Thursday, August 18, 2011

Financial Crisis

Money Problems
  • Louis XVI ran huge deficits

  • This accounted for 20% deficit.
  • In 43 yrs, war had cost 1066 million livres.
  • Tax had reduced, and the privileged classes were unwilling to change.
  • Louis XVI had his officials attempt reforms of the tax system, including tax on all land, whether the owners were from any estate.
  • These failed and as high class revolt spread, Louis XVI called a meeting of the Estates General
  • It contained 939 representatives of the church, nobility and third estate.
  • Considered unreliable it had last met in 1614.
  • With financial crisis, Louis XVI had ended payments from the royal treasury in Aug 1788

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