By David Scott | Wednesday 7 June 2017
In the late 1760's and early 1770's, the government of France was in a deep panic. They had recently suffered a disastrous and costly defeat in the Seven Years War, and the national budget was a complete mess. France had spent most of the previous century as the world’s dominant superpower, and the government budget reflected that status. From public hospitals to shiny monuments and museums, social programs and public works projects, overseas colonies and a huge military, France had created an enormous cost structure for itself. Eventually the costs of maintaining the empire vastly exceeded their tax revenue and by the late 1760s, France hadn’t had a balanced budget in decades. Debt was ballooning, interest payments were rising, and the government of Louis XV was desperate to do something about it.
Already a subscriber? Click here to sign in
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Search ShareProphets |
Stock market news |
Recent Comments |
Site by Everywhen