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