Causes of public rejection for Ottoman’s Kaime (Integrated synthesis with ternary among Hayek – Gellner – Keyder)

Abstract

From the Ottomans Kaime’s (:banknote) that are issued in 1840, Ottoman Monetary System is based on a dual structure. But the principle “Bad money chases good money” that is expressed in the law Grasham also validated in Ottoman Monetary System and it influenced Ottoman Monetary System’s instability. In return for the expencion that is caused in money supply by Ottoman Kaimes, there isn’t any significant demand. The reason for that which is confronted with is the validity of the definition of powerful culture and weak state that in mentioned in “Gellner’s model of  Islam Society”. Culture customs prevented to tend to Kaimes. Of the other hand, Keyder expresses the definition that  is done is Weberian way for whole South European Countries as “The State’s permanent reaction to individual’s autonomy.”  This is the other factor, preventing tend to Kaimes that influences the change of modernity. As a consequence, no exist “natural order” that is defined as Hayekian perspective caused Kaimes to be source of instability both in Ottoman Monetary System and on finance system.