Why was France in financial trouble in the late 18th century?

Why was France in financial trouble in the late 18th century?

In the late 1700s, France was facing a severe financial crisis due to the immense debt accrued through the French involvement in the Seven Years War (1756–1763) and the American Revolution (1775-1783).

Why was France left deeply in debt in the 1700s?

Louis XIV had left France deeply in debt due to 7 years war and American revolution. Bad harvests in the late 1780s sent food prices soaring and brought hunger to the poorer peasants and the city dwellers. Sent France’s economy down even more.

What was one reason for the large debt in France by 1789?

Debt and Taxes In 1789, the French government was in a major financial crisis. The king had borrowed heavily to maintain a lavish lifestyle. Also, the government had borrowed to fight Great Britain in the Seven Years’ War and to help the Americans in the Revolutionary War.

How did the French Revolution affect their finances?

France’s Debt Problems A number of ill-advised financial maneuvers in the late 1700s worsened the financial situation of the already cash-strapped French government. France’s prolonged involvement in the Seven Years’ War of 1756–1763 drained the treasury, as did the country’s participation in the American Revolution of 1775–1783.

Why was France in debt in the 1680s?

After this there was constant warfare in which France won most of the glory. In the 1680s, weaker countries started to band together to become equal to France’s power. By this time, France was weakened by constant warfare and heavy taxes, which were used to help pay for the Palace at Versailles.

Why was there a financial crisis in France?

France’s Debt Problems. A number of ill-advised financial maneuvers in the late 1700s worsened the financial situation of the already cash-strapped French government. France’s prolonged involvement in the Seven Years’ War of 1756–1763 drained the treasury, as did the country’s participation in the American Revolution of 1775–1783.

How did King Louis XIV contribute to the French debt?

Nothing contributed to the French debt more than the building of this palace, and the worst part was that Louis never tried to help pay of this debt until just before he died. Several years after the French Revolution, this palace was turned into a national museum of French history.