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Confiscation of property

A secondary motivation for genocide was the destruction of the Armenian bourgeoisie to make room for a Turkish and Muslim middle class and build a statist national economy controlled by Muslim Turks. The campaign to Turkify the economy began in June 1914 with a law that obliged many non-Muslim merchants to hire Muslims. Following the deportations, the businesses of the victims were taken over by Muslims who were often incompetent, leading to economic difficulties. The genocide had catastrophic effects on the Ottoman economy; Muslims were disadvantaged by the deportation of skilled professionals and entire districts fell into famine following their farmers' deportation. The Ottoman and Turkish governments passed a series of Abandoned Properties Laws to manage and redistribute property confiscated from Armenians. Although the laws maintained that the state was simply administering the properties on behalf of the absent Armenians, there was no provision to return them to the owners—it was presumed that they had ceased to exist.

Historians Taner Akçam and Ümit Kurt argue that "The Republic of Turkey and its legal system were built, in a sense, on the seizure of Armenian cultural, social, and economic wealth, and on the removal of the Armenian presence." The proceeds from the sale of confiscated property was often used to fund the deportation of Armenians and resettlement of Muslims, as well as for army, militia, and other government spending. Ultimately this formed much of the basis of the industry and economy of the post-1923 republic, endowing it with capital. The dispossession and exile of Armenian competitors enabled many lower-class Turks (i.e. peasantry, soldiers, and laborers) to rise to the middle class. Confiscation of Armenian assets continued into the second half of the twentieth century, and in 2006 the National Security Council ruled that property records from 1915 must be kept closed to protect national security. Outside Istanbul, the traces of Armenian existence in Turkey, including churches and monasteries, libraries, khachkars, and animal and place names, have been systematically erased, beginning during the war and continuing for decades afterward.