HistoryWiz: The Financial Crisis

The Financial Crisis

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The Deficit

In this cartoon from the time, Louis is looking at the chests and asks "where is the tax money?" The financial minister, Necker, looks on and says "the money was there last time I looked." The nobles and clergy are sneaking out the door carrying sacks of money, saying "We have it."

Citizens
by Simon Schama

a rich and detailed account of the French Revolution, including the financial crisis which led up to it

While the King and Queen of France lived in luxury and splendor at the magnificent Palace of Versailles outside of Paris, the government of France, was bankrupt and was facing a serious financial crisis.

The crisis came about primarily because of an inefficient and unfair tax structure, outdated medieval bureaucratic institutions, and a drained treasury which was the result of aiding the Americans during the American Revolution, long wars with England, overspending, and an inequitable tax system which placed the burden of taxation on those least able to pay, the Third Estate.

Part of Liberté, Egalité, Fraternité: The French Revolution Exhibit

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