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

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

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

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

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

France the fledgling national bank was dissolved debt was repudiated Tax system was not reformed The monarchy is perpetually broke.

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

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

1653-1743 Fiscal conservative

who stabilized the economy

Social control over dissent: corvee’, Jansenists

Kept France out of war