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Western Europe after the Peace of Utrecht 1713-1740

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

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Western Europe after the Peace of Utrecht 1713-1740

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  1. Western Europe after the Peace of Utrecht1713-1740 6.30

  2. 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

  3. 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

  4. 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.

  5. 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

  6. Results of the Bubbles • France • the fledgling national bank was dissolved • debt was repudiated • Tax system was not reformed • The monarchy is perpetually broke.

  7. 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.

  8. 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

  9. Cardinal Fleury • 1653-1743 • Fiscal conservative who stabilized the economy • Social control over dissent: corvee’, Jansenists • Kept France out of war

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