the legacy of louis xiv
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The Legacy of Louis XIV. Transformed France into the strongest country in Europe Able financial ministers: Cardinal Richelieu and Jean Baptiste Colbert transformed French economy, increased trade and improve French treasury - PowerPoint PPT PresentationTRANSCRIPT
The Legacy of Louis XIVTransformed France into the strongest country in Europe
Able financial ministers: Cardinal Richelieu and Jean Baptiste Colbert transformed French economy, increased trade and improve French treasury
The wars of Louis XIV against Spain and internal wars of religion will nearly bankrupt the nation.
A Shaky Monarchy after Louis XIV
Death of Louis XIV who ruled for 72 years, left throne to five year old great-grandson, Louis XV
the Duke of Orleans, regent for five-year old Louis XV makes John Law financial manager of the kingdomHelped establish the first
national French bank—the Banque Generale
John Law
John Law and the French EconomyThe wars of Louis XIV left the country completely wasted, economically and financially
Law abolished internal tolls and encouraged building new roads for trade
Started new industriesled to 60% increase over two years
Revived overseas commerce by increasing French fleet from 16 to 300 ships
“The Mississippi Bubble” Law organizes a monopoly on trading privileges in the French
colony of Louisiana in North America To get French investors, the value of the Mississippi Company’s
stock was inflated 1718--the Mississippi Bubble as it was called turns into a
financial disaster and Law flees the country disguised as a woman
The impending collapse of John Law’s bank triggered a financial panic throughout France. Desperate investors, such as those shown here in the city of Rennes, sought to exchange their paper currency, for gold and silver before the banks’ supply of precious metals was exhausted.Collection Musée de Bretagne, Rennes
The Reign of Louis XV (r. 1715-1774)
Saw growing discontent among French citizens who desired more say in gov’t and rejected royal absolutism set up by his great grandfather, Louis XIV
Parlement is reinstalled and becomes the center for popular resistance to royal authority for most of the century
Social Division amongst the French
Many French resented special privileges of the aristocracyNobles and clergy were exempt from taxesAristocracy received gov’t pensionsHighest positions in gov’t were reserved fro
aristocratsPromotions based on political connections rather
than meritVersailles became a symbol of wasteful,
extravagant, and a frivolous life
Growing DiscontentFrance’s main ability to produce in agriculture was based on the feudal system of peasantry tied to the land
Peasants were taxed excessively in comparison to other segments of society
The philosophes gave expression to these grievances and discontent grew
Need for Gov’t ReformFrance had no uniform code of laws lacked justice in French judicial systemNot all classes were treated equally in the eyes of the law
1770—local parlements rose up against Louis XV’s absolutism, BUT were abolished by the king
Some philosophes applauded the parlements attempted reform and demanded an overhaul of French system
Death of Louis XVLouis XV failed to solve the problems of France left to him by his grandfather
Corruption and inequality in gov’t are the legacies left behind
Crowds lined the road to curse Louis casket
Under Louis XV (r. 1715–1774) France suffered major defeatsin Europe and around the world and lost most of its NorthAmerican empire. Louis himself was an ineffective ruler, andduring his reign, the monarchy encountered numerouschallenges from the French aristocracy.CORBIS/Bettmann