Great Britain and the Iraqi oil industry war, but for production in the civilian economy. Britain had to turn elsewhere to address its growing oil needs. As Kaiser Wilhelm I and the Ottoman sultan struggled to reassert Ottoman dominion over the Sheikhdom of Kuwait, the British viceroy of the colonial government in India entered into an agreement with Sheikh Mubarak Al-Sabah which created a British protectorate in Kuwait. Britain needed a supply of petroleum which was not controlled by contemporary rivals such as Russia, Germany, or the Netherlands. British Admiral John Fisher wanted to replace Britain's coal-burning naval vessels with fuel-burning ships. This shift was crucial for
Historiography of the fall of the Ottoman Empire in the Balkans hastened the slide into bankruptcy. After negotiations with the European powers, the Public Debt Administration was set up, to which certain revenues were assigned. This arrangement subjected the Ottomans to foreign financial control from which they failed to free themselves, in part because of continued borrowing. In 1914, the Ottoman debt stood at 139.1 million Turkish pounds, and the government was still dependent on European financiers Why had the Ottomans not developed their own financial system in line with London and Paris? It was not for the want of trying. Since the beginning of the 18th century,