AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
The Rise and Fall of the Ottoman Empire
Sultans built a series of massive new palaces. In many ways the power and prestige of the empire was very much on the rise. A lot of this massive build up in modernization was based upon high taxes and also on enormous loans from Western banks. And as the loan interest payments continued to mount eventually the government was forced to default in 1875 and the bubble burst. The empire went effectively bankrupt, fortunately the regime did not collapse but it was forced to accept the imposition of a debt commission with directors appointed by Western governments.