Market Welfare in the Early-Modern Ottoman Economy: A Historiographic Overview with Many Questions

In early-modern Ottoman economy the notion of market welfare proposed here meant a system that partially sti fled competition and efficiency for the sake of economic stability and equity for those established within its boundaries. Such a system worked even in the face of political decentralization when economic regulation from "above" (Istanbul and "the state") was seemingly on the wane. Discussing available research and raising questions for future study, the article examines forms of regulation from the "middle" by local officials/notables, courts, and economic institutions in cities throughout the Empire and the role of consumers in economic regulation. The article further suggests why economic opening in a later era of integration into the world economy gradually put an end to an inward-looking, early-modern economic life.