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The Financial Crisis

To be ignorant of history is to remain always a child - Cicero
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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?"

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Citizens
by Simon Schama

cover

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The crisis came about primarily because of an inefficient and unfair tax structure, outdated medieval bureaucratic institutions, and a drained treasury which was the result of aiding the Americans during the American Revolution, long wars with England,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 a HistoryWiz Exhibit

copyright HIstoryWiz 1999-2008


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