Western Europe after the Peace of Utrecht 1713-1740
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Transcript of Western Europe after the Peace of Utrecht 1713-1740
Western Europe after the Peace of Utrecht
1713-1740
6.30
The Peace of Utrecht
France’s efforts are checked, “universal monarchy” falls to “balance of power.”
Great Britain emerges as the most energetic Atlantic power
Spain, though revived somewhat by the Bourbon monarchy, is significantly weakened.
The Dutch recede from political influence, but remain an economic force
France after 1713
Louis XV becomes king – five years old France is ruled by the Regent (Duke of
Orleans) The aristocracy regains power and influence
lost during the Sun King’s reign. The parlements rebound also, controlling
taxation and lawmaking
England after 1713
Parliamentary sovereignty has proven effective George I of Hanover becomes king after the last
Protestant Stuart (Anne) dies in 1714 Two attempts to restore the Stuarts
James III: “The Pretender” 1715 Bonnie Prince Charlie 1745
Whigs become men who are close to the government, Tories are those who are suspicious of the government.
The Bubbles
Basically, speculation ran the price of stock in some investments way over their actual value.
When the buying frenzy ebbed and fear set in, shares were sold at such a rate that the prices collapsed
Those who bought high lost all Also a time of rampant fraud and thievery
Results of the Bubbles
France the fledgling national bank was dissolved debt was repudiated Tax system was not reformed The monarchy is perpetually broke.
Results of the Bubbles
England The government paid its debt (the concept of
national debt) Tax code was applied to all, though not necessarily
fairly. The government clamps down on speculative
business ventures Another triumph of parliamentary government.
Robert Walpole
1676-1745 Considered England’s
first Prime Minister Founded the Cabinet
system Kept England out of
war Took care of all
commercial interests
Cardinal Fleury
1653-1743 Fiscal conservative
who stabilized the economy
Social control over dissent: corvee’, Jansenists
Kept France out of war