The role of the ortoq in the Mongol Empire in forming business partnerships

ABSTRACT

This study investigates the emergence and development of business partnerships established by the Mongols and their merchant partners, ortoqs, in the Middle Ages. Ortoqs are known to have conducted trade and money-lending with the capital invested by their partners. This study shows that the contractual arrangements of Mongol–ortoq partnerships closely resembled medieval partnership contracts, such as mudharaba, inan, societas and commenda. Sophisticated concepts of liability in relation to investments and loans were developed in Mongol–ortoq partnerships, promoting trade and investment to facilitate the commercial integration of the Mongol Empire.