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Louis XVI and the Financial Crisis of France

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Louis XVI and the Financial Crisis of France

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Questions and Answers

What was the main financial problem faced by Louis XVI upon his ascension to the throne?

An empty treasury due to long years of war and maintaining an extravagant court at Versailles (correct)

The cost of helping the thirteen American colonies gain independence from Britain

High interest rates charged by lenders on state credit

The need to increase taxes to meet regular expenses

What effect did the war have on France's debt during Louis XVI's reign?

The war had no impact on France's debt

The war added more than a billion livres to a debt that had already risen to more than 2 billion livres (correct)

The war decreased France's debt significantly

The war led to an increase in revenue, reducing France's debt

Why did the French government have to spend an increasing percentage of its budget on interest payments?

The need to increase taxes to meet regular expenses

Lenders who gave state credit began to charge 10 per cent interest on loans (correct)

The war added significantly to France's debt

The cost of maintaining an extravagant court at Versailles increased

Which estate in French society bore the burden of paying taxes in the eighteenth century?

<p>Only members of the third estate</p> Signup and view all the answers

What term is usually used to describe the society and institutions of France before 1789?

<p>Old Regime</p> Signup and view all the answers

Study Notes

Financial Crisis of Louis XVI

Louis XVI faced a massive debt crisis upon his ascension to the throne, with a large national debt inherited from his predecessors.
The debt was exacerbated by France's involvement in the American Revolutionary War, which further increased the national debt.

Debt and Budgetary Constraints

The war led to a significant increase in France's debt during Louis XVI's reign.
As a result, the French government had to allocate an increasingly large percentage of its budget to interest payments on the debt.

Taxation in 18th-Century France

The burden of paying taxes in 18th-century France fell heavily on the Third Estate, which consisted of commoners and the middle class.

Pre-Revolutionary French Society

The term "Ancien Régime" is used to describe the society and institutions of France before the French Revolution of 1789.

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Description

Explore the reign of Louis XVI, the financial difficulties faced by France, and the role of France in aiding American colonies gain independence from Britain. Learn about the extravagant court at Versailles and the challenges of the Bourbon family of kings.