Ottoman reformers' re-organization of the grain trade during the second half of the eighteenth century had two components—the creation of a centralized institution to supervise transactions and the replacement of the fixed price system with a more flexible one. These changes were not only a response to strains on the old system of provisioning, driven by new geopolitical conditions, but also a consequence of an increased willingness among the Ottoman elite to emulate the economic policies of successful rival states. Thus, the centralized bureaucracy and political economy of the Ottoman Empire at the time had remarkable parallels with those in such European states as France and Spain.
No unbounded arbitrage, weak no market arbitrage and no arbitrage price system conditions; Equivalent conditions
