Western Europe after the Peace of Utrecht

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 Considered England’s first Prime Minister Founded the Cabinet system Kept England out of war Took care of all commercial interests

Cardinal Fleury Fiscal conservative who stabilized the economy Social control over dissent: corvee’, Jansenists Kept France out of war