Western Europe after
the Peace of Utrecht
1713-1740
6.30
The Peace of Utrecht
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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
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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
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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
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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
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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
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the fledgling national bank was dissolved
debt was repudiated
Tax system was not reformed
The monarchy is perpetually broke.
Results of the Bubbles
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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
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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
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1653-1743
Fiscal conservative
who stabilized the
economy
Social control over
dissent: corvee’,
Jansenists
Kept France out of war