factors leading to financial crisis in France
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The factors contributing to the financial crisis were:
(i) Long years of wars and French involvement with the American War of Independence drained the financial resources.
(ii) The burden of interest payments on state loans increased the debt.
(iii) Luxurious living of Louis XVI and the extravagant court.
(iv) The faulty system of taxation itself was a cause of the economic crisis. The privileged classes were exempted from state dues while the unprivileged with scarce resources were burdened with heavy taxes.
(i) Long years of wars and French involvement with the American War of Independence drained the financial resources.
(ii) The burden of interest payments on state loans increased the debt.
(iii) Luxurious living of Louis XVI and the extravagant court.
(iv) The faulty system of taxation itself was a cause of the economic crisis. The privileged classes were exempted from state dues while the unprivileged with scarce resources were burdened with heavy taxes.
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● Long years of continuous war had drained the financial resources of France.
● The cost of maintaining army , court was high at the immense palace of Versailles.
● Louis XVI had taken loan of 1 billion livre to help USA to gain independence from Britian.
● There was no uniform system of law and order.
● When Louis XVI ascended throne inherited empty treasury.
● Long years of continuous war had drained the financial resources of France.
● The cost of maintaining army , court was high at the immense palace of Versailles.
● Louis XVI had taken loan of 1 billion livre to help USA to gain independence from Britian.
● There was no uniform system of law and order.
● When Louis XVI ascended throne inherited empty treasury.
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