1.10 Economy and finance 1685+ Flashcards

1
Q

what created burdens on finance from 1685-1715

A
  • war prompted short term financial policies that were counterproductive
  • there was agricultural depression, depopulation and manufacturing decline
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2
Q

describe the change in efficiency of the taille from 1685-1715

A
  • embezzlement and tax evasion were common
  • by 1708 tax farms brought in just over half the income of the late 1680s
  • by 1709 tax farms were under 2/3rds their ordinary value
  • declining tax farm profitability and the inefficient tailled had a debalitating effect on royal finances
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3
Q

how did the way that pontchartrain and chamillart address declining tax yields make the situation worse?

A
  • the capitation and dixieme made little headway as they faced such large degrees of opposition
  • they resorted to the selling of new offices which resulted in 70000-80000 officiers by 1709, all of whom were tax exempt
  • short term gain but long term pain
  • thye increasingly used high interest loans and bonds to secure investments
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4
Q

what was going on with the textile industry?

A
  • wool production greatly fell with an increase of demand and prices
  • Flanders, Champagne and Picardy saw wool production fall
  • production disappeared from Menin altogether
  • Reims saw a 50% drop in looms from 1686
  • Colbert’s gobelins shut from 1694 till the end of the 9 years war due to no demand for luxury goods
  • emigration of huguenot labour affected manufacturing
  • Lyon lost 75% of silk workers by 1702
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5
Q

describe le peletier

A
  • succeeded Colbert
  • not dominant though, Louvois was
  • increased persecution of Huguenots, decreasing skilled French labour
  • there was mounting public deficits and debt so he devalued the currency, sold more offices and created tax exemptions
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6
Q

what was le peletier’s dates?

A

1683-9

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7
Q

what was Pontchartrain’s dates?

A

1689-99

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8
Q

describe Pontchartrain

A
  • took over from le peletier
  • handled the French navy when it suffered big defeats
  • conducted a census of the population, first since Vauban’s 1678 one
  • introduced the capitation in 1695
  • suffered chronic evasion of tax
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9
Q

what was the capitation

A

a form of progressive poll tax that divided French society into different ranks based on their ability to pay and charged more per head accordingly

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10
Q

what are Chamillart’s dates

A

1699-1708

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11
Q

describe Chamillart’s failures

A
  • he always faced difficult circumstances
  • deficit amounted to more than 53 million livres
  • the credit of the state was allmost exhausted
  • lacked the intelligence and energy necessary for the situation
  • couldn’t accomodate Louis’ war desires or economic reforms
  • sold offices, debased coinage (5 times in 6 years), reduced the rate of interest on state debts, increased taxation
  • tried to force into circulation paper money with disastrous results
  • in 1706 state debts amounted to 288 million livres
  • he resigned from his office because of how difficult it was
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12
Q

describe Chamillart’s strengths

A
  • in 1700 he tried to improve the condition of trade in the country by creating the council of commerce
  • it consulted merchants rather than dictate to them and embraced principles of free trade
  • it slowly moved France away from mercantilism
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13
Q

describe Desmarets

A
  • nephew of Colbert
  • became director of finances in 1703
  • undertook several policies to restore France’s financial status
  • postponed repayment of loans, secured lower interest rates, created a royal lottery, devalued metal currency and instituted a 10% tax on income produced by property ownership in 1710
  • he was working on a method for repaying France’s debts when Louis died in 1715
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14
Q

what’s wilkinson’s take on the ministers after Colbert?

A

With the exception of Chamillart, all the controller general/finance ministers were actually really impressive with dealing with the situation. Colbert’s policies seemed so much stronger because he was working in a time of peace, all the rest had to deal with overwhelming, crippling debt and pressure from wars. Basically, nothing that they could have done would have counted as a success. They were sort of in the same position as the regency government at the beginning of Louis’ reign, war, debt, fragile state etc.

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15
Q

what wars were going on that placed stress on the economy and finance

A
  1. the nine years war 1688-1697
  2. the war of spanish succession 1702-1713

  1. kind of ended in a stalemate
  2. pretty much of a defeat for the French
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16
Q

how did the economic approach of ministers post-1685 compare to that of Colbert

A
  • later ministers made no attempt to improve infrastructure or trade
  • Colbert was working in a time of peace and prosperity for the French crown but later ministers suffered mounting debts from war and discontent
17
Q

what are some statistics to show labour decline after 1685?

A
  • 4,500 Huguenots emigrated to England because of the dire state of weaving in Normandy
  • Lyon lost 75% of its silk workers by 1702
  • The Gobelins shut in 1694 till the end of the 9 years war
  • wool manufacturing was hit by tariffs during the nine years war
18
Q

what are some stats to show the burden of finances post-1685?

A

wars consumed much of expenditure
- 22 of the last 30 years of Louis’ reign were dominated by wars
- 54% of expenditure was towards wars in the 1680s

the taille was increasingly expensive and inefficient
- the 18 million livres gained in 1712 couldn’t even meet 10% of annual government expenses
- failure of the capitation and dixieme

tax farm income decreased in the 1700s because of farm mismanagement
- in 1708 they brought in half the income of the 1680s
- embezzlement and corruption of fermiers