In 1652, a visionary was appointed to fix the Ottoman Empire's finances
Facing a massive national deficit and a devalued currency, the Ottoman Empire turned to a bold reformer who introduced the world's first modern state budget to save the imperial treasury.
In 1652, Tarhoncu Ahmed Pasha was appointed Grand Vizier during a period of deep economic crisis. He realized the empire was spending far more than it earned, leading to corruption and military unrest. To fix this, he meticulously calculated every expense and source of revenue, creating the first documented balanced budget in Ottoman history.
There's more to this story — open the app to keep reading.
Continue Reading in App
1 more paragraphs · plus a 3-question quiz