On this day, July 21st, in 1718, the Turkish Ottoman Empire (the last functioning caliphate) signed the Treaty of Passarowitz with Austria and the Venetians.  The treaty marked the further decline of the Ottoman Empire and their retreat from the Balkans, after the Turks had been pushed back from the gates of Vienna in 1683.  It solidified the Turks' victories over the Venetians, and their losses to the Austrians;  the Venetians were pushed off the Greek peninsula, and the Turks ceded Hungary and part of Serbia to the Austrians.

 

The early victories of the Ottomans were no longer repeated, as European technology, innovation, and industrialization began to overtake that of the Turks.  The Ottomans were finally overthrown with their defeat in The War to End All Wars (now referred to as WWI) in 1922, leading eventually and indirectly to the founding of the state of Israel.

 

The treaty is more accurately described as a "hudna", or a temporary cessation that allows Muslims to regroup and rearm before resuming war, as it was limited to 24 years.  Hudnas are typically limited to 10 years, following Mohammad's example in his Treaty of Hudibiyyah, but regardless, the Austro-Turkish War of 1737 began 19 years later.