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British Economic Activities in Izmir in the Second Half of the Nineteenth and Early Twentieth Centuries

Published online by Cambridge University Press:  21 July 2015

Elena Frangakis-Syrett
Elena Frangakis-Syrett*
Affiliation:
Queens College of the City University of New York, Department of History
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Extract

In the second half of the nineteenth and the early twentieth centuries, British entrepreneurs were prominent in all the major sectors of the Izmir economy, forming one of the most important western communities in the city. They played an active role in the city's large commercial sector, not only in imports and exports, but also in complementary sectors such as insurance and maritime transportation. They also participated in money-lending and tax-farming. As the light-industrial sector of Izmir's economy grew, British entrepreneurs took advantage of the new opportunities offered there. They were particularly prominent in sectors that needed large capital resources and technological expertise, such as mining or infrastructure projects. Despite their strong economic presence, at no time did they monopolize any sector. Their dominance in various sectors was constantly challenged and at times checked by strong competition from other capital, both western and local. Nevertheless, the larger British houses attempted to dominate the sector in which they specialized, and constantly diversified their economic activities and patterns of investment. Despite intense competition, the British maintained a primary position in Izmir's economy throughout this period.

Type
Research Article
Information
New Perspectives on Turkey , Volume 6: Special Issue on Ottoman Trade , fall 1991 , pp. 191 - 227
Copyright
Copyright © New Perspectives on Turkey 1991

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