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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