Question

The French and Industrial revolutions have influenced the Middle East economies in several ways.” Evaluate this statement focusing on:

1. The economic and financial direction of the government and associated reforms during the period 1800 – 1850 in Anatolia.
2. The consequences of these reforms in the following period.
3. In your opinion, what would be the economic consequences of the extremely rapid (revolutionary) IT developments taking place in the present. (hint to the answer: COVID-19 and its impact on further expediting the use of IT).   

Answer 1

a. The economic and financial reforms of the government during the period of 1800- 1850, were:

Muslim economic theories impacted the Ottoman Empire's economy. These supported state mediation, protectionism and disapproved of the benefit rationale. The Ottoman reformers acknowledged they needed to change the economy in the event that they needed to produce adequate cash-flow to fight with the European countries. The Tanzimat changes endeavored to present a progression of monetary and budgetary changes, including the annulment of organizations, unhindered commerce, the privilege to private property and another assessment framework. New banks were built up, regardless of the Islamic strict first class impugning premium installments as Riba or usury since it was in opposition to the Koran. The Sultan and his administration likewise moved towards the lifting of boundaries on exchange and relinquished protectionism.

The Ottoman government to execute their common activities as a component of the Tanzimat Reforms, set up courts that directed financial guideline. The Napoleonic Trade Laws were received from the 1850s.The Islamic courts despite everything issue declares on Sharia Law, both in urban and inborn regions, yet progressively they couldn't parley in the territories of monetary guideline. These progressions were totally intended to build up the Ottoman Economy. The progressions made were totally founded on the western model. This move was mostly in light of the fact that the Ottoman Caliph looked to repeat the arrangements of the western governments to get as amazing as they had in ongoing decades

b.The consequences of these reforms were as follows:

Exchange developed, yet its temperament changed. During the 1800s, the Ottomans started to import more than they exported, in spite of the fact that the real gap between imports and exports just showed up after the 1870s. Mass merchandis replaced extravagances in the import exchange. Cotton material and cotton yarn from British factories made up the greater part of all out imports, trailed by food items like sugar, espresso and rice. Agrarian products made up in excess of 90 percent of Ottoman fares, regularly Mediterranean yields like grapes, figs and olive oil. France never recuperated from wartime misfortunes and stopped to be Turkey's driving business accomplice. The British stepped in to supplant the French: from a pre-war level of around 10 percent, the British portion of Turkish exchange rose, in the end arriving at 45 percent in 1880. Austria (and Germany) stayed significant accomplices also. This extension in remote exchange carried little riches to Muslim Ottoman traders. The state was reluctant to make another wealthy class and rather allowed business licenses to Greeks, Bulgarians, Armenians and other non-Muslim occupants of the Ottoman Empire. However, these Balkan merchants quickly dislodged the Western Europeans who had overwhelmed business during the 1700s. In short,

• imports overtook exports
• new wealth began to flow, not to the traditional ruling class but to other sections
• in pursuit of short term profits, the exports and imports affected the local economies in the long run.

c. The economic consequence of rapid IT developments: studies has shown both positive and negative impact on economic growth. Positive ones include such as, businesses or corporates can reduce cost and increase efficiency. The impact can be clearly visible in areas like e-commerce, marketing tactics etc. However, increased use of technology may result in poor social skills,health effects- both physical and mental, privacy and security issues, job insecurity etc. Thus, there is a mixed impact of both positive and negative aspects of increased tech solutions.