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History French revolution > 1.3. Financial Problems And Attemps To Deal With Them > Flashcards

1.3. Financial Problems And Attemps To Deal With Them Flashcards

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1
Q

When was the war of Austrian succession?

A

1740-1748

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2
Q

How much did the war of Austrian succession cost?

A

1 billion livres

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3
Q

When was the seven years war?

A

1756-63

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4
Q

How much did the seven years war cost?

A

1.3 billion livres

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5
Q

When was the American revolutionary war?

A

1778-83

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6
Q

How much did the American revolutionary war cost?

A

1.07 billion livres

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7
Q

How much was royal income in 1788?

A

503 million livres

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8
Q

How much was royal expenditure in 1788?

A

629 million livres

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9
Q

How was the cost of war covered?

A

By loans and taxation

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10
Q

How much of royal expenditure was spent on interest by 1788?

A

60% of royal expenditure was spent on interest alone

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11
Q

Why was the taxation system of the ancien regime inefficient?

A

There were lots of exemptions for estates

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12
Q

What was tax farming?

A

A system where the Farmers-general paid an agreed sum to the crown and collected indirect taxation on the crowns behalf - keeping any surplus beyond the agreement as profit

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13
Q

What was the tax system based on?

A

Tax farming

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14
Q

Why were there complications of collecting taxes?

A

Each region had a different set of taxes and rules

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15
Q

What did Louis XV think about the crowns expenditure?

A

He said après moi le deluge (it will be someone else’s problem when I die)

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16
Q

How much was annual deficit by the 1780s?

A

37 million livres

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17
Q

What was the total debt by the 1780s?

A

235 million livres

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18
Q

Who was Turgot?

A

An eminent expert in economics who was heavily influenced by the philosophes of the period

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19
Q

What did Turgot become?

A

Controller General of Finances

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20
Q

When did Turgot become Controller General of Finances?

A

1774

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21
Q

What was Turgot’s aim?

A

To modernise, create wealth and increase royal revenue

22
Q

What did Turgot introduce?

A

Six edicts

23
Q

When did Turgot introduce his Six Edicts?

A

1776

24
Q

What were Turgot’s six edicts?

A
  1. Abolishing price controls
    2.reducing restrictions on trade by guilds and promoting entreprises
  2. Proposed economies in crown spending
    4.a new property tax
    5.abolition of the corvée with a new system of road maintenance
  3. Subject all three estates to taxation
25
Q

Why were there bread riots in France?

A

Poor harvests in 1774-76 and the end to price controls

26
Q

What happened to the bread riots?

A

Turgot harshly suppressed them

27
Q

What happened to Turgot?

A

Privileged interests in court turned against him, leading to his downfall in 1776

28
Q

What do many believe was the reason why the court turned against Turgot?

A

Marie Antoinette led it

29
Q

Who was Necker?

A

A Swiss Protestant who was a prominent lawyer and banker with a large fortune

30
Q

What did Necker become?

A

Directed General of Finances in 1777

31
Q

Why wasn’t Necker controller general of finances?

A

He was barred due to being foreign and Protestant

32
Q

What were Necker’s aims?

A

-To increase tax take by increasing the crowns share from the farmers general
-To reduce the number of venal offices in charge of tax farming
-To increase confidence in the crowns ability to repay loans

33
Q

How much did Necker borrow?

A

500 million livres

34
Q

What did Necker publish?

A

The Compte Rendu in 1781

35
Q

What was the compte rendu?

A

Misleading royal accounts to make finances look better

36
Q

What was on the compte rendu?

A

Salaries, pensions and royal household expenditure

37
Q

Why was Necker resigned?

A

The compte rendu angered the court

38
Q

When did Necker resign?

A

1781

39
Q

When was Necker recalled to office?

A

1788

40
Q

Why was Necker recalled to office?

A

He advocated for summing estates general to solve the financial issues

41
Q

When did Calonne take over?

A

1783

42
Q

What was the debt when Calonne took over?

A

Over 100 million livres

43
Q

What did Calonne establish?

A

A sinking fund and reissued gold coinage

44
Q

What was a sinking fund?

A

A long term savings account which set capital aside to help repay the debts

45
Q

Why did Calonne reissue gold coinage?

A

To prevent counterfeiting which was costly to the crown

46
Q

What was Calonnes three pronged approach?

A
  1. Aimed to reduce the expenditure of the crown
    2.a new progressive land tax which would be applied to all land owners
    3.free trade would be developed internally to boost the economy
47
Q

What did Calonne do to try to prevent the parlements being hostile to these changes?

A

He called a special meeting of the assembly of notables to share the responsibilities for the reform

48
Q

When was the meeting of the assembly of notables?

A

22nd February 1787

49
Q

What happened after the assembly of notables meeting?

A

No agreement was made so Louis XVI withdrew his support for Calonne

50
Q

When was Calonne dismissed from office and exiled?

A

By April 1787

51
Q

What was the assembly of notables meeting and calonne’s exile called?

A

The aristocratic revolt

History French revolution (33 decks)

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