESIS Open Access Collection
  • Marmara University Affiliated: Yes

Abstract

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.