Overtime, the Ottoman Empire would continue to progress to become one of the most powerful states in the entire world during the fifteenth and sixteenth centuries. At its peak, the empire consisted of mostly southeastern Europe to Vienna, including present day Hungary, Greece, parts of the Ukraine, and …show more content…
The “emperors” were most vastly known as Sultans in this period and dynasty. During the first world war, Mehmed V was the ruler of the Ottoman Empire and he took control in trying to lead the country of Turkey when they first entered World War 1 in 1918 in the side of Central Powers. The Ottoman Empire was successful in many battles which gained them a vast amount of land expanding their territory.
The Ottoman empire would eventually go through an economical crisis during the 1800s. This crisis was the foundation for failure. Very quickly, the Ottoman Empire fell into a humongous amount of debt. The Ottoman Empire got into a number of loan contracts and settlements with European creditors as soon as the Crimean war began. Following these loans, the Empire began to enter even more financial instability. Many of the loans were to finance new railroads and to finance a few deficits between the expensive spendings of the Imperial court.
In the year 1875, the public debt was about £200,000,000 (equivalent to $293180000 at that time). Not to mention the annual interest and amortization payments which was about £12,000,000 (equivalent to $17590800 at that time period). This was more than half of the national revenue. A big percentage of ottomans were unemployed during these times and the Ottoman empire had fallen into a major