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The financial decline of a great power : war, influence, and money in Louis XIV's France

Author: Gilbert Rowland
Publisher: Corby : Oxford University Press, 2013
Edition/Format:   Print book : English : Repr
Summary:
The financial humbling of a great power in any age demands explanation. In the War of the Spanish Succession (1701-14) Louis XIV's France had to fight way beyond its borders and the costs of war rose to unprecedented heights. With royal income falling as economic activity slowed down, the widening gap between revenue and expenditure led the government into a series of desperate expedients. Ever-larger quantities of  Read more...
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Document Type: Book
All Authors / Contributors: Gilbert Rowland
ISBN: 9780199585076 0199585075
OCLC Number: 1041335790
Description: 267 p.
Responsibility: Guy Rowlands.

Abstract:

The financial humbling of a great power in any age demands explanation. In the War of the Spanish Succession (1701-14) Louis XIV's France had to fight way beyond its borders and the costs of war rose to unprecedented heights. With royal income falling as economic activity slowed down, the widening gap between revenue and expenditure led the government into a series of desperate expedients. Ever-larger quantities of credit, often obtained through fairly novel and poorly-understood financial instruments, were combined with ill-advised monetary manipulations. Moreover, through poor ministerial management the system of earmarking revenues for spending descended into chaos. All this forced up the cost of loans, foreign exchange, and military logistics as government contractors and bankers built the mounting risks into the price of their contracts and sought to profit from the situation.

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