Western europe after the peace of utrecht 1713 1740
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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

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The peace of utrecht
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
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
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
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
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 bubbles1
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
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
Cardinal Fleury

  • 1653-1743

  • Fiscal conservative who stabilized the economy

  • Social control over dissent: corvee’, Jansenists

  • Kept France out of war