A Comparative Study of Foreign Direct Investment: Ottoman and Russian Empires

Year 2018, Volume: 2 Issue: 1, 71 - 110, 03.06.2018

V. Necla Geyikdağı M. Yaşar Geyikdağı

Abstract

As yet, a comparative study of foreign investments
directed towards the Russian and Ottoman Empires does not exist. They were part
of the less developed periphery of Europe during the nineteenth century. The
main goal of the capital exporting countries was to market their manufactured
products and acquire raw materials. By following an independent policy of high
tariffs, Russia partially overcame the problem through compelling foreigners to
invest for manufacturing locally. However, in the Ottoman Empire, as foreigners
did not face any protectionist obstacles to sell their manufactures, foreign
direct investment inflows came only to the sectors that facilitated trade.

Keywords

Ottoman Empire, Russian Empire, foreign direct investment, trade policy, protectionism

Osmanlı ve Rus İmparatorluklarında Doğrudan Yabancı Yatırımlar

Abstract

Osmanlı ve Rus
İmparatorluklarında yapılan yabancı yatırımların bir kıyaslaması bugüne kadar
yapılmadı. Bu yazı Avrupa’nın az gelişmiş bir çevresi olarak görülen bu iki
büyük imparatorluğun son yüzyılındaki doğrudan yabancı sermaye olgusunu ele
almaktadır. Sermaye ihraç eden ülkelerin başlıca amacı bu ülkelere sanayi
ürünlerini pazarlamak ve onlardan ham madde temin etmekti. Ruslar bağımsız bir
ticaret politikası uygulayarak gümrük tarifelerini istedikleri gibi
yükseltebildiklerinden yabancı sermayeyi tercih ettikleri alanlara çekmeyi ve
ülkelerinde yabancıların sanayi yatırımı yapmalarını sağladılar. Fakat Avrupa
ülkeleriyle yapılan serbest ticaret anlaşmaları nedeniyle koruyucu gümrük
engelleri koyamayan Osmanlı Devleti’nde, yabancılar sanayi üretimini gerçekleştirecek
yatırımlara girişmeyerek, ancak ticareti kolaylaştıracak alt ve üst yapı
yatırımlarını gerçekleştirmişlerdir.

Keywords

Osmanlı İmparatorluğu, Rus İmparatorluğu, doğrudan yabancı sermaye, ticaret politikası, korumacılık

References

• Ames, E. (1947). A century of Russian railroad construction: 1837-1936. American Slavic and East European Review, 6(3/4), 57–74.
• Baglione, F. M. (1993). “Not as People but as Germans” German and American Views on the Ethnic Impact of Imperialism. In Annual Proceedings of the Florida Conference of Historians (Vol. 1, pp. 53–67). Orange Park, Florida. Retrieved from http://fch.ju.edu/fch_vol_1.pdf
• Behar, C. (1996). The Population of the Ottoman Empire and Turkey. Ankara: State Institute of Statistics.
• Besobrasof, V. P. (1886). Etudes sur l’économie nationale de la Russie Région (centrale) industrielle de Moscou. II, II,. St Pétersbourg: Eggers.
• Blackwell, W. L. (1968). The beginnings of Russian industrialization, 1800-1860. Princeton: Princeton University Press.
• Bosworth, R. J. B. (1996). Italy and the End of the Ottoman Empire. In M. Kent (Ed.), The great powers and the end of the Ottoman Empire (pp. 51–72). London: Frank Cass.
• Bovykin, Valeriĭ Ivanovich. (1990). Les emprunts extérieurs russes. Revue d’économie Financière, 14(2), 81–92.
• Bovykin, Valeriĭ Ivanovich, & Anan’ich, B. V. (1991). The Role of International Factors in the Formation of the Banking System in Russia. In R. E. Cameron & V. I. Bovykin (Eds.), International Banking, 1870-1914 (pp. 130–158). New York: Oxford University Press.
• Braudel, F. (1984). Civilization and capitalism, 15th-18th century, vol. III: The perspective of the world. (S. Reynolds, Trans.) (Vol. 3). New York: Harper & Row Publishers.
• Claeys, T. (2015). Les investissements français en Russie de 1857 à 1914: сonseils, expertises et stratégies. Quaestio Rossica, 4, 163–179.
• Clark, E. C. (1974). The Ottoman industrial revolution. International Journal of Middle East Studies, 5(1), 65–76. Cotton Growing in Turkey and Syria. (1861, May 25). The Manchester Guardian.
• Crisp, O. (1976). Studies in the Russian Economy before 1914. London: Macmillan.
• Davison, R. H. (1973). Reform in the Ottoman Empire, 1856-1876. New York: Gordian Press.
• Earle, E. M. (1923). Turkey, the great powers, and the Bagdad railway: A study in imperialism. New York: Macmillan.
• Eldem, V. (1994). Osmanlı Imparatorluǧu’nun iktisadi şartları hakkında bir tetkik. Ankara: Türk Tarih Kurumu Basımevi.
• Feis, H. (1930). Europe: the world’s banker, 1870-1914. New Haven: Yale University Press.
• Figes, O. (1996). La révolution russe: 1891-1924: la tragédie d’un peuple. Paris: Gallimard.
• Fischer, S. (1994). Russia and the Soviet Union then and now. In O. Blanchard, K. Froot, & J. Sachs (Eds.), The Transition in Eastern Europe (Vol. 1, pp. 221–258). Chicago: University of Chicago Press.
• Foreign Mining Capital in Russia. (1900, October 18). The Times.
• Fulton, B. (2000). France’s Extraordinary Ambassador: Ernest Constans and the Ottoman Empire, 1898-1909. French Historical Studies, 23(4), 683–706.
• Gallagher, J., & Robinson, R. (1953). The imperialism of free trade. The Economic History Review, 6(1), 1–15. Germany and the Near East. (1900, October 28). The Observer.
• Gerschenkron, A. (1965). Economic backwardness in historical perspective: a book of essays. New York: Frederich A. Praeger.
• Geyikdağı, V. N. (2011). Foreign investment in the Ottoman Empire international trade and relations 1854-1914. London: I.B. Tauris Publishers.
• Giraud, E. (1907). La France à Constantinople. Constantinople: Imprimerie Française.
• Henderson, W. O. (1948). German economic penetration in the Middle East, 1870–1914. The Economic History Review, 18(1–2), 54–64.
• Hobson, J. A. (1902). Imperialism: a study. New York: James Pott & Company.
• Issawi, C. P. (1980). The economic history of Turkey, 1800-1914. Chicago: University of Chicago Press.
• Issawi, C. P. (1995). The Middle East economy: decline and recovery. Princeton: Marcus Wiener Publishers. Italy in Asia Minor – Valuable Turkish Concessions. (1913, October 3). The Near East.
• Jenks, L. H. (1927). The migration of British capital to 1875. New York: Alfred A: Knopf.
• Kazgan, H. (1991). Osmanlı’dan Cumhuriyet’e şirketleşme: Osmanlı sanayii monografi ve yorumlar. Turkey: Töbank.
• Kurmuş, O. (1974). Emperyalizmin Türkiye’ye giriṣi. Ístanbul: Bilim Yayinlari. Lena Goldfields, Limited. (1909, November 27). The Economist.
• López, A. M. (2003). Belgian investment in tramways and light railways: An international approach, 1892–1935. The Journal of Transport History, 24(1), 59–77.
• MacDonald, J. (2003). A free nation deep in debt: the financial roots of democracy. New York: Farrar, Straus and Giroux.
• Maddison, A. (1995). Monitoring the world economy, 1820-1992. Paris: OECD Development Centre.
• McCarthy, J. (1995). Death and exile: the ethnic cleansing of Ottoman Muslims, 1821-1922. Princeton: Darwin Press.
• McKay, J. P. (1970). Pioneers for profit: foreign entrepreneurship and Russian industrialization, 1885-1913. Chicago: University of Chicago Press. Retrieved from http://0-hdl.handle.net.biblio.eui.eu/2027/heb.00169
• McKay, J. P. (1984). Baku Oil and Transcaucasian Pipelines, 1883-1891: A Study in Tsarist Economic Policy. Slavic Review, 43(4), 604-623.
• Meliantsev, V. A. (2004). Russia’s Comparative Economic Development in the Long Run. Social Evolution & History, 3(1), 106–136.
• Morawitz, C. (1902). Les finances de la Turquie. Paris: Guillauminet Cie.
• Owen, R. (1993). The middle east in the world economy, 1800-1914. London: I.B. Tauris.
• Pamuk, Ş. (2006). Estimating economic growth in the Middle East since 1820. The Journal of Economic History, 66(3), 809–828.
• Pamuk, S., & Williamson, J. G. (2009). Ottoman De-Industrialization 1800-1913: Assessing the Shock, Its Impact and the Response (No. 14763). National Bureau of Economic Research.
• Pech, E. (1906). Manuel des sociétés anonymes fonctionnant en Turquie (3rd ed.). Paris.
• Pech, E. (1911). Manuel des sociétés anonymes fonctionnant en Turquie (5th ed.). Constantinople: Gérard Frères. Retrieved from http://books.google.com/books?id=x740AAAAIAAJ
• Population of Eastern Europe. (n.d.). Retrieved May 22, 2018, from http://www.tacitus.nu/historical-atlas/population/russia.htm
• Puryear, V. J. (1935). International economics and diplomacy in the Near East: a study of British commercial policy in the Levant, 1834-1853. Stanford: Stanford University Press.
• Quataert, D. (2000). The Ottoman Empire, 1700-1922. New York: Cambridge University Press.
• Rieber, A. J. (1990). The rise of engineers in Russia. Cahiers Du Monde Russe et Soviétique, 31(4), 539–568.
• Roscher, W. (1878). Principles of political economy. (J. J. Lalor, Trans.) (Vol. 1). New York: Henry Holt & Co.
• Russian Iron Industry in 1897. (1898, May 21). The Economist.
• Russian Railways. (1857, February 21). The Economist.
• Russian Railways – Will They Float? (1856, November 15). The Economist Weekly Commercial Times, XIV, 690.
• Shaw, Stanford Jay. (1978). The Ottoman census system and population, 1831–1914. International Journal of Middle East Studies, 9(3), 325–338.
• Shaw, Stanford Jay, & Shaw, E. K. (1977). History of the Ottoman Empire and Modern Turkey (Vol. 2). Cambridge: Cambridge University Press.
• Shaw, Stanford Jay. (1971). Between old and new: the Ottoman Empire under Sultan Selim III, 1789-1807. Cambridge: Harvard University Press.
• Singer, H. W. (1950). The distribution of gains between investing and borrowing countries. The American Economic Review, 40(2), 473–485.
• The Eastern Question. (1853, March 26). The Economist.
• The Turkish Cotton Crop. (1913, August 13). The Manchester Guardian.
• Thobie, J. (1977). Intérêts et impérialisme français dans l’Empire ottoman: 1895-1914. Paris: Sorbonne Imprimerie Nationale.
• Thobie, J. (1993). La France et l’est méditerranéen depuis 1850: économie, finance, diplomatie. İstanbul: Editions Isis.
• Thompstone, S. (1984). Ludwig Knoop,‘The Arkwright of Russia.’ Textile History, 15(1), 45–73.
• Troyat, H. (1991). Nicolas II: le dernier tsar. Paris: Flammarion.
• Turkish Crisis. (1908, July 25). The Economist.
• Turkish Railways and the British Trade. (1899, March 18). The Economist.
• Von Laue, T. H. (1954). A Secret Memorandum of Sergei Witte on the Industrialization of Imperial Russia. The Journal of Modern History, 26(1), 60–74.
• Von Laue, T. H. (1969). Sergei Witte and the Industrialization of Russia. New York: Atheneum.
• Weeks, T. R. (2011). Across the revolutionary divide: Russia and the USSR, 1861-1945. West Sussex: Wiley-Blackwell.