By William Doyle
The years among the Fronde and the French Revolution have been the longest interval of calm in French historical past. for a lot of it, France ruled the foreign scene in Europe and made efforts to accomplish a related position within the wider global. in the meantime, French cultural achievements set criteria imitated in all places. This quantity, bringing jointly a world staff of individuals, surveys the total number of the interval by itself phrases instead of as an insignificant prelude to later innovative upheavals.
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Extra resources for Old Regime France: 1648-1788 (The Short Oxford History of France)
Sample text
It prompted the building of sugar refineries and other such manufactures, and above all it proved a tremendous stimulus for the textile industry, which could export its products both to the French islands, and from there to the vast markets of Spanish America. the economy | 27 Prosperity and economic liberalism This economic growth led to an enrichment of the population as a whole. To be sure, the profits from trade did not significantly influence the shape of the social pyramid, even in great commercial centres like Bordeaux.
Ministers also devised many other, similar devices for obliging individuals to hand over capital sums, in return for the promise of different forms of annuities. The state also took out loans from bankers, who had access to large sums thanks to their role in currency trading and handling letters of credit from merchants and traders. By the middle of the eighteenth century, the financiers on whom Colbert had relied so heavily were losing ground to bankers whose activities were rapidly expanding, thanks to general economic growth.
To the extent that even preparing for war required raising state revenues by to per cent, and since no one could predict how long conflicts would last, the controller-general had to look elsewhere. He had to find ways of rapidly finding sums that had no relation to ordinary needs. He had to be able to make up the difference between spending and revenue so as to preserve the state from bankruptcy, and maintain its credit––its ability to borrow money as cheaply as possible. Forms of state credit To make the rich pay tax, the government resorted to numerous financial expedients, known by the name of ‘extraordinary affairs’, carried out by several different groups of financiers, brokers, and bankers.
